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HOW HARD IT WILL BE FOR BIDEN: President
Joe Biden’s new pledge for the U.S. to cut its economy-wide emissions 50% to 52% by 2030
unveiled at his climate summit this morning means largely eliminating coal from electricity, reducing natural gas use significantly, and definitely no new gas plants without carbon capture, according to various recent analyses we’ve reviewed.
We’d also have to increase clean energy sources to more than double today’s share.
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BIDEN WANTS TO USE PRIVATE CAPITAL: The Biden administration is placing greater emphasis on enlisting private finance to curb climate change, pushing major banks and asset managers to join climate negotiations that have long been focused on government investment.
At its climate summit starting tomorrow, the Biden administration is hosting a session dedicated solely to climate finance, led by special climate envoy
John Kerry, Treasury Secretary
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THE BARGAIN: Labor groups of all stripes are lining up behind President
Joe Biden’s green infrastructure plans, as long he delivers on his promise to close the job quality gap between renewable energy and fossil fuel-related employment.
At an event with Sen.
Joe Manchin we wrote about in yesterday’s edition, the United Mine Workers of America said it was prepared to accept a transition away from fossil fuels if it came with financial aid for miners who lost their jobs, employment opportunities in renewable energy, and investment in carbon capture technology.
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VAGUE LANGUAGE FROM CHINA: The U.S. and China have set a tone for cooperating on climate change this decade, but Beijing is still holding off on delivering concrete near-term pledges ahead of President
Joe Biden’s big summit event later this week.
The world’s two largest emitters issued a broad but vague statement this past weekend after climate envoy
John Kerry’s last gasp China trip to meet with his counterpart
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CHINA’S BIG COAL CHALLENGE: China needs to cut in half its carbon emissions from its coal plants by 2030 in order to achieve its pledge of becoming carbon neutral by 2060, according to new research this morning.
To halve its emissions from coal China must shut, retrofit, or put into reserve 364 gigawatts of coal within 10 years, around a third of its current total,
according to London-based climate data provider TransitionZero.