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If he loses — which, at this stage, seems likely — this will all have been for nought.
Let’s start here: Joe Biden is losing the presidential election. He is now roughly 2 points behind Donald Trump in national polls, according to the FiveThirtyEight average. Though that may sound small, no Democrat has been further behind in the polls, at this point in the election, since Al Gore in 2000.
Some of this collapse is due to fatigue with Democrats in general, part of a global wave of anti-incumbent fervor. But at least some is specific to Biden. In some swing state polls, a large gap has opened up between Biden and the Democratic Senate candidate. Senator Tammy Baldwin, for instance, is running 12 points ahead of Biden in Wisconsin, according to an AARP poll released on Tuesday. Wisconsin is one of three key states that the president must win to clinch re-election.
This is, obviously, a significant problem for Democrats. Senator Michael Bennett, a Democrat of Colorado, believes the party is on track to lose control of the House and Senate in addition to the presidency.
But it is a particular issue for those who believe the American economy should decarbonize. Biden alone among candidates in the presidential election has an impressive climate record: He fought for the passage of — and subsequently signed — the Inflation Reduction Act, the largest climate law in American history. For 30 years, Democrats had tried and failed to pass comprehensive climate legislation through the U.S. Senate; it finally happened under Biden’s watch.
The Biden administration has also used its considerable presidential powers to lower carbon emissions: The Environmental Protection Agency has proposed rules that would significantly cut heat-trapping pollution from power plants, cars and trucks, and the oil and gas sector, and the Department of Energy and the National Highway Traffic Safety Administration have each set out their own emissions-reducing rules.
The Bipartisan Infrastructure Law is also helping to establish new, multi-billion-dollar “hubs” that aim to commercialize clean hydrogen production and carbon removal technologies. The president even stepped in to block new natural gas export terminals — a move that I have more complicated feelings about, but that, in any case, a federal judge has now blocked.
I don’t need to go over the litany of Trump’s environmental misdeeds, but suffice it to say that during his time in office, Donald Trump demonstrated a distinct glee in tearing up climate regulations and blocking decarbonization. He withdrew America from the Paris Agreement, rolled back the EPA’s climate rules, and deemed climate change a “hoax.” In his second term, he again seeks to overturn the EPA’s new climate proposals, including requirements that automakers sell more electric vehicles. The Heritage Foundation’s more complete plans for a second Trump administration — dubbed Project 2025 — calls for closing dozens of government offices concerned with climate change, ending energy efficiency standards, repealing the IRA’s tax credits, and breaking up the National Oceanic and Atmospheric Administration.
Suffice it to say: Biden is the only serious candidate in the race who wants to do something about climate change. He is the climate candidate, and he has a climate record to run on. But Biden has miserably failed to communicate any of these policy successes to the masses. Nearly 60% of voters said they knew little or nothing about the Inflation Reduction Act, according to the Heatmap Climate Poll, conducted late last year. (A Yale and George Mason University survey found roughly similar results.)
You might think that reveals a canny strategy on the White House’s part: Perhaps it knows the IRA is divisive, and so it is only bragging about the law to the right audience. But polling shows Biden’s policies are consistently failing to reach the very Americans who should have heard about them — the subset of Americans who are worried about climate change and want to see something done about it. Of Americans who believe climate change is a “very important” issue, only 10% have heard or read a lot about Biden’s climate policies, according to an April CBS News/YouGov poll. And nearly half of Americans who rate climate change highly said that they have heard nothing or “very little” about Biden’s efforts, according to the same survey.
That is not the only poll to reach that conclusion. Another recent survey, conducted by the Associated Press and the NORC Center for Public Research, found that nearly half of Americans were more concerned about climate change this year than they were last year — but that barely any of that cohort had heard about the IRA, and few thought the legislation would affect their lives or mitigate climate change. Nearly half of the poll’s respondents either didn’t know whether the IRA would help climate change or thought it would make it worse. The IRA — and Biden’s climate agenda more broadly — is failing to break through.
Now, I don’t labor under the impression that climate change is a particularly potent or popular electoral issue. I’ve come to think that climate, if not actively deleterious to Democrats, is at least an electoral sideshow to the more enduring issues at the center of American politics: the economy, interest rates, taxes, health care, and national security. (Of course, climate change could vastly reshape the American economy and the public’s health, but other, more immediate concerns — such as employment, inflation, or abortion access — understandably remain more front-of-mind for voters.)
