June 21, 2024

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The inherent tension in Biden’s green energy plans

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Note to readers: Josh Siegel is off today. Regular coverage will resume Wednesday. For today’s newsletter, we’re presenting Josh’s latest story and some of the bigger headlines of the day.

JOSH’S LATEST…THE INHERENT TENSION IN BIDEN PLAN: There is an inherent tension in President Joe Biden’s climate plans, between reducing emissions as fast as possible and building up U.S. manufacturing of clean energy technologies to create a strong domestic workforce.

Meeting an aggressive timetable of adding more clean energy to the grid would likely mean importing a large supply of solar panels and electric car batteries from abroad because it would take time for American manufacturers to scale up.

Read the whole article here.

Welcome to Daily on Energy, written by Washington Examiner Energy and Environment Writer Josh Siegel (@SiegelScribe). Email [email protected] for tips, suggestions, calendar items, and anything else. If a friend sent this to you and you’d like to sign up, click here. If signing up doesn’t work, shoot us an email, and we’ll add you to our list.

BIDEN TO SURVEY IDA DAMAGE IN NORTHEAST: Biden is scheduled to survey damage in the New York area from Ida.

Biden will tour Manville, New Jersey, and the New York City borough of Queens Tuesday afternoon, NewsNation Now reports.

NEW ORLEANS SENIORS LEFT IN HOT FACILITIES AFTER IDA: Inspectors have found people in senior facilities without working generators, which left residents trapped in wheelchairs on dark, sweltering upper floors, Mayor LaToya Cantrell said Monday, the Associated Press reports.

Hundreds were evacuated Saturday and the city later said five people had died in the privately run buildings in the days after the storm.

TIME RUNNING OUT FOR ILLINOIS NUCLEAR PLANTS: “Chicago-based Exelon Corp. has set Monday as the day it pulls the plug on the Byron nuclear plant in northern Illinois — one of the nation’s largest — unless the Illinois General Assembly passes legislation to rescue it from an early retirement,” E&E News reports.

NEW CLIMATE CHANGE-FOCUSED HEDGE FUND: Dureka Carrasquillo and her former Canada Pension Plan Investment Board colleague Savironi Chet have joined AllianceBernstein Holding to start a climate change-focused hedge fund called 1.5 Degrees, according to Bloomberg.

The fund will focus on companies that stand to benefit or lose out from climate change.

ENBRIDGE BETS ON OIL EXPORTS: Canadian pipeline giant Enbridge agreed to acquire Moda Midstream Operating for $3 billion from EnCap Flatrock Midstream to add export capacity on the Gulf Coast, Bloomberg reports.

Enbridge handles about a quarter of all crude produced in North America and is betting on exports of oil pumped from the Permian and Eagle Ford shale basins.

TOYOTA BUILDING BATTERY FACTORIES: Toyota has announced plans to spend $9 billion over the next decade to build factories for electric-car batteries, the Wall Street Journal reports. It aims to sell two million electric cars annually by the end of the decade.

BRITAIN FIRES UP COAL: Britain has fired up two coal units at one of its power plants to help keep up with energy supply demands.

While the British government hopes to phase out coal-generated power by 2024, the alternative energy the country uses is either providing insufficient power or becoming too expensive, the Daily Telegraph reports.

A ‘CLIMATE ELECTION’ IN NORWAY: Norway’s status as western Europe’s biggest oil producer is a major question heading into next week’s elections. Support is growing for the Green party, which has pledged only to join a government that will cease exploration for oil and gas, according to the Financial Times.

AUSTRALIA STICKS WITH COAL: Australian minister for resources and water Keith Pitt said Monday that the country would keep producing and exporting coal “well beyond 2030.”

The plan puts Australia at odds with other rich nations, which are aiming toward phasing out coal this decade.

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Tags: Energy and Environment, Daily on Energy

Original Author: Josh Siegel

Original Location: Daily on Energy, presented by API: The inherent tension in Biden’s green energy plans

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