1. Spend Time to Conduct a Comprehensive ESG Audit and Materiality Assessment. Assess your organization’s current impact on the environment, society, and governance structure, as well as which of these ESG issues are material to or influence your financial bottom…Read full post
What Will Biden’s Energy Policy Look Like Going Forward?
Late last year, President Joe Biden’s Build Back Better legislation died in the Senate. Moving into the first half of 2022, we have seen gas and energy prices skyrocket, seemingly with no end in sight. What will President Biden’s energy policy look like sans Build Back Better, and what is his administration doing to both combat climate change and energy costs? We explore those questions below.
What Would Build Back Better Have Meant for Biden’s Energy Policy?
The legislation earmarked $555 billion for renewable energy and clean transportation incentives over a decade and would have been the USA’s largest climate change investment ever. According to the Biden Administration, the Build Back Better was crucial for Biden’s goal of cutting greenhouse gas emissions 50%-52% by 2030. Although the legislation is no longer moving forward, Biden has taken executive action to spur clean technology.
President Biden’s Latest Executive Orders
Given that Biden cancelled the Keystone XL Pipeline earlier in his term, the public expected him to continue to be tough on fossil fuels and proactive about promoting renewable energy and clean technologies. This was corroborated by his recent executive orders. On June 6, 2022, Biden took executive action to:
- Authorize use of the Defense Production Act (DPA) to accelerate domestic production of clean energy technologies, including solar panel parts
- Put federal procurement to work spurring additional domestic solar manufacturing capacity
- Create a 24-month bridge as domestic manufacturing rapidly scales up to ensure the reliable supply of components that U.S. solar deployers need to construct clean energy projects and the electric grid
According to the Biden Administration, these actions will encourage domestic manufacturing, construction projects, and jobs, while also cutting energy costs, strengthening the U.S. grid, and tackling climate change and environmental injustice issues. Click here to read more about each executive action.
What Is President Biden Doing About Gas Prices?
Biden has completed many different actions in an attempt to steady gas prices. In late March of this year, he ordered a record-setting release of 180 million barrels of oil from the Strategic Petroleum Reserve (SPR). He has also been pushing to get producers to increase supply. However, prices remain higher than average, with average gas prices in the U.S. at around $5.00/gallon.
We’ll have to wait and see how Biden’s energy policy plays out over the next few months. Stay tuned for our update next quarter. With the volatility in the market, now it a great time to explore sustainability and energy management tools. And sign up for our Weekly Energy Market Updates to get the latest energy market and price updates straight to your inbox each Friday.
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