EXTRACTED: Daily News Clips 7/24/24

PIPELINE NEWS
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Press release: Greenpeace International challenges Energy Transfer in first use of EU anti-SLAPP Directive
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Bloomberg: TC Energy Nears Sale of Gas Pipeline Stake to Indigenous Groups
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National Observer: Feds renew up to $300 million loan to Enbridge
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Anchorage Daily News: Alaska regulators back Enstar’s plan to build $57 million pipeline to import natural gas
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Oil & Gas Journal: Williams to start work on Louisiana natural gas pipeline despite ongoing dispute
WASHINGTON UPDATES
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Common Dreams: Senate Permitting Reform Bill Slammed as ‘Biggest Giveaway’ to Fossil Fuel Industry
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E&E News: A top Senate Democrat backs Manchin’s permitting plan
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E&E News: What Trump 2.0 could mean for EVs, solar and CCS
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E&E News: 5 Numbers Define Biden’s Energy Legacy
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InsideEPA: As Biden Exits Race, Environmentalists Urge Expansion Of Climate Legacy
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E&E News: Environmental Groups Line Up Behind Harris
STATE UPDATES
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WRKF: Like carbon dioxide, this Louisiana task force’s work is deep underground
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Inside Climate News: Judge Orders Oil And Gas Leases In Wyoming To Proceed After Updated BLM Environmental Analysis
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Carlsbad Current-Argus: Oil And Gas Industry To Drill On Public Land In Southeast New Mexico
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Inside Climate News: Fossil Fuel Development and Invasive Trees Drive Pronghorn Population Decline in Wyoming
EXTRACTION
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Bloomberg: Canadian Wildfires Threaten Oil Output, Prompt Evacuations
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CBC: N.W.T. is asking Alberta to keep it more informed about spills in its water. It’s waiting for an answer
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Bloomberg: UK Warned of Risks in Relying on Carbon Capture to Hit Net Zero
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Rhodium Group: Taking Stock 2024: US Energy and Emissions Outlook
OPINION
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American Banker: Bankers should link arms, at least figuratively, with oil protestors
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Legal Planet: The D.C. Circuit and the Biden Power Plant Rule
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The Telegraph: How the failure of carbon capture risks causing a net zero nightmare
PIPELINE NEWS
Press release: Greenpeace International challenges Energy Transfer in first use of EU anti-SLAPP Directive
7/23/24
“Greenpeace International pushed back today against a meritless, US $300 million lawsuit from US-based fossil fuel company Energy Transfer by sending a Notice of Liability to its headquarters in Dallas, Texas. The Notice of Liability informs Energy Transfer (ET) of Greenpeace International’s intention to bring a lawsuit against the company in a Dutch Court to recover all damage and costs it has suffered as a result of the SLAPP suit, unless ET withdraws its case and accepts responsibility for the harm Greenpeace International has suffered. The Notice of Liability marks the first application of the new European Union anti-SLAPP Directive. The EU adopted the Directive in April 2024 to combat SLAPPs (Strategic Lawsuits Against Public Participation) – abusive lawsuits, like the ET suit, that are meant to silence people who speak out on matters of public interest “Energy Transfer’s lawsuit is a perfect prototype of what the EU Directive aims to end: wealthy players using towering legal claims and costs to muzzle criticism. Thanks to a concerted civil society campaign, there is now a strong tool to stop these cases at the EU border and to fight back against them,” said Daniel Simons, Greenpeace International’s Senior Legal Counsel for Strategic Defence. The first-ever application of the principles and rules set out in the EU anti-SLAPP Directive comes as Greenpeace International and the Greenpeace entities in the US are defending against a brazen lawsuit filed by ET in the wake of the Indigenous-led protests against the Dakota Access Pipeline in 2016. ET baselessly claims these protests were covertly instigated by Greenpeace as a way to raise funds. From the outset, this has been an attempt by ET to bury nonprofits and activists in legal fees, push them towards bankruptcy and ultimately silence dissent.”
Bloomberg: TC Energy Nears Sale of Gas Pipeline Stake to Indigenous Groups
Robert Tuttle, 7/23/24
“TC Energy Corp. is nearing a deal to sell a stake in a natural gas pipeline system to indigenous communities in Western Canada, with help from Alberta’s government,” Bloomberg reports. “A provincial government agency has given “contingent approval” on a C$1 billion ($726 million) loan guarantee to allow the indigenous consortium to finance the deal, according to a letter from TC Energy seen by Bloomberg News. Dozens of indigenous communities in Alberta, British Columbia and Saskatchewan — Canada’s three westernmost provinces — are part of the buying group.”
