EXTRACTED: Daily News Clips 12/5/22
PIPELINE NEWS
Quad City Times: 'Not for the greater good' Scott County residents organize push back to carbon pipelines as Wolf prepares for meeting do-overs
Kiowa County Press: Local ordinances enter carbon pipeline debate
KCRG: Wolf Carbon Solutions to meet with public to address carbon pipeline [VIDEO]
Axios: Keystone Pipeline could be sold
Washington Post: Fonda retakes the Hill: ‘Cancer is scary, but the climate crisis is scarier’
WASHINGTON UPDATES
Washington Post: Democrats try to salvage Manchin’s side deal on energy projects
Politico: New Life For Permitting In NDAA?
E&E News: Top Dems weigh adding permitting reform to defense bill
Politico: Don't Delay, Act Now
Bloomberg: ‘Walking the Tightrope’ Interior Oil Leasing Plans Irk All Sides
E&E News: Republicans launch probe of Biden energy policies
Anchorage Daily News: Biden Administration Delays Release Of New Environmental Review For ANWR Drilling
Washington Post: The U.S. has more than 120,000 abandoned oil wells, research shows
STATE UPDATES
Los Angeles Times: In historic move, Los Angeles bans new oil wells, phases out existing ones
E&E News: Green Group Sues To Block Calif. Oil Well Permits
Wyoming Public Radio: Wyoming Files Second Lawsuit Against Feds Over Canceled Oil And Gas Leasing
EXTRACTION
OilPrice.com: U.S. LNG Is Booming, But Who Supplies The Gas?
Canadian Press: Outgoing CEO Al Monaco says Enbridge 'poster child' for an orderly energy transition
Globe and Mail: TC Energy CEO on his company’s plan to stay resilient in the transition to low-carbon economy
CLIMATE FINANCE
The Hill: Florida pulls $2B worth of investments from BlackRock over ESG investment after DeSantis resolution
OPINION
The Hill: How a Biden-baked ‘permitting’ deal undermines his own climate promises
Marcellus Drilling News: Radicals Request Gov’t Slows Down Review for Final 6% of MVP
Traverse City Record Eagle: OPINION: Enough stalling: Michigan needs Line 5 and the Great Lakes Tunnel
Calgary Herald: Opinion: Treated mine water release essential to oilsands reclamation
The Hill: In tackling the climate crisis, we need to draw the right lessons from the New Deal
PIPELINE NEWS
Quad City Times: 'Not for the greater good' Scott County residents organize push back to carbon pipelines as Wolf prepares for meeting do-overs
Sarah Watson, 12/4/22
“On Tuesday, the Iowa Utilities Board and Wolf Carbon Solutions will hold a second round of public meetings in Scott and Clinton counties on the company's proposal to build a pipeline to transport carbon from ethanol facilities to an underground storage site in Illinois,” the Quad City Times reports. “The pipeline is one of three proposed in Iowa that have received push-back from landowners across party lines and political ideology. Environmental groups, such as the Sierra Club and Citizens for Community Improvement, say the pipelines prolong a fossil fuel industry when tax dollar-subsidies could fund solar or wind energy, and residents have raised concerns about eminent domain, ruptures, farmland productivity, and emergency response. The Scott County Board of Supervisors, of which Republicans hold the majority, penned a letter to the Iowa Utilities Board expressing concern over the proposed pipeline, and especially any consideration of seizing land from unwilling owners, a process utilities can apply to the Iowa Utilities Board to do for a public good… “Driving by northwestern Scott County landowners Susan and Jerry Stoefen's home, you can't miss a yard sign that makes their position clear on the proposed pipeline. "No easement, no eminent domain," the sign says… “The Stoefens don't want a pipeline on their property, and don't think it offers a sound solution to reducing carbon dioxide and mitigating climate change. They point to a rupture of a CO2 pipeline in Mississippi, which caused 45 people to seek medical attention and 200 people to evacuate, according to an investigation by the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration… "Everybody that lives along this road is in the valley and the pipeline's placed up on the hill," Jerry Stoefen told the Times. "CO2 sinks, and in the event of a release, it's going to sink down to the valley residents live." “...John Maxwell told the Times he's not in firm opposition to the pipeline itself if the company can prove the pipeline would be safe for the residents of Scott County. Maxwell remains staunchly opposed to the use of eminent domain. "I do not feel a pipeline company should be — it’s not for the greater good," Maxwell told the Times. "What’s the greater good for all of Iowa and Illinois? Personally, I don’t see it yet if I ever do see it." Maxwell told the Times he also hasn't received a satisfactory answer on what a safe distance would be away from the pipelines.”
