Welcome to the Friday evening on energy and the environment,your source for the latest news focused on energy, the environment and beyond. Subscribe here.
Today we look at the Interior Department’s announcement that it is pursuing oil leasing after a court reinstated its ability to calculate climate costs, the SEC’s next rule on climate risk disclosure. and India, which is said to have bought 3 million barrels of Russian oil.
Climate decision allows Interior to continue renting
The Department of the Interior said Friday it could move forward with planning to lease oil and gas on federal lands after earlier delays stemming from a court ruling blocking a climate accounting tool.
Earlier, the department said there would be delays in ‘clearing and leasing oil and gas programs’ after a lower court barred the Biden administration from using a tool that allowed it to calculate climate costs of such actions.
But an appeals court this week overturned that decision.
Interior spokeswoman Melissa Schwartz said in an emailed statement Friday that the department “is now continuing planning for responsible oil and gas development on public U.S. lands and waters,” to the light of the new decision.
Schwartz declined to comment further on the rental, but she said permits were never discontinued, saying the court ruling impacted fewer than 20 permits.
The American Petroleum Institute (API), an oil and gas lobbying group, applauded the announcement but also called for further action in a statement.
The background: “We welcome the Home Office’s announcement today and urge the administration to conduct onshore lease sales under the Mining Leases Act with sufficient acreage and fair terms,” he said. said Frank Macchiarola, API’s senior vice president of policy, economics and regulatory affairs.
The latest news comes after an appeals court this week overturned a lower court injunction that had prevented the Biden administration from using values known as the ‘social costs of greenhouse gases’. .
The administration uses these “social costs” in the analyzes behind regulations and permits to help it understand the climate consequences of an action, and the costs or benefits that these consequences will have on society.
Learn more about the situation here.
AVAILABLE SOON, ON WALL STREET NEAR YOU
The Securities and Exchange Commission (SEC) is expected to release proposed climate risk rules that public companies must disclose on Monday.
The proposal would be the first update to SEC rules on the matter in more than a decade. In 2010, the commission issued disclosure requirements that incorporated climate change, but shareholders repeatedly called for stricter requirements in the years that followed.
The rule is also expected to require information about the risk of shifting away from fossil fuels, as well as climate change by-products such as higher temperatures and increased drought conditions.
Although the specific provisions of the proposal are not yet public, the topics under discussion have focused on whether companies are required to disclose only their direct greenhouse gas emissions or those accumulated throughout the company’s energy supply chain and consumption.
Environmental advocates have pushed for the rule to incorporate not only emissions directly caused by a company’s operations, but also emissions it causes indirectly, such as those from products a company sells. They argue that these “Scope 3” emissions present a hidden risk to investors if not properly disclosed.
A paper from the Principles for Responsible Investment organization estimates that failing to disclose Scope 3 emissions would mean up to three-quarters of companies’ overall carbon emissions would go unaddressed.
India buys 3 million barrels of Russian oil: report
India’s state-owned oil company bought 3 million barrels of Russian crude this week as many other countries ban such imports due to Moscow’s invasion of Ukraine, The Associated Press reported on Friday.
Indian Oil Corp. made the purchase despite international pressure, led by the United States and other Western nations, to freeze Russia from the global energy market over the incursion. India, the world’s largest democracy, imports about 85% of the oil it uses.
Most of India’s oil, 27%, comes from Iraq, followed by Saudi Arabia with 17%, the United Arab Emirates with 13% and the United States with 9%.
How we got here: The United States and much of Europe have already applied heavy sanctions on Russia, as well as the US energy import ban.
White House Press Secretary Jen PsakiJen PsakiHealth Care – Pelosi fires higher on COVID-19 funding Defense and National Security – Blinken details Russia’s possible next steps Biden says US is open to helping Ukrainian refugees MORE said India’s purchases of Russian oil would not run afoul of US sanctions, but Indian leaders should “consider where [they] want to stay up when the history books are written.
“India imports most of its oil needs. We explore all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India,” said Arindam Bagchim, spokesman for India’s External Affairs Ministry.
The AP report comes days after Reuters reported that Indian officials were considering buying Russian oil at a deep discount.
The country previously struck a deal with the United States to release 3.5 million barrels of its reserves, as part of a coordinated release amid international gas price spikes. India currently has about 31 million barrels of oil in its emergency reserves.
Learn more about the announcement here.
GOP senators introduce bill to ban uranium imports
Sen. John BarrassoJohn Anthony BarrassoRepublican senators introduce bill banning Russian uranium imports. (R-Wyo.) and several other Republican senators on Thursday introduced legislation that would ban Russian uranium imports as a further way to economically isolate Russia following its invasion of Ukraine.
The legislation would reinforce measures already taken by the United States to ban imports of Russian energy after President BidenJoe BidenRepublican senators introduce bill to ban Russian uranium imports last week announced a ban on oil, natural gas and coal imports from the country.
“Now is the time to permanently remove all Russian energy from the U.S. market,” Barrasso, who is the top Republican on the Senate Energy and Natural Resources Committee, said in a statement. “We know Vladimir PoutineVladimir Vladimirovich PutinRepublican Senators Introduce Bill to Ban Russian Uranium Imports Hillicon Valley—Invasion Complicates Social Media Politics Defense and National Security—Blinken Details Russia’s Possible Next Steps MORE uses this money to help finance its brutal and unprovoked war in Ukraine.
“While banning Russian oil, gas and coal imports is an important step, it cannot be the last. Banning Russian uranium imports will further defund the Russian war machine, help revive US uranium production, and strengthen our national security.
Senses. Kevin CramerKevin John Cramer Republican senators introduce bill to ban Russian uranium imports Lawmakers from both parties see limits on US aid to Ukraine Senate GOP ignores latest Trump revelation MORE (RN.D), Cynthia LummisCynthia Marie LummisRepublican senators introduce bill to ban Russian uranium imports GOP calls for delay in spending vote, helps Ukraine Tech Trojan: How the Senate is set to codify censorship social media MORE (R-Wy.) and Roger MarshallRoger W. MarshallRepublican senators introduce bill to ban Russian uranium imports ‘People’s convoy’ members tour Capitol with GOP senator GOP calls for postponement of vote on spending and aid from Ukraine MORE (R-Kan.) joined Barrasso in introducing the bill.
“This is a country that has repeatedly shown its willingness to harness its energy exports for geopolitical advantage, and has used those profits to fund its aggressive and unprovoked war against the sovereign nation of Ukraine,” Marshall said in a statement. “Enough is enough – energy independence means energy independence and that must include uranium.”
Learn more about Caroline Vakil from The Hill.
IN SERVICE NEXT WEEK
The Senate Environment and Public Works Committee will hold a hearing titled “Advancing America’s Energy Security by Facilitating Investment and Innovation in Climate Solutions.”
WHAT WE READ
Trump’s EPA chief Scott PruittEdward (Scott) Scott PruittOvernight Energy & Environment – Biden Fed Chosen After Fight Against Trump Climate Stance EPA chief to serve as adviser to Youngkin after losing confirmation that Trump’s Bureau of Land Management relocation was part of a Familiar Republican Playbook MORE weighing the Senate race in Oklahoma (CBS News)
A $400 tax refund to offset California’s high gas prices? Here’s how it would work (The Los Angeles Times)
Contaminated Columbia River island added to Superfund list (The Seattle Times)
Industry has lobbied the EPA to scrap Ohio’s key air quality rule (E&E News)
And finally, something quirky and quirky: The perfect crime.
That’s all for today, thanks for reading. Check out The Hill’s energy and environment page for the latest news and coverage. We’ll see you on Monday.