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Economy

World May Be ‘At or Near’ 2C Threshold Within 5 Years, Report Says
Climate

AM Briefing: The 2C Threshold Approaches

On a new WMO report, FEMA, and Oak Flat

Ideas

Trump’s Budget Would Be a Bust for Oil Boomtowns

And coal communities and fracking villages and all the rest.

Ideas

The Clean Energy Dividend

The founder of Galvanize Climate Solutions and a 2020 presidential candidate does some math on how smart climate policy could help the U.S. in a trade war.

Blue
Politics

The GOP Tax Bill Is a Dangerous Gamble at a Precarious Moment

House Republicans have bet that nothing bad will happen to America’s economic position or energy supply. The evidence suggests that’s a big risk.

Yellow
Inserting money into a socket.

IRA Cuts Would Sacrifice $1 Trillion of Economic Growth

Energy Innovation has some bad news for House Republicans.

Green
Climate

AM Briefing: GOP Hardliners Win Quicker Clean Energy Credit Phase-Out

On budget negotiations, Climeworks, and a decline in shale

GOP Hardliners Win Quicker Clean Energy Credit Phase-Out in Budget
<p>Heatmap Illustration/Getty Images</p>

Current conditions: The chance of tornadoes continues through Tuesday in the Great Plains, Midwest, and South after weekend storms in the central U.S. killed at least 27The uncontained 18,000-acre Greer Fire in eastern Arizona is now encroaching on the towns of Greer, South Fork, and Eagar No tropical cyclones have formed anywhere in the Northern Hemisphere yet this year. The average by May 19 is 3.5.

THE TOP FIVE

1. Republican hardliners secure promise of quicker phase-out for clean energy tax credits

Late Sunday evening, lawmakers on the House Budget Committee reconvened to advance the reconciliation bill in a rare weekend vote. The package had initially failed to progress in a vote on Friday after Republican hardliners, including members of the House Freedom Caucus, expressed concerns that it did not go far enough to reduce the nation’s budget deficit. Though the package is still under negotiation — the four holdouts from Friday voted “present” to express their continued dissatisfaction — Politico reports that “Republican leaders put their commitments to the GOP holdouts in writing.” Per Punchbowl, that included House Speaker Mike Johnson proposing “a quicker phase-out of clean energy tax credits that were put into law as part of the 2022 Inflation Reduction Act. Republican leaders tentatively agreed to cut off all credits by 2028.”

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Economy

Is Wall Street Wrong About the IRA?

Investors are only just now starting to digest what the proposed cuts will mean, especially for energy storage.

A This Is Fine bull.
<p>Heatmap Illustration/Getty Images (Apologies to KC Green)</p>

Is Wall Street too sanguine about the House of Representatives’ proposal to gut the Inflation Reduction Act? When the House Ways and Means Committee unveiled its language on the law on Monday — phasing out tax credits, implementing strict restrictions on business relationships with Chinese companies, and altering when projects are eligible for credits — some investors responded to the cutbacks by driving up the prices of some clean energy stocks.

The residential solar company Sunrun traded up on Tuesday by 8.6%, and the American solar manufacturer First Solar was up over 22%. (Stock movements on Monday were largely in response to the pause of the U.S.-China trade war, also announced that morning.)

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