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Environmental Watch Dec. 2024

The Biden Administration has worked very hard to fulfill his promise cut US carbon emissions in half by 2030 to curtail climate change and disasters.  They shepherded the passage of the Inflation Reduction Act (IRA) and implemented many pro-environment policies and actions.  Unfortunately, President-Elect Trump has promised to undo much of this progress and climate experts are bracing for his policies, looking to states and non-profits to take the lead. So, starting on January 20, we will need to start monitoring a new and probably harmful trajectory for the environment.

                                     

But I have read several articles that give me some hope.  Presidents don’t decide how much oil companies drill, and the U.S. is already the world’s top oil and natural gas producer.  Oil and gas prices are set by the companies based on global supply and demand. One Exxon executive notes that a radical change toward “drill baby drill” policies that Trump is proposing will be tempered by fiscal restraint, because if supply is greater than the demand, prices will go down, which is bad for investors.  Trump probably will roll back a lot of regulations and make the permitting process easier, making drilling less expensive and quicker.  Trump’s promise of tariff’s could reduce demand worldwide, driving costs down or it could increase the cost of production, driving prices up—in other words, it’s a wild card.  Then there is homegrown, cheap green energy which could cut into oil demand.  Overall though, oil and gas companies are projecting a growing demand at least though 2030.

Importantly, in early December, Biden awarded over $100 Billion in grants for clean energy projects that will continue the deployment of clean energy even after Trump is in office, putting Biden’s administration on track to encumber over 80% of the funds from the IRA before he leaves office.  Once a government contact is signed for a project, the government cannot revoke unspent project funds, even under a new administration. And altering the subsidies the IRA promised for tax incentives, which Trump has promised to do, would likely require congressional approval.  This may be hard to do despite the Republican majority, because Republican-led states and some of Trumps close allies are deriving the bulk of the benefits and are already speaking up to congressional leadership.

Now for the numbers and specifics being tracked by The Washington Post about the environmental policies added, proposed, overturned, tracked and untracked from the start of the Biden administration until now.

Added: 116

Proposed: 73

Overturned: 98

Tracked: 77

Untracked: 57

Added between May 7 and December 5, 2024

 

Proposed between May 7 and December 5, 2024

Targeted between May 7 and December 5, 2024

For a deeper dive and to find links to look up specific categories of  air pollution and greenhouse gases, chemical safety, drilling and extraction, infrastructure and permitting,  accountability, water pollution, and wildlife,  click here:

Sources: bloomburg.com – November 26, 2024; NPR – December 6, 2024; Akron Beacon Journal – November 20 and December 4, 2024; The Washington Post, “Tracking Biden’s Environmental Actions”– December 5.2024.

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