Daily on Energy ⚡ The EPA’s new proposed power plants regulations just supercharged the political debate over the swift green energy transition the Biden administration wants to advance.
THE NEW POWER PLANT RULES: EPA’s new proposed power plants regulations just supercharged the political debate over the swift green energy transition the Biden administration wants to advance and, amid the praise from proponents, are already facing veiled threats of legal action and explicit threats of a challenge under the Congressional Review Act.
Climate and health: President Joe Biden set a target to achieve 100% carbon-free power by 2035 in a bid to slow climate change. The proposed rules’ timelines and emissions allowances don’t align perfectly with that, but Administrator Michael Regan expressed confidence that the administration’s regulatory and legislative achievements in total would make the goal attainable.
Jobs and reliability: For opponents, the new proposed rules opened the old wounds of the Clean Power Plan, threatening jobs tied to coal-fired generation and grid reliability. What’s coming: Regan expressed confidence that the new proposals would withstand legal scrutiny and the new case law established in West Virginia v. EPA.
NEW MEXICO SUED OVER POLLUTION IN ‘FIRST-OF-ITS-KIND’ SUIT: Residents and environmental groups leveled a constitutional challenge against the state of New Mexico, asking a state court to rule that its oil and gas permit approvals violate a pollution control clause in the state’s constitution. Oil and gas in New Mexico: The state, which shares the Permian Basin with Texas, is an oil and gas powerhouse, ranking no. 2 among states for oil production. It’s also in the top 10 for gas production among states, and the industry is a critical revenue source for the state’s budget.
Their optimistic view on Chinese demand recovery was somewhat blunted by other economic factors, such as inflation and the looming U.S debt ceiling, which it warned could have “consequences” if not resolved. Waller dismissed the idea that climate change could upend the financial system through physical risks, such as increased floods and fires, saying that such events are of the kind that the system regularly handles. He also downplayed “transition” risks – that the financial system could be collateral damage as society leaves fossil fuels – saying that the financial system weathers major disruptions in other industries all the time.
SENATE COMMERCE ADVANCES RAILWAY SAFETY BILL: The Senate Commerce, Science, and Transportation Committee advanced the bipartisan Railway Safety Act of 2023, which lawmakers introduced in the wake of the Norfolk Southern train derailment in East Palestine, Ohio.
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