Kiowa County Press: Local ordinances enter carbon pipeline debate
Mike Moen, 12/5/22
“There's a new dynamic in the fight over a proposed carbon pipeline for North Dakota and other Midwestern states. Counties are exploring drafting local rules in case the project wins final approval,” the Kiowa County Press reports. “...But there's been backlash in several jurisdictions. Eliot Huggins, field organizer for the Dakota Resource Council, told the Press recent discussions in places like Burleigh County involve local regulations on where the route can run. "How do you potentially implement some routing setbacks that protect economic development, you know, protect the city," Huggins told the Press, "but without being unreasonable?" Safety is also a big concern cited by affected property owners. A big question has been whether local ordinances would clash with federal oversight. Summit argues they do, and the company is suing several counties in Iowa and South Dakota, saying their actions are moot because the Pipeline Safety Act supersedes them… “Huggins told the Press there's no disputing that federal regulations carry heavy weight for projects like these. But he and other opponents feel local governments should explore avenues to protect the interests of community members when possible. And he told the Press the outcomes of the pending lawsuits will provide a lot of clarity. "If any those [ordinances] stand," Huggins told the Press, "that's gonna be a real big win for us and give us a lot more leverage and confidence in replicating this across the project footprint in North Dakota and beyond."
KCRG: Wolf Carbon Solutions to meet with public to address carbon pipeline [VIDEO]
12/4/22
“Wolf Carbon Solutions is set to meet with the public over its proposed carbon capture pipeline that will go through Iowa,” KCRG reports.
Axios: Keystone Pipeline could be sold
Dan Primack, 12/2/22
“TC Energy, a listed Canadian oil and gas infrastructure giant, said it plans to divest C$5 billion of assets next year. Why it matters: This could include a sale of the politically charged Keystone Pipeline, which TC ultimately was blocked from expanding,” Axios reports. “What they're saying: In an earnings call, CEO François Poirier didn't identify any specific assets on the block, except to say there are no "sacred cows." He added that TC expects the divestitures will help it reduce carbon emissions, in keeping with its pledges for a 30% cut by 2030 and net-zero by 2050. But such sales could just transfer the emissions to a different corporate owner, rather than actually improve the climate.”
Washington Post: Fonda retakes the Hill: ‘Cancer is scary, but the climate crisis is scarier’
Ann Hornaday, 12/3/22
“Jane Fonda is back. The actress and activist, who will turn 85 in a few weeks, arrives at an upscale Washington hotel looking chic in a snappy charcoal blazer, a gray newsboy’s cap and an array of tasteful gold jewelry pieces. She’s just come from Capitol Hill, where she’s been lobbying Sen. Debbie Stabenow (D-Mich.). But her main reason for returning to Washington is to revive Fire Drill Fridays, the weekly grass-roots political action she began in 2019 to draw attention to climate change,” the Washington Post reports. “...Fonda recalls co-founding Fire Drill Fridays with Greenpeace three years ago. “Our goal was to reach the 70 percent of the population who were concerned about the climate but had never taken action,” she explains, “and move them from being alone and concerned to together and active.” Thousands of people turned up for Fonda’s in-person weekly demonstrations, which included famous friends like Joaquin Phoenix, Martin Sheen, Gloria Steinem and Diane Lane and occasionally landed Fonda in jail (she was arrested five times, usually with fines)... “At the welcome-back rally on Dec. 2, Fonda intended to make two demands: calling on President Biden to declare a climate emergency, thereby giving him leeway to enact policy on the executive level without congressional approval, and defeating “permitting reform” legislation sponsored by Sen. Joe Manchin III (D-W.Va.) to encourage the development of both renewable and fossil fuel energy. Although supporters focus on what the bill would do to spur green energy, Fonda is unconvinced. “It fast-tracks fossil fuel deals, and it totally reduces the ability of the public to have input,” she explains. “Plus, it would throw all the young people who helped win the [midterm] election under the bus.”
