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☆ Biden heads to Arizona, other Western states to tout his economic policies
▼ + stars: | 2023-07-31 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, July 31 (Reuters) - U.S. President Joe Biden will travel to the key battleground state of Arizona and two other Western states next week as part of a travel blitz by senior administration officials touting recent economic gains and the anniversaries of key legislation. Biden will also host an event at the White House on Aug. 16, the official added. The Biden administration has struggled to sell its message of economic progress to a skeptical American public and connect the dots from the legislation to future jobs and growth. Vice President Kamala Harris will travel to Wisconsin with Commerce Secretary Gina Raimondo to highlight broadband infrastructure investments made possible by the $1 trillion bipartisan infrastructure law signed into law 20 months ago. Other cabinet members will visit Maine, Maryland, Nevada, Michigan and California, the official said.

Persons: Joe Biden, Biden, Kamala Harris, Gina Raimondo, Tom Vilsack, Jennifer Granholm, Ali Zaidi, Pete Buttigieg, Andrea Shalal, Mark Potter Organizations: White, White House, Energy, Transportation, Houston Port, Thomson Locations: Arizona, New Mexico, Utah, Delaware, U.S, Wisconsin, Oregon, Washington, Puerto Rico, Illinois, Houston , Texas, Maine , Maryland , Nevada , Michigan, California

☆ Macquarie flags lower quarterly profit as commodities arm flounders
▼ + stars: | 2023-07-27 | by ( Harish Sridharan | ) www.reuters.com time to read: +2 min

Macquarie's Commodities and Global Markets (CGM) unit, its biggest earner, has for several years cashed in on increasing hedging activity amid volatility in oil and gas markets. That had driven the Sydney-based firm's annual earnings to a record A$5.18 billion ($3.53 billion) in fiscal 2023 ended March. While Macquarie did not disclose a profit figure in its quarterly update, Citi Research had expected first-quarter earnings of around A$1 billion ($680.90 million). The analysts noted, however, that Macquarie's earnings may have come in below that. At the end of the quarter, Macquarie's capital surplus stood at A$10.8 billion.

Persons: Shemara Wikramanayake, Macquarie, Harish Sridharan, Navya Mittal, Echha, Subhranshu Sahu, Christopher Cushing Organizations: Macquarie, Citi, Macquarie Group, Macquarie's Commodities, Global Markets, Citi Research, Thomson Locations: Sydney, Bengaluru

☆ EU has to come clean on costs of green transition
▼ + stars: | 2023-07-18 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

European Union governments have agreed on the strategy, but they tend to paper over the short-term economic costs of the green transition. French economist Jean Pisani-Ferry has compared the impact of the green transition to an economic shock equivalent to the sharp spikes in oil prices in the 1970s. But unlike previous shocks triggered by geopolitical instability or trade wars, the green transition has been initiated and managed by governments, and largely financed by them. Germany looks like the country most able to afford the green transition, but its over-emphasis on regulation on environmental matters is running into fierce opposition. On Sunday Paolo Gentiloni, the EU economy commissioner, told the Financial Times that Europe will have to fund its own industrial green transition.

Persons: Jean Pisani, won’t, Pisani, Selma Mahfouz, Paolo Gentiloni, Bruno Le Maire, Christian Lindner, Keir Starmer, –, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Union, Reuters Graphics Reuters, International Energy Agency, Ferry, Social Democrats, Greens, Opposition, Financial Times, French Finance, German, Labour Party, Twitter, Southern, European Commission, Deal, Zero, Thomson Locations: Europe, France, Italy, Germany, EU, Paris, Southern Europe, Spain, Greece

☆ John Kerry steps into searing China heat as world’s two biggest polluters try to fix fractured ties
▼ + stars: | 2023-07-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China Energy Investment Corporation, the world’s largest generator of coal-fired power, said its production of electricity reached a historic high on Monday. Kerry, 79, has traveled to China twice since being appointed as US President Joe Biden’s special climate envoy. Li, the Greenpeace analyst, said he would be closely watching who will meet with Kerry in Beijing. That would require the country to phase out coal power, which accounts for about 60% of its total electricity generation. “The expansion of coal is a grave challenge for China’s climate policy,” Li said.

