EXTRACTED: Daily News Clips 12/2/22
PIPELINE NEWS
Politico: Gas State Republicans Push Permitting Reform
Press release: Toomey Introduces Pipeline Permitting Reform Bill
WISR: Rep. Kelly Introduces Pipeline Permitting Bill
NPR Illinois: Pipeline project raises concerns
Dickinson Press: Public not sold on Navigator pipeline despite attempts to build landowner trust
Sioux City Journal: Company: Close to 60% of Iowa landowners have signed easements for carbon-capture pipeline project
Blue Virginia: 40 Groups Call on Forest Service, BLM Not to Rush Enviro Reviews on Mountain Valley Pipeline
Reuters: 'No sacred cows' as pipeline company TC Energy prepares for C$5 bln asset sales
Farm and Dairy: Ohio family continues to fight pipeline construction on their farmland
Aberdeen News: 'Oyate' film highlights pipeline protest, other Native American issues
WASHINGTON UPDATES
Bloomberg: Podesta Vows Community Voices Won’t Be Silenced On Permitting
E&E News: McEachin's Death Revives Push For Vote On EJ Bill
E&E News: How EPA beat the White House on estimating climate damage
STATE UPDATES
Capital and Main: Oil and Gas Operator Pays Millions for Clean Air Act Violations
Carbon Herald: University Of Wyoming Unveils New Certificate Program In Carbon Capture
EXTRACTION
Environmental Defence: Scientists, doctors raise concerns about proposed oil sands tailings release and call for no further exposure
CLIMATE FINANCE
Reuters: Credit Suisse aims to halve emissions intensity of investments by 2030
OPINION
Fairbanks Daily News-Miner: Gas pipeline is a bad investment
The Conversation: Despite soaring profits, oil companies are not paying enough for their environmental damage
Daily Signal: Why Congress Should Reject Manchin’s Permitting Bill and Enact Genuine Reform in 2023
PIPELINE NEWS
Politico: Gas State Republicans Push Permitting Reform
12/1/22
“Sen. Pat Toomey (R-Pa.) is introducing legislation Thursday to ease permitting of natural gas pipelines in what amounts to a wish list of reforms sought by the oil and gas industry,” Politico reports. “Toomey, who is retiring at the end of the year, is positioning the bill as an opening bid should Republicans embark on a permitting reform push next Congress when they’ll have more leverage with control of the House. But the core provisions are unlikely to be supported by Democrats. The bill, shared exclusively with Politico, would limit state authority to delay or block pipeline construction by mandating specific timelines for Clean Water Act reviews, and it clarifies that issues unrelated to water quality cannot be considered. It requires shorter reviews under the National Environmental Policy Act and the Endangered Species Act. It also contains a controversial carveout to permit the Mountain Valley Pipeline – a goal shared by Manchin, but unpopular with other Democrats and environmental groups. Rep. Mike Kelly, a Republican also from Pennsylvania, is introducing matching legislation. Toomey doesn’t expect Manchin’s longshot permitting reform bid to pass before the end of the year, but he told Politico he hopes his legislation ‘influences the debate, moves the needle in the right direction and maybe provides some basis for making real progress on this next year.’”
Press release: Toomey Introduces Pipeline Permitting Reform Bill
12/1/22
“U.S. Senator Pat Toomey (R-Pa.) introduced the Pipeline Permitting for Energy Security Act, which would create regulatory certainty for natural gas pipeline construction and approve Mountain Valley Pipeline completion. “It is long past time to stop the exploitation of outdated laws to prevent the construction of pipelines, which are the safest and most efficient way to transport natural gas, by activists and the politicians who cater to them. The obstruction of commonsense, essential energy infrastructure projects has resulted in higher energy costs, increased global reliance on energy produced by tyrants like Vladimir Putin, and ironically prevented increased distribution of the energy source most responsible for the declines in U.S. greenhouse gas emissions,” said Senator Toomey. “Through the Pipeline Permitting for Energy Security Act, Congress would create regulatory certainty for pipeline construction nationwide and greenlight the long-delayed Mountain Valley Pipeline. This would also enable increased access to low-cost, clean, and safe natural gas from Pennsylvania. Real, lasting permitting reform is pivotal to creating a sustainable American energy policy for the 21st century.” Several stakeholder groups voiced support for Senator Toomey and Congressman Kelly’s efforts: “We applaud Senator Toomey for his efforts to streamline the permitting process, once again signaling his long-standing, steadfast support of American energy security,” said Marcellus Shale Coalition President David Callahan.
