A financial regulator allows for more time for public comment regarding a climate risk proposal. California goes for the stars with offshore wind, while the Interior Department funds almost 50 water infrastructure projects.
This is Overnight Energy & EnvironmentThe Hill is your source for the most recent news about energy, the environment, or beyond. For The Hill, were Rachel FrazinAnd Zack Budryk.This newsletter was sent to you by someone else? Register here
SEC extends deadline to receive public comments
The Securities and Exchange Commission extended the time that the public has to weigh in on a proposal requiring companies to disclose their vulnerabilities and contributions to climate changes.
What would it take? The SEC stated in a Monday press release that people will have until June 17th to comment on the matter. The proposalThis would require publicly traded companies that tell investors how climate-related risk like severe weather or efforts to limit fossil fuel use may affect their business.
Publicly traded companies would be required to disclose their contributions to climate change. This would require them to disclose how much they directly contribute to climate-warming emission. Companies would have to disclose indirect emissions that they indirectly cause, such those from products used.
Many industries, including automakers and fossil fuel producers, have their emissions account for a larger share of their climate contribution than their operations.
Gary Gensler, Chair of the SEC, stated in a statement that the proposal comment period would be extended due to significant investor interest.
He stated that commenters from different viewpoints have said they would appreciate more time. I’m happy that the public will be able to provide thoughtful feedback.
Not everyone is happy. The long-awaited March climate plan has been criticized by both sides.
Republicans Have argued that the rule is overly broad and goes against the agencys mission to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.
In the meantime, progressives Have said that the requirements surrounding indirect emissions are not comprehensive enough and contain loopholes that could let companies off the hook.
California unveils offshore wind targets
California’s energy regulator revealed an ambitious set offshore wind targets as part the state’s larger push to make electricity 100% renewable by 2045.
According to the California Energy Commission, approximately 3 gigawatts offshore wind should be supplying power to the grid by 2030. This would provide enough power for about 3 million homes.
An additional 7-12 gigawatts should be available by 2045 boosting the states total offshore wind capacity to about 10-15 gigawatts by that time, according to a draft report published Friday.
They have a lot to do: The report also noted that California has an estimated 21.8 gigawatts offshore wind capacity. There is potential for further technological advancements to increase production over the next few years.
The report stated that these preliminary megawatt planning goals were set at levels that could contribute significantly to California’s climate goals.
The targets were praised by both local and national environmental groups, who called them essential to a state that can be powered entirely through renewable energy sources.
According to Laura Deehan (state director of Environment California Research and Policy Center), the powerful winds off California’s Pacific coast are one of California’s greatest untapped sources for renewable energy. said in a statement.
The announced targets mean that now we are really sailing towards a brighter, 100 percent renewable future, she added.
Read more from The Hills Sharon Udasin.
Interior unveils funding for water infrastructure
The Biden administration will allocate funding to improve water infrastructure in 46 projects across 11 states, the Interior Department announced Monday.
The funding will comprise $240.4 million through the Bipartisan Infrastructure Law, and will incorporate projects such as canal lining repairs and upgrades and replacements to water pipelines.
The 46 selected projects, according to the department, include:
- Canal repair projects in Arizona, California, Idaho, Nevada and Wyoming
- Pipeline repairs in Utah
- Dam spillway repairs in Nebraska
President Bidens Bipartisan Infrastructure Law is making a historic investment in drought resilience and water infrastructure, Interior Secretary Deb Haaland In a statement. These investments in our aging infrastructure will help to protect water supplies and revitalize water delivery systems as western communities face increasing difficulties accessing water after record droughts.
The Bureau of Reclamation works in partnership with local water districts and states that receive water from federally-owned projects. It is responsible for much of West’s water infrastructure.
These water systems function because of this federal-to non-federal partnership. This funding will help with extraordinary maintenance to keep projects viable and partnerships strong.
The infrastructure law allocates approximately $10 billion to water infrastructure and drought resilience.
You can read more about Zack here.
G7 NATIONS BAN RUSSIAN OIL
President Biden held a call with other Group of Seven (G-7) leaders and Ukrainian President Volodymyr Zelensky on Sunday during which the new measures were likely to be a topic of discussion.
According to the White House factsheet, the G-7 leaders have committed to ending or banning Russian oil imports. This commitment did not include a timetable.
Although the U.S. has already prohibited imports of Russian oil or natural gas, European countries are much more dependent on Russian energy exports. Biden warned that the ban could cause an increase in gas prices.
This announcement comes just days before Russia’s Victory Day, when some speculate that Russian President Vladimir Putin could attempt to declare a symbolic victory against Ukraine despite heavy losses on the Russian side.
“We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion,” leaders of the G7 nations said in a joint statement Monday. “We will work together and with our partners to ensure stable and sustainable global energy supplies and affordable prices for consumers.”
This announcement comes just days after Ursula von der Leyen, President of the European Commission, announced aproposAs part of its latest sanctions package, the EU banned Russian oil imports into the EU.
It will not be an easy task, as some member-states depend heavily on Russian oil, she stated Friday. But it is necessary that we do it. Today, we will propose to ban any Russian oil from Europe.
Learn more from The Hills Brett Samuels.
WHAT WE’RE READING
- AP analysis reveals an increasing number of dams that are poor and high-hazard (The Associated Press)
- Hydrogen Is Every U.S. Gas Utilitys Favorite Future Savior (Bloomberg)
- A drought so severe that it exposed a long-ago murder. It will be more difficult than ever to get the water back (Los Angeles Times)
- EU plans to issue renewable energy permits for a one-year period in order to accelerate green shift (Reuters)
Finally, something a little offbeat and unorthodox: It’s doggone it.
This is it for today. Thanks for reading. Check out The Hills Energy & Environment pageFor the most recent news and coverage. We hope to see you again tomorrow.
