Energy
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Essential energy industry news & intel to start your day.
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April 28, 2021
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Nearly 2 in 3 Voters in Biden’s Corner on Emissions Cuts
Two polls released this week found that voters are broadly in support of President Joe Biden’s recent overtures on climate action, including the pledge to at least halve emissions by the end of the decade.
The first Morning Consult poll found that nearly two-thirds of voters say they support the 2030 emissions cut target, including 85 percent of Democrats and 43 percent of Republicans. And the second, conducted by both Morning Consult and Politico, found that a plurality of voters (42 percent) say the target displays a “just right” level of ambition, while 30 percent say it is too ambitious and 11 percent said it is not ambitious enough. For more on these, and several other related questions, read on here.
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Top Stories
- The Senate is set to vote later today on whether to use the Congressional Review Act to roll back a rule that the Trump administration put in place last summer, which relaxed stricter Obama-era regulations limiting methane releases. If the CRA — which allows Congress to overturn rules passed in the final days of a previous administration via a simple majority vote in both chambers — garners 50 votes in the Senate today, the 2016 methane rule would almost certainly be reinstated, requiring industry to monitor, plug and capture methane leaks from oil and gas wells. (The New York Times)
- New programs from the Department of Energy will provide upwards of $8 billion to finance high-voltage transmission lines, martialing its loan program to pay for the investments and encouraging applications for loan guarantees of up to $5 billion, the White House said. And the Biden administration said it is also releasing new guidance on how states should remove obstacles along highways and railroads to facilitate the construction of power lines. (The Wall Street Journal)
- In a Supreme Court hearing Tuesday over whether small oil refineries should be entitled to extend waivers allowing them to skip blending gasoline and diesel with biofuels, the justices expressed skepticism of the fuel-makers’ interpretation of the Renewable Fuel Standard that the “economic hardship” waivers in question can be used “at any time.” If the lower court’s decision is affirmed, the waivers — to the tune of up to hundreds of millions of dollars annually — would be reserved only for the handful of refineries that have received regular extensions of their initial exemptions. (Bloomberg)
- If methane emissions are halved by 2030, the creeping increase in the Earth’s temperature could be slowed by up to 30 percent, per new research published by Environmental Research Letters. This push would be possible using existing technology, said study author Ilissa Ocko, and “could have tangible benefits during our lifetime.” (The Washington Post)
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Events Calendar (All Times Local)
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| PRESENTED BY WILLIAMS |
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What Else You Need to Know
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Climate Change and Emissions
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Banks Produce 700 Times More Emissions From Loans Than Offices
Alastair Marsh, Bloomberg
It’s through their loan books and investment portfolios that banks and asset managers make their biggest contribution to climate change.
Trudeau Hits Back Against Criticism of Canada as Climate Laggard
Kait Bolongaro and Danielle Bochove, Bloomberg
Justin Trudeau defended Canada’s climate record against criticism its emissions targets aren’t ambitious enough, arguing his government’s carbon tax represents a more concrete plan.
Financial firms should disclose emissions from activities they fund, group says
Simon Jessop and Ross Kerber, Reuters
The world’s banks, asset managers and insurers should provide more information to investors about the greenhouse gas emissions from the activities they finance, a group that tracks emissions data said on Wednesday.
US seeks to lead on climate while finalizing details on plan
Rachel Frazin, The Hill
The Biden administration is expected to lay out more details for a domestic road map for how to achieve its climate goals and put more pressure on foreign countries to increase their own commitments in the coming months.
Manchin rips big banks for net-zero carbon goals
Sylvan Lane, The Hill
Sen. Joe Manchin (D-W.Va.) criticized major U.S. banks for setting goals to zero-out their carbon emissions within decades, arguing that they should take “a more realistic approach” to fighting climate change.
America is making climate promises again. Should anyone care?
David Roberts, Vox
Policy, not aspirations, will determine Biden’s legacy on climate change.
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Oil, Gas and Alternative Fuels
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Chesapeake Searches for Next CEO After Lawler’s Abrupt Exit
Sergio Chapa and Simon Casey, Bloomberg
Chesapeake Energy Corp. is searching for its next chief executive officer after the sudden departure of Doug Lawler less than three months on from the company’s exit from bankruptcy and as speculation continues to swirl about consolidation in the U.S. shale industry.
Aramco Weighs Sale of Stake in Natural Gas Pipelines
Dinesh Nair et al., Bloomberg
Aramco is considering the sale of a stake in its vast natural gas pipeline network to help free up cash and draw more international investors to Saudi Arabia, people familiar with the matter said.
Judge gives Corps 2nd chance to offer oil pipeline opinion
Dave Kolpack, The Associated Press
A federal judge faced with a motion on whether the Dakota Access oil pipeline north of the Standing Rock Indian Reservation should be shut down during an environmental review is giving the Biden administration another chance to weigh in on the issue.
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A Message from Williams:
As America’s clean energy partner, Williams is taking bold action to reduce carbon emissions. We’re on track to reduce our emissions 56% by 2030, and net zero by 2050. We are making clean energy happen today by embracing new technologies to reduce methane emissions and we’re already capitalizing on our existing infrastructure to accelerate the next generation of fuel like hydrogen and renewable natural gas. Learn how we’re fueling America’s clean energy future.
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Electricity, Utilities and Infrastructure
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Environment, Land and Resources
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Opinions, Editorials and Perspectives
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Our Clean Energy Future Depends on Copper
Laura Skaer (Board-member, Women’s Mining Coalition), Morning Consult
While the American Jobs Plan dominates the headlines, many in Washington, D.C. are failing to acknowledge how much our future competitiveness in clean energy and infrastructure depends on having a robust supply of metals and critical minerals.
This might be the Senate’s most important climate vote ever
The Editorial Board, The Washington Post
The Senate votes Wednesday on what sounds like an arcane regulatory question. In fact, Sen. Angus King (I-Maine) argued Tuesday, “This is the most important climate vote that the Senate has had, maybe ever.”
The Planet on the Plate: Why Epicurious Left Beef Behind
David Tamarkin and Maggie Hoffman, Epicurious
In an effort to encourage more sustainable cooking, we won’t be publishing new beef recipes on Epicurious.
Mobilize the Market to Fight Global Warming
Michael R. Bloomberg and David M. Solomon, Bloomberg
Growing economies and protecting the climate go hand in hand.
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Sustainable Jet Fuels Need High Carbon Price to Compete
BloombergNEF
Sustainable aviation fuels, or SAFs, are the only commercialized solution to decarbonize the aviation sector in the near-term, according to BloombergNEF. However, high production costs make SAF between 2.5 and 8 times more expensive than conventional jet fuel.
Transmission Projects Ready to Go: Plugging Into America’s Untapped Renewable Resources
Michael Goggin et al., Americans for a Clean Energy Grid and Grid Strategies LLC
The report identifies shovel ready, high-voltage transmission projects across the country that, if constructed, would provide economic benefits around the country and create millions of new jobs. The report also outlines how these projects could begin construction soon if more workable transmission policies are enacted.
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