WISR: Rep. Kelly Introduces Pipeline Permitting Bill
Tyler Frielon, 12/2/22
“A local lawmaker has introduced legislation that he says would ease regulatory conditions in order to lower energy costs,” WISR reports. “U.S. Representative Mike Kelly, of Butler, recently introduced the Pipeline Permitting for Energy Security Act. This bill would create regulatory certainty for natural gas pipeline construction and approve the completion of the Mountain Valley pipeline in order to allow transport of gas from Pennsylvania to destinations around the region.”
NPR Illinois: Pipeline project raises concerns
Zach Boblitt, 12/1/22
“A CO2 pipeline project that would stretch 1,300 miles has raised agriculture and environmental concerns across Illinois,” NPR Illinois reports. “McDonough County farmer Steve Hess is familiar with pipelines. Hess has one carrying natural gas on his property and says he believes it has been positive for the community… “Hess has a different view of the effort to transport CO2 from five states. Hess believes the CO2 pipeline would not be beneficial to communities like the natural gas pipeline on his property… “While keeping CO2 out of the atmosphere is considered to be a way to slow climate change, there are concerns about whether the pipeline would actually add carbon to the atmosphere. Hess has raised questions about the project, and he’s not alone. Karen Brockelsby, a Taylorville farmer, questions the lease program being offered for use of private property. The company wants a 30 year lease with landowners. Brockelsby mentioned concerns about whether that lease will cover any environmental damage… “Farmers like Brockelsby and Hess worry that the land will be impacted beyond repair for future generations. Hess has concerns about deep compaction of farmland because of the pipeline. Hess told NPR, “The deep compaction…you can’t take it out with tillage, you can’t take it out with freezing and thawing it’s something that’s there forever. There is no way to remove it. So, I am really concerned about farmland impact.” Hess also told NPR that he has noticed this same deep compaction on his farmland from the natural gas pipeline that was installed in 1966. CO2 pipelines are listed as a public benefit under the law. However, the scientific community is split on whether a pipeline will actually accomplish a goal of reducing carbon emissions. Ann Baskerville an organizer with the Illinois chapter of the environmental organization the Sierra Club and a member of the coalition to stop CO2 pipelines does not believe the pipeline will help the environment. “This proposed pipeline is a false solution to the climate crisis we’re facing today, and puts unnecessary pressure on local landowners and farmers to turn over their land and livelihood to a fossil fuel company. CO2 pipelines extend the life of fossil fuels and undermine the significant climate progress Illinois has made. Illinois should focus on the acceleration of real climate solutions like the implementation of natural climate solutions and renewable energy projects,” Baskerville told NPR.
