Wall Street Warns About Cost Of Doing Nothing On Climate Change

As President Obama heads to the Arctic to discuss climate change, just mere weeks after approving Shell Oil’s bid to drill for oil in the treacherous Chukchi Sea, a very different group is sounding the alarm over the dangers of a warming climate. That group, surprisingly, is Wall Street bankers.

Citibank has released a new report showing that taking action now against the growing threat of climate change would save an astonishing $1.8 trillion by the year 2040. Conversely, the report says that if no action is taken, the economy will lose as much as $44 trillion during that same time period.

Exclusive: Hillary Clinton State Department Emails, Mexico Energy Reform and the Revolving Door

Emails released on July 31 by the U.S. State Department reveal more about the origins of energy reform efforts in Mexico. The State Department released them as part of the once-a-month rolling release schedule for emails generated by former U.S. Secretary of State Hillary Clinton, now a Democratic presidential candidate.

Originally stored on a private server, with Clinton and her closest advisors using the server and private accounts, the emails confirm Clinton's State Department helped to break state-owned company Pemex's (Petroleos Mexicanos) oil and gas industry monopoly in Mexico, opening up the country to international oil and gas companies. And two of the Coordinators helping to make it happen, both of whom worked for Clinton, now work in the private sector and stand to gain financially from the energy reforms they helped create.

The appearance of the emails also offers a chance to tell the deeper story of the role the Clinton-led State Department and other powerful actors played in opening up Mexico for international business in the oil and gas sphere. That story begins with a trio.

Mother Nature Braces For Republican Environmental Onslaught

With evidence of climate change all around us — floods, droughts, super-storms — it would make sense that now would be the time for our elected leaders to start taking the threat of climate change seriously. Sadly, the opposite is taking place in the United States, and Republicans are leading the charge to completely dismantle the few environmental protections that are in place.

This multi-faceted attack is coming from both state governors and members of Congress, and includes attacks on federal agencies and rules.

Republicans Seek To Block Any Attempt By Obama To Use Trade Deals To Combat Climate Change

While many concerns have been raised on the left that the Trans-Pacific Partnership gives too much power to corporations that would like to see environmental protections removed as a barrier to their pursuit of profits, Congressional Republicans are apparently concerned that President Obama will use TPP and other trade deals to take action on climate change.

Obama’s Secret Anti-Environmental Agenda: Ring Of Fire Features DeSmog On Obama Policies That Fly In The Face Of Climate Legacy

The new Republican majority in the Senate was just a few hours old when Mitch McConnell vowed to pass legislation that would greenlight the Keystone XL tar sands pipeline, despite President Obama’s veto threat.

That’s just one of the many domestic actions that would undermine efforts by the Obama Administration to rein in greenhouse gas emissions and promote clean energy. But the thing is, Obama himself regularly supports policies that are at odds with his purported climate legacy, like the recent news that his administration is quietly allowing oil companies to skirt the crude oil export ban.

An all-star cast of DeSmog experts—including DeSmog Canada managing editor Carol Linnitt, DeSmogBlog executive director Brendan DeMelle and DeSmog contributor Justin Mikulka—recently joined Farron Cousins on Ring of Fire Radio to discuss “Obama’s Secret Anti-Environmental Agenda.” Watch it here:

White House Confirms Obama Will Veto TransCanada's Keystone XL Pipeline

The White House confirmed today that President Obama will veto Congressional legislation designed to greenlight construction of the Keystone XL pipeline, the contentious project first proposed six years ago to carry more than 800,000 barrels per day of Canadian oilsands crude from Alberta to refineries and export facilities along the Gulf of Mexico.

Despite strong indications of support in Congress, the Obama Administration has already indicated it will veto the bill to expedite approval of the $8 billion project if approved. A similar bill was blocked by Democrats in the Senate in November.

If this bill passes this Congress the president won’t sign it either,” Josh Earnest, White House press secretary, said. Obama rejected TransCanada's application to build the pipeline in 2012, suggesting congressional Republicans had set a “rushed and arbitrary deadline” for the project's approval.

The bill, proposed by Republican Senator John Hoeven from North Dakota and Democratic Senator Joe Manchin from West Virginia, will be debated in a Senate Energy and Natural Resources Committee hearing Wednesday with the panel set to vote on the project Thursday.