Persons: John Kerry, ”, Li Shuo, Nancy Pelosi’s, ” Li, Andy Wong, Kerry, Biden, Antony Blinken, Xi Jinping, Janet Yellen, China’s Premier Li Qiang, Blinken, Wang Yi, Alex Wang, Joe Biden’s, Xie Zhenhua, Arnd Wiegmann, Li, Xie Jianhua, Ding Xuexiang, Xi, Obama, Xie, ” Kerry, “ I’m, Stringer, Wang, “ It’s, “, ” Wang Organizations: Hong Kong CNN, Greenpeace, Washington, US, Taiwan —, China Energy Investment Corporation, China’s Premier, University of California, US State Department, China’s Ministry of Ecology, Economic, Blinken, Kerry, CNN, COP28, UCLA, Global Energy Monitor Locations: Hong Kong, Beijing, United States, China, Greenpeace China, Taiwan, Jakarta, “, Los Angeles, Kerry, Shanghai, Tianjin, People’s Republic of China, Davos, Switzerland, Washington, Paris, China Glasgow, Dubai, Lianyungang, China's, Jiangsu, AFP

☆ John Kerry to step into searing China heat as world’s two biggest polluters try to fix fractured ties
▼ + stars: | 2023-07-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

Persons: John Kerry, ”, Li Shuo, Nancy Pelosi’s, ” Li, Andy Wong, Kerry, Biden, Antony Blinken, Xi Jinping, Janet Yellen, China’s Premier Li Qiang, Blinken, Wang Yi, Alex Wang, Joe Biden’s, Xie Zhenhua, Arnd Wiegmann, Li, Xie Jianhua, Ding Xuexiang, Xi, Obama, Xie, ” Kerry, “ I’m, Stringer, Wang, “ It’s, “, ” Wang Organizations: Hong Kong CNN, Beijing Sunday, Greenpeace, Washington, US, Taiwan —, China Energy Investment Corporation, China’s Premier, University of California, US State Department, China’s Ministry of Ecology, Economic, Blinken, Kerry, CNN, COP28, UCLA, Global Energy Monitor Locations: Hong Kong, Beijing, United States, China, Greenpeace China, Taiwan, Jakarta, “, Los Angeles, Kerry, Shanghai, Tianjin, People’s Republic of China, Davos, Switzerland, Washington, Paris, China Glasgow, Dubai, Lianyungang, China's, Jiangsu, AFP

WASHINGTON, July 14 (Reuters) - The U.S. Environmental Protection Agency on Friday launched two competitive grant programs with $20 billion in funding that aim to spark clean energy investments across the country especially in low-income communities. A $6 billion Clean Communities Investment Accelerator competition will provide grants to support up to seven nonprofit groups that will deliver funding and technical assistance to build the clean financing capacity of local lenders working in lower income and disadvantaged communities. Not everyone supports the green bank, which stemmed from the IRA legislation's $369 billion in incentives for fighting climate change that no Republicans voted for. In June, the administration launched a $7 billion grant program to give low-income communities access to residential solar panels. The deadline for applying to the programs launched on Friday is Oct. 12.

Persons: Joe Biden's, Kamala Harris, Michael Regan, Gary Palmer, Timothy Gardner, Lincoln, Frances Kerry Organizations: Environmental Protection Agency, Reduction, Clean Investment, Communities Investment, Republicans, U.S, Thomson Locations: Michigan, Maryland

☆ Heat wave: Power generated for China in a single day reaches historic high
▼ + stars: | 2023-07-12 | by ( Wayne Chang | ) edition.cnn.com time to read: +2 min

CNN —A major Chinese power generator says its electricity production has reached a record high as the country grapples with a punishing heat wave. China Energy Investment Corporation, one of the world’s largest generators of coal-fired power, says the volume of electricity it produced on Monday had hit a daily record. It exceeded the previous record by 40 million kWh, it added, without specifying when that milestone was achieved. “Due to the continuous high temperatures, the electricity load in many parts of the country continues to rise,” China Energy said. China Energy did not say whether a surge in demand for air conditioning was behind the record power generation.