National Observer: Feds renew up to $300 million loan to Enbridge
Natasha Bulowski, 7/24/24
“A federal Crown corporation is extending a $200- to $300-million loan to Enbridge Inc. to support the company’s oil and gas expansion plans,” the National Observer reports. “Export Development Canada renewed the previously granted loan on July 23, a spokesperson told Canada’s National Observer in an emailed statement… “The renewal of this loan to Enbridge comes on the heels of EDC giving between $100 million and $200 million worth of project financing to Coastal GasLink and a separate loan worth between $400 million and $500 million to Cedar LNG in June. “That’s a billion dollars in one month for fossil fuel companies at a time when the government has committed to stop funding fossil fuels,” Julia Levin, associate director of national climate for Environmental Defence, told CBC. In a submission to EDC, four environmental groups argued this financing for Enbridge — which supports fossil fuel expansion and increased planet-warming greenhouse gas emissions — runs counter to the federal government’s international and national commitments to end fossil fuel subsidies. The federal government is expected to release its plan this fall to phase out public financing to the fossil fuel sector. The loan is for projects in the U.S., and environmental groups point out this makes it an international transaction. Canada has said it would end financing for international fossil fuel projects.”
Anchorage Daily News: Alaska regulators back Enstar’s plan to build $57 million pipeline to import natural gas
Alex DeMarban, 7/23/24
“Alaska regulators have conditionally approved a request by Southcentral Alaska’s natural gas utility to build a pipeline that could potentially import natural gas into Alaska, as future supplies of the resource wane in the Cook Inlet basin,” the Anchorage Daily News reports. “The decision by the Regulatory Commission of Alaska supports a request by Alaska Pipeline Co., an affiliate of Enstar Natural Gas, to expand its service area and extend a 16-mile pipeline to Port MacKenzie to receive the imported gas… “The companies requested the $57 million extension in May, in a precautionary step in case imports are needed… “The 19-page decision says that Enstar forecasts a shortage of local gas supply starting next year. Recent drilling efforts are not producing enough new gas from Cook Inlet near Anchorage, Enstar said in its application. We “find that the public convenience and necessity requires the diversification of natural gas supply,” the regulatory agency said in the decision.”
Oil & Gas Journal: Williams to start work on Louisiana natural gas pipeline despite ongoing dispute
Christopher E. Smith, 7/23/24
“Williams Cos. last week notified the US Federal Energy Regulatory Commission (FERC) that it “intends to proceed” with construction of its 1.8-bcfd Louisiana Energy Gateway (LEG) natural gas pipeline,” Oil & Gas Journal reports. “The company said it plans to begin pre-construction activities along its right-of-way as early as July 25, 2024, and then proceed with construction. Williams is moving forward with the work despite still-pending rulings, explaining that it recently “prevailed in certain right-of-way litigation with Energy Transfer LP affiliates in Louisiana state courts regarding proposed pipeline crossings for the LEG system.” The company told OGJ that these victories, combined with having secured necessary easements and federal permitting would allow it to proceed, adding that “but for the crossing litigation with Energy Transfer, construction of the system would be well underway” already. Counsel for Energy Transfer in turn described Williams as “continuing its efforts to circumvent [FERC’s] Natural Gas Act authority to review the jurisdictional status of the proposed Louisiana Energy Gateway project, noting what they described as “serious questions [before the Commission] about whether Williams’ LEG project is a transmission pipeline subject to the Commission’s jurisdiction, or whether it is non-jurisdictional gathering.”