WASHINGTON UPDATES
Washington Post: Democrats try to salvage Manchin’s side deal on energy projects
Maxine Joselow, 12/4/22
“The push by Sen. Joe Manchin III to overhaul the nation’s permitting process for infrastructure projects could get some last-ditch help from the House of Representatives, in its annual defense policy measure, according to two people familiar with the matter,” the Washington Post reports. “House Speaker Nancy Pelosi (D-Calif.) has been in talks with House Armed Services Committee Chairman Adam Smith (D-Wash.) about attaching a version of Manchin’s permitting bill to the National Defense Authorization Act (NDAA), according to the two individuals, who spoke on the condition of anonymity to describe private conversations. New text of the defense bill that includes the permitting bill could be released Monday before the House Rules Committee considers the measure, the people told the Post, although they cautioned that the plans were in flux and subject to change… “Several Senate Republicans are likely to oppose the inclusion of the permitting bill in the NDAA, the people familiar with the matter told the Post, meaning the passage of Manchin’s measure is hardly guaranteed. It’s unclear whether Sen. James M. Inhofe (Okla.), the top Republican on the Senate Armed Services Committee, plans to join the GOP opposition. Doing so could slow the passage of the defense bill, a top priority for the senator before he retires next month.
Politico: New Life For Permitting In NDAA?
12/5/22
“Democratic leaders are making a last-gasp effort to attach energy permitting reform language onto the must-pass National Defense Authorization Act in an attempt to jam Republicans by daring them to vote against Congress’ annual defense policy bill, sources close to negotiations tell Politico. “House Speaker Nancy Pelosi, Majority Leader Chuck Schumer, and Sen. Joe Manchin (D-W.Va.) are advocating for language generally consistent with a proposal pushed by Manchin and Schumer in the fall — with some tweaks to accommodate Republicans — to be included in the NDAA text that House leaders are expected to release early this week… “The surprise development comes as a bipartisan group of Democratic and Republican senators have held talks on reaching a permitting deal during the lame-duck, but neither side described a deal as particularly close. If they succeed in including permitting language on the NDAA, it would demonstrate Manchin, Pelosi and Schumer don’t want to hedge their bets that the GOP-controlled House next year would negotiate in good faith if the permitting debate moves to the next Congress. ‘My guess is Joe [Manchin] doesn’t think he will get Rs on anything this year and the window will close on him and his pipeline,’ Sen. Kevin Cramer (R-N.D.), who has been involved in bipartisan discussions over permitting, told Politico in a text message. ‘They’d [Democrats] have to believe it won’t cost many NDAA votes and they’re probably correct.”
E&E News: Top Dems weigh adding permitting reform to defense bill
Kelsey Brugger, Nick Sobczyk, Nico Portuondo, 12/5/22
“Democratic leaders are trying to slip controversial permitting provisions developed by Sen. Joe Manchin into the latest version of the fiscal 2023 defense authorization bill, according to three people familiar with the matter,” E&E News reports. “The sources, who were granted anonymity to speak candidly about the matter, told E&E lawmakers were maneuvering over the weekend to get the provisions included in the final version of the annual National Defense Authorization Act… “The House Rules Committee is set to meet this afternoon to prepare the NDAA for a vote, and the latest iteration could reach the floor in the coming days. Negotiators are scrambling to get the military authorization bill to the president’s desk before the end of the year. Manchin has for weeks been pushing to tack permitting onto the defense bill. But NDAA negotiators have resisted including the controversial provisions to ensure quick passage for the defense funding bill… “There remains considerable uncertainty about which riders will make it onto the final bill before a vote later in the week. A finished product may not emerge until Tuesday.”
Politico: Don't Delay, Act Now
12/2/22
“Sen. John Hickenlooper (D-Colo.) is urging the Biden administration to act as ‘soon as possible’ to finalize changes to how the National Environmental Policy Act is implemented and warning that the success of the climate provisions of the Inflation Reduction Act hinges on easing the process for building energy infrastructure,” Politico reports. “For our energy industry to build projects on reasonable timelines and at low cost, America needs a twenty-first century permitting regime,” Hickenlooper said in a letter shared with Politico that he is sending Friday to Brenda Mallory, chair of the Council on Environmental Quality. The Biden administration this year restored portions of the long-standing rules for how agencies conduct environmental reviews under NEPA that were altered by former President Donald Trump. Federal agencies are once again required to consider indirect and cumulative environmental impacts of their actions, including those related to climate change. But it has not yet completed a second, broader rule making additional changes to NEPA, known as ‘phase 2’ regulations, as part of a revisiting of Trump’s overhaul that softened the bedrock environmental policy. Several clean energy industry groups have urged Biden to keep at least some of the Trump changes that sought to shorten the time it takes for federal environmental reviews and to centralize government permitting — an interest shared by Hickenlooper. ‘We urge you to prioritize regulatory revisions which seek at every step of the permitting process to promptly provide certainty and clarity to energy project developers,’ he wrote.”
