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Energy Update: November 13, 2020

In the States

LA: At the first meeting of his Climate Initiatives Task Force, Governor John Bel Edwards presented his plan for renewable energy. Governor Edwards’ plan aims to increase renewable energy production in Louisiana by boosting offshore wind energy projects in the Gulf of Mexico. The plan calls for the U.S. Bureau of Ocean Energy Management to establish a task force of federal, state, and local officials to help develop a blueprint for renewable energy development in the Gulf of Mexico. “This is not some ‘pie in the sky’ promise of economic opportunity. We already have an emerging offshore wind energy industry, and Louisiana’s offshore oil and gas industry has played a key role in the early development of U.S. offshore wind energy in the Atlantic Ocean,” said Governor Edwards. The U.S. Department of Energy’s National Renewable Energy Laboratory estimates that one 600-megawatt wind farm in the Gulf could create an estimated 44,000 jobs and $445 million in economic growth during the construction phase. Governor Edwards Presents New Climate Change Initiative in Offshore Wind Power ProductionABC WBRZ 2

 

ME: The administration of Governor Janet Mills released its Clean Energy Economy Transition Plan, an economic recovery plan focused on rebuilding Maine’s post-COVID-19 economy with clean energy job opportunities. The report estimated that before the pandemic, 14,000 Maine residents worked in clean energy jobs created by the expansion of clean energy in the state, and that new clean energy projects secured by the Mills administration will continue to enhance job growth. The report highlights Maine-specific strategies for clean energy job growth, including renewable energy policy and program development, workforce development and recruitment, and clean-tech innovation. The report also includes a survey of more than 100 clean-energy stakeholders. “The impacts of climate change on Maine are already being felt, and the threat to our state is severe unless bold steps are taken,” Hannah Pingree, director of the Governor’s Office of Policy Innovation and co-chair of the Maine Climate Council, said. “These bold actions also come with the opportunity to grow good-paying jobs in clean energy and innovative natural resources industries, which is a win-win opportunity for Maine to both reduce greenhouse emissions and grow our economy.” Report links Maine’s post-pandemic economic recovery to clean energy effortsPortland Press Herald

 

TX: Governor Greg Abbot sent a letter to the U.S. Nuclear Regulatory Commission urging the regulators to deny Interim Storage Partners (ISP) a license to develop a 40,000-metric ton nuclear waste storage site in the Permian Basin. ISP’s application was initially accepted by the Nuclear Regulatory Commission in August 2018 when a draft environmental impact statement concluded that building this site would have “no discernable effects on the environment or natural resources.” However, Governor Abbot argued in his letter that building such a facility in Texas’ Permian Basin could constitute a major security risk. “The proposed ISP facility imperils America’s energy security because it would be a prime target for attacks by terrorists, saboteurs, and other enemies,” reads Governor Abbot’s Letter. “Such an attack would be uniquely catastrophic because, on top of the tragic loss of human life, it would disrupt the country’s energy supply by shutting down the world’s largest producing oilfield.” Gov. Abbot Opposes West Texas Waste SiteRoswell Daily Record

 

Regional

Governors Larry Hogan of Maryland, Roy Cooper of North Carolina, and Ralph Northam of Virginia formed a bipartisan partnership to advance offshore wind projects in their states and promote the region as a hub for the offshore wind energy industry. The partnership, called the Southeast and Mid-Atlantic Regional Transformative Partnership for Offshore Wind Energy Resources (SMART-POWER), provides a framework to promote, develop, and expand offshore wind energy. “Maryland has been leading the charge when it comes to real, bipartisan, common-sense solutions, and we are proud to continue setting an example for the nation of bold environmental leadership,” said Governor Hogan. “Joining this multi-state partnership to expand offshore wind development will further our strong record of supporting responsible energy projects that provide jobs, clean air benefits, and energy independence.” Goals of SMART-POWER’s framework include increasing regulatory certainty, encouraging manufacturing of certain component parts, reducing project costs through supply chain development, sharing information and best practices, and increased cooperation between states. News of the Governors’ new partnership was cheered by wind industry advocates, including the American Wind Energy Association. Maryland, Virginia, and North Carolina form Partnership to Develop Offshore WindDaily Energy Insider

 

National

For the first time ever, the U.S. Federal Reserve named climate change as a risk to financial stability in its biannual financial stability report. The report notes that natural disasters associated with climate change, such as severe storms, floods, and wildfires can have a serious impact on investors’ perception of the value of financial assets, and explains that “chronic hazards,” such as slow increases in average temperature and rising sea levels, can also introduce more risks and uncertainty. “Increased transparency through improved measurement and more standardized disclosures will be crucial,” said Fed Governor Lael Brainard. “It is vitally important to move from the recognition that climate change poses significant financial stability risks to the stage where the quantitative implications of those risks are appropriately assessed and addressed.” In first for Fed, U.S. central bank says climate poses stability risks - Reuters