But as a climate journalist, I’ve still found the past two years perplexing. Why do so few people seem to understand the IRA’s goals? Why has the Biden administration struggled so much to communicate the IRA’s most popular aspect — namely, that it will reduce electricity costs (if not inflation itself) for voters? Consider the bare political record here: The Biden administration passed a law called the Inflation Reduction Act, and inflation subsequently came down. A more competent administration would be all over that simplistic, but still potent, victory. So why don’t more people seem to know about what Biden is doing? How is the federal government doing so much on climate change and nobody — not even climate-concerned Democrats — seem to care?
These questions have an easy answer: The candidate is not capable of communicating these victories, so they are not breaking through. Biden, in his diminished state, is not a skilled, crisp, or even very decipherable communicator. As Ezra Klein has observed, Biden is not generating the kind of memorable moments or sterling speeches that Democrats can share among themselves. He is barely speaking in complete sentences. In today’s fragmented media landscape, where first-person accounts and viral videos can go much further than news stories or wonky analysis, the candidate must be the chief champion of his or her victories. Judging from Biden’s disastrous performance at the first presidential debate — and his relative lack of lengthy, unscripted public appearances since then, and the account of those who have interacted with him — he seemingly cannot meet that standard.
Biden’s tremendous climate legacy rests on whether he can sell his accomplishments to the public and win the 2024 election. And that ability is faltering, to say the least.
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What happened this week in climate and energy policy, beyond the federal election results.
1. It’s the election, stupid – We don’t need to retread who won the presidential election this week (or what it means for the Inflation Reduction Act). But there were also big local control votes worth watching closely.
2. Michigan lawsuit watch – Michigan has a serious lawsuit brewing over its law taking some control of renewable energy siting decisions away from municipalities.
A conversation with Frank Wolak of the Fuel Cell and Hydrogen Energy Association.
We’re joined today by Frank Wolak, CEO of perhaps the most crucial D.C. trade group for all things hydrogen: the Fuel Cell and Hydrogen Energy Association. The morning after Election Day we chatted about whether Trump 2.0 will be as receptive as members of Congress have been to hydrogen and the IRA’s tax credit for producing the fuel. Let’s look inside his crystal ball, shall we?
Simply put, will president-elect Donald Trump keep the IRA’s 45V tax credit in place?
So a couple things there. First, the production tax credit still has to be finalized and what they do about the tax credits, if anything, is a function of whether the Biden administration issues final guidance.
If they issue final guidance, then what that guidance says will determine what kind of reaction the Trump administration may have, whether to adjust it or tweak it.
The second thing: I think the tax credits fit into a question of the IRA broadly and hydrogen specifically. The Trump administration is going to be looking at the entirety of the IRA. There’s the question of what pushback hydrogen has in this administration and if it’s viewed as valuable or important or secondary, tertiary to other things. And I think we’ve yet to see that in the form of any platform.
So Trump’s view on hydrogen is a mystery then – how will that uncertainty impact hydrogen projects in development today?
The uncertainty that has been experienced by this industry predates the election outcome. The long wait for guidance has definitely slowed down the amount of investment. They’ve put many things on hold. This is not a secret.
What I’ll say is, the ability to regroup and fulfill the expectations that this industry had two or three years ago is hugely dependent on the outcome of the tax credit.
What do you think we’ll see companies do in this information vacuum? Will we see them double down on supporting the credit or potentially get out of hydrogen since it’s an emerging, nascent technology?
The doubling down on the tax credit depends on what the guidance looks like.
If the guidance looks flexible, the question is: how do you take that flexibility and make sure the Trump administration continues it and sees it as valuable or vital?
If the tax credit becomes rigid and stays rigid in the Biden administration, you’ll have a two step process – to unwind the rigidity and then also encourage the Trump administration to see the merits. If the guidance stays as stated, the work is harder.
The degree to which industry continues to make investments and says, “hey, we’re all in,” is a function of how these tax credits emerged. Are they going to really keep fighting and to keep the momentum going, or are the [credits] so limited that companies go, “look this is going to be very very hard to overcome in the U.S. so we’re going to take our investment elsewhere.”
You think we might see companies dip out of the hydrogen space over the credit’s outcome?
Mature long term players who are multinationals … are remaining extremely positive. They may adjust the sequence of their investments but they’re in this because they’re in hydrogen and want to be in this market as much as possible.