Bloomberg: ‘Walking the Tightrope’ Interior Oil Leasing Plans Irk All Sides
12/2/22
“The Biden administration’s new onshore oil and gas leasing strategy is expected to concentrate new drilling in existing oil fields even as it gives companies reasons to flee federal land—a situation that dismays both environmentalists and industry,” Bloomberg reports. “The policies, known as instruction memorandums to agency staff, were issued last week by the Interior Department’s Bureau of Land Management partly as a response to the Inflation Reduction Act climate and tax law, which makes renewable energy permitting contingent on further oil and gas leasing. The land bureau on Nov. 28 also proposed a new rule aiming to slash methane emissions from oil and gas operations on federal land in part by making companies pay royalties on excess natural gas that is currently burned off in a process called “flaring.” “...But Interior’s leasing strategy is angering both the industry, which wants unfettered access to federal lands, and environmentalists, who say the administration can do more to restrict oil drilling because of climate change even as the climate law requires leasing to continue… “The new policies add up to “higher and higher” administrative hurdles for companies operating on federal land, pushing them off federal land and onto state, tribal and private land to explore for more oil and gas, Angela Franklin, a partner at Holland & Hart LLP in Salt Lake City, told Bloomberg. Yet the policies ignore dire climate science showing that further oil and gas production will spell catastrophe, Kyle Tisdel, a senior attorney at the Western Environmental Law Center in New Mexico, told Bloomberg. “The overall issue is whether all of this is consistent with what climate science is telling us, and I’m not convinced that it is,” Tisdel told Bloomberg. Concentrating new drilling in the most productive existing oil fields stands to boost oil production when the pace of climate change demands that it be stopped, he told Bloomberg.”
E&E News: Republicans launch probe of Biden energy policies
Kelsey Brugger, 12/5/22
“House Oversight and Reform ranking member James Comer assailed President Joe Biden’s energy policies on Sunday and launched a wide-ranging investigation of several federal agencies,” E&E News reports. “The Kentucky Republican, who is poised to take the gavel in January, accused the administration of abusing the strategic oil reserves. He also told E&E Biden had a “secret deal with Saudi Arabia to lower gas prices before the election.”mIn a press release Sunday, Comer said Biden “waged a war on American-made energy” and driven up costs for American families. Plans include multiple investigations into the administration — as well as the Biden family — when Republicans control the House next year… “Specifically, Comer went after the administration for canceling the Keystone XL pipeline, implemented a ban on oil drilling on federal lands and draining the Strategic Petroleum Reserve. And he fired off at least five letters to the administration. Comer asked Energy Secretary Jennifer Granholm for information about the administration’s work to lower every prices. He also followed up with Granholm about “multiple requests” for SPR-related information. Comer sent a letter to Secretary of State Antony Blinken about the White House’s talks with Saudi Arabia about oil production and gasoline prices. The ranking member demanded a transcribed interview with State Department energy envoy Amos Hochstein. Comer asked EPA Administrator Michael Regan for a briefing and documents about the agency’s methane rulemaking. And the ranking member asked Securities and Exchange Commission Chair Gary Gensler about a problem with public comments related to environmental, social and governance rulemaking.”
Anchorage Daily News: Biden Administration Delays Release Of New Environmental Review For ANWR Drilling
Nathaniel Herz, 12/1/22
“The Biden administration has delayed by several months the release of a new environmental review of oil drilling in the Arctic National Wildlife Refuge,” the Anchorage Daily News reports. “The review, known as a ‘draft supplemental environmental impact statement,’ was originally set for release by the end of November. All oil development work in the refuge is effectively stalled until the new review process concludes. The report’s release will now be delayed until the second quarter of next year. That’s according to status reports filed late Wednesday by U.S. Department of Justice attorneys with the federal court handling three separate lawsuits over the refuge leasing program.”
Washington Post: The U.S. has more than 120,000 abandoned oil wells, research shows
Maxine Joselow, 12/2/22
“Across the country, fossil fuel companies have walked away from thousands of oil and gas wells, leaving them unplugged and idle even as many of these drill sites leak greenhouse gas emissions and pose direct threats to human health. But until recently, states had little incentive to identify these wells and few resources to plug them,” the Washington Post reports. “Now, the bipartisan infrastructure law that President Biden signed last year is changing the calculus around this mounting environmental challenge, Maxine reports this morning. The law, which authorized a record $4.7 billion for states’ efforts to plug abandoned wells, has set off a scramble among state officials to document the wells within their borders. As a result, states have now reported more than 120,000 abandoned wells, marking a nearly 50 percent increase from the 81,000 wells that they reported last year, according to an analysis of state data by researchers at the Environmental Defense Fund and McGill University shared with The Washington Post. Even this figure may mask the true extent of the problem. By some estimates, the number of undocumented abandoned wells in the United States — those that have yet to be discovered — could be as high as a million.”