WASHINGTON UPDATES
Common Dreams: Senate Permitting Reform Bill Slammed as ‘Biggest Giveaway’ to Fossil Fuel Industry
BRETT WILKINS, 7/22/24
“Green groups on Monday blasted the introduction of an energy permitting reform bill in the U.S. Senate, warning the proposal is a massive gift to the fossil fuel industry that will reduce public input on critical decisions and exacerbate the climate emergency,” Common Dreams reports. “U.S. Sens. Joe Manchin (I-W.Va.) and John Barrasso (R-Wyo.)—respectively the chair and ranking member of the Senate Energy and Natural Resources Committee—released the Energy Permitting Reform Act of 2024, which the panel said “will strengthen American energy security by accelerating the permitting process for critical energy and mineral projects of all types in the United States.” Among other reforms, the bill “accelerates leasing and permitting decisions for all types of energy projects on federal lands” and requires the interior secretary to “hold at least one offshore wind lease sale and one offshore oil and gas lease sale per year” from 2025-29. Manchin, a former right-wing Democrat with deep family ties to the coal industry, has been trying—and failing—to pass fossil fuel-friendly permitting reform legislation for years. “This Frankenstein legislation is nothing less than the biggest giveaway in decades to the fossil fuel industry,” Brett Hartl, the government affairs director at the Center for Biological Diversity, told Common Dreams. “The insignificant crumbs thrown at renewable energy do nothing to address the climate crisis, but instead would make it game over for a livable planet.” Sierra Club Beyond Fossil Fuels policy director Mahyar Sorour told Common Dreams hat “those who promote this kind of so-called ‘permitting reform’ claim that it’s necessary to accelerate the deployment of clean energy, but in truth this is nothing more than yet another attempt by fossil fuel industry boosters to give handouts for polluters at the expense of our communities and the climate.”
E&E News: A top Senate Democrat backs Manchin’s permitting plan
Kelsey Brugger, 7/24/24
“Sen. Joe Manchin of West Virginia secured a crucial backer in his new permitting overhaul package that’s been embraced by fossil fuel and clean energy interests but scorned by greens: Sen. Martin Heinrich,” E&E News reports. “Heinrich, a New Mexico Democrat, told E&E Tuesday the fight against climate change requires the country to build more transmission lines, invest in “big, promising emerging energy technologies like geothermal” and remove obstacles delaying transformative clean energy projects. “This legislation is our opportunity to unlock an American-made clean energy future,” Heinrich, who has introduced transmission bills of his own, said in a statement to POLITICO’s E&E News… “Heinrich is in line to be the top Democrat on the Energy and Natural Resources Committee when Manchin retires at the end of this Congress. His support could go a long way with Democrats who might be skeptical of a package backed by Manchin, a Democrat-turned-independent who currently chairs ENR. Heinrich also supported Manchin’s failed 2022 permitting effort… “Even still, it would seem a monumental task to pass such a bill in the current environment. The congressional calendar is dwindling and an unorthodox presidential election is now in full swing. Senate Majority Leader Chuck Schumer on Tuesday suggested he was open to advancing permitting legislation this Congress, an apparent softening of remarks he made earlier this year in which he all but declared the effort dead. “I’d like to get permitting reform done,” the New York Democrat told E&E, but added he had not seen the legislation released Monday… “People familiar with the committee’s thinking told E&E they are eyeing to mark up the bill by the end of next week, before lawmakers head home for their five-week August recess.”
E&E News: What Trump 2.0 could mean for EVs, solar and CCS
David Ferris, Carlos Anchondo, Clare Fieseler, 7/24/24
“As former President Donald Trump returns to the campaign trail after last week’s Republican National Convention, questions linger about how much he would be able to implement his energy agenda if elected, and how much he would oppose low-carbon technologies,” E&E News reports. “…But Trump’s full position on technologies such as carbon capture and storage (CCS) and solar power are not fully clear, and could depend on whom he picks as his top energy advisers if elected… “There are differing opinions on how Trump might handle CCS, a technology that traps emissions from facilities before they enter the atmosphere. On his website in 2023, Trump called carbon capture an “untested” technology when criticizing EPA’s final rule to cut emissions from power plants finalized in April. At the same time, Republican supporters who have been floated as potential energy advisers in a second Trump administration — like North Dakota Gov. Doug Burgum — are big backers of CCS… “Ryan Fitzpatrick, senior director of domestic policy for the climate and energy Program at Third Way, told E&E he did not think a second Trump administration would be helpful to carbon capture, as one of its “underlying” principles is fighting climate change. He expressed concerns that Trump could cut budgets for DOE and EPA programs that support the carbon capture ecosystem — like those for CO2 transport infrastructure and storage — and create a “staff brain drain” from the federal government. During his administration, Trump proposed sharp cuts to DOE carbon capture and storage research… “Project 2025 also calls for ending carbon capture initiatives in DOE’s Office of Fossil Energy and Carbon Management… “CCUS programs should be left to the private sector to develop,” the document says… “Kenny Stein, vice president of policy at the conservative Institute for Energy Research, told E&E he didn’t think Trump would make a push against the technology, but “I would not expect any regulatory help for CCS, as far as mandating CCS or setting emission standards so low that CCS is effectively required.”
