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Jennifer Granholm: On clean energy, US is "putting our money where our mouth is”
This November, the US wants to present itself at the COP27 Climate Summit in Egypt as a global leader on renewables with the $370 billion worth of clean energy investment included in the recently passed Inflation Reduction Act.
Something like this has never been done before, and the figure could be double once you add private sector dollars, says Energy Secretary Jennifer Granholm.
America, she tells Ian Bremmer on GZERO World, finally has "some moral authority to say we are putting our money where our mouth is on this."
Granholm believes that Russia's war in Ukraine has aggravated the energy crisis. Making the transition to clean energy even more urgent because the West no longer wants to rely on Russia to keep the lights on.
Watch the GZERO World episode: Supercharging US clean energy & achieving net zero 2050 globally
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Supercharging US clean energy & achieving net zero 2050 globally
Despite its name, the US Inflation Reduction Act won't do much to tame rising prices. But it will do a lot to fight climate change by giving American families and businesses carrots to use more clean energy rather than sticks from guzzling fossil fuels.
What's in the bill, and how will it help accomplish the Biden administration's climate goals?
On GZERO World, Ian Bremmer speaks to US Energy Secretary Jennifer Granholm, who explains how Biden's climate bill will do things like bring back energy manufacturing jobs or help the US show up at the upcoming COP27 climate summit in Egypt as a global leader on clean energy. She also touches on Europe's current energy woes and hopes for an opening on climate cooperation with China.
Bonus: Using commercial drones against Russian forces in Ukraine.
Podcast: Biden's climate bill sets US up to lead on clean energy, says Sec. Jennifer Granholm
Listen: The Biden administration has pushed through the single largest climate spending package in US history. US Energy Secretary Jennifer Granholm joins Ian Bremmer on GZERO World to discuss how the new law could help the United States and the world respond to climate change. The Inflation Reduction Act is Biden's biggest legislative win since the American Rescue Act early in his term in office. It is intended to fight climate change by slashing carbon emissions from power generation and transport. According to Granholm, it will help by giving Americans incentives to use renewable energy in their cars and homes. And that, in turn, will lower the cost of energy prices at home. She also shares her perspective on Europe's current energy woes and hopes for an opening on climate cooperation with China.
Climate emergency: limited Biden executive power
Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, DC, shares his analysis on US politics:
What is President Biden doing now that his legislative agenda is all but over?
Congress is getting ready to throw in the towel on 2022, racing to pass several pieces of legislation dealing with healthcare, drug prices and subsidies for the semiconductor industry before they go on their annual recess beginning in August. Some Democrats are holding out hope they can still pass a broader bill to finance green energy investments. But others are already writing the eulogy for the 117th Congress, recognizing how hard it is to legislate in a 50-50 Senate and a narrowly divided House and looking forward to Republicans taking control of at least one branch of government next year.
So what is President Biden going to do without Congress? He doesn't have great options. Democrats are looking to President Biden to drive action on abortion access, voting rights, and now climate change. All issues that Congress could not find big enough majorities to legislate on this year. This week, the Biden administration is attempting to claim progress on their very ambitious environmental agenda. Biden came into office with the goal of getting to a carbon pollution free power sector by 2035 and net zero emissions in the economy by 2050, and he had a plan to get there. An analysis from a team of Princeton University found that the Build Back Better plan passed by the House would've cut greenhouse gas emissions by 5.2 billion tons by 2030, well on the way towards Biden's goal of cutting carbon emissions in half by that point. But unfortunately the Senate couldn't pass that bill. And this week, the White House floated an idea supported by environmental groups, which is declaring a climate change emergency that would give him extraordinary powers to regulate fossil fuel emissions and regulate the carbon footprint of the federal government. But, these powers would likely still be incredibly limited.
The Supreme Court has indicated they would look skeptically on any expansive use of authorities under the Clean Air Act to regulate carbon emissions. And short of sweeping new regulations, Biden's powers are limited to things like redirecting federal funds towards research and development, establishing renewable energy purchase targets for the entire federal government, limiting the expansion of US oil and gas drilling and halting court mandated onshore lease sales. He's politically limited here as well. Anything that hurts domestic energy production is a political risk given high gas prices. The cumulative effect of these policies would fall far short of what would be needed to achieve his emission reductions target. Without congressional support there's only so much Biden can do, and these actions will fall far short of what Senator Sheldon Whitehouse called "executive Beast Mode", surely leaving climate activists disappointed and concerned as the incoming Republican majority in the House is not likely to do anything to reduce emissions.
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Surviving a warming planet
Fires, floods, and droughts. Climate change is already happening but so far humans have been slow to react. Will the UN Climate Conference (COP26) produce lasting change or just more hot air? On GZERO World, Ian Bremmer speaks with Inger Andersen, Executive Director of the UN Environment Program. Plus, a look at what's driving the United Kingdom's fuel shortage.