STATE UPDATES
Los Angeles Times: In historic move, Los Angeles bans new oil wells, phases out existing ones
Dakota Smith, 12/2/22
“The Los Angeles City Council voted Friday to phase out all oil drilling in L.A. and ban new wells, a historic move in a city that was built by a once-booming petroleum industry and whose residents have suffered with decades of environmental consequences as a result,” the Los Angeles Times reports. “In a 12-0 vote, the council approved a new ordinance that immediately bans new oil and gas extraction and requires that all existing oil and gas extractions stop production within 20 years. The move is opposed by the oil industry, whose leaders warned city officials that the phase-out will hurt the city's finances and make L.A. more dependent on foreign oil. According to the city's planning department, Los Angeles has 26 oil and gas fields and more than 5,000 oil and gas wells. Some of the wells are active, while others are idle… “Oil wells are known to emit likely carcinogens including benzene and formaldehyde, and living near wells is linked to health problems including respiratory issues and preterm births, studies have found. Environmental justice activists charge that low-income communities of color are particularly affected by the wells and associated health problems.”
E&E News: Green Group Sues To Block Calif. Oil Well Permits
Niina H. Farah, 12/5/22
“The Center for Biological Diversity on Thursday sued a California agency for approving 17 new oil and gas wells in Los Angeles and Kern counties without first completing an independent environmental review,” E&E News reports. “The environmental group alleged that the California Department of Conservation’s Geologic Energy Management Division (CalGEM) violated the California Environmental Quality Act (CEQA) when it approved drilling permits for nine new oil and gas wells last month in the Placerita oil field in Los Angeles County and eight new wells in the Elk Hills oil field in Kern County. It is the latest in a pattern of approvals that failed to comply with CEQA, the environmental group told the Superior Court of California in Alameda County in its complaint. The state law sets procedural requirements for environmental review that are analogous to federal standards under the National Environmental Policy Act. “Regulators need to examine the serious threats from these wells to people’s health, our air and water, and dwindling habitat for wildlife,” Liz Jones, an attorney for the Center for Biological Diversity, told E&E”
Wyoming Public Radio: Wyoming Files Second Lawsuit Against Feds Over Canceled Oil And Gas Leasing
Caitlin Tan, 12/1/22
“The state of Wyoming is challenging the federal government over canceled oil and gas lease sales, making it the second lawsuit over the matter,” Wyoming Public Radio reports. “Governor Mark Gordon announced the lawsuit Thursday, which is challenging the Bureau of Land Management’s (BLM) decision, via the Department of Interior, to pause oil and gas lease sales on public land. Typically they happen quarterly, however, all but one sale was paused since President Biden took office. His administration cited environmental concerns as a main reason. The state filed its first lawsuit almost two years ago over the decision to cancel the first quarter sale of 2021. This year, U.S. District Judge Scott W. Skavdahl of Wyoming upheld that decision. ‘...postponing the first quarter 2021 lease sales was done to ensure NEPA (National Environmental Policy Act) compliance with several then-recent federal court opinions that negated previously authorized oil and gas lease sales,’ Skavdahl wrote in his decision. Now, the state argues that that ruling does not extend to the cancellation of three other lease sales – the second and third quarters of 2021 and the third quarter of 2022. These sales are at the crux of the current lawsuit.”
EXTRACTION
OilPrice.com: U.S. LNG Is Booming, But Who Supplies The Gas?
12/4/22
“This year, the United States became the world's biggest liquefied natural gas (LNG) exporter as deliveries to energy-starved buyers in Europe and Asia surged,” OilPrice.com reports. “In the current year, five developers have signed over 20 long-term deals to supply more than 30 million metric tons/year of LNG to energy-starved buyers in Europe and Asia. As energy analysts RBN Energy notes, the first wave of LNG export expansion has mostly gone smoothly thanks to fast-rising natural gas supplies in the Lower 48 and a slew of pipeline reversals and expansions that allowed low-cost Marcellus-Utica gas supplies to reach Gulf Coast markets. But with LNG demand already high and set to grow at a frenetic pace, the big question becomes how quickly can the United States ramp up production to meet future demand?.. “RBN notes that the Appalachia was, by far, the biggest contributor to U.S. natural gas growth over the last decade. During the timeframe, Lower 48 dry gas production climbed nearly 30 Bcf from an average 70 Bcf/d in 2014 to 99.6 Bcf/d currently, during which Appalachian output more than doubled and drove 18.5 Bcf/d of that overall growth. The Permian came in a distant second, growing production by 11.2 Bcf/d while the Eagle Ford saw production decline by 1 Bcf/d. Meanwhile, the Haynesville was the third-fastest-growing region on an absolute volume basis, up from 9.5 Bcf/d in 2014 to 15.3 Bcf/d currently. Finally, the Anadarko, Niobrara and Bakken rose by a combined 4.6 Bcf/d over the timeframe… “In other words, the bulk of U.S. LNG growth in this post-shale-boom era will come from the Texas and Louisiana basins. RBN notes that both the Permian and Haynesville have been at the epicenter of midstream development in recent months while the Eagle Ford has been showing signs of a production recovery of late, after a decline in recent years. Either way, it’s going to be a real challenge for the United States to meet those targets because takeaway constraints including limited pipeline capacity are seen as the biggest hurdle to growth of the sector despite the country being home to the world’s largest backlog of near-shovel-ready LNG projects.”
