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Today, we look at an order from Biden’s administration on overseas financing for coal plants. It is the messaging victory that the White House wants from lower prices and a Government Accountability Office (GAO) report on applications to oil and gas leasing.
Rachel Frazin and Zack Budryk were the Hill’s editors. Send us tips: [email protected] [email protected]. Follow us on Twitter: @RachelFrazin @BudrykZack.
Lets jump in.
Biden to end support for overseas coal plants
President Biden
Joe BidenGoldman reduces 2022 growth projections after Manchin rejects BBB Biden’s unending dilemma: Dealing to Joe Manchin The day democracy nearly died MOREThe International Finance of Coal Plants and Other Carbon-Intensive Projects has been halted.Bloomberg reports that this was the first such federal directive..
The White House sent a diplomatic cable to all U.S. embassies requesting an immediate halt to the financing of these projects and more indirect support, such as technical assistance to operators of pipelines.
Bloomberg reports that our international energy engagement will be focused on promoting clean technology, advancing new technologies, and providing financing and technical support to support net zero transitions around the globe.
What are the effects? The announcement applies to all carbon-intensive new projects that would require at least $250,000 of federal spending. The exemptions include national security and a process where individual government officials can apply for an exemption.
The Hill was confirmed by a spokesperson from the State Department.
The announcement was long rumored. Initial reports indicated that it could be made in November at the United Nations COP26 climate summit.[ing]New direct public support for the unabated international fossil fuel energy sector by 2022
It also comes just days following Biden’s executive order requiring the federal government to achieve net zero carbon emission by 2050.
Find out more about the order.
EXXONMOBIL MESSAGE
Carbon capture and storage One way to reduce emissions.
Nearly two-thirds (32%) of global CO are generated by industry and power generation2 emissions. ExxonMobil is collaborating on some aspects of the The largest carbon capture and storage project in the worldTo reduce industrial emissions at large scale.
White House seeks credit for gas price drops
Democratic strategists believe it is vital that the White House uses a projected fall of gas prices to counter Republican attacks. They also suggest linking the decrease to Biden administration policies.
President Biden has been hit hard by inflation and high gas prices. Biden was paid an average of $2.40 per gallons at the pump in his first year, but that had risen by around $3.40 to November.
Republicans have attributed high prices to Biden. They link his energy and economic policies with inflation across the board and lower domestic fuel production. In a July speech on the floor, Sen. Bill Cassidy
Gillibrand and Bill CassidyManchin press Bill CassidyManchin under pressure to take paid family leave. ExxonMobil presents Overnight Energy & Environment. Biden orders end to offshore coal finance. Transformative legislation should be bipartisan again. (R-La.) (R-La.)
But there is a danger of a decline. In the coming weeks, gas prices are expected to fall. Patrick De Haan (head of petroleum analysis at GasBuddy), projects a drop of up to 25c per gallon. According to the U.S. Energy Information Administration, prices could fall below $3 per gallon by 2022 according to Tuesday projections.
High gas prices are often blamed on Presidents, but prices can rise or fall for many reasons beyond the White House’s control, including financial crises, international events, and, in the case 2020, a global pandemic.
After taking heat for high prices, however, the White House signaled that it would like to be given credit if there was good news at the pump.
So far, the White House has found a balance between attributing a drop in price to Biden administration policies and pointing out factors beyond its control.
Learn more about the messaging efforts by clicking here.
Watchdog: Interior is wasting money filings
According to a Friday report from the Government Accountability Office (GAO), the Interior Department is wasting money, and other resources, on applications for land that will never allow oil and gas drilling.
The analysis showed that of the 87,000,000 acres that were nominated by Bureau of Land Management (BLM), 69 million were not offered at auction. 4 million of 18 million were also never leased.
According to the GAO the gap could be even larger at the state-level. According to the GAO, Nevada had 60.7 million acres that were approved for leasing, while 7 million acres were offered at auction. That’s a 12 percent difference. Wyoming had the smallest difference between the acreage that was nominated and the acreage that was offered at auction. There 8.7 million acres were proposed and 5.49 millions were offered at auction.
According to the report, the bureau has not revised its application fees for more than 15 years despite the fact that an updated fee could bring in revenue to offset the inefficiency. BLM should also consider charging a fee in order to nominate lands. The report notes that this requirement has not been considered by BLM since 2014.
Learn more about the report.
WHAT WE ARE READING
These are the districts most at risk from flooding. Here’s their position on the climate crisis. CNN reports
Texas is being affected with earthquakes that are linked to drilling E&E News reports
The father of environmental Justice, on whether all were doomed. Vox
McDonald’s avoids taking the bold step to reduce its emissions. The Guardian reports
Pet trade and global warming in Somaliland threaten cheetah babies Reuters reports
EXXONMOBIL MESSAGE
Finally, here’s something completely off-beat. Free him.
This is it for today. Thanks for reading. Check out The Hills Energy & Environment pageStay up-to-date with the latest news and coverage We look forward to seeing you tomorrow.
