Politics Overnight Energy: Treasury creates hub to fight climate change through finance | Sanders, Ocasio-Cortez introduce 'Green New Deal for Public Housing' |
Why Biden’s $200B housing plan may fall short
The skepticism among housing advocates and potential resistance from key lawmakers is threatening to create new obstacles for the Biden administration’s biggest hope to bring housing costs in line with people’s incomes. The $213 billion top line of Biden’s proposal is eye-popping: The framework includes roughly five times the funding, in inflation-adjusted dollars, that Congress authorized in the seminal Housing and Urban Development Act of 1968 to develop new affordable housing following widespread riots in the wake of Martin Luther King Jr.’s assassination.
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Today we're looking at a between Washington and Beijing, by the Treasury Department, and to retrofit U.S. public housing.
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AYE, THERE'S THE HUB: Treasury creates hub to fight climate change through finance
The Treasury Department on Monday announced its plans to fight climate change through fiscal policy and create a new office to chart an economically beneficial path away from fossil fuel energy.
The department said Monday it will create a "Climate Hub" led by John E. Morton, a former Obama administration official and climate finance expert, that will coordinate climate-related initiatives across the entire Treasury Department.
"The steep consequences of our actions demand that the Treasury Department make climate change a top priority," said Treasury Secretary Janet Yellen in a Monday statement.
"Finance and financial incentives will play a crucial role in addressing the climate crisis at home and abroad and in providing capital for opportunities to transform the economy."
AOC, Ed Markey relaunch a Green New Deal to create 'millions' of new jobs - without saying how much it will cost
AOC and Sen. Ed Markey's Green New Deal resolution proposes a 10-year investment in zero-carbon-emission transportation. It could cost trillions.The resolution, which Markey and Ocasio-Cortez first introduced in February 2019, laid out goals for a 10-year national mobilization to upgrade US infrastructure, convert to zero-emission energy sources, and remove greenhouse gases and reduce pollution, among other things. In the Tuesday press conference, the two lawmakers stressed the urgency of acting on the climate crisis to not only save the planet, but to boost the economy.
How does this fit into the department's climate strategy? The creation of the Climate Hub is the first major step in Treasury's long-anticipated push to use its immense power to drive investments toward projects that will fight climate change, reduce carbon emissions and prepare the economy for climate-related risks.
Yellen, who calls climate change "an existential threat," has pledged for months to make climate change and the financial risks it poses a primary focus of the Treasury Department and its wide-ranging responsibilities.
LITTLE GREEN HOUSES: Sanders, Ocasio-Cortez introduce 'Green New Deal for Public Housing'
Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have introduced a "Green New Deal for Public Housing" that would provide $172 billion to retrofit existing housing.
The legislation would create two new grant programs to achieve carbon neutrality in U.S. public housing through workforce development and construction.
Overnight Energy: Biden reportedly will pledge to halve US emissions by 2030 | Ocasio-Cortez, Markey reintroduce Green New Deal resolution
Welcome to Overnight Energy, your source for the day's energy and environment news.Please send tips and comments to Rachel Frazin at email@example.com . Follow her on Twitter: @RachelFrazin . Reach Zack Budryk at firstname.lastname@example.org or follow him on Twitter: @BudrykZack . Signup for our newsletter and others HERE. Today we're looking at the Biden administration's reported 2030 emissions target, the return of the Green New Deal resolution and an inspector general report that raised concerns about the rulemaking process behind a fuel economy and vehicle emissions rollback.
It would provide grants to retrofit all 950,000 of the country's public housing units and upgrade building electrification and water quality, according to a fact sheet released by the legislators' offices. It would also repeal the Faircloth Amendment, which restricts the building of new public housing developments.
How would the grants work?: Public housing agencies seeking to qualify for the grants would be required to guarantee collective bargaining for workers on the projects, as well as classifying them as employees rather than independent contractors. It would also guarantee a right to return for any tenants displaced during construction and fully fund tenant protection vouchers. The bill's authors project it would create up to 240,000 jobs annually and achieve carbon emission reductions of about 5.6 million metric tons.
WE'LL ALWAYS HAVE PARIS: US, China say they are 'committed' to cooperating on climate change
The United States and China released a joint statement Saturday evening confirming the two countries' commitment to cooperating on climate change and 'strengthening' the implementation of the Paris Climate Accords.
Bernie Sanders and AOC Get Just 2% Each in 2024 Iowa Democratic Caucus Poll Without Biden
A new poll of the 2024 Iowa Democratic caucuses shows voters who identify themselves as progressives choosing Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) the least out of all named candidates.The poll released Monday by Republican firm Victory Insights shows both progressive lawmakers with 2 percent support each. Vice President Kamala Harris is the clear frontrunner at 28 percent, with Secretary of Transportation Pete Buttigieg following at 15 percent and former first lady Michelle Obama at 12 percent.
