Biden Administration spending climate cash quickly as Trump threatens cancel it
If Donald Trump wins the Nov. 5 presidential election, he has promised to cancel all funds that have not been spent from President Joe Biden’s climate law. Biden administration officials say that the majority of the grants will have been spent by January when a new President takes office. Targeting what is left would be a huge legal challenge. Biden Administration officials say that the administration has so far awarded $90 billion to climate, clean-energy, and other projects under the 2022 inflation reduction act. This is 70% of the roughly $120 billion of climate grant money available and more than 80% of the amount made available by the law before 2025.
Chevron CEO criticizes Biden's natural-gas policies and says fuel is essential for AI
Michael Wirth, CEO of Chevron, criticized U.S. president Joe Biden on Tuesday for "attacks" on the natural-gas industry. He also emphasized the critical role that Permian gas plays in accelerating the growth of artificial intelligence. The CEO's comments followed new plans by the government to ensure that power-hungry AI centers do not undermine U.S. Climate Goals. The White House created a taskforce on AI Datacenter Infrastructure last week to coordinate policies that align with government economic and environmental goals. Wirth said that the AI industry's energy needs are increasing and it is better to use low-carbon gas than coal.
US sanctions 16 Venezuelan officials with Maduro's links
The Biden administration announced on Thursday that it would impose U.S. Sanctions on 16 allies to Venezuelan President Nicolas Maduro as a response to voter fraud during the country's elections and the subsequent crackdown by his government on the political opponents. This move comes just days after Edmundo Gonzales, who was recognized as the winner of the presidential election on July 28, by the U.S., and other countries, fled to Spain, after Maduro issued a warrant calling for his arrest. The list includes other people linked to the election, as well as military and intelligence officials accused of post-election repression.
Russia is considering limiting metals exports to the West
In response to Western sanctions, Russian President Vladimir Putin suggested this week that Moscow limit exports of metals or other commodities in which Russia has a large share on global markets. Putin mentioned uranium and nickel as well as titanium, but suggested that other commodities could be restricted, pointing out that Russia is a major producer for natural gas, diamonds, and gold. Putin said that any restrictions do not have to be immediately implemented and they should not harm Russia. Commodity exports provide a major source of foreign currency income for many of Russia's biggest companies. This includes state-owned Rostec, Rosatom and Nornickel.
Putin: Russia should restrict exports of uranium and titanium
On Wednesday, Russian President Vladimir Putin stated that Moscow could consider limiting the exports of uranium and titanium in order to retaliate against the West. In comments made to government ministers via televised broadcast, he stated that such restrictions could be implemented for other commodities. He noted that Russia is a major producer in natural gas, diamonds, and gold. He said that the measures needed to be taken today, but not "tomorrow" and they must not harm Russia. "Please look at the goods we provide to the global market... Perhaps we should consider certain restrictions, such as uranium or nickel," Putin said to Prime Minister Mikhail Mishustin.
APPEC-LNG buyers flag US supply risks after export pause
After President Joe Biden’s administration halted export permits of supercooled fuel to non-Free Trade Agreement nations, major buyers of liquefied Natural Gas (LNG), flagged the risks of purchasing cargoes of the United States. In response to a query on the impact of U.S. exports pause, officials from Taiwan's CPC Corp. and Germany's SEFE, who trade LNG cargoes, and sell in Asia, stressed reliability of supply. Jane Liao (VP of CPC) said at the APPEC Conference that she trusted the traditional LNG providers more than the U.S. LNG companies. "Most Asian buyers rely on our traditional LNG suppliers who value long-term relationships more.
How Trump will try to undo Biden's environmental legacy
Donald Trump, the presidential hopeful, has outlined an energy policy that focuses on maximizing U.S. power and fuel output. This includes dismantling Biden's main efforts to combat climate change. The Republican campaign for the former president has stated that President Joe Biden's efforts in supporting the adoption of electric cars while reducing the use of gas and coal poses a threat to the country's power grid during a time when energy demand is soaring. They have promised changes to ease permits for new power stations and remove barriers to fossil fuel production. Ironically, during Biden's term the United States became the top oil and gas producer in the world.
Yellen warns that the end of US clean energy tax credit would increase consumer costs
U.S. Treasury secretary Janet Yellen will warn on Thursday that any attempt to rollback the Biden administration’s clean energy tax credit would increase costs for families and threaten new investments in U.S. Manufacturing that are creating jobs. In excerpts from remarks that she will deliver on a visit to Raleigh, North Carolina Yellen said that across the nation, families have claimed 8,4 billion dollars in energy tax credit that would lower their long-term energy bills. Donald Trump, Republican presidential candidate, has promised to repeal many of Joe Biden’s clean energy regulations for electric vehicles and power plants.
Exxon and Abu Dhabi's ADNOC will partner in the delayed Texas hydrogen project
The Abu Dhabi National Oil Company will purchase a 35% stake in Exxon Mobil Corp.'s low-carbon hydrogen project proposed in Texas. Both companies announced a one-year delay in the start-up until 2029. ADNOC's investments show a confidence in the multi-billion-dollar project, which Exxon had threatened to abandon if the U.S. Government restricted tax credits. The final investment decision was pushed back to 2025 from 2024. Exxon-ADNOC refused to reveal the value of the deal. Dan Ammann, Exxon's President of Low Carbon Solutions, said: "This is an important investment.
US mineral projects close down government loans in fear of Trump
U.S. battery and miner recyclers have been rushing to close billions-dollar government loans before January, out of fear that the former president Donald Trump, if elected, would block funding necessary to boost American production of vital minerals for energy transition. The falling prices of lithium, nickel, and other minerals this year, along with lower than expected EV sales have scared private financiers. This has put the conservative mining industry into an unusual position, where it needs Washington's help to grow, and counter what is perceived by the West as China's manipulation of the market. Under the leadership of President Joe Biden's Loan Programs Office, the U.S.
