Climate 411

What the SEC can do to protect investors, companies, and people from another Texas power crisis

By Gabriel Malek / Published: June 18, 2021

This post was co-authored by David G. Victor of the Brookings Institution and EDF’s Stephanie H. Jones and Michael Panfil. It is also posted here. 

 The Securities and Exchange Commission (SEC) is considering making important changes in disclosure requirements to reflect the growing recognition that climate change poses significant risks to the U.S. financial system. This week, hundreds of investors, companies, and concerned Americans, including EDF, responded to the SEC’s request for public input on climate change disclosure.

The Brookings Institution’s recent analysis on the intersection of climate change and financial markets has shown that a significant blind spot for financial institutions is how the physical impacts of a warming world affects assets. But, outside of insurance, relatively little has been said about financial vulnerabilities stemming from extreme weather.

The massive storm that hit Texas in February — known as Winter Storm Uri — highlights the dangers of ignoring the physical risks of climate change. Frigid temperatures and ensuing blackouts led to the deaths of more than 150 people and caused billions of dollars in damages. The blackouts also disrupted dozens of public companies, hundreds of small businesses, and millions of lives, raising a slew of questions for public officials.

EDF and Brookings have now released a new report, What Investors and the SEC Can Learn from the Texas Power Crises, in which we focus on one of those questions: what did the financial markets know about the odds and impacts of a storm like this before it happened?  Our report looks at SEC regulatory disclosures made by publicly-traded electric utilities and suppliers in Texas, and offers a clear answer: not much. Read More »

Also posted in Economics, Energy, News, Partners for Change, Policy / Comments are closed

Governor Inslee is leading the race against climate change. Other governors should keep up.

By Pam Kiely / Published: May 18, 2021

This post was co-authored by Katelyn Roedner Sutter, Senior Manager, U.S. Climate at EDF

Washington state just officially became the country’s frontrunner on climate action. On Monday, Governor Inslee signed a landmark cap-and-invest bill, called the Climate Commitment Act, which sets the most ambitious limit on climate pollution of any state in the nation. The bill will rapidly drive down emissions in line with Washington’s science-based, climate goals: 45% below 1990 levels by 2030 and 95% by 2050. And in addition to putting the state on the path to a safer climate, the Climate Commitment Act makes crucial steps toward improving local air quality.

Washington’s game-changing legislation arrives at a critical moment for the climate crisis. President Biden has just pledged to cut national emissions 50-52% by 2030, recapturing U.S. climate leadership on the global stage ahead of a major UN climate convening at the end of the year. But it will take serious work to meet this national commitment — a sharp and unwavering focus on putting a policy framework in place that is capable of fully ensuring that pollution declines at the pace and scale required. Washington state is showing exactly how that is done.

The role of state-led action on climate remains vital in meeting this collective challenge too. While Washington state is one of many states to make climate pledges over the past four years, it is one of the few states that is actually delivering policy action to meet them. With the Climate Commitment Act now signed into law, this legislation should serve as a model for other states and for federal policymakers in crafting strong climate policy that 1) meets the urgency of the climate crisis and 2) is designed to make progress in addressing the disproportionate burden of pollution.

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Also posted in Greenhouse Gas Emissions / Read 1 Response

Pennsylvania just reached a critical milestone on the path to a clean energy future

By Mandy Warner / Published: May 17, 2021
Somerset Wind Farm

Four of the wind turbines on the Somerset Wind Farm, in Somerset, Pennsylvania. PC: Jeff Kubina.

This week, Pennsylvania’s Department of Environmental Protection (DEP) released its final rule to link the state with the Regional Greenhouse Gas Initiative (RGGI) to reduce carbon pollution from the state’s power plants starting in 2022. This is a momentous step, not only for Pennsylvania, but for the country’s fight against climate change: The Keystone state has the fourth dirtiest power sector in the nation in terms of carbon pollution. With this action, Governor Tom Wolf is showing much-needed leadership on cutting carbon pollution from the power sector, which is a critical piece of achieving the state’s climate goals along with a strong and comprehensive rule to cut methane emissions from existing sources of oil and gas infrastructure in the state.

The final rule stems from a 2019 Executive Order issued by Governor Wolf that came after years of inaction by the legislature to address the substantial air pollution coming from the state’s power sector. The next major step is for the rule to be approved by the Environmental Quality Board in the third quarter of this year and it will then move through the final steps necessary before publication in the Pennsylvania Bulletin. Despite misleading criticisms levied at the program, there is strong support in Pennsylvania for moving forward with limits on carbon, with 79% of Pennsylvanians supporting strict limits on carbon pollution.