E&E News: 5 Numbers Define Biden’s Energy Legacy
BRIAN DABBS, HEATHER RICHARDS, SHELBY WEBB, CLARE FIESELER, 7/23/24
“President Joe Biden’s legacy in many ways can be measured in numbers, from $369 billion in the Inflation Reduction Act for clean energy to a push for 30 gigawatts of offshore wind by decade’s end,” E&E News reports. “In the past three years, the president made progress on some promised metrics. But on many other goals and projects, Biden fell far short of his pledges, leaving it potentially to Vice President Kamala Harris — or former President Donald Trump — to determine when and how projects across the energy sector get funded. Harris has a long, progressive record on energy and climate change, suing fossil fuel companies as California’s attorney general and signing onto the Green New Deal while in the U.S. Senate… “Harris was a harsher critic of oil and gas both during her time as a U.S. senator and in campaign speeches than Biden. She called for an end to hydraulic fracking in the 2020 presidential primary and brought several lawsuits against oil and gas companies during her time as California’s attorney general. Those stances could moderate if she ends up clenching the Democratic Party’s nomination, Andy Lipow, president of Lipow Oil Associates, told E&E. With the Supreme Court’s recent ruling overturning the Chevron doctrine, Lipow told E&E oil production under a potential Harris Administration is likely to resemble Biden’s, despite her earlier record. The Chevron ruling, which weakened the power of federal agencies, could make it more difficult for a Harris Administration to do things like enact rules aimed to curbing methane emissions from oil and gas production, or make serious changes to federal oil leases on public lands, he told E&E.”
InsideEPA: As Biden Exits Race, Environmentalists Urge Expansion Of Climate Legacy
7/22/24
“Environmentalists are heaping praise on President Joe Biden’s climate and environmental record in the wake of his decision to exit the presidential race, while also urging preservation and expansion of that legacy as many groups begin to line up in support of Vice President Kamala Harris to face off against former President Donald Trump in November,” InsideEPA reports. “…Meanwhile, Evergreen Action Executive Director Lena Moffitt in a separate July 21 statement combined praise for Biden with a look ahead to Harris as the current frontrunner for the Democratic nomination, arguing that she is well suited to carry on Biden’s environmental legacy. “President Joe Biden has done more to fight the climate crisis and secure a livable future for the American people than any other president in our nation’s history, and the group looks forward to “working with him through the end of this term to further cement his already extraordinary climate legacy.” Harris has been ‘integral’ to the Biden administration’s most important climate accomplishments, but she also has her own prior record on climate change and environmental justice, Evergreen noted. “From establishing one of the first environmental justice units in the country when she was the district attorney of San Francisco, to taking on Big Oil in the courts as California Attorney General, to introducing visionary legislation including the Climate Equity Act and Clean School Bus Act in the Senate, Vice President Harris has fought to hold polluters accountable and deliver for the hardest-hit communities her entire career.”
E&E News: Environmental Groups Line Up Behind Harris
Timothy Cama, 7/23/24
“A coalition of major environmental groups endorsed Vice President Kamala Harris’ campaign for president Monday,” E&E News reports reports. “…Whether holding polluters accountable as San Francisco District Attorney and California Attorney General, leading the charge on electric school buses in the U.S. Senate, or casting the deciding vote on the biggest investment ever in climate, clean energy and environmental justice and leading on climate on the world stage as Vice President, Kamala Harris has long been a climate champion,” Tiernan Sittenfeld, LCV Action Fund’s senior vice president of government affairs, said in a statement… “Ben Jealous, the Sierra Club’s executive director, told E&E, “Kamala Harris is a courageous advocate for the people and the planet. From prosecuting polluters as California’s Attorney General to authoring bold climate legislation that would become central to the landmark Inflation Reduction Act, she has worked for decades to combat the climate crisis and protect our health and future.” “NRDC Action Fund President Manish Bapna told E&E Harris “grasps the urgency and scale of the challenge. She’ll advance the climate progress we’ve made at home and internationally. She’ll raise climate ambition to make sure we confront the climate crisis in a way that makes the country more inclusive, more economically competitive and more energy secure.”