But those who saw this as an opportunity to come in and take advantage of tax credits are having those reactions of, “Should I invest? Do I look [at it] positively?” And that’s probably natural.
On the looming climate summit, clean energy stocks, and Hurricane Rafael
Current conditions: A winter storm could bring up to 4 feet of snow to parts of Colorado and New Mexico • At least 89 people are still missing from extreme flooding in Spain • The Mountain Fire in Southern California has consumed 14,000 acres and is zero percent contained.
The world is still reeling from the results of this week’s U.S. presidential election, and everyone is trying to get some idea of what a second Trump term means for policy – both at home and abroad. Perhaps most immediately, Trump’s election is “set to cast a pall over the UN COP29 summit next week,” said the Financial Times. Already many world leaders and business executives have said they will not attend the climate talks in Azerbaijan, where countries will aim to set a new goal for climate finance. “The U.S., as the world’s richest country and key shareholder in international financial institutions, is viewed as crucial to that goal,” the FT added.
Trump has called climate change a hoax, vowed to once again remove the U.S. from the Paris Agreement, and promised to stop U.S. climate finance contributions. He has also promised to “drill, baby, drill.” Yesterday President Biden put new environmental limitations on an oil-and-gas lease sale in Alaska’s Arctic National Wildlife Refuge. The lease sale was originally required by law in 2017 by Trump himself, and Biden is trying to “narrow” the lease sale without breaking that law, according to The Washington Post. “The election results have made the threat to America's Arctic clear,” Kristen Miller, executive director of Alaska Wilderness League, toldReuters. “The fight to save the Arctic Refuge is back, and we are ready for the next four years.”
Another early effect of the decisive election result is that clean energy stocks are down. The iShares Global Clean Energy exchange traded fund, whose biggest holdings are the solar panel company First Solar and the Spanish utility and renewables developer Iberdola, is down about 6%. The iShares U.S. Energy ETF, meanwhile, whose largest holdings are Exxon and Chevron, is up over 3%. Some specific publicly traded clean energy stocks have sunk, especially residential solar companies like Sunrun, which is down about 30% compared to Tuesday. “That renewables companies are falling more than fossil energy companies are rising, however, indicates that the market is not expecting a Trump White House to do much to improve oil and gas profitability or production, which has actually increased in the Biden years thanks to the spikes in energy prices following the Russian invasion of Ukraine and continued exploitation of America’s oil and gas resources through hydraulic fracturing,” wrote Heatmap’s Matthew Zeitlin.
Hurricane Rafael swept through Cuba yesterday as a Category 3 storm, knocking out the power grid and leaving 10 million people without electricity. Widespread flooding is reported. The island was still recovering from last month’s Hurricane Oscar, which left at least six people dead. The electrical grid – run by oil-fired power plants – has collapsed several times over the last few weeks. Meanwhile, the U.S. Bureau of Safety and Environmental Enforcement said yesterday that about 17% of crude oil production and 7% of natural gas output in the Gulf of Mexico was shut down because of Rafael.
It is “virtually certain” that 2024 will be the warmest year on record, according to the European Copernicus Climate Change Service. In October, the global average surface air temperature was about 60 degrees Fahrenheit, or nearly 3 degrees Fahrenheit warmer than pre-industrial averages for that month. This year is also on track to be the first entire calendar year in which temperatures are more than 1.5 degrees Celsius above pre-industrial levels. “This marks a new milestone in global temperature records and should serve as a catalyst to raise ambition for the upcoming climate change conference,” said Copernicus deputy director Dr. Samantha Burgess.
C3S
The world is falling short of its goal to double the rate of energy efficiency improvements by 2030, the International Energy Agency said in its new Energy Efficiency 2024 report. Global primary energy intensity – which the IEA explained is a measure of efficiency – will improve by 1% this year, the same as last year. It needs to be increasing by 4% by the end of the decade to meet a goal set at last year’s COP. “Boosting energy efficiency is about getting more from everyday technologies and industrial processes for the same amount of energy input, and means more jobs, healthier cities and a range of other benefits,” the IEA said. “Improving the efficiency of buildings and vehicles, as well as in other areas, is central to clean energy transitions, since it simultaneously improves energy security, lowers energy bills for consumers and reduces greenhouse gas emissions.” The group called for more government action as well as investment in energy efficient technologies.
Deforestation in Brazil’s Amazon fell by 30.6% in the 12 months leading up to July, compared to a year earlier. It is now at the lowest levels since 2015.