"The Energy Act of 2020" was in the stimulus bill, which just became a law. There's lots in there:
- HFC phase out by 85% by 2035
- Extensions of ITC/PTC tax credits for offshore wind, solar, wind, etc.
- $35 bn for energy R&D
- Much more
Proper thread tomorrow...
Evidently Trump signed the continuing resolution after midnight, not the bill. So... We've got another day to wait! But this is fingers crossed happening.
I'm hearing bill text will come out in a few hours. So stay tuned for some more key highlights in a thread once it does!
Another addendum before a full thread. TECHNICALLY it's not just the Energy Act. This massive bill also includes an "Energy for the Environment Title," which is where the HFC stuff lives.
But the point is: it's a big energy bill with lots of interesting stuff...
STAY TUNED!
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We have an energy bill with some climate flourishes, folks! Hopefully passed and signed into law soon. What's in the stimulus bill?
- Energy Policy Act
- Energy for the Environment Title
Now, I'll break down key provisions in this THREAD...🧵
Big top lines:
- HFC phaseout 85% by 2035
- 35 billion on energy RD&D
- Energy tax extenders
- Reforms + extensions for DOE programs
- Electricity bill assistance for renters
- Permitting improvements for renewables on fed lands
- Efficiency, including fed buildings
MUCH MORE...
The HFC phaseout was difficult to negotiate and is probably the biggest climate piece.
HFCs are potent GHGs. In the global the Kigali amendment, countries have agreed to phase them out. This US commitment will help the globe avert 0.5 °C of warming. nytimes.com/2017/11/17/cli…
The funny thing about being a political scientist is that most of your friends are also political scientists and they are all about 4 hours ahead of everyone else in terms of reading the results and freaking out and...
YEAH THIS IS REALLY BAD.
My view is that we pretty much have to win PA to win. That is my view. It assumes:
- we lose OH
- we win AZ
- we lose both second districts
- we win MI and WI
If we win one of the second districts, we can lose PA... But I ain't banking on one of those.
So I guess how you should feel is based on your expectation of Biden winning Pennsylvania...
Here are some facts about carbon prices, in the wild:
- they cover 22% of our global emissions, but most are riddled with loopholes
- most prices are way too low to drive meaningful change
- even high prices don’t always change behavior (see: Norway)
Carbon pricing should ideally do two things: 1) innovate new technologies 2) reduce emissions
Alas, the evidence suggests it's accomplishing neither goal in practice.
"Over the past two years, the total damage from wildfires has reached nearly $50 Billion in California alone.
This year alone, nearly 5 million acres have burned across 10 states — more acres than the entire state of Connecticut." - @JoeBiden
"Think of the view from the ground, in the smoldering ashes.
Loved ones lost, along with the photos and keepsakes. Spouses and kids praying each night that their firefighting husband, wife, father, and mother will come home. Entire communities destroyed." -@JoeBiden