Steyer and Bloomberg diverge on fracking
Bloomberg and Steyer are also partners, with former GOP Treasury Secretary Hank Paulson, in a project dubbed Risky Business that aims to produce nonpartisan modeling of climate change’s economic risks this summer (Greenwire, Oct. 1, 2013). All three men are alumni of Goldman Sachs & Co., whose former co-chairman and ex-Treasury chief Robert Rubin is a member of the “risk committee” engaged to vet the climate project’s final report.
Steyer’s op-ed on fracking last year marked something of a change in his position on the broader merits of the technique credited with powering the nation’s current shale bonanza. He helped fund a $2.3 million study released in September by Krupp’s group and the University of Texas, Austin, that found slightly lower levels of methane emissions from natural gas production sites than those projected by U.S. EPA, and Steyer told a home-state audience last year that fracking can be done “responsibly” and, although “not a long-term solution,” can help “kill coal” (E&E Daily, Oct. 11, 2013).
Bloomberg and Krupp’s op-ed hailed EPA for crafting a methane emissions reduction plan for natural gas, though the Obama administration does not plan to decide whether regulations under the Clean Air Act are called for until later this year. Tallying and mitigating methane releases is necessary but is “essentially a data acquisition and management problem — the kind that we know we can solve,” the duo wrote.
The Bloomberg-Krupp piece did not mention the stricter taxation that Steyer has pitched for oil and gas companies, particularly in his home state through a “Fair Shake” campaign run by his nonprofit group, NextGen Climate. Spokesmen for NextGen did not respond to a request for comment by press time on the Bloomberg-Krupp collaboration.