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3/30/2021

Energy Realism this past week focused on climate policy and the impressive record of the U.S. oil and gas industry. 

Senior Fellow Rupert Darwall kicks us off by looking at his home country. While Boris Johnson is sometimes likened to Donald Trump – a British-style populist, albeit one who can recite chunks of Homer’s Iliad in the original Greek – in truth, many of his positions are closer to those of President Joe Biden. For example, Johnson wants tackling climate change and biodiversity loss to be his government’s “number one international priority.” Here in the U.S., Alex Flint offers some key opportunities for Republicans to act on climate change, critical to not allow the Democrats to own the issue anymore. Sarah E. Hunt explains why the case for climate lawsuits to proceed in state court is fundamentally flawed given that climate change is a global phenomenon. It is better to look at the merits behind these climate lawsuits and to what extent cities themselves can tackle climate change more effectively outside the courtroom.

No matter what, America’s oil and gas companies must be part of any climate solution. Oil and gas, of course, supply 70% of our energy, and we are now easily the world’s largest producer of these essential fuels. In fact, Stephanie Catarino Wissman reports that the U.S. has set the standard for safe, reliable, and affordable energy. But unrealistic energy policies and bans on hydraulic fracturing, or fracking, could swiftly undo years of progress and economic growth. Finally, Rep. Dan Newhouse & Jason Modglin examine how Representative Jodey Arrington (R-TX 19th District) has helped our cause. He has focused on America’s energy independence and economic development in rural communities, wanting others to realize the dominant force mighty Texas plays in the U.S. energy sector.

Essential Reading

The Wrong Solution at the Right Time: The Failure of the Kyoto Protocol on Climate Change

Amanda M. Rosen, Webster University

This study argues that the Kyoto Protocol on climate change is a fundamentally flawed agreement that set back solutions on climate change by two decades. Using a systematic framework focused on compliance, efficiency, and effectiveness, I analyze the Kyoto Protocol and argue it is a clear case of institutional failure, with the design itself bearing substantial blame for this outcome.

Assessing the Costs and Benefits of the Green New Deal’s Energy Policies

Kevin D. Dayaratna, Nicolas D. Loris, The Heritage Foundation

More than just a climate-energy plan, the “Green New Deal” actually seeks to fundamentally restructure the American economy. Yet, despite the hype from policymakers and the media at-large, the “Deal” would be incredibly costly for American families and businesses, with virtually zero climate benefits.

In the News

BlackRock’s 2021 Engagement Priorities

HLSFCG

Newsom’s Energy Agenda Biased Against His Voters

Ronald Stein, CFACT

13 States Sue Biden Admin Over Moratorium

David Jacobs, The Center Square

Banishing Coal Holds Key to India Net-Zero

Bloomberg

The World Since I Was Born

David Kreutzer, IER

Fmr BlackRock Exec Blows Whistle on Greenwashing

Mark Gilbert, Bloomberg

On the Climate Front: Tensions Where Green Jobs Meet Blue Collars

Vince Bielski, RealClearInvestigations

US Cities Can Deliver the Climate Solutions Outside the Courtroom

Sarah E. Hunt, RealClearEnergy

Putting the Grift in ESG

Andrew Stuttaford, National Review

GOP Urges DOL to Change on ESG, Proxy Rules

Brian Croce, Pensions & Investments

Europe's ESG Rules Hit US Fund Managers

Jean Eaglesham, Anna Hirtenstein, The Wall Street Journal

SEC Unbound: Yet More Regulatory Creep

Richard Morrison, Yahoo News

Don’t Ban Fossil Fuels

Michael Lynch, Forbes

Texas’ Blackouts Blew In on the Wind

Wayne Christian, The Wall Street Journal

Calif's Electric Car Mandate: Empty Virtue Signalling

Steven Greenhut, Reason

Multimedia

Elizabeth Warren and AOC Lay Down Climate Challenge to Biden

Bloomberg Quicktake: Now

Progressives in the House and Senate plan to set down a marker Thursday for President Joe Biden’s infrastructure plans, introducing a $500 billion proposal to shift U.S. transportati...

Oil Outlook: 60-80 Prices in the Next 3-5 years ...I'm Pessimistic About 80-100: Jay Young

Yahoo Finance

Yahoo Finance's Adam Shapiro and Seana Smith spoke with King Operating Corporation CEO Jay Young about the outlook for oil prices.  

ESG - The Intersection of Values and Money With Jason Ware

Albion Financial Group

An introduction to ESG investing.

Who Holds Companies Accountable? ESG

Chris Jones Media

ESG. Who Holds Companies Accountable regarding their impact on the environment? My two guests talk of Environmental Social Governance, ESG, which can encompass issues of carbon emiss...

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