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Jason Bordoff Profile picture
@JasonBordoff
Dec 2, 2022 • 6 tweets • 3 min read • Read on X
My latest in @nytopinion: @EmmanuelMacron & other EU leaders have used inflammatory rhetoric to criticize 3 aspects of US energy & climate policy over profiteering from Ukraine & #IRA. These criticisms are largely baseless & risk unity in battling both Russia & climate change 🧵
Some in Europe accuse US LNG companies of “profiteering.” This is a misconception. Markets set prices, and the companies benefiting most right now are non-US LNG resellers. Plus US LNG flexibility has been crucial to helping Europe pivot away from Russia.
eia.gov/todayinenergy/…
EU also criticizes #IRA for large clean energy incentives, warning of a subsidy race. It's understandable Europe is worried about deindustrialization. But the culprit is Europe’s lack of competitiveness wo cheap Russian gas, not America’s new climate law. ft.com/content/75ed44…
After yrs of criticizing US for being a laggard on climate, it's puzzling to see EU attack US for investing TOO MUCH in clean energy. #IRA can begin a cycle of competition in clean energy tech that accelerates decarbonization rather than spur protectionist policies that retard it
EU officials are right to raise concerns about protectionist elements of the #IRA. Industrial policy is back in vogue. And China’s own protectionism and use of its industries for geopolitical influence have made Western governments rethink unchecked free trade.
Yet deft diplomacy & careful implementation can create more opportunities than risks for Trans-Atlantic cooperation. A collaborative approach is vital to accelerate climate action, enhance energy security and help Europe cope with its energy crisis. END reuters.com/markets/us/bid…

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More from @JasonBordoff

Jason Bordoff Profile picture
Jun 7, 2022
🧵 The current energy crisis will usher in a new global energy order for decades to come, defined by a more expansive role for government in the energy sector. My latest with @OSullivanMeghan in @ForeignAffairs: foreignaffairs.com/articles/energ…
We're already seeing govts take a more expansive role in energy in many ways: The WH's use of the Defense Production Act yesterday for heat pumps and solar panels is just latest example of what we should expect to see more of in the future
axios.com/2022/06/06/bid…
Recent EU embargo on Russian oil and @SecYellen advocating for “friend-shoring” supply chains of critical raw materials by deepening trade ties with “a group of countries that have strong adherence to a set of norms and values” are other examples. wsj.com/articles/natio…
Read 9 tweets
Jason Bordoff Profile picture
Jan 22, 2022
The likelihood of a Russian gas cutoff to Europe seems low, but would be catastrophic if it happened. Europe would have to import much more LNG at exorbitant prices, industries would shut down due to unaffordable energy bills, and the European economy would take a massive hit.
Options for Europe to import more gas are limited, w other pipeline suppliers close to capacity. There is not enough LNG to accommodate the loss of Russian gas supplies into Europe, & Europe would need to pay price needed to pull all the flexible supplies it could away from Asia
To the extent you can substitute other fuels (eg coal, oil) for gas, much of that is already being done. Europe would likely face growing calls internally to ramp up its own gas production (e.g., Groningen), and to reverse or cancel planned nuclear closures.
Read 4 tweets
Jason Bordoff Profile picture
Jan 15, 2022
Here are 10 major energy & climate trends I’m watching in 2022. A quick thread: 🧵
1) BBB: make or break

If BBB climate provisions become law, US has a shot of meeting its 2030 goals. Without them, it’s very hard.

With the right policy, green industrial policy can reduce GHG at home, spur economy & cement US leadership globally. foreignpolicy.com/2021/03/15/bid…
2) Volatile energy prices

Risk ahead: Oil price spikes. Mismatched energy supply investment & demand will prompt market crunch. With SPR already used once & dwindling OPEC spare capacity, fewer antidotes exist. Energy crises this winter were not one off.
foreignpolicy.com/2021/09/24/ene…
Read 13 tweets
Jason Bordoff Profile picture
Jan 3, 2022
A decade after Fukushima, nuclear power is getting a fresh look for 3 reasons: the urgency of meeting ambitious climate goals, significant advances in nuclear technology, and national security concerns.

I have a deep dive essay in @ForeignPolicy. See this thread for highlights🧵
First, as the urgency to combat the climate crisis grows, there is growing recognition that the pathway to net-zero emissions will be faster, easier, and cheaper if nuclear energy is part of the mix of solutions.
@Grimezsz got it right re: Diablo Canyon in California: “This is crisis mode, and we should be using all the tools that we have.”
Read 10 tweets
Jason Bordoff Profile picture
Nov 23, 2021
At the end of a busy day, a few thoughts on today’s SPR release: 🧵 #OOTT
Effectiveness should be measured not by price response today but what it would have been absent the “verbal intervention” of the past few weeks. Expectations of a release contributed (tho not entirely responsible) to drop of $8/b since Oct & helped stem price run up.
It’s notable because it is not an emergency response to a severe supply disruption, as required for a major sale, but (as an exchange) an effort to tame higher oil price expectations amidst deep concerns about inflation.
Read 13 tweets
Jason Bordoff Profile picture
Feb 19, 2019
Just back from @MunSecConf, where @ColumbiaUEnergy organized a side event on energy’s use as a geopolitical weapon, and I moderated a breakfast discussion on #NordStream2. Here are a few reflections from this year’s #MSC2019 & intersection with energy/climate. (Thread)
At a broad level, the dominant theme was concern among participants about the perception that America was retreating from the global stage and its leadership role in the rules-based international order.
It was notable that the US sent its largest contingent ever of members of Congress from both sides of the aisle, perceived by many as an effort to send a signal that the USG is comprised of more than just the White House.
Read 29 tweets

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