Climate "code red", Lure of the Beach, & unravelling the $1.2T infrastructure bill
The newsletter for independent thinkers on carbon and climate.
Issue No.86
Welcome to the latest issue of Carbon Creed - a curated newsletter for independent thinkers on carbon and climate.
The IPCC Report on climate change is “code red” for humanity.
(source: Business Standard)
This week, the news was bleak: The climate crisis has arrived, and it’s going to get worse before it can get better. A major new United Nations scientific report has concluded that countries and corporations have delayed curbing fossil-fuel emissions for so long that we can no longer stop the climate crisis from intensifying over the next 30 years. It’s an assessment both sobering and, potentially, immobilizing.
But the IPCC report also offers a glimmer of hope. We learned that it’s not too late to stave off the worst possible outcomes of a warming world.
Avoiding the worst — 2, 3 or even 4 degrees Celsius of warming — will require a coordinated effort among countries to stop adding carbon dioxide to the atmosphere by around 2050, which would entail a rapid shift away from fossil fuels starting immediately, as well as potentially removing vast amounts of carbon from the air — halting and leveling off warming at around 1.5 degrees Celsius, the report concludes.
It’s also up to us as individuals to do our part to reduce carbon emissions. We have strength in numbers - more than 8 billion humans strong. If we each do just a little each day to decarbonize, collectively it can have an enormous impact.
We’ll keep you posted on the latest carbon policy and market insights as they happen.
If you have an opinion on any topic covered in this newsletter, please feel free to send me an email at mcleodwl@carboncreed.com.
Thank you for your viewpoint and the value of your time.
FORWARDED THIS AND WISH YOU GOT IT EVERY WEEK? YOU CAN! POUND THE BURGUNDY BUTTON BELOW…
NOW, LET’S GO DEEP!
QUOTES
Climate quotes and sayings that will inspire you
“If we pollute the air, water and soil that keep us alive and well, and destroy the biodiversity that allows natural systems to function, no amount of money will save us.” — David Suzuki, Scientist & Activist
“As many know, the Chinese expression for ‘crisis’ consists of two characters side by side. The first is the symbol for ‘danger,’ the second the symbol for ‘opportunity.’"
— Al Gore, Former U.S. Vice President & Author, “An Inconvenient Truth”
“We are the natural nurturers of the Earth Mother. The Earth Mother needs our help, she needs our prayers. We need to educate the women of the world that prayer works.”
— Agnes Baker-Pilgrim, Takelma (Native American)
BOOKS
(source: UC Press)
The Lure of the Beach
By Robert C. Ritchie
A beach isn’t just a stretch of sand at the edge of a body of water. It’s a source of our well-being. Materially, it can be a life-sustaining source of mussels, oysters, crabs, fish and seaweed (and driftwood). But, as a natural phenomenon, perhaps its impact on our emotional life is even greater. The daily drama of sunsets and sunrises, the vast mystery of the neighboring sea, the flight of seagulls, the meditative pleasure of simply walking along the ever-changing water-line. The lure of the beach to mankind is timeless.
The Lure of the Beach is a chronicle of humanity’s history with the coast, taking us from the seaside pleasure palaces of Roman elites and the aquatic rituals of medieval pilgrims, to the venues of modern resort towns and beyond. Robert C. Ritchie traces the contours of beach economies through time, covering changes in the social status of beach goers, the technology of transport, the development of fashion, and the geographic spread of modern beach-going. And as climate change and rising sea levels erode the familiar faces of our coasts, we are poised for a contemporary reckoning with our beaches and their critical ecosystems. The history of the beach is a human story that deserves to be told now more than ever before.
Creed Comments: How could I resist a book about the history of humans and their interactions with the beach! Put this one in the lighter fair category, to be enjoyed while lounging somewhere remote with just the waves and a cool drink for company.
INSIGHTS - LEGISLATIVE POLICY
(source: Senate Republican Policy Committee)
Let’s breakdown the Senate approved $1.2 Trillion infrastructure bill
On August 10, 2021, the Senate passed a bipartisan infrastructure bill that included many pieces of President Biden’s plan, but also contained numerous revisions, reflective of the compromises necessary to pass this ambitious legislation in the Senate.
The Senate approved bill scaled down Biden’s infrastructure plan—from $2,600 billion to $550 billion, cutting investments in research and development, clean energy tax credits, public buildings including schools and homes, and home- and community-based care. Here’s what the Senate bill included and what it cut.
Environmental Remediation and Infrastructure
The Senate bill included over $75 billion in allocations for environmental remediation and infrastructure. Notably, the Senate increased spending for environmental remediation and western water infrastructure, the only areas in which it did so. Allocations include:
$21 billion in funds for environmental remediation, including funds to clean up Superfund and brownfield sites, reclaim abandoned mine land, and cap orphaned gas wells. The Great Lakes Restoration Initiative—a successful program that fights invasive species, cleans up pollution, and protects the Great Lakes for future generations—will receive $1 billion in funding. The bill aims to create jobs in rural communities that have experienced underdevelopment and remediate sites that have historically affected communities of color at higher rates.
$8 billion to improve western water infrastructure, including funds for water storage, rehabilitation of aging infrastructure, rural water projects, water recycling and reuse programs, water desalination research, and other programs to improve access to clean water.
$47 billion to upgrade the nation’s infrastructure, including funds for resilience improvement grants, community resilience and evacuation route grants, research, cyber resilience, and transportation, broadband, energy, building, and clean water infrastructure resilience.