Organizations: CNN, China Energy Investment Corporation, China Energy, Global Energy Monitor Locations: China, Beijing

The two men — the American president and the British king — waited decades for their dream jobs, projecting a sense of normalcy and unity when they finally reached their thrones. They both prefer to ditch executive palaces for their respective retreats. The men, the 80-year-old President Biden and the 74-year-old King Charles III, are also united by their challenges. And they both battle skepticism over whether they are the right people to lead the increasingly diverse groups over which they preside. They are issues that Charles has been warning about since the 1970s and that Mr. Biden has made a central focus of his presidency.

Persons: —, Biden, King Charles III, ”, Arianne Chernock, Charles Organizations: Boston University, Windsor Locations: Britain, London

☆ America’s Green Skills Gap Raises Concerns About Energy Transition
▼ + stars: | 2023-07-06 | by ( Dieter Holger | ) www.wsj.com time to read: +7 min

But recent data shows strong growth in demand for green skills exacerbating an already tight market where demand outstrips supply. The online professional network defines green skills as those that make economic activities more environmentally sustainable, such as carbon accounting, hydrogen engineering and battery manufacturing. It considers green jobs to be ones which include climate action objectives such as removing pollution and preserving natural resources. Likewise, more than 114,000 U.S. clean energy jobs were created in 2022, according to last week’s annual employment report from the U.S. Department of Energy. As of 2023, nearly 11% of U.S. transport workers, such as employees of carmakers, have green skills, according to LinkedIn.

Persons: ”, Sue Duke, Kenneth Gillingham, ” Gillingham, Tim Gruber, Gillingham, Sara Smiley Smith, Steven Cohen, Cohen, Todd Anderson, Rochelle Toplensky, Dieter Holger Organizations: U.S, LinkedIn, Wall Street, U.S . Department of Energy, Political Economy Research, University of Massachusetts Amherst, American Clean Power Association, Sustainable Business, Yale School of, Workers, Nobles, Environment, Yale, Columbia, Science, Sustainability Management, The Wall, dieter.holger Locations: U.S, Reading, Minn, Woodbine , Georgia

☆ In South Carolina, Biden Says His Agenda Has Helped Voters in Both Parties
▼ + stars: | 2023-07-06 | by ( Katie Rogers | More About Katie Rogers | ) www.nytimes.com time to read: +1 min

President Biden outlined an economic agenda on Thursday that he believes has helped all voters, regardless of whether they voted for him, and name-checked Republican lawmakers who have attacked his policies but whose constituents have benefited from billions in federal funding. In a speech at a manufacturing facility in South Carolina, Mr. Biden pointed out that many Republican lawmakers had voted for his policies, including the bipartisan infrastructure act and the CHIPS Act to bolster semiconductor production, because they were best for those lawmakers’ constituents. “I didn’t get much help from the other team, but that didn’t stop us from getting it done,” Mr. Biden said, drawing applause from a crowd at the facility, in a state that revived his 2020 presidential campaign. He thanked Senator Lindsey Graham, Republican of South Carolina, who had voted for both pieces of legislation. Mr. Biden said that his policies had brought some 14,000 jobs to the state and that “jobs that used to go to Mexico, India, Romania and China are now coming home to South Carolina.” A fact sheet distributed by the White House said that $2.6 billion in infrastructure funding and $11 billion in clean-energy investments had been pumped into the state.

Persons: Biden, Mr, Lindsey Graham, ” Organizations: Republican, White Locations: South Carolina, Mexico, India, Romania, China

☆ These energy investments spin out attractive income, even as oil prices have fallen
▼ + stars: | 2023-07-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Energy stocks are also this year's underdogs, with the S & P sector down more than 7%. In turn, the limited partners collect income distributions from the business. MLPs aren't subject to federal income taxes, but the limited partners are responsible for levies on the income they receive. In that case, the C-corp pays corporate income taxes and the shareholders are responsible for levies on dividends they get. Tax hurdles Attractive income aside, investors need to be on the lookout for where they keep these MLPs.