Canadian Press: Outgoing CEO Al Monaco says Enbridge 'poster child' for an orderly energy transition
Amanda Stephenson, 12/5/22
“Al Monaco may be the outgoing CEO of Canada’s largest energy company, but don’t ask him to predict the price of oil a decade from now — or even next year,” the Canadian Press reports. “...But Monaco, who is set to retire Jan. 1 after 10 years at the helm of the company, isn’t reticent about when he thinks we’ll reach “peak oil” production in this country. He makes it very clear he doesn’t believe that day is coming any time soon. “It’s not in this decade. And it’s questionable if it will be in the next decade,” Monaco told CP. “It’s hard to see how we (the Canadian oil and gas sector) don’t continue to grow for another decade or two.” Many in Canada disagree with that perspective. Some environmental groups say Canadian oil production will peak around 2025 due to the increased global focus on climate change and the rapidly accelerating energy transition. Even the most recent forecast from the Canada Energy Regulator predicts peak oil production in 2032, seven years earlier than its previous forecast. Some observers have criticized even that outlook as being too conservative because it doesn’t take into account government policies like the forthcoming cap on greenhouse gas emissions from the oil and gas industry… “Unsurprisingly, considering the scale of the company’s natural gas assets in North America, Monaco remains bullish on both natural gas and Canada’s potential to lead as a global LNG exporter. Enbridge already supplies natural gas to four operating LNG facilities in the Gulf Coast and is poised to supply at least three more. Environmentalists are critical of Canada’s LNG ambitions. They say having even one large-scale LNG export facility in this country (the LNG Canada project near Kitimat, which is expected to be operational in 2025) will make it difficult for Canada to meet its climate goals.”
Globe and Mail: TC Energy CEO on his company’s plan to stay resilient in the transition to low-carbon economy
ANDREW WILLIS, 12/5/22
“François Poirier walked into a hotel ballroom last week ready to talk about the future of TC Energy Corp. But the institutional investors gathered there were far more interested in what the chief executive of one of North America’s largest energy infrastructure companies had to say about the present,” the Globe and Mail reports. “...Investors, however, zoomed in on TC Energy’s disclosure of “a material increase in project costs” on the Coastal GasLink pipeline, a 670-kilometre link between B.C. natural gas fields and an LNG terminal on the West Coast. The news came just four months after the company boosted the estimated cost of the project by 70 per cent, to $11.2-billion. In a report, analyst Robert Kwan at RBC Capital Markets said: “News of another material cost increase for the Coastal GasLink pipeline project caught the investment community by surprise.” The problems plaguing the pipeline – scheduled for completion by the end of 2023 – reflect the issues facing every construction project these days. TC Energy is dealing with rising labour costs, a shortage of skilled tradespeople and poor performance from contractors. The company promised to put a new price tag on the pipeline early in the new year – analysts project a $2-billion hike. Mr. Kwan said the delay in announcing the extra costs reflects TC Energy’s ongoing attempt to recover a portion of the bill from contractors and partners. As Mr. Poirier sees it, his job as CEO involves balancing the priorities of current fossil fuel-focused projects and a 30-year plan to become a low-carbon company… “TC Energy is also striking partnerships to share the risks that come with developing carbon-capture technology, linking up with Calgary-based Pembina Pipeline Corp. in 2021 on the planned Alberta Carbon Grid… “After the hotel ballroom session last week, analysts said cost overruns at Coastal GasLink will loom over TC Energy’s stock price until the final price tag becomes clear. Looking further down the road, the company’s “ESG-friendly growth” is expected to resonate with investors, Mr. Kwan said, adding: “We expect TC Energy to outperform other energy infrastructure companies.”