Dickinson Press: Public not sold on Navigator pipeline despite attempts to build landowner trust
Jason Harward, 12/1/22
“At each of a trio of public input meetings last week regarding the proposed carbon sequestration pipeline by Navigator CO2, one attendee asked the crowd to raise their hand if they were in favor of moving ahead with the project. And, between the three meetings held in Canton, Flandreau and Sioux Falls on Nov. 21 and 22, only a handful were in favor out of the more than 400 total attendees,” the Dickinson Press reports. “...In deciding whether to give a permit to these proposed pipelines, Public Utilities Commission Chair Chris Nelson told the Press the general permitting process is an inquiry into whether the “health, safety, welfare and economy can be maintained” if the pipeline is built. Opponents of the project at the meetings gave a resounding “no” to this question, in part on economic grounds. In addition to a high investment in construction beginning as early as 2024, Burns-Thompson and other proponents point out that sequestering excess carbon from ethanol production can allow the product to be sold at a premium in a growing number of states like California that have passed low-emission fuel standards. Bev Nelson, a farmer from Valley Springs who opposes the pipeline, told Forum News Service this would only mean increased profits for ethanol producers, and that those dollars would not be passed to South Dakota’s farmers in the form of higher prices. In addition, Nelson, who owns farmland on the proposed route, said the construction process could do long-term damage to topsoil and thus the productivity of important farmland... “But the main thrust of opposition relates to safety. Donald Johnson, the fire chief in Valley Springs, said at the Sioux Falls meeting that the largely volunteer emergency services in rural areas of the pipeline route do not have the gear to effectively respond to a potential carbon leak, which could cause asphyxiation… “Joel Arends, a commissioner in Lincoln County, said the body was hesitant to institute setback or depth requirements without requisite knowledge about pipeline safety and engineering. Arends is also worried about individual counties creating a patchwork of hard-to-follow rules, potentially opening themselves up to lawsuits in the process. “That's exactly the kind of government overreach and incompetence that county commissions should not be engaged in,” Arends said.
Sioux City Journal: Company: Close to 60% of Iowa landowners have signed easements for carbon-capture pipeline project
Dolly Butz, 12/1/22
“Representatives from Summit Carbon Solutions touted the progress they've made getting landowners to sign voluntary easements for a carbon dioxide pipeline, during a media tour Wednesday at an ethanol plant near Galva,” the Sioux City Journal reports. "We're really excited about our project. We're making great progress," said Jake Ketzner, vice president of government and public affairs for Summit Carbon Solutions. "In the state of Iowa, we've signed up just shy of 60% of the landowners along the route. Here in Ida County, we're just shy of 70%. North of us, in Cherokee, we're at 70%; and down in Crawford, we're at 80%." “...Once carbon dioxide sequestration is in place, Johnson said Quad County will be producing about 9% of its ethanol as a zero carbon intensity or a zero-CI fuel. "We hear a lot of talk about zero emission vehicles. And, most people refer to them as electric vehicles. But, combing their CO2 sequestration with our cellulosic process, we truly are making a zero carbon intensity ethanol here at Quad County; and we're very excited about that opportunity," he said… “Some landowners have expressed opposition to this project, as well as Navigator Heartland Greenway's proposed CO2 pipeline… “Jim Pirolli, chief commercial officer for Summit Carbon Solutions, acknowledged that "there's a few that are opposed" to the project, but noted that it benefits "every farmer and landowner" in communities across Iowa, Nebraska, South Dakota, North Dakota and Minnesota. "The industry supports over 400,000 jobs across the U.S.," he said. "Making this a more sustainable competitive fuel in the future solidifies the economic benefits of these plants and of agriculture."
Blue Virginia: 40 Groups Call on Forest Service, BLM Not to Rush Enviro Reviews on Mountain Valley Pipeline
12/1/22
“As stated in the letter, the groups “are deeply concerned that . . . the Forest Service already has a thumb on the scales by proposing ‘to amend the Jefferson National Forest Land Management Plan as necessary to allow for the MVP to cross the Jefferson National Forest.’” Such an amendment to the Forest management plan, by which all other parties must abide, for the benefit of one destructive project, would allow environmental degradation in the Forest that is clearly inconsistent with standards laid out in the JNF management plan,” Blue Virginia reports. ““There is an important principle at stake here,” Karenna Gore, executive director of the Center for Earth Ethics at Union Theological Seminary, told Blue Virginia. “The government should not hand over public land to private interests who damage it — all for the sake of a project that not only does not benefit the public, but could do considerable harm. The communities who live within a natural landscape are those who know it best, and they deserve to have their voices heard about all the dimensions of value and meaning that might not be cared about or counted by outside interests. Ethics must inform development, and the ethical course of action in this case is to respect local communities’ relationship to the natural world they live in.”