Persons: there's, Stephen Ellis, Ellis, MLPs, George Gagliardi, you'll Organizations: West Texas, Energy, Morningstar Research Services, Wealth Management, MLP, Internal Revenue Service

☆ Opinion | Biden Is Trying to Co-opt Trump’s Biggest Strength
▼ + stars: | 2023-07-02 | by ( Ezra Klein | ) www.nytimes.com time to read: +3 min

“Frankly, our domestic economic policies also failed to fully account for the consequences of our international economic policies,” he said. All these factories and battery plants and electric-vehicle charging stations and auto manufacturing facilities give Biden his strongest line against Trump. On my watch, it’s grown nearly 100 percent in two years.”Biden made a point of saying that in the economy he’s building, “we don’t need everyone to have a four-year degree. It’s great if you can get one; we’re trying to make it easier for you to get one. But you don’t need it to get a good-paying job anymore.”

Persons: Jake Sullivan, Hillary Clinton, Barack Obama, Sullivan, ”, “, “ That’s, Jared Bernstein, ” Bernstein, Biden, Trump, ” Biden Organizations: Brookings Institution, Democrat, Biden’s, Economic Advisers, Rocky Mountain Institute, Biden, Trump Locations: Washington, Chicago, America, Manhattan, San Francisco

☆ Feds pave the way for cities and nonprofits to get climate-bill tax credits
▼ + stars: | 2023-06-14 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

"For the first time, tax-exempt entities will be able to receive a payment equal to the full value of the tax credit for building qualifying clean energy projects," Podesta said. "That's a game-changer for our ability to spread the benefits of clean energy to every community in America." "The Inflation Reduction Act's biggest tools are tax credits, which provide an unprecedent 10 years of policy certainty for the clean energy sector," Podesta said. Conventionally, states, territories, tribes, local governments and nonprofits have not been not eligible for tax credits, because they do not derive profits from which to deduct the value of a tax credit. Taken together, the two bits of guidance stand to grease the flywheel of climate tech investment already being spurred by the Inflation Reduction Act.

Persons: Podesta, John Podesta, Joe Biden, what's, Wally Adeyemo, Adeyemo, Michelle Moore, Moore Organizations: US Department of Energy, U.S . Department of, Treasury, Internal Revenue Service, Biden, Washington DC, White, IRS, of, Washington , D.C Locations: Medicine Bow , Wyoming, America, Washington, USA, Washington ,, U.S, Baltimore, of Refuge, , Maryland , Illinois, Georgia, New York

☆ Opinion | Even in Texas, You Can’t Stop the Green Revolution
▼ + stars: | 2023-06-14 | by ( David Wallace-Wells | ) www.nytimes.com time to read: +3 min

It is no longer clean energy that requires political interventions for survival. And when American investors are drawn to opportunities, they find themselves overwhelmingly in red states like Texas. Nearly a hundred new clean energy manufacturing facilities or factory expansions have been announced since the bill, marking more than $70 billion in new investment, according to Canary Media. This is the rundown offered by the former director of President Biden’s National Economic Council, Brian Deese, last month:Companies have announced at least 31 new battery manufacturing projects in the United States. In energy production, companies have announced 96 gigawatts of new clean power over the past eight months, which is more than the total investment in clean power plants from 2017 to 2021.

Persons: Brian Deese, decarbonization Organizations: Bloomberg, Republicans, Democrat, Canary Media, Economic Council, Companies Locations: Texas, There’s, United States

☆ Ron Insana says an AI bubble may be forming, but we're not there yet
▼ + stars: | 2023-06-09 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

How to trade it Let's remember the elements of a bubble, as defined by many market historians who have written about such financial market phenomena (myself included). The public increasingly has been buying related tech stocks and associated ETFs, but we have yet to see the single-minded focus of the entire stock buying world come to bear on AI stocks. In 1999 alone, some 456 stocks went public at the height of the internet mania. If there is to be a bubble in AI, it's the early days. Also, "easy money" from the Federal Reserve, a key component of financial frenzies, is not fueling speculation in publicly traded AI shares, or any other asset class for that matter.