In the States

LA: At the first meeting of his Climate Initiatives Task Force, Governor John Bel Edwards presented his plan for renewable energy. Governor Edwards’ plan aims to increase renewable energy production in Louisiana by boosting offshore wind energy projects in the Gulf of Mexico. The plan calls for the U.S. Bureau of Ocean Energy Management to establish a task force of federal, state, and local officials to help develop a blueprint for renewable energy development in the Gulf of Mexico. “This is not some ‘pie in the sky’ promise of economic opportunity. We already have an emerging offshore wind energy industry, and Louisiana’s offshore oil and gas industry has played a key role in the early development of U.S. offshore wind energy in the Atlantic Ocean,” said Governor Edwards. The U.S. Department of Energy’s National Renewable Energy Laboratory estimates that one 600-megawatt wind farm in the Gulf could create an estimated 44,000 jobs and $445 million in economic growth during the construction phase. Governor Edwards Presents New Climate Change Initiative in Offshore Wind Power ProductionABC WBRZ 2

 

ME: The administration of Governor Janet Mills released its Clean Energy Economy Transition Plan, an economic recovery plan focused on rebuilding Maine’s post-COVID-19 economy with clean energy job opportunities. The report estimated that before the pandemic, 14,000 Maine residents worked in clean energy jobs created by the expansion of clean energy in the state, and that new clean energy projects secured by the Mills administration will continue to enhance job growth. The report highlights Maine-specific strategies for clean energy job growth, including renewable energy policy and program development, workforce development and recruitment, and clean-tech innovation. The report also includes a survey of more than 100 clean-energy stakeholders. “The impacts of climate change on Maine are already being felt, and the threat to our state is severe unless bold steps are taken,” Hannah Pingree, director of the Governor’s Office of Policy Innovation and co-chair of the Maine Climate Council, said. “These bold actions also come with the opportunity to grow good-paying jobs in clean energy and innovative natural resources industries, which is a win-win opportunity for Maine to both reduce greenhouse emissions and grow our economy.” Report links Maine’s post-pandemic economic recovery to clean energy effortsPortland Press Herald

 

TX: Governor Greg Abbot sent a letter to the U.S. Nuclear Regulatory Commission urging the regulators to deny Interim Storage Partners (ISP) a license to develop a 40,000-metric ton nuclear waste storage site in the Permian Basin. ISP’s application was initially accepted by the Nuclear Regulatory Commission in August 2018 when a draft environmental impact statement concluded that building this site would have “no discernable effects on the environment or natural resources.” However, Governor Abbot argued in his letter that building such a facility in Texas’ Permian Basin could constitute a major security risk. “The proposed ISP facility imperils America’s energy security because it would be a prime target for attacks by terrorists, saboteurs, and other enemies,” reads Governor Abbot’s Letter. “Such an attack would be uniquely catastrophic because, on top of the tragic loss of human life, it would disrupt the country’s energy supply by shutting down the world’s largest producing oilfield.” Gov. Abbot Opposes West Texas Waste SiteRoswell Daily Record

 

Regional

Governors Larry Hogan of Maryland, Roy Cooper of North Carolina, and Ralph Northam of Virginia formed a bipartisan partnership to advance offshore wind projects in their states and promote the region as a hub for the offshore wind energy industry. The partnership, called the Southeast and Mid-Atlantic Regional Transformative Partnership for Offshore Wind Energy Resources (SMART-POWER), provides a framework to promote, develop, and expand offshore wind energy. “Maryland has been leading the charge when it comes to real, bipartisan, common-sense solutions, and we are proud to continue setting an example for the nation of bold environmental leadership,” said Governor Hogan. “Joining this multi-state partnership to expand offshore wind development will further our strong record of supporting responsible energy projects that provide jobs, clean air benefits, and energy independence.” Goals of SMART-POWER’s framework include increasing regulatory certainty, encouraging manufacturing of certain component parts, reducing project costs through supply chain development, sharing information and best practices, and increased cooperation between states. News of the Governors’ new partnership was cheered by wind industry advocates, including the American Wind Energy Association. Maryland, Virginia, and North Carolina form Partnership to Develop Offshore WindDaily Energy Insider

 

National

For the first time ever, the U.S. Federal Reserve named climate change as a risk to financial stability in its biannual financial stability report. The report notes that natural disasters associated with climate change, such as severe storms, floods, and wildfires can have a serious impact on investors’ perception of the value of financial assets, and explains that “chronic hazards,” such as slow increases in average temperature and rising sea levels, can also introduce more risks and uncertainty. “Increased transparency through improved measurement and more standardized disclosures will be crucial,” said Fed Governor Lael Brainard. “It is vitally important to move from the recognition that climate change poses significant financial stability risks to the stage where the quantitative implications of those risks are appropriately assessed and addressed.” In first for Fed, U.S. central bank says climate poses stability risks - Reuters

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