Reuters: 'No sacred cows' as pipeline company TC Energy prepares for C$5 bln asset sales
Rod Nickel, 12/2/22
“As TC Energy Corp (TRP.TO) prepares to unload C$5 billion ($3.7 billion) in assets next year, investors and analysts say the North American pipeline operator has plenty of options without touching its core gas business,” Reuters reports… “Calgary, Alberta-based TC is widely known for its Keystone oil pipeline, a critical artery for moving Canadian oil to U.S. refiners that dominated headlines over the past decade for an expansion that ultimately failed. But moving natural gas around the United States, Canada and Mexico is the bigger part of TC's business. TC should consider selling Keystone along with its stake in Ontario's Bruce Power nuclear facility, since they are not part of its core business, Rob Thummel, senior portfolio manager at TC shareholder Tortoise Capital Advisors, told Reuters… “Keystone could fetch TC C$12.8 billion, said CIBC analyst Robert Catellier in a note. He added that reducing TC's oil exposure would help it reach its emissions-reduction goals. Selling Keystone, and the rest of TC's oil pipelines, makes sense since other companies are more dominant than TC in liquids, Brandon Thimer, equity analyst at TC shareholder First Avenue Counsel, told Reuters… “TC's fund-raising plans to reduce debt and fund projects, notably the troubled Coastal GasLink pipeline in British Columbia, are critical to reviving investor confidence in a company whose shares have lagged those of rival Enbridge Inc. The sales may reassure the market that TC will not need to issue common equity to raise funds in light of Coastal's cost over-runs and a deal in August to develop a $4.5 billion pipeline in Mexico, RBC analyst Robert Kwan told Reuters.”
Farm and Dairy: Ohio family continues to fight pipeline construction on their farmland
Gail Keck, 12/2/22
“A Union County farm family is continuing to oppose construction of a natural gas pipeline across their preserved farmland in a case before Ohio’s Third District Court of Appeals. Meanwhile, administrative changes at the Ohio Department of Agriculture, as well as proposed changes to Ohio’s eminent domain laws, could affect similar cases in the future,” Farm and Dairy reports. “On Nov. 22, the Third District Court of Appeals heard oral arguments for two linked cases, Columbia Gas of Ohio, Inc. v. Patrick E. Bailey, et al. and Columbia Gas of Ohio, Inc. v. Don Bailey Jr., et al. These cases appeal a Union County Common Pleas Court ruling in April that dismissed Columbia Gas’s request to use eminent domain for pipeline construction. The lower court dismissed Columbia Gas’s eminent domain petition citing inconsistencies in the language used in documents provided to the court and those reviewed by the Ohio Power Siting Board. A 25-foot easement labeled “temporary” before the siting board was listed as “perpetual” in the eminent domain request to the court. In the appeal before the district court, the Bailey family is asking the court to uphold the lower court’s dismissal of the eminent domain request, based on the inconsistent perpetual/temporary easement descriptions. The appeals court has already ruled on a case involving a neighboring farm, Columbia Gas of Ohio, Inc. v. Phelps Preferred Investments, LLC. The Phelps case involved the same inconsistent easement descriptions. In July, the appeals court upheld the lower court’s dismissal of the eminent domain request. The Phelps case is different from the Baileys’, however, because the Phelps farmland is not protected by an ag easement. The Baileys want the appeals court to go a step further in their cases to consider the ag easement and deny the eminent domain request because the ag easement establishes a “prior public use.”