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Also posted in Greenhouse Gas Emissions / Comments are closed

California Accelerates Toward Zero-Emission Vehicle Standards That Will Save Lives, Save Money, Create Jobs

By Alice Henderson / Published: May 11, 2021

California just moved further down the road toward cleaner cars and vital air pollution reductions.

The state’s Air Resources Board hosted a public workshop on the development of its Advanced Clean Cars II (ACC II) program last week, where it announced that it intends to propose multipollutant standards that will ensure all new cars sold in California are zero-emitting vehicles by 2035.

At the workshop, the Air Resources Board for the first time laid out a proposed trajectory for the ACC II program, charting a course for ensuring 60% of new vehicles sold in 2030 are zero-emitting and 100% of new vehicles sold by 2035 are zero-emitting.

Slide from Air Resources Board workshop presentation, available here

The ACC II program will build from California’s long history of advancing vehicle pollution reductions under Clean Air Act authority. If adopted, the draft standards described at the workshop will reduce health-harming pollution and climate emissions from new passenger vehicles beyond the 2025 model year and increase the number of zero-emission vehicles for sale. They will also reduce climate pollution, deliver jobs, save Californians’ money, and – most important – save lives.

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Also posted in California, Cars and Pollution, Green Jobs, Greenhouse Gas Emissions, Health, Jobs, News, Policy / Comments are closed

Connecticut can take the lead on creating a cleaner transportation system that cuts climate pollution

By Drew Stilson / Published: May 10, 2021

Connecticut state capitol building. Photo credit: Avala.

Connecticut is poised to lead the way on creating a cleaner and healthier transportation system – if legislators seize the moment to act. This past March, Connecticut Governor Lamont and 11 co-sponsors in the legislature introduced Senate Bill 884, which would give Connecticut the greenlight to implement a major multi-state program aimed at reducing climate pollution from the transportation sector: the Transportation and Climate Initiative Program (TCI-P).

The stakes are high. Passing this bill would make Connecticut among the first states to place a binding limit on climate pollution from transportation, which accounts for 40% of Connecticut’s greenhouse gas emissions. This is critical as EDF analysis found that Connecticut is off track for meeting its statutory 2030 climate target – and will need more policy action.

And beyond making Connecticut a national leader, TCI-P will bring major economic, public health and equity gains to the state.

Here is why Connecticut legislators should waste no time in putting the Transportation and Climate Initiative Program into action.

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Also posted in Greenhouse Gas Emissions / Comments are closed

How climate change is worsening drought

By Naomi Cohen-Shields / Published: April 30, 2021

Spring is in full swing across the U.S. – flowers are blooming, pollen is blowing – and this means that the 2021 heat wave, hurricane, and wildfire seasons are just around the corner.

After the 2020 Atlantic hurricane season produced a record number of named storms and record-breaking wildfires ravaged the Western U.S., vulnerable communities are bracing for more. However, another extreme weather event linked to climate change has been quietly afflicting the U.S. year-round with no signs of letting up and at risk of becoming permanent – widespread drought.

Drought conditions have been ongoing since early summer 2020 – and have persisted, worsened, and expanded dramatically – across vast portions of the continental U.S. Since October 2020, almost all of the High Plains and Western regions and more than half of the South have been experiencing some level of drought. More than 50% of Western drought conditions are categorized as either extreme or exceptional drought. Even more drastically, extreme and exceptional drought have comprised more than 75% of drought conditions across the Four Corners region (Arizona, Utah, Colorado, and New Mexico) since late autumn.

NOAA predicts that these widespread dry conditions are likely to continue and spread throughout the spring, especially in the Southwest. This poses major threats to the region, including increased risks of wildfires, parched rangelands, stressed irrigation systems, and crop failures.

Just as climate change has worsened many extreme weather events, it has also impacted droughts. The excess heat now trapped in the climate system draws out more moisture from soils, thereby worsening drought conditions. Reduced snowpack volumes, earlier snowmelt, and changing precipitation patterns – also linked to climate change – exacerbate the water stress induced by droughts. And for numerous individual events across the world, scientists have attributed the increased likelihood and severity of droughts to human-driven climate change.

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Also posted in Agriculture, California, Economics, Extreme Weather, Greenhouse Gas Emissions, News, Science / Read 2 Responses