STATE UPDATES
WRKF: Like carbon dioxide, this Louisiana task force’s work is deep underground
Terry L. Jones (Floodlight), 7/23/24
“Residents in communities surrounding Lake Maurepas in southeast Louisiana have voiced passionate opposition to a carbon capture and sequestration project that could pump 5 million tons of carbon dioxide underneath the lake,” WRKF reports. “A special legislative task force assigned with exploring the impacts of carbon capture and sequestration (CCS) in Louisiana still hasn’t submitted a report of its findings — five months after it was due. And its chairman and the lawmaker who created the group won’t say why… “But since the inauguration in January of GOP Gov. Jeff Landry, the task force — like the technology it was directed to explore — appears to be deep underground. And questions remain about the safety and effectiveness of CCS, which is a cornerstone of U.S. efforts to combat climate change. There is no indication if or when the task force will submit its findings to the Senate Committee on Natural Resources after holding a series of meetings in late 2023 and in January before Landry took office… “Jackson Voss, the climate policy coordinator for the Alliance for Affordable Energy, told WRKF the unknown status of the task force’s report is emblematic of how the state government and industry have opened Louisiana up to the controversial technology without proper scrutiny. “Even during the hearings of this task force, it became clear that the true aim here was dismissing or discrediting people’s concerns, not seeking to address them,” Voss told WRKF. Concerns around carbon capture include the potential for earthquakes, groundwater contamination and CO2 leaking back into the atmosphere through abandoned and unplugged oil and gas wells or pipeline breaches… “Voss told WRKF the task force was likely a perfunctory move by state lawmakers wanting to claim they’ve done due diligence when it comes to the technology.”
Inside Climate News: Judge Orders Oil And Gas Leases In Wyoming To Proceed After Updated BLM Environmental Analysis
Jake Bolster, 7/22/24
“The U.S. District Court for the District of Columbia this month allowed the sale of leases for oil and gas drilling on almost 120,000 acres of public land in Wyoming,” Inside Climate News reports. “The ruling comes three months after the same court determined that the Bureau of Land Management had failed to adequately tie the environmental impacts from proposed oil and gas drilling to its decision to hold a lease auction, placing the sale agreements on hold. Before proceeding with the sale, the Bureau of Land Management (BLM) had to explain more thoroughly how the emissions from the Wyoming oil and gas extracted with the leases, which “in its own telling, carry a hefty price tag in terms of social cost,” affected the agency’s decision-making, wrote Judge Christopher Cooper in his March decision. As part of the order released July 16, and to avoid any environmental damage, the agency must “pause approval of any new drilling permits or surface disturbing activities on the leased parcels,” until it has finished fleshing out its environmental assessment, the court said.”
Carlsbad Current-Argus: Oil And Gas Industry To Drill On Public Land In Southeast New Mexico
Adrian Hedden, 7/22/24
“More public land in southeast New Mexico could be drilled upon for oil and gas as federal land managers planned an auction next spring for leases to the lands in Eddy and Chaves counties,” the Carlsbad Current-Argus reports. “Here’s what to know about the latest land sale to oil and gas in New Mexico. How much land is being offered in the sale? The lease auction totaled in 1,261 acres, according to an announcement from the Bureau of Land Management… “Public scoping comments provide initial feedback for the BLM on the parcels of land nominated for rental to the oil and gas industry. Scoping comments are being received until Aug. 14, after that a protest period will be established for additional comments from those opposing the sale.”
Inside Climate News: Fossil Fuel Development and Invasive Trees Drive Pronghorn Population Decline in Wyoming
Najifa Farhat, 7/22/24
“Pronghorn in Wyoming are experiencing long-term declines in the number of young they are rearing due to increased oil and gas development and encroaching woody vegetation, according to a new study,” Inside Climate News reports. “Although pronghorn populations in Wyoming have been largely stable, the new analysis shows that many herds are experiencing long-term declines in fawn production. A group of researchers from four universities and the USDA’s Northern Plains Agricultural Research Laboratory analyzed a dataset collected by the Wyoming Game and Fish Department between 1984 and 2019 using aerial and ground surveys of the established migration routes of 40 herds in the state… “Two major factors stood out: the density of oil and gas wells and the increase in tree cover within these 40 herd units,” Jeff Beck, co-author of the study and a professor in the Department of Ecosystem Science and Management at the University of Wyoming, told ICN. “As the landscape has changed with more trees and an increasing number of oil and gas wells, pronghorn productivity has consistently declined.”
