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Governors' Biofuels Coalition
NEWS UPDATE June 1, 2021

Top Story

Big Setbacks Propel Oil Giants Toward a ‘Tipping Point’

By Somini Sengupta, New York Times  •    •  Posted June 1, 2021

A nun, an environmental lawyer, pension fund executives, and the world’s largest asset manager. These were among the unusual collection of rebels who claimed a series of startling victories this week against some of the world’s biggest and most influential fossil fuel companies. From Houston to The Hague, they fought their battles in shareholder meetings and courtrooms, opening surprising fronts in an accelerating effort to force the world’s coal, oil and gas companies to address their central role in the climate crisis. And even as they came with strikingly disparate points of view — corporate shareholders, children’s rights advocates, environmentalists, thousands of Dutch citizens — they delivered a common underlying message: The time to start retreating from the fossil fuel business is no longer in the future, but now. [ read more … ]

SREs

Refinery renews plea for reform of biofuel standard as credit prices inflict more financial pain

By Jon Hurdle  •    •  Posted June 1, 2021

The owner of Delaware City Refinery is trying again to get some relief from renewable fuel credits it is required to purchase, and it’s getting support from Delaware’s Congressional delegation and Gov. John Carney Delaware’s Congressional delegation and Gov. John Carney stepped up pressure on the federal government to reform a system of renewable fuel credits that may threaten the survival of Delaware City Refinery. [ read more … ]

Climate

More Than a Third of Heat Deaths Are Tied to Climate Change, Study Says

By John Schwartz, New York Times  •    •  Posted June 1, 2021

More than a third of heat-related deaths in many parts of the world can be attributed to the extra warming associated with climate change, according to a new study that makes a case for taking strong action to reduce greenhouse gas emissions in order to protect public health. The sweeping new research, published on Monday in the journal Nature Climate Change, was conducted by 70 researchers using data from major projects in the fields of epidemiology and climate modeling in 43 countries. It found that heat-related deaths in warm seasons were boosted by climate change by an average of 37 percent, in a range of a 20 percent increase to 76 percent. [ read more … ]

Markets

IEA Says Oil Demand May Return to Pre-Crisis Levels in a Year

By Grant Smith, Bloomberg  •    •  Posted June 1, 2021

Global oil demand may rebound to levels seen before the pandemic in a year, the International Energy Agency said, signaling a speedier recovery than its previous estimates. “Demand in one year or so may well come back to the levels of before the crisis,” IEA Executive Director Fatih Birol said in a Bloomberg Television interview. There’s a “strong” recovery in progress in the U.S., China and Europe. [ read more … ]

EVs

U.S. Senate panel advances EV tax credit of up to $12,500

By David Shepardson, Reuters  •    •  Posted June 1, 2021

The U.S. Senate Finance Committee advanced legislation on Wednesday that would boost electric vehicle tax credits to as much as $12,500 for EVs that are assembled by union workers in the United States. The bill would limit tax credits to vehicles with a retail price below $80,000 to qualify for the tax credits. The current maximum tax credit is $7,500 with no maximum price and currently phases out for individual automakers once they hit 200,000 total EVs sold. [ read more … ]

California Plans ‘Massive Scale-up’ of Grid for 90% Electric Vehicles By 2035

By Meghan Roos, Newsweek  •    •  Posted June 1, 2021

Meeting the goals California has set in terms of electric vehicle use will require significant infrastructure investments and a recalibration of how and when vehicle owners use energy so they can avoid steep utility bills and help protect the state’s power grid. Governor Gavin Newsom announced last fall that all cars and passenger trucks sold in the state must be zero-emission by 2035. The goal will require a big shift for California drivers, more than 85% of whom were still driving gas- and diesel-powered vehicles in 2019, according to the California New Car Dealers Association’s California Auto Outlook. [ read more … ]

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.