Billionaire Warren Buffett this weekend told his company’s shareholders that they shouldn’t worry about the firm’s exposure to climate change. In a letter to Berkshire Hathaway Inc., one of the world’s biggest insurers and a significant insurer of catastrophic damage, Buffett wrote that personal concerns about climate change should not be confused with business risks. “As a citizen, you may understandably find climate change keeping you up nights,” Buffett said, suggesting that investors move if they live in a low-lying region. “But when you are thinking only as a shareholder of a major insurer, climate change should not be on your list of worries.”
U.S. Senator Edward J. Markey plans to introduce legislation “soon” to extend a federal tax credit that will spur wind-farm development in coastal waters. The Massachusetts Democrat is seeking to extend the investment tax credit until 2025, he said at the U.S. Offshore Wind Leadership Conference in Boston Monday. The policy grants a 30 percent credit for the costs of developing renewable-energy projects.
Two sun-drenched U.S. states have lately come to very different conclusions on a controversial solar power incentive essential to the industry’s growth. In California, regulators voted in January to preserve so-called net metering, which requires utilities to purchase surplus power generated by customers with rooftop solar panels. But neighboring Nevada scrapped the policy – prompting solar companies to flee the state. The decisions foreshadow an intensifying national debate over public support that the rooftop solar industry says it can’t live without.
“Without net metering, it just doesn’t work,” said Lyndon Rive, chief executive of top U.S. residential solar installer SolarCity Corp.
A top House appropriator said today that the Obama administration’s bid to double spending on clean energy research over five years may come at the expense of power sources favored by the Republican majority. Rep. Mike Simpson (R-Idaho), who leads the Energy and Water Development Appropriations Subcommittee, told Energy Secretary Ernest Moniz he was “disappointed” the Mission Innovation proposal included in the fiscal 2017 budget request “favors” the Energy Department’s Office of Energy Efficiency and Renewable Energy.
Calling climate change “bullshit” and seeking to abolish U.S. EPA, Donald Trump is stoking populist passions and leading the race for the Republican presidential nomination, including yesterday’s near sweep of the Super Tuesday primaries. But on Capitol Hill, Republicans have been far less eager to hop on board the bombastic billionaire’s bandwagon, although most say they eventually could. They are also raising serious questions as to whether Trump’s bold proposals on energy and environmental issues could be implemented if he won the White House.
Washington air regulators last week withdrew their plan to cap large greenhouse gas emitters, promising to present a new proposal in the spring that some observers hope will be more akin to other carbon regulations in the United States. The now-defunct proposal by Gov. Jay Inslee’s (D) Department of Ecology would have subjected emitters of more than 100,000 tons per year of carbon to a 5 percent reduction every three years. About 70 facilities were targeted, including refineries, landfills and aerospace manufacturers.
U.S. petrochemical manufacturing spurred by the shale revolution and low natural gas prices could have big greenhouse gas impacts, environmentalists today warned in a report. The Environmental Integrity Project highlighted dozens of petrochemical projects proposed in response to low oil and gas prices.
One of China’s top power officials wants to build a global power grid connecting solar farms in the Middle East and wind turbines in the Arctic to countries around the world. What might sound like the stuff of science fiction, State Grid Corporation of China Chairman Zhenya Liu said could be developed by mid-century. The foundation of the ocean-crossing grid would be an ultra high voltage power line developed by his company, along with engineering giants ABB and Siemens, which he said would make the delivery of electricity across such vast distances feasible.
owa increased the percentage of electricity it received from wind last year, climbing to over 30 percent. But state and national leaders said the state could push its renewable energy portfolio higher. “With potential to jump above 40 percent in the next five years, we are committed to building an even greener Iowa future that will provide our Iowa families with cleaner, renewable energy and job opportunities,” Gov. Terry Branstad said in a statement.
“We are proud of Iowa’s leadership in wind energy,” says Iowa Gov. Terry Branstad, who also serves as chairman of the Governors’ Wind and Solar Energy Coalition. “We’ve seen exponential growth in wind energy, and the data released today reinforces what we’ve been seeing in every corner of our state. With potential to jump above 40 percent in the next five years, we are committed to building an even greener Iowa future that will provide our Iowa families with cleaner, renewable energy and job opportunities.”