Aberdeen News: 'Oyate' film highlights pipeline protest, other Native American issues
Elisa Sand, 12/1/22
“Jennifer Martel started her journey to create a film at the protests surrounding the installation of the Dakota Access Pipeline, but her documentary film covered that topic and more,” the Aberdeen News reports. “It was a protest that put Native American concerns front and center. Their goal was to protect the water in the Missouri River that could potentially be contaminated if a breach were to occur. But, Martel wanted the movie to be about more than just the pipeline protests. She also wanted it to be a film that discusses the topics that are harder to talk about. "If it makes you uncomfortable that's good," Martel said as she shared a few thoughts Wednesday evening at Central High School prior to the showing of her film "Oyate." The film introduces the 2016 Dakota Access Pipeline protests in North Dakota and how tensions escalated with law enforcement. But, although it was an issue that brought a massive group together to take a stand, it wasn't the dominant topic within the film. Throughout the film, Chase Iron Eyes and others talk about the history of broken treaties between the U.S. Government and Native Americans as the land they were initially given progressively got smaller and smaller. Discussion also turns to the boarding schools that were established to provide an education for Native American children, but ended up being places where harm was done as well. One man recalled daily punishments because he only spoke his native language. Iron Eyes also highlights the poverty on the reservations like Pine Ridge where there's 75% unemployment and people who are subsisting on an annual income of $3,000 a year. Above all, the film instills the need to speak out for change.”
WASHINGTON UPDATES
Bloomberg: Podesta Vows Community Voices Won’t Be Silenced On Permitting
Dean Scott. 11/30/22
“The Biden administration is committed to preserving community input and ‘won’t cut corners’ on getting feedback from disadvantaged communities as the US pursues a wave of clean energy projects, the White House clean energy czar said Wednesday,” Bloomberg reports. “Preserving the voices of those communities also will remain a key administration priority in the face of congressional efforts to revamp permitting, said John Podesta, President Joe Biden’s senior adviser for clean energy innovation and implementation. ‘We need to hear from the communities that have been affected, not roll over their rights to be heard,’ he said at a meeting of the White House Environmental Justice Advisory Council. Podesta, tapped by Biden to oversee implementation of the $369 billion climate package, said ‘we need some reform’ of permitting to green the power grid. But he said the administration would work to ensure ‘that we don’t cut corners’ on input from environmental justice and other community voices. Communities and public interest and environmental groups have significant avenues for weighing in on permitting of projects under the National Environmental Policy Act, the landmark environmental law enacted in 1970… “Other proposals, including one from Sen. Shelley Moore Capito (R-W.Va.), would limit the ability of environmental groups and other opponents to file suit to block such projects. Podesta didn’t refer to either proposal directly. But he criticized efforts “that want to wipe some of the central environmental protections that have been built up over the years away.” “They largely are advocates for no change—for the continuation of the existing kind of fossil fuels—but we need to resist that,” Podesta told Bloomberg.
E&E News: McEachin's Death Revives Push For Vote On EJ Bill
EMMA DUMAIN, NICK SOBCZYK, 12/1/22
“The sudden death of Rep. Donald McEachin has strengthened the resolve of some of his colleagues to push for a vote on the environmental justice legislation he long championed,” E&E News reports. “A House vote on the ‘Environmental Justice for All Act’ would be a capstone to years of work by McEachin (D-Va.) and community activists who for decades were largely ignored by Congress and the broader environmental movement. The bill, H.R. 2021, has almost no chance of passing the Senate, and it’s possible there may not even be enough votes to pass the House. But Democratic supporters said they hope to score a symbolic victory on the House floor in honor of McEachin, who died this week from secondary effects of colorectal cancer (E&E Daily, Nov. 29). ‘What a wonderful gesture that would be for a man that devoted his life to equity, clean energy, climate and environmental justice,’ said Rep. Kathy Castor (D-Fla.) who chairs the Select Committee on the Climate Crisis, on which McEachin served for the past four years. Castor and other Democrats on the select committee sent a letter to House leadership Wednesday urging a vote on the ‘EJ for All Act’ before Democrats cede control of the chamber to Republicans at the end of this year.”
