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Election 2012: Implications for Coal and Natural Gas

November 13, 2012 Add Comment Edit

The reelection of President Obama has already sent a message that is impacting the coal industry and it is likely that investors will be more wary of natural gas pending a review. Well ahead of more stringent regulations on the coal industry investors are already seeing the writing on the wall and divesting from this dirty source of energy.

As reviewed in the Washington Post, coal's stock valuations have been directly impacted by Obama's reelection. On the day after the election, shares of Peabody Energy fell 9.6 percent, Arch Coal plunged 12.5 percent, Consol Energy dropped 6.1 percent, and Alpha Natural Resources sank 12.2 percent.

Coal plants will be impacted by the EPA's restrictions on soot emissions from utilities which would tighten the annual exposure to fine-particle soot from 15 micrograms per cubic meter of air to between 12 and 13 micrograms per cubic meter of air.

Within the next few months, the EPA will probably finalize the first carbon standard for new power plants, which will require any new power plant to emit no more than 1,000 pounds of carbon dioxide per megawatt hour of electricity produced. Coal plants emit an average of 1,768 pounds of carbon dioxide per megawatt hour.

Although the average natural gas plant in the US emits 800 to 850 pounds of CO₂ per megawatt hour, the EPA is also studying the environmental impact of hydrolic fracking, which will likely result in new federal standards.

© 2012, Richard Matthews. All rights reserved.

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Election 2012: A Mandate for Action on Climate Change

November 13, 2012 Add Comment Edit

Although not everyone agrees, some environmentalists see the election of 2012 as an endorsement of action on climate change. As reported in a Guardian article, "activists say that it would be wrong to read the election as a stamp of approval for four more years of business as usual. They argue that voters have sent a clear signal that they want more aggressive action on the environment during the president's second term."

Environmental Defense Fund President Fred Krupp is amongst those environmentalists who say that the election provides a mandate for aggressive action on climate change. After the election Krupp issued a statement on Wednesday November 7 saying:

“Exit polls confirm that for millions of American voters, Hurricane Sandy and climate change were decisive factors in this election. As the historic storm just reminded us, we have no time to waste; we must get serious about climate solutions in order to protect our loved ones and communities from terrible impacts -- extreme weather disasters, droughts, heat waves, and other dangerous consequences of global warming. Especially in the wake of Sandy, which demonstrated that doing nothing about climate change is much costlier than taking action, this issue clearly should be a top priority for our leaders in government.”

The same day Frances Beinecke, the president of the Natural Resources Defense Council echoed these sentiments saying:

"By rejecting Big Oil's candidates, voters sent a message loud and clear that they want more clean energy, less climate denial and an end to the $4bn in taxpayer subsidies for fossil fuels."

Predictably, officials from the oil and gas industry have a different interpretation of the results. Despite the decisive defeat of Republican challenger Mitt Romney, they say the election was about the economy. While there is no doubt that the economy is an important issue for Americans, it would be a mistake to interpret the election as an affirmation of business as usual.

© 2012, Richard Matthews. All rights reserved.

Related Posts
Election 2012: Implications for Coal and Natural Gas
The 2012 Election Saw the Rise of Environmentalists as a Political Force
Republicans Need a Serious Policy Review
Hopes for Environmental Action in President Obama's Second Term
President Obama's Victory Speech: "The Best is Yet to Come"
A Vote for Obama is a Vote for Survival
The State of Government Sustainability Efforts
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How Governments can Show Support for Cleantech

The 2012 US Election Saw the Rise of Environmentalists as a Political Force

November 13, 2012 Add Comment Edit

Environmentalism has been around for decades, but in 2012, despite a highly polarized electorate and a lack of formal discussion on climate change, environmentalists have emerged as a political force to be reckoned with.

As reviewed in the Washington Post, in the election of 2012, the environmental community played a key role in several stated including "New Mexico, Montana, Texas and other states, winning seven of eight targeted Senate races and at least three targeted House races."

A lot of money was spent by a number of different groups but even the fossil fuel industry was forced to concede that environmental groups appear to have invested their money wisely.

“There is evidence that the environmentalists have become a more mature political force,” said Scott H. Segal, who lobbies for utility companies at the firm Bracewell & Giuliani.

“Environmentalist spending was up considerably this cycle, and they seemed to resist the frequent trap of supporting third-party or crank candidates in ways that would have siphoned off votes from mainstream Democrats,” Segal said.

Some of the environmental groups that provided funding and volunteers included the League of Conservation Voters (LCV), the Sierra Club, National Wildlife Federation Action Fund, Defenders of Wildlife Action Committee, Environment America and Natural Resources Defense Council Action Fund.

© 2012, Richard Matthews. All rights reserved.

Related Posts
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Election 2012: A Mandate for Action on Climate Change
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President Obama's Victory Speech: "The Best is Yet to Come"
A Vote for Obama is a Vote for Survival
The State of Government Sustainability Efforts
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How Governments can Show Support for Cleantech

New Jersey Governor Chris Christie Accepts the Science of Climate Change (Video)

November 03, 2012 Add Comment Edit

New Jersey Governor Chris Christie showed his support for President Obama after Hurricane Sandy. This should come as no surprise as Christie disagrees with the GOP's stance on climate change. In 2011 Christie held a press conference at the State House to discuss the administration's policies on climate change and promoting renewable energy. The Governor stressed the need to have effective policies in place to combat the effect of greenhouse gas emissions on the environment, while leading New Jersey into a greener and more renewable energy future. As a moderate and pragmatic man who accepts the science of climate change Christie may represent the future of a rejuvenated Republican party.

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Bloomberg Endorses Obama Citing Climate Change (Video)

November 03, 2012 Add Comment Edit

In a stunning move, New York Mayor Michael Bloomberg endorsed the re-election of Barack Obama almost solely because of the issue of climate change. In a piece on the Bloomberg news web site, he said that the destruction caused by hurricane Sandy had led him to his decision. He wrote:

"The floods and fires that swept through our city left a path of destruction that will require years of recovery and rebuilding work. And in the short term, our subway system remains partially shut down, and many city residents and businesses still have no power. In just 14 months, two hurricanes have forced us to evacuate neighborhoods — something our city government had never done before. If this is a trend, it is simply not sustainable."

"Our climate is changing. And while the increase in extreme weather we have experienced in New York City and around the world may or may not be the result of it, the risk that it might be — given this week's devastation — should compel all elected leaders to take immediate action."

Bloomberg very directly castigates Romney for reversing his position on the topic, saying that his previous stances about climate change were driven by free-market, centrist ideas. He digs up a quote from when Romney was governor of Massachusetts, and signed on to a regional cap-and-trade plan to reduce carbon emissions. " "The benefits (of that plan) will be long- lasting and enormous — benefits to our health, our economy, our quality of life, our very landscape. These are actions we can and must take now, if we are to have 'no regrets' when we transfer our temporary stewardship of this Earth to the next generation,"Romney wrote.

Bloomberg says that Romney " couldn't have been more right" — but then notes that he reversed his position. Then he calls Romney "a good and decent man" who has reversed his positions on many issues on which he was right the first time.

Although denied by many Republicans, the idea that the climate has been changing because of human behavior, including the release of greenhouse gases like carbon dioxide and methane, is widely accepted by scientists.

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