The @HouseGOP#PollutersOverPeople act was an easy bill to say "no" to. But we still need to deploy massive amounts of clean energy at unprecedented scale. That's why @MikeLevin and I have introduced a consumer- and climate focused alternative: eenews.net/articles/house…
1. The GOP bill was focused solely on accelerating the export of US oil & gas. Other than the (misleading) title, it did nothing to help energy consumers. It would have raised prices, raised the deficit and accelerated global warming. Details here:
2. But as @JesseJenkins (and others) have pointed out, we aren't going to be able to meet our climate goals without building a lot more electric transmission. So we have to find ways to make permitting easier... for the RIGHT assets.
3. At it's core, there are 3 things a consumer- and climate-focused permitting reform bill must do. (a) reform energy markets to remove the economic conflicts of interest that bedevil our electric sector so that they will stop standing in the way of permitting reform...
4. ... (b) provide a single point of authority for permitting, with firm time lines for go/no-go decisions while ensuring that all affected parties' voices are heard, and...
5. ...(c) equitably allocate not only the COSTS but also the BENEFITS of clean energy deployment. And ideally, ensure that those who bear costs earn their pro rata share of the benefits. Environmental justice / economic justice / efficient markets are synonyms, after all.
6. The good news is that there are a lot of bills that have been introduced and worked up by our colleagues that have done most of those things. @mikelevin and I have worked to pull those together and are finalizing / cleaning up text to address the missing bits.
7. So (and correcting my mis-statement at the start of this thread) watch this space for full legislation soon. But in the meantime, as we say in the E&E piece, we need to stop doing energy politics and calling it energy policy. It's past time to do the policy right.
8. Or, to put it another way... /fin
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The US economy is increasingly de-coupled from fossil fuels and the FF industry increasingly depends on exports. Which means propping up the FF sector - as the #PollutersOverPeople Act does - is increasingly at odds with with the interests of American energy consumers.
A few quick thoughts on the GOP energy bill that was released yesterday. Headline: it is entirely focused on energy suppliers and utterly silent on the needs of energy consumers. Brief thread:
1. First, here's one of many recent press stories about it. Follow the links, dig in if you want views other than mine. politico.com/newsletters/po…
2. Now my personal beef with the way that we talk about energy policy in the US. We consistently muddle upstream, midstream and downstream sectors. Both parties are guilty of this.
This article and pictures help explain why I've been pushing so hard to get our financial regulators to understand climate as a systemic risk - and highlight the political challenges that come with that honesty. washingtonpost.com/climate-enviro…
Coastal properties are not the only part of financial risk but they are visible and tangible and highlight the unique political challenges faced by elected officials who are on the losing end of that capital flight.
When capital markets remove in response to tech innovation (think: VHS --> DVD, DVD --> streaming) we don't shed a lot of tears protecting the economic losers. But when climate makes whole tracts bad economic investments you're confronted with people & communities.
For the last year I've been saying that the truly unique feature of the economy since Biden was elected is that we are creating jobs faster than workers. So you can imagine how pleased I was to see this chart in the Fed's March Monetary Policy Report proving the point with data.
My gut tells me that employers and workers haven't quite internalized this new reality because all of our habits of mind were built in the prior framework when there were more workers than jobs.
For example, it's not coincidental that the surge in hourly wages tracks to the point when it became a worker's market. More jobs than workers = more labor negotiating power. BUT...
This is fascinating. Longer discussion tomorrow but immediate takeaways: (a) Clean energy transition is accelerating even though (b) supply chain issues hurt PV last year and (c) energy productivity fell for reasons that may be analytical artifacts. politico.com/f/?id=00000186…
Markets prefer the clean stuff. This, in a nutshell is why the retrograde elements of the @GOP are bashing ESG right now. Because the picked the wrong horse, and their horse is losing.
Yesterday, I voted against the REIN IN Act - a bill that would have required an estimation of the inflationary impact of any Presidential executive order before implemented. The bill asks for something that is mathematically impossible and politically useless. Here's why:
2/ Second, inflation, in it's simplest framing is politically potent but even a cursory amount of digging makes the issues way more nuanced. That makes soundbite politics dangerous & is why I did a whole town hall on inflation last year. casten.house.gov/media/press-re…