E&E News: How EPA beat the White House on estimating climate damage
Jean Chemnick, 12/2/22
“EPA’s surprise move last month to propose its own estimates for the societal cost of carbon and other greenhouse gases is a potential end-run around the delays and litigation that have plagued a parallel White House process for almost two years,” E&E News reports. “The agency quietly released its so-called social cost of greenhouse gas estimates Nov. 11, alongside a long-awaited draft rule for oil and gas methane emissions. It took climate economists off guard because EPA was never expected to take the lead on establishing the metric, which is used in federal rules to estimate the damage of every additional ton of climate pollution that’s released into the atmosphere. It was supposed to be done by a task force of experts drawn from across the federal government. But the group is almost a year late in releasing its own metric, and hasn’t said when its work might be completed. President Joe Biden created the group, known as the Interagency Working Group on the Social Cost of Greenhouse Gases, on his first day in office as part of an executive order on climate change. It tasked three White House offices with convening a working group of 17 agencies including EPA to craft science-based values for climate damage… “Now EPA has leapfrogged the White House working group — not only by releasing its own metric, but also by unveiling a huge one. The agency’s estimate of $190 in damage for every ton of carbon is more than three times as large as the White House’s interim value of $51… “It’s unclear whether the EPA process has superseded the IWG’s work. A White House official declined to tell E&E when the working group had last met or when it would release its own figures.”
STATE UPDATES
Capital and Main: Oil and Gas Operator Pays Millions for Clean Air Act Violations
Jerry Redfern, 11/30/22
“A recent agreement between an environmental group and an oil and gas company that dramatically cuts excess oilfield pollution at a facility in southern New Mexico could be a model both for quicker resolutions to pollution violations and a legal roadmap for private groups looking to hold fossil fuel companies to account under the Clean Air Act,” Capital and Main reports. “In late September, WildEarth Guardians entered into a consent decree with a branch of the multinational Oxy USA for regularly exceeding permitted emission limits of lung-damaging air pollutants at an oil and gas pumping and compressor station northeast of Carlsbad, New Mexico. In its suit, the environmental group claimed that the releases were so frequent that they couldn’t possibly be accidents or malfunctions but a part of the company’s normal operating procedure and a violation of its state-issued air pollution permit. The decree is unusually important for two reasons. First, both parties agreed to settle the case before trial to avoid costly, long-term and public prosecution — without an admission of guilt or liability. A judge is currently reviewing the settlement, with a final decision likely before the end of the year. Second, and most notably, WildEarth Guardians (WEG) sued the company under a section of the federal Clean Air Act called the Citizen Suit provision, leapfrogging the usual prosecution by state or federal agencies and setting a playbook for similar suits in the future.”
Carbon Herald: University Of Wyoming Unveils New Certificate Program In Carbon Capture
Violet George, 11/25/22
“The University of Wyoming has just announced it will be offering a new undergraduate certificate program in carbon capture, utilization and storage (CCUS),” the Carbon Herald reports. “The new certificate program will be added alongside another undergraduate certificate program – in land administration, as a step towards equipping students for the rapidly changing energy landscape… “The two programs were approved by the UW Board of Trustees and are set to be launched by the School of Energy Resources (SER) in cooperation with other schools and colleges on campus… “The certificate is said to include the whole spectrum of disciplines relating to the technology, policy and economics of CCUS and is designed for an audience that has a broad interest in sustainability, the energy transition and mitigating the climate crisis. With the addition of this program, the University of Wyoming will become the nation’s second school to offer a certificate program in CCUS.”
EXTRACTION
Environmental Defence: Scientists, doctors raise concerns about proposed oil sands tailings release and call for no further exposure
12/1/22
“Today, scientists and doctors sent Minister Guilbeault a letter urging caution concerning the proposed release of oil sands tailings into the Athabasca River. The signatories agree that any water released must meet the highest water quality standards. They also insist that the results of an independent risk assessment of the release must be made public before further steps are taken to develop the regulations. The federal government has been developing regulations that would allow the release of “treated” tailings water in the Athabasca. However, Indigenous Nations, Indigenous-led organizations and environmental groups have serious concerns over the lack of rigorous science backing the plan. Public health professionals and academics are now voicing their concerns about the plan. They highlight the toxicity and complexity of the mixture held in the oil sands tailings ponds. For the first time, the scientific community has also come out with a position on the quality of any water released. Their letter asks for the following: Detailed toxicological information in order for the affected communities and the scientific community to assess the safety of the plans ahead of public consultations. Regulations that must guarantee “no further exposure” to harmful chemicals, a contrast with the government’s proposed “reduction of threats” approach. A higher standard for release is needed because downstream communities already experience disproportionate levels of exposure to harmful chemicals and pollutants due to industrial activity, including from tailings ponds seepage and evaporation. Additionally, the communities of Fort Chipewyan and Fort McKay experience an unusually high rate of rare cancers. Reena Sandhu, a toxicologist and risk assessor, says: “Good science, not just good intentions, is what we need to see before considering any regulations regarding a release. We really need to make sure any proposed solutions to tailings pollution don’t endanger human and ecological health. To do this, we need to have a rigorous and independent risk assessment.”