EXTRACTION
Bloomberg: Canadian Wildfires Threaten Oil Output, Prompt Evacuations
Robert Tuttle, 7/23/24
“Wildfires in Canada’s energy-producing Alberta province are threatening almost 10% of the region’s oil production and forcing the evacuation of one of the country’s largest national parks during the peak summer tourist season,” Bloomberg reports. “Hot weather has contributed to a wildfire outbreak in Western Canada, with 170 burning in Alberta alone — 53 of them out of control. The equivalent of about 388,000 barrels a day of oil output and 13,400 barrels a day of natural gas are within 10 kilometers (6.2 miles) of blazes that are at least 10 hectares (25 acres) in size, according to Alberta Wildfire geographic data and Alberta Energy Regulator June production data.”
CBC: N.W.T. is asking Alberta to keep it more informed about spills in its water. It’s waiting for an answer
Natalie Pressman, 7/24/24
“The Northwest Territories is suggesting updates to a water agreement with Alberta that will keep it more in the know about spills that could flow into its waterways, but says it’s still waiting for a full response from Alberta on its proposal,” CBC reports. “…It’s suggesting specific thresholds like spill volume, type of spill and location of the spill would create clear triggers for when Alberta would be required to notify the territory. The transboundary water agreement commits the province and territory to managing water sustainably and to communicate changes that increase risk of harm to water flowing north across the border… “The proposal is in response to a tailings leak at Imperial Oil’s Kearl facility, one of the largest oilsands spills in Alberta history.”
Bloomberg: UK Warned of Risks in Relying on Carbon Capture to Hit Net Zero
Eamon Farhat, 7/23/24
“The UK’s reliance on carbon capture and storage to reach its net-zero goals poses risks as potential costs escalate and rollout lags behind target, according to the National Audit Office,” Bloomberg reports. “While the government has drawn lessons from previous failures to develop carbon capture over the past two decades, the technology remains relatively untested, the NAO said in a report on Tuesday. Slow progress with first phase projects means the UK will struggle to meet its 2030 goals, it added. Ed Miliband has promised to drastically speed up Britain’s net zero trasition but the scale of the task facing the Energy Secretary was laid bare in a damning report from the National Audit Office (NAO), published on Tuesday.”
Rhodium Group: Taking Stock 2024: US Energy and Emissions Outlook
Ben King, Hannah Kolus, Anna van Brummen, Michael Gaffney, Naveen Dasari and John Larsen, 7/23/24
“Every year, Rhodium Group provides an independent projection of future US greenhouse gas (GHG) emissions under current policy and expectations for economic growth, future fossil fuel prices, and clean energy cost and performance trends. In the ten years since we released our first Taking Stock report, the US has made progress on a path to decarbonization. In 2023, US GHG emissions were 18% lower than they were in 2005… “With all federal and state policies on the books as of June 2024, we estimate the US is on track to reduce its GHG emissions by 38-56% below 2005 levels in 2035, representing at least a doubling—and potentially as much as a four-times increase—from the pace of annual emissions abatement from 2005 to 2023. On the way to 2035, we find the US could reduce its emissions by 32-43% below 2005 levels in 2030. These emissions reductions under current policy are a measurable acceleration in mitigation even compared to our Taking Stock 2022 edition from just before the passage of the IRA, in which we found the US on track for a 24-35% reduction below 2005 levels in 2030. But they are not enough for the US to achieve its 2030 climate commitment under the Paris Agreement of a 50-52% reduction by 2030, or deep decarbonization by mid-century.”