U.S. Special Envoy for Climate John Kerry and China Special Envoy for Climate Change Xie Zhenhua met in Shanghai on Thursday and Friday, according to the statement released by the State Department.
After discussions in China, the countries agreed to cooperate on multi-lateral processes, including the Paris Climate Agreement.
"The United States and China are committed to cooperating with each other and with other countries to tackle the climate crisis, which must be addressed with the seriousness and urgency that it demands," the statement read.
The two countries are the world's two biggest carbon polluters,
What does the arrangement involve? Both countries agreed to "pursuing such efforts" to "hold the global average temperature increase to well below 2 degrees C and to pursue efforts to limit it to 1.5 degrees C," in accordance with the agreement.
"Both countries recall their historic contribution to the development, adoption, signature, and entry into force of the Paris Agreement through their leadership and collaboration," the statement read.
The statement also noted that both the U.S. and China would take actions in the short term to help fight climate change including "appropriate actions to maximize international investment and finance in support of the transition from carbon-intensive fossil fuel based energy to green, low-carbon and renewable energy in developing countries."
Overnight Energy: Biden will aim to cut US emissions in half by 2030 | Oil and gas leasing pause on public lands will last at least through June
Happy Wednesday! Welcome to Overnight Energy, your source for the day's energy and environment news.Please send tips and comments to Rachel Frazin at email@example.com . Follow her on Twitter: @RachelFrazin . Reach Zack Budryk at firstname.lastname@example.org or follow him on Twitter: @BudrykZack . Signup for our newsletter and others HERE. Today we're looking at the Biden administration's emissions goals for the decade, the next step in the administration's goals on gas and oil leasing, and a Democratic proposal that would overhaul energy tax credits.
FOLLOW THE LEADER: Blinken says US falling behind China as global leader on climate change
Secretary of State Antony Blinken on Monday said the U.S. is falling behind China on being a global leader in confronting climate change, part of a push by the Biden administration to invest in infrastructure and technology as a national security and environmental imperative.
"It's difficult to imagine the United States winning the long term strategic competition with China if we cannot lead the renewable energy revolution. Right now, We're falling behind," Blinken said in remarks delivered at the Chesapeake Bay Foundation headquarters in Annapolis, Maryland.
The Biden administration has identified China as the greatest national security challenge of the 21st century and the president has warned that China's President Xi Jinping views autocracy as the wave of the future.
What's the danger? Blinken warned that China's distinction as the largest producer and exporter of renewable energy technology - like solar panels, wind turbines, batteries, electric vehicles and holding a third of renewable energy patents - threatens the stake of the U.S. in these markets.
"If we don't catch up, America will miss the chance to shape the world's climate future in a way that reflects our interests and values, and we'll lose out on countless jobs for the American people," Blinken said.
ON TAP TOMORROW:
- The House Appropriations Committee will hold a on the Interior Department's budget request for next year. Secretary Deb Haaland is slated to appear.
- The House Foreign Affairs Committee will hold a on the global fight against climate change. Patricia Espinosa, the leader of the United Nations Framework Convention on Climate Change will appear.
- The House Natural Resources Committee will hold a on offshore wind. Bureau of Ocean Energy Management director Amanda Lefton is slated to appear.
- The House Energy and Commerce Committee will hold a titled "Generating equity: Deploying a just and clean energy future"
WHAT WE'RE READING:
Fact check: Scientific consensus says humans are dominant cause of climate change
A Facebook user claims man-made climate change is a hoax. That is false.“The science is undeniable,” Biden said during the April 22 summit. “The cost of inaction keeps mounting.
The EPA knows tanks holding heavy fuels emit harmful chemicals. Why are Americans still at risk?,
Scientific discovery at national monument suggests tyrannosaurs hunted in packs,
Mississippi Power plans to shutter coal, gas plants,
EnergyArizona mining fight pits economy, EVs against conservation, culture,
ICYMI: Stories from Monday and the weekend...
Biden administration in disaster funding for Puerto Rico
Miners union to on green energy if it retains jobs
House Republicans climate forum ahead of White House summit
Harris 'hard work' ahead to get infrastructure package through Congress
Treasury to fight climate change through finance
Sanders, Ocasio-Cortez 'Green New Deal for Public Housing'
Study: Chemical used in paint thinners than EPA identified
Trump official's pick to oversee climate report from White House post
US, China say they are 'committed' to on climate change
SOMETHING OFFBEAT AND OFF BEAT:
The Latest: Tracker credits Biden summit on emissions gap .
WASHINGTON (AP) — The Latest on President Joe Biden's global climate summit (all times local): 9:10 a.m. An analysis shows President Joe Biden’s climate summit and the run-up to it cut the so-called emissions gap, a crucial measurement used to see if the world can limit global warming, by about one-eighth. Climate Action Tracker is a group of scientists who monitor nations’ pledges of carbon pollution cuts. It calculated that targets announced since last September cut about 12% to 14% from the emissions gap. © Provided by Associated Press FILE - In this Tuesday, Feb.