CLIMATE FINANCE
The Hill: Florida pulls $2B worth of investments from BlackRock over ESG investment after DeSantis resolution
CHLOE FOLMAR, 12/2/22
“Florida Chief Financial Officer Jimmy Patronis announced on Thursday that the state’s government would divest $2 billion in investments under management by financial services company BlackRock due to the organization’s strengthening Environment, Social and Governance (ESG) standards,” The Hill reports. “Whether stakeholder capitalism, or ESG standards, are being pushed by BlackRock for ideological reasons, or to develop social credit ratings, the effect is to avoid dealing with the messiness of democracy,” wrote Patronis in a statement. “I think it’s undemocratic of major asset managers to use their power to influence societal outcomes.” Florida Gov. Ron DeSantis in August pushed through a resolution calling for the state to stop investing with ESG due to their “ideological agenda.” BlackRock CEO Larry Fink released an open letter in January outlining the company’s increasing support for “stakeholder capitalism,” where the asset manager is able to choose clients in a socially conscious manner. “Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not ‘woke,’” Fink claimed in his letter. The billionaire businessman is especially pushing environmental sustainability among its clients, announcing in his letter that BlackRock would require companies to set “short-, medium-, and long-term targets for greenhouse gas reductions.” The Florida State Treasury will fully divest from BlackRock’s management by the beginning of 2023, according to Patronis. Florida’s custody bank is currently freezing $1.43 billion in long-term securities that was managed by BlackRock and shifting management of $600 million in short-term overnight investments associated with the state’s Treasury Investment Pool… “Using our cash…to fund BlackRock’s social-engineering project isn’t something Florida ever signed up for,” added the CFO.
OPINION
The Hill: How a Biden-baked ‘permitting’ deal undermines his own climate promises
Russell Chisholm is coordinator of the pipeline construction monitoring Mountain Valley Watch project, documenting and reporting potential violations of environmental law and holding regulators accountable to impact. Carlos Aguilar is the regional lead on climate justice for Oxfam in Latin America and the Caribbean, 12/2/22
“The two of us may live thousands of miles apart but have much in common. As people whose communities are being devastated by fossil fuels, we have seen firsthand how our addiction to fossil fuels is driving local and global crises. We also see how we can come together in global solidarity against big polluters,” Russel Chisholm and Carlos Aguilar write for The Hill. “...But the water — and people’s way of life — could be threatened by the Mountain Valley Pipeline, a project championed by Democrat Sen. Joe Machin of West Virginia. This may seem like uniquely local problem, but it is tied to an issue that has global repercussions — and that needs attention and solutions at the highest levels of government… “Publicly backed by Biden, Manchin’s plan would’ve undone the IRA’s climate benefits by fast tracking fossil fuel projects — harming communities and taking us farther away from meeting our international commitments. Manchin’s earlier attempt to squeeze his “permitting reforms” into a continuing resolution for federal funding failed in September. Manchin has revived his effort, this time hoping to pin his plan to must-pass legislation like the National Defense Authorization Act (NDAA). It’s not hard to figure out where Manchin’s loyalties lie — he received nearly $928,616 from the oil and gas industry from 2017 to 2022… “At the very least, we should not accept so-called reforms that sinks the benefits of renewables by limiting their development to the approval of the very fuels destroying our planet and harming communities in the U.S. and around the world. From Blue Ridge highlands of Virginia to the Altiplano of Bolivia, we urge the Biden administration to make good on its climate justice commitments and reject Manchin’s dirty deal.”
Marcellus Drilling News: Radicals Request Gov’t Slows Down Review for Final 6% of MVP
12/2/22
“A group of 40 so-called environmental groups (all of them leftist radicals) is doing its best to defeat the 94% completed Mountain Valley Pipeline (MVP) project,” Marcellus Drilling News writes. “The groups sent a letter yesterday to officials at the U.S. Dept. of Interior, U.S. Dept. of Agriculture, Bureau of Land Management (BLM), and the U.S. Forest Service (USFS), asking those agencies to stretch out the process of granting new permits (for the THIRD time) to complete MVP by as long as possible. The radicals want a 30-day public scoping period, for starters, so they can repeat their lies once again. They’ve already had their say multiple times for many months–they don’t need another 30-day slot now.”