Climate Deniers In Congress Take 3.5 Times As Much Money From Dirty Energy Interests

As the US Environmental Protection Agency attempts to draw down emissions from power plants via its Clean Power Plan, fossil fuel interests are, of course, fighting back. A new special report from Earthjustice exposes the “unparalleled political spending by dirty energy industries” intent on defeating the EPA's climate initiative.

Power plants, especially those that burn coal and natural gas, are responsible for nearly one-third of all global warming emissions in the US, making electricity production the single biggest source of climate change pollution. There are currently no limits on how much carbon dioxide power plants can dump into the atmosphere.

Burning coal for electricity in particular has also been found to have dire impacts on human health at every stage of its life cycle. But those who live nearby coal-fired power plants suffer some of the worst of it: children are more likely to have asthma if they live by a plant burning coal, and mercury pollution from coal has been linked to higher incidence of autism and other developmental issues.

There's a social justice angle to consider too: coal-fired power plants are much more likely to be situated near a low-income community or community of color, forcing people who have done the least to contribute to the problem to deal with a disproportionate share of the impacts. According to Earthjustice, 40% of the US's Latino population lives within 30 miles of a power plant.

The EPA's Clean Power Plan aims to reduce emissions from US power plants some 30% below 2005 levels by 2030, but it will have a host of other economic and health benefits as well. Earthjustice says that imposing emissions limits on power plants could prevent as many as 100,000 asthma attacks in children every year, and by cutting their climate pollution Americans could save $13 billion a year on their energy bills.

Which begs the question Earthjustice set out to answer: “When acting on climate change has the added benefits of cleaner air that’s easier to breathe, healthier communities, safer people and homes, economic protection and even growth, why would elected officials oppose it?”

As the saying goes, just follow the money.

Uncertainty Over Tax Credits Causing Turmoil In Renewable Energy Sector

Uncertainty over the future of the wind production tax credit and the solar investment tax credit—and Congressional inaction on both matters—could pose a serious challenge to development in the renewable energy sector.

Wind energy had a huge year in 2012, with 13,128 megawatts (MW) of new wind capacity installed, but has failed to get anywhere close to matching that number since. The fact that the wind production tax credit (PTC) expired last year might have something to do with that.

Wind energy developers only need to have made minor investments by the 2013 deadline to qualify for the tax credit, so there are still a number of new installations in the works, and 2014 has so far seen a fair amount of growth in wind energy capacity. But that will not be the case for long if Congress doesn't act.

According to the American Wind Energy Association's latest quarterly market report, some 711 turbines capable of producing 1,254 megawatts of wind energy were installed in the US during the first three quarters of 2014, which is more than in all of 2013.

But while there are more than 13,600 more MW of wind capacity currently under construction, that number is expected to drop off sharply as projects are brought online and fewer new projects are started due to the expiration of the wind production tax credit (PTC).

Disrupt Denial: After Leaving ALEC, Google Still Funding Evil

Last week, one tech giant after the next cut ties with the American Legislative Exchange Council (ALEC), creating a mass exodus from the anti-government front group that routinely drafts legislation to bolster the fossil fuel industry and inhibit climate action and clean energy development.

While the withdrawal of Google, Yahoo, Facebook and others from ALEC’s vast pool of corporate funders was widely celebrated by climate campaigners, a recent report released by Forecast the Facts and SumOfUS shows how Google – and many others who claim to do good by climate – are still funding climate denial in politics. 

The report, called Disrupt Denial: How big business is funding climate change denial in the 113th Congress, reveals how companies like Google, Ford, Microsoft, UPS, and eBay continue to support Senators and Representatives in the House who deny the very science of climate change.

Take Google. Though the company’s Chairman Eric Schmidt made great waves with his claim on the Diane Rehm show that ALEC are “literally lying” about climate change, and that Google “should not be aligned with such people,” the Disrupt Denial report shows that Google has contributed $699,195 to climate deniers in Congress from 2008 to 2014.

Camp Do Nuttin' Video by Mark Fiore Slams Lazy Congress

Mark Fiore perfectly sums up the summer recess plans of the 113th Congress in Camp Do Nuttin'.  Watch below. 

Fiore explains on Daily Kos

House Republicans seem to have created an activist PR agency rather than a functioning legislative body.  Why worry about funding the government past September 30th when you can sue the president?  Border crisis involving children, drugs and guns?  Forget comprehensive immigration reform, send more money to the Israeli army instead!

So, besides not really doing much of substance when they're supposed to be running the, um, country, now Congress gets to have a five week vacation, on top of their other vacations and breaks.  Nice gig!  (Be sure to check out more news behind the cartoon here.)



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