Welcome to Friday’s Overnight Environment & Energy, your source for the most recent news about energy, the environment, or anything else. Subscribe here.
Today we will be looking at the Interior Department’s announcement about continuing oil leasing after a court restored their ability to calculate climate costs, SEC’s upcoming rule concerning climate risk disclosure and India’s reportedly purchase of 3 million barrels Russian crude oil.
Rachel Frazin and Zack Budryk are The Hill’s Rachel Frazin & Zack Budryk. Send tips to [email protected], [email protected].
Let’s get going.
Interior can continue leasing thanks to climate ruling
Friday’s announcement by the Interior Department was that it can proceed with planning for oil-and-gas leasing on federal lands. This follows delays caused in the past by a court decision blocking a climate accounting tool.
The department had previously stated that there would be delays in “permitting or leasing for the oil-and-gas programs”. This was after a lower court prohibited the Biden administration’s use of a tool that allowed it to calculate climate costs.
An appeals court, however, halted this week’s decision.
Melissa Schwartz, Interior spokesperson said Friday in an emailed statement that the department is “continuing its planning to responsible oil and gas production on America’s public land and waters” in light of the new ruling.
Schwartz declined to comment further on leasing. However, she clarified that permitting has never been halted and that the court ruling has had a minimal impact on fewer than 20 permits.
American Petroleum Institute (API), an organization that lobbys for oil and natural gas, applauded the announcement. However, it also called for additional actions in a statement.
The background: Frank Macchiarola (API senior vice president of economics, policy, and regulatory affairs) said that the Department of the Interior’s announcement was welcome. He urged the administration not to sell onshore leases under the Mineral Leasing Act without sufficient acreage or fair terms.
This is the latest news after an appeals court halted a lower court’s injunction that had prohibited the Biden administration using values known as “social costs of global warming gases”.
These “social costs” are used by the administration in analysis behind regulations and permitting to help them figure out the climate consequences of an action and the benefits or costs that these consequences will have on society.
Find out more about the situation.
COMING SOON, TO ANOTHER WALL STREET NEAR YOUR HOME
Monday will see the Securities and Exchange Commission (SEC), issue proposed rules on climate risks that public companies must disclose.
This proposal would be the first update of the SEC rules on the subject in more than a decade. Although the disclosure requirements included climate change in 2010, the commission issued them in 2010, but shareholders have repeatedly demanded more stringent requirements over the years.
The rule will also require disclosures about the risks of transitioning away fossil fuels as well as byproducts such as higher temperatures or increased drought conditions.
Although the details of the proposal are not yet available, the topics being discussed include whether companies should disclose their direct greenhouse gas emissions or those accrued through the supply chain.
Environmental advocates lobbied for the rule’s inclusion of emissions not just directly caused or resulting from a company’s activities but also indirectly caused by products sold by the company. These “Scope 3” emissions pose a hidden risk to investors if they are not disclosed.
A PaperPrinciples for Responsible Investment estimated that if Scope 3 emissions were not disclosed, it would mean that as much as three-quarters (75%) of total carbon emissions from companies had not been addressed.
Report: India purchases 3 million barrels Russian oil
India’s state-run Oil Company purchased 3 Million Barrels of Russian Crude this Week. Many other countries have banned such imports because of Moscow’s invasion, The Associated Press reports. Report on Friday.
Indian Oil Corp. purchased the oil company despite international pressure from the U.S. and other Western countries to block Russia from the global energy market due to the incursion. India, the largest democracy in the world, imports around 85 percent of its oil.
India’s largest oil source, 27 percent comes from Iraq. Saudi Arabia is next with 17 percent, followed closely by the United Arab Emirates with thirteen percent, and the United State of America at nine percent.
How did we get to this point? The U.S. and most of Europe have already applied severe sanctions to Russia in addition to the U.S. energy import ban.
Jen Psaki, White House press secretary, stated that Indian purchases of Russian oil will not be in violation of U.S. sanctions but that Indian leaders should think about where. [they]You want to be there when history books get written.”
“India imports the majority of its oil needs. We are exploring all possible options in the global oil market. Arindam Bagchim (a spokesperson for India’s External Affairs Ministry) stated that Russia has not been a major supplier of oil to India.
The AP’s report is here days after Reuters reportedIndian officials were looking into buying deeply discounted Russian oil.
As part of coordinated release in the face of international spikes, the country had previously reached an accord with the U.S. to let out 3.5 million barrels of oil from its reserves. India currently has around 31 million barrels in its emergency oil reserves.
You can read more about the announcement here.
GOP senators introduce bill banning uranium imports
Sen. John Barrasso (R-Wyo.) As an additional measure to economically isolate Russia after its invasion in Ukraine, Sen. John Barrasso (R.Wyo.) and other Republican senators introduced legislation Thursday that would ban Russian Uranium imports.
The legislation would add to the U.S. efforts to ban Russian energy imports following President Biden’s last week resignation Announced a ban of imports of oil and natural gas as well as coalFrom the country.
Barrasso, the Senate Energy and Natural Resources Committee’s top Republican, stated that the time was now to remove all Russian energy permanently from the American market. Statement. “We know that Vladimir Putin uses this money for his brutal, unprovoked war against Ukraine.”
“While banning Russian oil, gas, or coal imports is a significant step, it can’t be the last. Banning Russian uranium exports will further defund Russia’s war machine, revive American uranium production and increase our national security.
Sens. Senators. Barrasso was joined by Roger Marshall (R.Kan.), and Cynthia Lummis (R.Wy.).
Marshall stated in a statement that “This country has repeatedly shown a willingness t weaponize their energy exports to geopolitical advantage and have used those profits for financing their aggressive and unprovoked warfare against the sovereign nation Ukraine.” “Enough is enough. Energy independence means energy independence, and that must include uranium.
Caroline Vakil, The Hill’s editor, has more to say.
ON TAP NEAREST WEEK
On Wednesday:
The Senate Environment & Public Works Committee is holding a HearingTitled “Promoting American energy safety by facilitating investments in climate solutions and innovation in them”
WHAT WE’RE READING
Trump’s EPA chief Scott Pruitt considers a Senate run for Oklahoma (CBS News)
To offset California’s high gas prices, a $400 tax rebate? Here’s how it would work:The Los Angeles Times)
Superfund added Columbia River Island contaminated (The Seattle Times)
Industry pressured EPA not to remove key Ohio air quality rules (E&E News)
Last but not least, something completely off-beat The perfect crime.
This is it for today. Thanks for reading. Check out The Hill. Energy & Environment pageFor the most recent news and coverage. We will see each other Monday.