Transportation Infrastructure and Safety
The Senate bill also allocated over $250 billion toward transportation infrastructure and safety, including:
$110 billion to improve transportation infrastructure, including $40 billion for bridge repair, replacement, and rehabilitation, $16 billion for major projects too large for traditional funding, and reauthorization of the surface transportation program for the next five years. The transportation infrastructure improvements will focus on climate change mitigation, resilience, equity, and safety for all users.
$11 billion to fund transportation safety programs, including highway safety, truck safety, and pipeline and hazardous material safety. This includes $5 billion to create the Safe Streets for All program to help reduce crashes and fatalities, especially for cyclists and pedestrians.
$39 billion dedicated to modernizing transit, including replacing thousands of transit vehicles with zero emission vehicles, upgrading infrastructure, and improving accessibility for the elderly and people with disabilities. Additionally, the bill dedicates $8 billion in capital investment grants to bring transit services to underserved communities.
$66 billion in investment to maintain and modernize railways in the Northeast Corridor, expand rail service to areas outside the Northeast and Mid-Atlantic, and expand high-speed rail. The bill also provides funding for rail improvement and safety grants, as well as crossing safety improvements.
$25 billion in funds to improve airport infrastructure and $17 billion to improve waterways and ports. This includes addressing overdue repairs, reducing congestion and emissions, and promoting electrification and other low-carbon technologies to lessen the impact of transportation centers on surrounding communities and improve services.
$1 billion to fund the design, planning, demolition, and reconstruction of roads and other infrastructure to reconnect communities that have been separated by or disconnected from transportation infrastructure. According to a White House press release, these communities are typically communities of color. President Biden originally proposed $24 billion for this purpose—so this amounts to a 96 percent reduction.
Utilities Infrastructure
The Senate bill included $185 billion in utilities infrastructure, including:
$65 billion to fund nationwide access to high-speed, broadband internet. This adds to the $3.2 billion Emergency Broadband Benefit program launched in May 2021. The funds will make broadband more accessible and affordable by requiring funding recipients to offer affordable plans, creating a permanent program to help low-income households access the internet, and increasing competition.
$55 billion to rebuild water infrastructure and improve access to safe, clean drinking water by replacing all lead service lines and removing PFAs. This is the largest investment in clean drinking water in American history, but less than half of President Biden’s $111 billion proposal.
$65 billion in investment to upgrade aging power infrastructure including building new, resilient transmission lines to facilitate renewable energy expansion. The bill funds President Biden’s new Grid Deployment Authority, invests in research and development for new transmission, distribution, and smart grid technologies. It also invests in research for nuclear, carbon capture, and clean hydrogen technologies.
Electric Vehicles and Infrastructure
Electric vehicles and infrastructure faced one of the largest cuts while still remaining in the bill. The original bill provided for $142 billion in funding for this category, which negotiations reduced 90 percent to $15 billion in total funding, including:
$7.5 billion dedicated to build the first national network of electric vehicle chargers to encourage the purchase of electric vehicles and support manufacturing jobs. This infrastructure project will include placing electric vehicle chargers along highways and within communities, with a focus on rural, disadvantaged communities.
$5 billion to replace school buses with zero emission buses and clean buses and to fund charging and fueling infrastructure. Additionally, $2.5 billion is dedicated to purchase electric or low-emitting ferries and to electrify or reduce emissions from existing ferries. This program, if successful, will increase the demand for manufacture of electric batteries and transit vehicles, create jobs, and reduce diesel emissions.
Cut from President Biden’s Proposal
The following funding provisions did not make it into the Senate infrastructure bill:
Research, Development, and Manufacturing
President Biden proposed a $566 billion investment in research, development, and manufacturing. As detailed in our previous blog post, Biden’s proposal would have invested in American manufacturing and research and development of decarbonization, carbon capture and storage, hydrogen, reduction of greenhouse gas emissions, advanced nuclear energy, biofuel, bioproducts, quantum computing, offshore wind farming, electric vehicle technology, energy storage, and climate resilience.
Additionally, as discussed in our previous post, President Biden’s proposal aimed to promote economic development in low-income communities and communities of color through research and development. The proposal included significant investment to upgrade research infrastructures, create research incubators, and increase research and development in STEM. At least $45 billion was dedicated to Historically Black Colleges and Universities and other Minority Serving Institutions.
Clean Energy Tax Credits
President Biden’s proposal funded $363 billion in clean energy tax credits; the Senate approved bill contains none.
The bill proceeded to the House of Representatives. An uphill battle lies ahead: House Democrats have presented a separate $3.5 trillion budget bill, which addresses many of the provisions left out of the Senate infrastructure bill, including provisions for child care, education, healthcare and climate change. It is uncertain which version of the bill the House will vote on.
[This post was adapted from the original written by Emilie McGuire & Robert A.H. Middleton for Schiff Hardin, LLP]
RESOURCES
The Keeling Curve a daily record of global atmospheric CO2 concentration.
Congressional Policy Tracker a summary of current federal energy legislation.
Click Clean your favorite apps and tech company clean power rankings.
Advancing Inclusion Through Clean Energy Jobs a report by the Brookings Institute.
Understanding ESG a series of ESG-focused thought leadership webinars for business and investors, presented by Baker McKenzie.
Matter of Fact, a weekly newsmagazine that focuses on socioeconomic and climate issues in America, hosted by veteran journalist Soledad O'Brien.
IF YOU ARE A SUBSCRIBER, THANK YOU AGAIN, AND PLEASE FORWARD THIS TO A FRIEND!
👋 Questions, comments, advice? Send me an email!