Persons: Jaap Arriens, Charles MacKay, John Kenneth Galbraith, Edward Chancellor, Charles Kindleberger, David Faber Organizations: Nurphoto, Nvidia, Microsoft, Google, Oracle, Adobe, Fund, Nasdaq, CNBC, Federal Reserve Locations: Sea, Mississippi, England, France

The fund, focused on projects in Organisation for Economic Co-operation and Development countries, could invest across wind and solar as well as other clean technologies such as batteries and grid infrastructure. "You have folks now that are really trying to focus their portfolio construction around the different sub-sectors in infrastructure," Giordano said, citing increasing demand from pension schemes attracted to assets that match long-term liabilities. As a result, the company said it is targeting between $5 billion and $7 billion for its fourth fund, after $4.8 billion was raised for its predecessor, which closed in April 2021. Among the investments made by the third fund was one in high-power charging network IONITY, which raised 700 million euros in November. Depending on the amount raised, the fund could make around 18-22 investments across a mixture of early stage and developed projects, Giordano said, and could also consider co-investments.

Persons: BlackRock's Giordano, Climate Infrastructure David Giordano, Giordano, Simon Jessop, Susanna Twidale, Elaine Hardcastle Organizations: BlackRock's, LONDON, BlackRock, Renewable Power Fund, Economic Co, Climate Infrastructure, Reuters, European Union, International Energy Agency, Waratah Super Battery, Thomson Locations: United States, Australia, Europe, Americas, Asia

Solar investment could reach a turning point in 2023, and some stocks are well-positioned to benefit from the boom. In the U.S., the Inflation Reduction Act is expected to lead to $600 billion in new investment in solar technology, according to the Solar Energy Industries Association. More than 62% of analysts are bullish on the home solar energy company. ReNew Energy's average price target suggests shares rallying 47% in the coming months. The residential solar energy provider could see shares surge almost 90%, according to its average price target.

Persons: Michael Grubb, Grubb, Morgan Stanley Organizations: International Energy Agency, University College London, Bank, Development, Solar Energy Industries Association, CNBC Pro, Nasdaq, York Stock Exchange, Energy, Energy Global, Sunnova Energy Locations: U.S, India

“Why would Biden say what a good deal it is before the vote?” he asked reporters at one point, referring to himself in the third person. From the start of the clash with Mr. McCarthy’s Republicans, Mr. Biden has followed the instincts he has developed through long, hard and sometimes painful experience. The agreement crafted by Mr. Biden and Mr. McCarthy in the end was a whittled-down version of the original proposals on the table. Image The agreement crafted by Mr. Biden and Mr. McCarthy in the end was a whittled-down version of the original proposals on the table. Even as his allies and even his own White House issued incendiary statements, Mr. Biden acted like the person who has been there before.

Persons: Biden, ”, reticence, Kevin McCarthy, McCarthy, McCarthy’s, Mr, Jamaal Bowman, Kenny Holston, Biden’s, Ro Khanna, shrugged, —, “, Doug Mills, “ I’ve Organizations: Capitol, White, Democratic, McCarthy’s Republicans, Republicans, Republican Party, ”, New York Times, Congressional, Internal, Service, Twitter Locations: Washington, New York, reining, California

☆ Opinion | The New Climate Law Is Working. Clean Energy Investments Are Soaring.
▼ + stars: | 2023-05-30 | by ( Brian Deese | ) www.nytimes.com time to read: +4 min

The largest increase is projected to be in industrial and manufacturing activity for hydrogen, carbon capture, energy storage and critical minerals — areas key to long-term energy security. The law did not provide all the necessary tools to achieve national goals for expanding our supply of clean energy. First, lawmakers must make it easier to build clean energy infrastructure in America. The Federal Energy Regulatory Commission should more aggressively clear backlogs preventing clean energy projects from connecting to the grid. Policymakers should consider new incentives to expand energy capacity, like conditioning federal assistance to states and localities that reform land-use policies to allow clean energy development.