CLIMATE FINANCE
Reuters: Credit Suisse aims to halve emissions intensity of investments by 2030
Simon Jessop, 12/2/22
“Credit Suisse on Thursday said it plans to halve the emissions intensity of investments across its investment funds by the end of the decade, and would increase its focus on high-emitting companies,” Reuters reports. “In a “Climate Action Plan” released on Thursday, Credit Suisse said its 2030 target translated into an annual reduction in emissions intensity of 6% a year compared to a 2019 baseline, without using carbon credits to offset emissions. Emissions intensity, for an asset manager, refers to emissions per dollar of assets held. Use of such a metric has faced criticism from some campaigners for being less rigorous than a target focused on “absolute” emissions reductions. The 2030 target covers listed equities and corporate bonds, but does not include sovereign debt, cash, derivatives and private equity, Credit Suisse said, although it planned to increase the asset classes covered over time. Assets covered by the target would initially total 224 billion Swiss francs ($237.14 billion), the company said, with 285 billion Swiss francs in assets in its investment funds currently not included in the target. “Our clients have a growing appetite and expectation of us, and we are committed to incorporating greater environmental and social considerations into the decision-making process in our pursuit of net zero,” Steven Bates, Head of Sustainability Analysis and Solutions, Wealth Management, told Reuters. Going forward, Credit Suisse said it would assess the climate plans of 150-300 high-emitting companies, and focus talks on those in which it holds assets that have yet to set clear goals or a credible plan. If they do not move quickly enough, Credit Suisse said it could vote against the board at company annual meetings or exclude the company from portfolios.”
OPINION
Fairbanks Daily News-Miner: Gas pipeline is a bad investment
Joshua Knicely, North Pole, 12/1/22
“To the editor: The state-owned Alaska Gasline Development Corporation (AGDC) is pushing for a liquefied natural gas (LNG) pipeline from the North Slope all the way down to a liquefaction facility in Nikiski down on the shores of Cook Inlet. It’s a bad idea, and it’s bad for a lot of different reasons,” Joshua Knicely writes for the Fairbanks Daily News-Miner. “We could talk about how it’s going to nearly triple our carbon emissions even if Alaska completely decarbonized everything else, but let’s look at it through a different lens: money. An LNG pipeline in Alaska is a huge waste of resources with little chance to recoup its investment. This project, if completed, is going to cost around $38 billion, the vast majority of which is going to be paid by public utilities (which get their money from you), state and local governments (which get their money from you), and you (if you ever have to buy LNG to, for example, heat your home). Some might say this’ll help reduce Alaskans fuel costs, but that’s only if local municipalities build their own extraction facilities (again, with you footing the bill) at one of the nine compressor stations along the proposed pipeline. None of this LNG is even meant to go to Alaskans; the plan is to ship it overseas. Right now, there’s a shortage of LNG. We all know this. Prices have shot up and wreaked havoc on my pocket book. It makes sense to build these kinds of projects since any new LNG plant is going into a market with a huge amount of demand. Lots of other people have already had this idea and have already broken ground on new LNG projects. Those projects will be done and supplying the world well before an Alaskan LNG project can be finished, meaning we won’t be meeting a demand, we’ll be creating an oversupply, which will hurt any profits the state could make, if any. If you agree that this pipeline is a bad investment, let AGDC’s President Frank Richards know (frichards@agdc.us) or make a public comment during their open meeting on Dec. 1 from 9 a.m. to 1 p.m.”