Biden administration finalizes the solar lands plan and touts progress
The administration of U.S. president Joe Biden announced on Thursday that it had finalized plans to expand solar power on federal lands across 11 western states. This is part of an overall push to accelerate the permitting and construction process for large infrastructure projects. The White House is looking to speed up the approval of projects ranging in scope from wind and solar farms to power transmission as part of its efforts to combat climate change and decarbonize the energy sector. It also wants to promote the "Investing in America' agenda in advance of the November election. The U.S.
Meta Platforms signs geothermal energy agreement with Sage Geosystems for US data centers
Meta Platforms, the owner of Facebook, announced on August 26 that it had struck a deal with Sage Geosystems for up to 150MW of geothermal energy to power its U.S. Data Centers. The company is racing to develop infrastructure to support massive investments in artificial intelligence, which consumes a lot of energy. According to the social media firm, the first phase of the project is expected to be operational in 2027. It will "significantly" increase the use of geothermal energy in the United States. Meta's announcement was made at a U.S. Department of Energy geothermal event.
US Court of appeals overturns Biden's tip wage rule
A U.S. court of appeals on Friday overturned a rule that President Joe Biden’s administration had adopted to increase the pay of tipped employees. The court cited a recent U.S. Supreme Court decision which curtailed federal agencies’ ability to issue regulations. The 5th U.S. Circuit Court of Appeals, located in New Orleans, is composed of a three-judge panel. Circuit Court of Appeals sided with two restaurant industry groups unanimously in finding that the U.S. Department of Labor’s 2021 rule violated federal labor laws. No immediate comment was made by the Labor Department.
Deese, a Harris advisor, calls for a Marshall Plan on clean energies
Brian Deese is an adviser to Vice President Kamala's presidential campaign. He called for a program that would lend money to allies to purchase green energy technologies in the United States as part of an overall strategy to combat climate change. Deese - who served as an adviser to President Joe Biden, and then President Barack Obama - referred to it as a "new version" of the Marshall Plan. The Marshall Plan was a system of grants created by Harry Truman and George Marshall in order for Europe's recovery after World War II. Deese said that the plan should be generous with our allies and unapologetically in America's interest.
The policy uncertainty highlighted by the rise in US executives' election talk
U.S. executives are more concerned about the presidential election this year than they were four years ago. A wider policy divide between Donald Trump and Kamalah Harris raises concerns over taxes, tariffs, and pricing power. According to a LSEG Workspace screen on S&P 500 companies, mentions of the "election" and "White House" in earnings calls were 34% more than they would have been for the corresponding period of 2020. According to a separate FactSet analysis, tariffs, trade, and the Inflation Reduction Act were the top policy topics discussed by companies that cited "elections".
US Solar Group seeks retroactive duty on panels imported from Vietnam and Thailand
A group of U.S. manufacturers of solar panels asked the Commerce Department to consider imposing retroactive duties on Vietnam and Thailand because there has been a surge in imported goods. These countries are also under investigation for unfair trade practices. The Commerce Department began an investigation in May into silicon solar panels and cells made in Vietnam. Thailand, Malaysia, and Cambodia. A group of American manufacturers claims that the products were sold at low prices in the U.S. and received subsidies from China. Many manufacturers in the region have factories in China. According to U.S.
Hunter Biden contacted US ambassador in 2016 over Burisma deal, NYT reports
Hunter Biden contacted the U.S. Ambassador to Italy in 2016 while his father Joe Biden was Vice President, to discuss a geothermal energy project with the Ukrainian company Burisma where Hunter Biden served as a board member, according to an article by the New York Times, which cited records obtained by the newspaper. The newspaper reported that Hunter Biden sent at least one letter to the ambassador of the U.S. Embassy at Rome in Rome's name on behalf Burisma Energy Company. Abbe Lowell told his attorney on Wednesday that Hunter Biden, among others, asked Ambassador John Phillips for introductions to President of Tuscany, Italy, where the company was considering projects.
Equinor and Dominion win US Central Atlantic Offshore Wind Auction
The Interior Department announced on Tuesday that Equinor, a Norwegian company, and Dominion, a U.S.-based power company, were the successful bidders at an auction by the U.S. Government for two offshore wind areas near the coasts Delaware, Maryland, and Virginia. The Biden administration's offshore wind lease auction generated bids of less than $93 millions, placing it as one of the least profitable. The U.S. president Joe Biden put offshore wind development at the forefront his climate change agenda. However, the industry has struggled in the past year due to rising costs and disruptions in supply chains.
Harris' energy strategy is ambiguous from a strategic perspective, say her aides
Since Vice President Kamala Harris joined the White House race 25 days ago, she has been keeping energy executives on their toes. Was she the anti-pollution and climate change warrior Attorney General of California? Or was she the pragmatic number two in the Democratic Biden Administration that oversaw record U.S. production and exports of oil? Seven times in her speeches, she mentioned climate, but never energy, fracking, or oil. Polls indicate that climate change is a topic of great interest, particularly among younger voters. Her campaign is aimed at avoiding alienating any side.
Thyssenkrupp Nucera braces for delay in US hydrogen subsidy law
Thyssenkrupp nucera's CEO stated on Tuesday that it expects the law on which it relies to subsidise the green hydrogen industry to be delayed until the U.S. Presidential election. This will make it difficult to predict the future of projects in this nascent sector. After the Ukraine War and Germany's move away from Russian Gas, the country has concentrated on developing green hydrogen to replace it. The industry is relying on the tax credits provided by President Joe Biden’s Inflation Reduction Act. However, his administration has not yet provided any details to the outline.