Traverse City Record Eagle: OPINION: Enough stalling: Michigan needs Line 5 and the Great Lakes Tunnel
Caroline Liethen is the director of environmental and regulatory policy for the Michigan Manufacturers Association, 12/4/22
“Michigan is home to more than 600,000 manufacturing jobs and they rely on Line 5 to do their jobs each day. The pipeline keeps our economy and our manufacturers moving. Without it, production and delivery costs could skyrocket,” Caroline Liethen writes for the Traverse City Record Eagle. “A Line 5 shutdown would create a full-blown economic and energy crisis, which are risks Michigan manufacturers simply cannot afford — neither can the customers who rely on the products we create. The company that operates Line 5 agreed to a multimillion-dollar investment to build the Great Lakes Tunnel, to protect Michigan’s fuel supply and our environment. The plan was approved by the Legislature and signed by the governor in 2018, and yet we are yet to see shovels in the ground. Why? Stall tactics have gotten in the way… “As the permitting process is underway through both state and federal regulators, opponents are once again calling for Line 5’s closure while forgetting one key thing: There is no other safe, feasible or affordable way to transport the energy and resources Line 5 provides us every day… “It reduces the risk of a spill to virtually zero and ensures everyone continues to securely get the safe and reliable energy and resources they rely on every day. Opponents calling for a shutdown must recognize that Line 5 is responsible for thousands of products we use every single day… “Michigan manufacturers are urging regulators to do the right thing for our state and our country by approving the permits.”
Calgary Herald: Opinion: Treated mine water release essential to oilsands reclamation
Pierre Gratton is president and CEO of the Mining Association of Canada, 12/5/22
“Current global unrest and ongoing impacts from the pandemic have brought the security of supply of energy and resource products into sharp focus, not just for Canadians but our allies around the world,” Pierre Gratton writes for the Calgary Herald. “This priority was reinforced at the highest political levels with Deputy Prime Minister Chrystia Freeland saying in a recent speech that “Canada must — and will — show similar generosity in fast-tracking, for example, the energy and mining projects our allies need to heat their homes and to manufacture electric vehicles.” There is no doubt that Canada and its allies need stability when it comes to ensuring demand for mined products is met, and this extends to our oilsands mining sector… “While many other types of mines in Canada, such as copper, nickel, gold, and iron, and other industrial operations including pulp and paper and municipal waste facilities, are allowed to release treated water to the environment provided they meet stringent regulatory requirements, there are no such regulations for oilsands mines. Instead, these mines have had to retain most of the water used in their processes, and significant amounts of accumulated precipitation, since they began operating. As a result, oilsands mines have had to store ever-increasing amounts of water, even with the significant recycling of water that currently takes place on site. Most of the water at oilsands mines is stored in tailings facilities. Industry has heard Canadians say they want companies to reclaim tailings areas faster and agrees, and to reclaim these tailings facilities most of the water needs to be removed. Oilsands mining companies have explored many alternatives to treated water release, from sending water to other assets for use to treating the water and capping it, forming pit lakes. Even with these alternate methods, to expedite reclamation water must be treated and released back into the environment… “We are keen to work with both governments, our Indigenous partners and other stakeholders to develop the right regulation for treated water release that protects the environment and returns the land for future generations.”
The Hill: In tackling the climate crisis, we need to draw the right lessons from the New Deal
James Goodwin is a senior policy analyst at the Center for Progressive Reform, 12/4/22
“As the current congressional lame-duck period moves forward, many lawmakers are still clinging to the hope that an 11th-hour deal can be struck on the permitting reform effort, which was first initiated by Sen. Joe Manchin (D-W.Va.) as part of the Inflation Reduction Act negotiations,” James Goodwin writes for The Hill. “We can expect that the supporters of this effort on the political left will continue to evoke the image of the New Deal programs of the 1930s, as they seek to rally progressive-minded members of their caucus to their side… “But the legacy of the New Deal is complicated, and the lived experiences of many Americans underscore why we must proceed cautiously as we balance the welfare of our most overburdened neighbors with the imperative to quickly decarbonize our economy. The recent calls to dramatically overhaul the National Environmental Policy Act (NEPA) cast this dilemma in stark terms… “One of the New Deal’s forgotten tragedies is that its promise of economic opportunity and security were not extended equally to everyone. Many of its programs were designed to exclude Black communities… “Proposals to gut NEPA, which some claim is required to usher in a new New Deal, would replicate such racial injustice… “Despite what NEPA overhaul proponents claim, we need not sacrifice environmental justice for effective climate action. The New Deal teaches us that we can and must have both. To do so, we must empower the public to play a greater role in the design and implementation of energy policy. If structurally marginalized communities have a chance to set our energy policy priorities from the outset, they will have less need to resort to NEPA litigation at the end of the process, minimizing or even eliminating delays in energy infrastructure construction. The real challenge of meeting the climate crisis isn’t communities demanding more power; it’s the corporate interests who refuse to give their excessive power up.”