The Conversation: Despite soaring profits, oil companies are not paying enough for their environmental damage
Robert L. Ascah, Research Fellow, The Parkland Institute, University of Alberta, 12/1/22
“At the end of the third quarter reporting season in October, the Big Four oilsands producers continued to report record profit levels. Collectively, Cenovus, CNRL, Imperial Oil and Suncor earned $5.8 billion in the third quarter and $23.1 billion in the first nine months of 2022. The average return on capital during the period was almost 25 per cent,” Robert L. Ascah writes for The Conversation. “...However, apart from Suncor’s purchase, these companies are not reinvesting in their core businesses. This cash bonanza has implications for Canadian consumers, government taxation and royalty policies and environmental policy… “Oilsands shareholders, who are mostly foreigners, are enjoying huge profits while consumers are bearing the brunt of rising energy prices… “During the first nine months of 2022, $6.7 billion was paid out in dividends, with nearly two-thirds by CNRL. During the same period, $15.6 billion shares were repurchased. These share buybacks reward shareholders because reducing the shares outstanding means higher earnings per share for shareholders. These buybacks also signal to the market that the company’s board and management feel these purchases are the best way to manage capital and cash flow. Significantly it also means that the company is not investing to either increase or sustain operating cash flow… “The Alberta government has failed to ensure environmental liabilities are adequately accounted for and that progress is being made to address the province’s massive tailings ponds made up of byproducts from oilsands mining. Incredibly, when asked about the oil industry’s record cash flows and remediation liabilities, former energy minister Sonya Savage stated: “The current spike in oil prices isn’t enough reason to require the industry to spend more on cleaning up the tens of thousands of abandoned oil and gas wells in the province.” “///Alberta, like a one-company town, faces a clear and present danger. Is there a Plan B to tilt Alberta away from its bitumen addiction? How will Smith reduce reliance on oilsands royalties? These are pressing questions that must be answered by the Alberta government.”
Daily Signal: Why Congress Should Reject Manchin’s Permitting Bill and Enact Genuine Reform in 2023
Daren Bakst analyzes and writes about regulatory policy, trade, environmental policy, and related issues as a senior research fellow in regulatory policy studies at The Heritage Foundation. Katie Tubb is a policy analyst for the Thomas A. Roe Institute for Economic Policy Studies at The Heritage Foundation, 11/30/22
“Both major political parties agree that America needs permitting reform. Not all reform proposals are helpful, though,” Daren Bakst and Katie Tubb write for the Daily Signal. “...The Manchin bill proposes cosmetic changes that give the impression of reform yet would do little to address numerous obstacles created by the National Environmental Policy Act, which became law in 1970. The bill also would make permitting projects more difficult by expanding some aspects of the Clean Water Act… “Yet Manchin’s legislation limits its “reforms” only to energy projects and expressly states that it doesn’t amend NEPA… “When it comes to the Clean Water Act, the Manchin bill would make federal permitting more difficult in many respects… “Lawmakers should reject Manchin’s bill and certainly not consider it, or any permitting bill, in the lame-duck session before the new Congress convenes Jan. 3. Policy reforms of such importance shouldn’t be rushed, especially when legislators are least accountable to voters. The new Congress certainly should address permitting reform to lower costs rather than raise them. Any reform, at a minimum, should amend relevant statutes, including the National Environmental Policy Act, to reduce obstacles and expedite approval of projects across the board, not just those limited to politically preferred energy projects. West Virginia’s other senator, Republican Shelley Moore Capito, has introduced legislation that provides a good starting point to achieve these objectives. Commonsense reforms still would address environmental concerns, but firmly reject efforts to use permitting as a pretext to push an anti-development agenda at the expense of human well-being.”