In an amazing turn around, last Friday an agreement was announced by Senators Joe Manchin and Chuck Schumer indicating that the US might finally step up to bat in the war against climate change! The announcement came so closely on the heals of my last post that there can be no doubt that the combined Outrage & Optimism of readers of this newsletter can be credited with storming the bastions of Mr. Manchin’s anthracite fortress and helping tip the scales!! (Senator John Hickenlooper of Colorado reportedly deserves our gratitude for sticking to the job of keeping Senator Manchin at the table when most others had thrown in the towel.)
The bill is titled the Inflation Reduction Act of 2022, but there is something for everyone in this bill. Of course it was important to throw a sop to the petroleum industry so that Mr. Manchin will stand a chance of reelection in one of reddest states in the Union. Democrats in purple states can tout it as a bill that will cut the deficit, fight inflation and reduce prescription drug prices. Liberal Dems can sing the praises of what it really is — a bill that could erase the US off the International Naughty List and might help restore our global reputation as something besides it’s most conspicuous consumer. It would put the United States on track to slash its greenhouse gas emissions to roughly 40 percent below 2005 levels by 2030 — within striking distance of the administration’s goals.
Solar and wind generation, as well as electric cars and batteries, will get a big slice of pie from this legislation. Past incentives have been sputtering, making it hard for producers to expand their operations with confidence. But the 10 year duration of this package should bring these technologies to maturity, and ready them for the hard job that will still lie ahead at the end of the decade. There is also funding for nuclear pilot projects, which we may be glad to have if the combination of renewables-plus-storage doesn’t work out as hoped, or proves hard to bring to scale.
There are sticks as well as carrots in this bill, including hefty fines for methane leaking from natural gas wells, pipelines and storage facilities. New satellites will soon be in orbit that will make methane leaks very embarrassing (and costly) for sloppy producers. Satellite Finds Massive Leaks
For strict climate activists, there are some bitter pills in this package, such as requirements that more federal lands and waters be opened to drilling, and tax incentives for artificial carbon sequestration technologies favored by the fossil fuel industry. There might be new life for a natural gas pipeline in — guess which state. But Mr. Manchin can also promise his constituents with black lung that there will be a permanent trust fund to help them cope with their disease. And priority will be put on installing wind and solar farms in areas with recently closed coal mines to help miners find new jobs. To me, these are a price worth paying for such a game changing bill.
Tax incentives are the main modus operandi of this legislation, something you’d think even Republicans could get behind. But instead, in a fit of pique over the sudden unity of the opposition, they threatened to withdraw their support for a bipartisan bill that would have helped veterans poisoned by pit fires in the wars in Afghanistan and Iraq. It’s a bit hard to see a coherent election strategy in this move, and after massive protests by veterans, they recovered their Christmas Spirit.
The bill allocates about 370 billion over ten years, about 0.1% of projected GNP over that period. For comparison, the US Defense budget is about 730 billion for 2022 alone! Considering that most experts consider climate change to be the bigget existential threat that mankind has ever faced, spending only 5% of the annual defense budget seems pretty skimpy.
Icing on the Cake?
A recent analysis by Bloomberg concludes that the US has reached the “tipping point” in the switch to electric cars. In their study of 19 other countries that have made the pivot to EVs, Bloomberg finds that once 5% of new car sales switch to electric, a rapid conversion of the market takes place — analogous to what happened with smart phones. Amazing what Vladimir Putin hath wrought!
Things you can do, PLEASE!!!
The Inflation Reduction Act is not yet law and there are potholes in the road to a final vote. Congressional staff members repeatedly report the efficacy of calls from constituents in influencing legislation. Please call both of your senators and your congressman! If you think it might be OK to sit this one out, read the latest IPPC report on the accelerating pace of climate change and the closing window on our ability to change it. CALL!
Thanks for reading,
Doug Hylan, Brooklin, Maine
“You can’t preach temperance from a bar stool, and you can’t ask China, India, Brazil or other countries to cut emissions if we’re not doing it ourselves…” Senator Edward J. Markey of Massachusetts
Speaking as a combat veteran of the Vietnam war with Agent Orange issues, I appreciate your take on the vindictive, cowardly reactions of the Republicans regarding veterans during negotiations for this bill. Hopefully, the public outrage about the matter will result in the defeat of the infantile politicians exposed by John Stewart's publicly in the next election cycle. Also, thanks for pointing out that the "skimpy" funding for the measure over ten years amounts to only 5% of our annual defense budget of 730 billion, which is obscene. A lot of folks aren't aware of the huge impact of America's policy of "perpetual war," to borrow Gore Vidal's term, has on global warming. Of course, our "forever wars" posture also has a huge impact on the bottom lines of defense contractors and the earnings of the investor class, issues that in "business first" America, take precedence over annoying problems like climate change, which many Republicans still deny.