Welcome to Monday’s Night Energy & Environment,The latest news and information on energy, environment, and everything in between. Subscribe here thehill.com/newsletter-signup.
Today we will be looking at Sen. Joe Manchin(D-W.Va.), signaling opposition for a key Biden Federal Reserve nomination, green groups demanding more of Senate Majority Leader Chuck Schumer as well as what a key leader in energy thinks is next for energy price.
Rachel Frazin, Zack Budryk and I are The Hill’s editors. Send us tips: [email protected] [email protected]. Follow us on twitter: @RachelFrazin @BudrykZack.
Let’s get started.
Manchin opposes Fed nominee
Sen. Joe Manchin(D-W.Va.), Monday said he would not vote to confirm President BidenOver her criticisms of the fossil fuel sector, she was voted for the Federal Reserve Board’s top position.
Manchin said Monday that he opposes Biden being nominated for president Sarah Bloom RaskinBecause of his “concerns over the critical importance to finance an all-of the-above energy strategy to meet our nation’s critical energy needs,” he was appointed Fed vice chair of supervision
The story so far: Raskin, a former Fed Governor and Treasury Department deputy Secretary, urged banks, financial regulators, and banks to pay more attention climate-related financial risk years before Biden selected her to be the Fed’s regulatory chief. Raskin had warned against investments in fossil fuel companies and projects, pointing out the risks to the environment and financial volatility within this sector. She also opposed the Fed providing emergency loans for fossil fuel companies during the heights the coronavirus pandemic.
Despite Raskin’s assurances that she would not use the Fed for funding to divert from oil and gas production during her confirmation hearing, Manchin stated that her support will be revoked if she holds views on financial matters relating to energy.
Manchin stated that the United States needs policy leaders and economists who are focused on the most pressing problems facing the nation, including rising inflation and high energy costs.
“It is time for the Federal Reserve Board’s defining principles and dual mandate to control inflation by stabilizing prices and maximising employment to return to their core purpose. I will not support any nominee in the future that doesn’t respect these important priorities.”
And what more? Raskin would need at least one Republican senator’s support to be confirmed by Congress without Manchin’s vote. With 50 senators plus the tiebreaking vote by Vice President Harris, Democrats hold a narrow majority in the Senate. Manchin’s opposition to Raskin’s nomination to the Senate Banking Committee will help support a Senate GOP blockade. This has already snarled her nominations and four others from the Fed.
Monday’s statement by the White House described Raskin as “one the most qualified people to ever have been nominated” for the Fed. They also stated that they were still working hard to get her confirmed, despite Manchin’s opposition.
“She has gained widespread support despite an unprecedented, illegitimate campaign by oil-and-gas companies that sought to undermine her distinguished career. We are working to get the bipartisan support she needs so that she can be confirmed in the Senate for this crucial position,” said Chris Meagher, deputy press secretary at Biden.
Raskin faces likely insurmountable hurdles at every stage of the confirmation process.
Continue reading from The Hill’s Sylvan Lane.
Schumer is the target for progressive groups
Progressives want to turn the heat up against Majority Leaders Charles Schumer(D-N.Y.), in an effort push climate action across Congress.
After the swing vote by Sen. Joe Manchin(D-W.Va.), said he would vote against President BidenBuild Back Better
Progressive groups, however, see Manchin’s recent comments as signaling an openness for climate issues spending and are pushing leadership for the issue to the forefront.
“In his own words, Majority leader Chuck SchumerSen. Obama promised that the Senate would address climate as the most serious threat to our country. He has not delivered after more than a decade of Democratic control in Washington,” Jamal Raad (Evergreen Action Executive Director) said in a statement shared first with The Hill.
The group Also, releasing a VideoMondaySchumer must “deliver,” as this was the first time Schumer shared it with The Hill.
What’s next? SEvery local climate group said that they would demonstrate in front of Schumer’s house Monday.
Alice Hu, a federal climate activist with New York Communities for Change, stated that she is frustrated by the senator.
Hu stated, “It is your job as the leader in your party to manage these relationships and to broker those transactions.”
She said, “His inactions and inability to do his work properly are not only costing us this piece legislation… it’s literally costing our future.”
Manchin earlier in the month A scaled-down bill was presentedThis would include spending priorities for Democrats, including possible climate change.
He stated that half of the money should go to fighting inflation and reducing deficit. The other half can be used for a 10-year program. You can choose whatever priority you feel is most important, and right now it seems to have been the environment.
For the last few weeks, the Senate has been focusing its attention on other issues such as Russia’s war in Ukraine or the government funding bill.
Schumer mentioned recently the climate and social spending agenda in a letter to “Dear Colleague”, in which he suggested that it would need to be passed by the Senate with a simple majority vote in reconciliation.
You can read more about the push here.
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Digitalization is changing the way we learn, live and work. These transformations are centered on high-powered networks, which make connectivity and data optimization possible. Talk to Steve Clemons from The Hill for conversations Sen. Deb Fischer (R-Neb.), Rep. Robin Kelly (D-Ill.), Rep. Grace Meng (D-N.Y.) You can find out more The role of networks in creating a more sustainable and equitable tomorrow. RSVP here Virtual Event Invitation – The Future of Education-Thursday March 17th at 10:00 AM ET/10:00 AM PST
The worst of price rises is not over
According to the International Energy Agency’s executive director, it would be too optimistic to assume that energy prices have reached their peak in the ongoing conflict in Ukraine.
“I think [whether]The outcome of the worst will depend on A, which will be Russia’s next steps with aggression or not,” Fatih Birol said to Heather Long, The Washington Post, Monday.
“Russia is not [just]Energy is a matter of national interest for any country. Russia is the world’s largest oil exporter and top natural gas exporter. As such, Russia’s aggression and the international community’s decision to ban or reduce Russian energy imports have significant implications for energy balances,” he said. “It would be too optimistic to believe that the worst is over, given where we are today,” he said.
Birol expressed hope that world power could emerge from the crisis with an innovative energy strategy. He pointed out that “when we look at the countries that responded to the 1970s, they responded to the 1970s.” [gas crisis]With more innovation in energy technologies, including nuclear power becoming part of the global energy scene and pushing the energy efficiency, car efficiency and fuel efficiency.”
“So I am also hopeful, at the end of the crisis, the first worldwide energy crisis, that countries not just countries – Europe and Japan, emerging nations – will come up new energy policy accelerating the clean-energy transition,” he stated. “As such it can be a historic turning point in global policymaking on energy.”
You can read more about Birol’s comments here.
WHAT WE’RE READING
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How an Electric Truck Factory became a Lightning Rod for Georgia (The New York Times)
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Tsunami warning system in United States needs major overhaul (The Washington Post)
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How Andrew Wheeler’s Va. Nomination was defeated (E&E News)
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Lower Neponset River is designated Superfund site by the EPA (The Boston Globe)
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Germany says that the boycott of Russian oil or gas could lead to mass povertyThe Guardian)
ICYMI
And last but not least, something completely off-beat and unusual: Chi-kovsky
This is it for today. Thanks for reading. Visit The Hill’s website. Energy & Environment pageFor the most recent news and coverage. We’ll be seeing you Tuesday.