PREVIEWBirol pointed to a “powerful alignment of major factors,” driving clean-energy spending higher, while spending on oil and other fossil fuels remains subdued. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. While clean-energy spending has boomed, spending on fossil fuels has been tepid. Investments in clean energy and fossil fuels were largely neck-and-neck in the years leading up to the pandemic, but have diverged sharply since. “If there is not enough investment globally to reduce the oil demand growth and there is no investment at the same time [in] upstream oil we may see further volatility in global oil prices,” Birol said.

☆ Solar investment set to overtake oil production and attract over $1 billion a day in 2023, IEA says
▼ + stars: | 2023-05-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

According to the IEA's Executive Director, Fatih Birol, investment in solar is "set to overtake the amount of investment going into oil production for the first time." In a sign of how the energy transition is progressing, the IEA's World Energy Investment report said solar investments were expected to attract over $1 billion a day in 2023. In a statement, Fatih Birol, the IEA's executive director, said investment in solar was "set to overtake the amount of investment going into oil production for the first time." Speaking to CNBC's Arabile Gumede Thursday morning, Birol said there was a "growing gap between the investment in fossil energy and investment [in] clean energy." Firstly, the cost of clean energy such as solar and wind was "getting cheaper and cheaper," he said.

☆ Carbon Accounting Changes Could Lift Corporate Greenhouse-Gas Emissions
▼ + stars: | 2023-05-18 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

Changes to emissions accounting rules are being considered that could significantly increase carbon footprints for companies claiming to use 100% renewable power in their efforts to decarbonize. How companies tally greenhouse-gas emissions from their electricity purchases—so-called Scope 2 emissions—was the most popular issue in a recent consultation on updating widely used GHG Protocol carbon accounting rules. A recent review by carbon management firm FlexiDAO of 22 multinationals that bought renewable electricity across 27 countries found that they could be underestimating their electricity emissions by close to 50% under the current system. The GHG Protocol secretariat is reviewing the more than 1,400 survey responses, around 400 of which mentioned Scope 2. Other areas of focus were emissions in the value chain, or so-called Scope 3 emissions, market-based accounting approaches, and corporate accounting and reporting standards.

☆ Corporations are 'greenwashing' you. An expert explains how big companies mislead us into thinking they're making better choices for the environment when they could be making things far worse.
▼ + stars: | 2023-05-15 | by ( Tom Lyon | The Conversation | ) www.businessinsider.com time to read: +7 min

For example, a company may tout the $5 million in its renewable energy investments for the year. Lyon: Greenwashing is any communication that leads the listener to adopt an overly favorable impression of a company's greenness. You may get a company that says: Look at this, we invested US$5 million in renewable energy last year. Instead they're coming from a voluntary offset that's offered by some free-standing producer that's not included in a cap. You can look at the whole movement toward renewable energy and companies that produce solar or wind energy.

☆ ‘Over Our Dead Bodies’: Backlash Builds Against $3 Trillion Clean-Energy Push
▼ + stars: | 2023-05-08 | by ( Jennifer Hiller | Photographs Dominick Williams For The Wall Street Journal | ) www.wsj.com time to read: 1 min

LAWRENCE, Kan.—The federal government has ignited a green-energy investment spree that’s expected to reach as high as $3 trillion over the next decade. The road to spending that money, though, is increasingly hitting speed bumps from the likes of Gerry Coffman. About an hour southwest of Kansas City, she turned down a wind lease last year on a farm that has been in her family since 1866. Someone knocked on her door a few months later, paperwork in hand, and offered $6,000 to hang a wind-power transmission line across her land. If she agreed to store construction equipment, she stood to make an additional $4,000.

☆ ‘Over My Dead Body’: Backlash Builds Against $3 Trillion Clean-Energy Push
▼ + stars: | 2023-05-08 | by ( Jennifer Hiller | Photographs Dominick Williams For The Wall Street Journal | ) www.wsj.com time to read: 1 min

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