OPINION
American Banker: Bankers should link arms, at least figuratively, with oil protestors
Alec Connon, Coalition Director, Stop the Money Pipeline, 7/22/24
“Since June 10, I have been arrested four times by the New York Police Department. My crime? Blockading the doors of the headquarters of the world’s biggest funder of oil and gas expansion since the Paris Agreement: Citigroup,” Alec Connon writes for American Banker. “The ongoing protests against Citi and other financial institutions will continue for the rest of the summer as part of a sustained effort to pressure them to stop funding new fossil fuel projects and the companies building them… “Much has been written in this publication and elsewhere questioning the effectiveness of this form of activism, with the argument being made that divestment pressure simply causes financial institutions to dig their heels in and that targeting sponsors deprives the arts and sports of vital funding. When it comes to banks, however, there is ample evidence that this type of campaigning has succeeded in the past. The key point is that bank financing is “real money”: When banks decide not to fund the oil and gas sector they are reducing the pool of available lenders, which results in a higher cost of capital for a fossil fuel company that is looking to develop new reserves. The push to get banks off coal funding 10 years ago shows how effective pressure can work… “What really strikes me when I link arms with my colleagues to shut down a bank headquarters is why the bankers waiting patiently outside don’t join us in pushing for their employer to stop funding fossil fuels. I don’t expect them to join us in blocking the doors but as employees at other large companies have shown there is plenty they can do. In 2019, thousands of Amazon employees publicly called for their employer to do more on climate and 1,800 workers walked off of the job for a day… “Many in the financial world may continue to roll their eyes at us climate activists getting arrested in financial districts around the world, dismissing us as dreamers who don’t understand how the world really works. But what actually determines how the world really works is physics ― and the physics of our climate are crystal clear: We need to stop funding fossil fuel expansion immediately. The real question is whether banks will leave it until it’s too late to change their ways before disruption much greater than that caused by activists — the physical and economic disruption caused by climate breakdown ― kicks in.”
Legal Planet: The D.C. Circuit and the Biden Power Plant Rule
Dan Farber, 7/23/24
“On Friday, the D.C. Circuit issued a two-page opinion refusing to stay a regulation. The D.C. Circuit frequently denies stays, but this ruling was notable for three reasons: It allows an important climate change regulation to go into effect; it clarifies an important legal doctrine; and it has a good chance of being upheld on appeal – even though the Supreme Court overturned a previous regulation on the same subject,” Dan Farber writes for Legal Planet. “…So what’s notable about the stay denial? First, the D.C. Circuit said that the Biden regulation did not present a “major question.” The D.C. Circuit held that there was no major question because the Court was merely telling a pollution source how to clean up its pollution, something “that falls well within EPA’s bailiwick.” “…Second, the D.C. Circuit held that the parties challenging the Biden rule had failed to show “irreparable injury” from leaving the rule in effect. That’s a threshold requirement for a stay… “Finally, the states argued that they would have to submit plans to comply with EPA’s rule only two years from now, but it turns out that there are really no consequences for missing the deadline… “In other words, Friday was a very good day for EPA.”
The Telegraph: How the failure of carbon capture risks causing a net zero nightmare
Jonathan Leake, 7/24/24
“Ed Miliband has promised to drastically speed up Britain’s net zero trasition but the scale of the task facing the Energy Secretary was laid bare in a damning report from the National Audit Office (NAO), published on Tuesday,” Jonathan Leake writes for The Telegraph. “Officials told the Energy Secretary that a staggering £630m of taxpayer cash has been spent on carbon capture technology that is still years from working. Not only did they point to the amount of investment at risk, but also stressed that the Government’s overarching goal to capture up to 30m tonnes of CO2 by 2030 is way off track. Driving this underperformance is the fact that four key carbon capture projects are already years behind schedule, the NAO said, which is without recognising the untested technology and uncertain costs. Crucially, it also warned that the £20bn of public money set aside to develop CO2 capture is unlikely to be enough – and far more may be needed. The findings pose a net zero nightmare for both Labour and Mr Miliband, who secured his position in cabinet amid a pledge to decarbonise Britain’s power system by 2030… “If they cannot be made to work then the UK will have almost no hope of achieving its legally binding target of hitting net zero CO2 emissions by 2050… “Problems are so acute that DESNZ has even struggled to find people to work on its carbon capture programme, the NAO found, with more than 50 posts still unfilled… “Over the next decade conventional carbon capture will be little more than an experimental technology. I don’t know what will happen in the 2040s and there is a small probability that CCS might be viable by then but the history of the last 15 years suggests that the chances are really very low,” Ashley Kelty, a leading energy analyst at Panmure Liberum investment bank, told the Telegraph. “To be blunt, CCUS is like a lot of the plans for net zero – just a series of technically and economically illiterate fantasies designed to avoid the reality that reaching such a target is probably infeasible and is certainly ruinous for any modern industrial economy.”