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Recently, Republicans received some favorable climate-related coverage. Utah’s 3rd District Congressman John Curtis announced the formation of a Conservative Climate Caucus. It came with a roster of roughly 60 Congresspeople, none of them particularly well known names. While they are light on content, they have sufficient info on their site to make a few early assessments. It’s possible that their actual actions will pleasantly surprise me, but the start is inauspicious.

First, though, it’s worth looking at some prior art in conservative climate actions.

There have been a few Republicans at the climate change table in the bipartisan Climate Solutions Caucus for years, and they include big names like Romney, Murkowski, Graham, Rubio, and Gaetz, all of whom are missing from the new Caucus (although it’s easy to understand why Gaetz wasn’t invited). And until the 2018 midterms, they were actually fully bi-partisan as their policy, with newcomers required to join in matched pairs.

Their solution is a revenue-neutral carbon fee and dividend, along with reduced regulation. It’s a good policy, as far as it goes, but it doesn’t go nearly far enough and it would have needed to start in 1990. We need governments to make tough choices, we need carrots to draw first-movers, and we need sticks to beat recalcitrant industries with. A carbon fee that’s low and capped at a too-low rate is exactly one policy lever. The carbon fee and dividend is bog-standard conservative economic policy, outside of Libertarian ideologues. Place a price on negative externalities and let the market take care of the rest.

The Climate Leadership Council is another legacy group focused on climate action. It was founded by senior Republican luminaries including former Secretaries of State James A. Baker and George P. Shultz, and Rob Walton, former Chairman of Walmart. Its focus is a revenue-neutral climate fee and dividend as well, along with a side helping of deregulation. Since its very conservative founding, it’s branched out to be a bi-partisan effort as well, and gained approval of Nobel Laureates in economics and corporate sponsorship. That corporate involvement is telling, by the way. There are 8 big fossil fuel-oriented emitters in the set, all of which have been doing quite well at greenwashing and notably less well at actually eliminating fossil fuels. When BHP, ExxonMobil, and BP are bellying up to the bar, the reasonable question of greenwashing arises. But the policies include a border carbon adjustment as well, and there are worse policy sets. They would start their fee at $40 per ton per the report and increase it above inflation until it hit $80, which is too low, but still better than nothing.

So many conservative policy strategists and economists favor carbon taxes. But watch what happens when sensible administrations implement this conservative Pigovian tax:

  • In Australia, center-left Labor brought a carbon tax in. The right-wing Liberals — with the support of the Oz version of the Heritage Foundation and coal baron money — derided it utterly, fought an election on it, and when they won, canceled it.
  • In Canada, the centrist Liberals brought in a revenue-neutral carbon fee and dividend to tax payers. The increasingly right-wing Conservatives derided it, fought two elections against it, thankfully losing both, and in a recent policy convention, refused to include climate change and action in their policies.

It’s like the Affordable Care Act, a Republican-created and tested policy that the conservative Obama Administration brought in. The Republicans immediately derided it as ObamaCare and fought tooth and nail against it for years. Consistency and so-called conservative parties like the Republicans don’t go hand in hand anymore.

So the new Republican-only Conservative Climate Caucus exists in a context. It doesn’t have big names associated with it. It’s inherently partisan. It’s entered a place where two pre-existing, well structured, well thought-through actually conservative caucuses and political action groups with senior Republican engagement already exist. And it doesn’t have a coherent policy it stands behind.

But it does have a set of ‘beliefs’, and they’ve already tipped their hand about what they are really all about. Let’s look at what they believe, point by point.

“The climate is changing, and decades of a global industrial era that has brought prosperity to the world has also contributed to that change.”

“Contributed to.” Right. The science is clear that we would be experiencing very slow cooling in a stable climate, but instead are seeing radically rapid heating, over 100 times faster than the heating which melted the continental glaciers 20-25 thousand years ago.

So yes, this is a belief. It’s not the reality. But that’s also not a policy indicator, so we can somewhat ignore it.

“Private sector innovation, American resources, and R&D investment have resulted in lower emissions and affordable energy, placing the United States as the global leader in reducing emissions.”

“Global leader.” Right. Germany is off 40% in GHG emissions since 1990. US emissions are about the same as they were in 1990, after having risen through 2010 or so. You have to cherrypick your timeframes to pretend the US is a global leader in emissions reduction when its per capita emissions are still among the highest in the world and its historical emissions are a full 25% of the global historical total.

This is a point of faith on the right. They really seem to believe this is true. So yes, more unsupported belief, not reality. And also not policy, although it’s a pointer to policy.

“Climate change is a global issue and China is the greatest immediate obstacle to reducing world emissions. Solutions should reduce global emissions and not just be “feel good” policies.”

China is not the greatest immediate obstacle in the real world. It is on track to hitting its (admittedly weak) Paris Agreement targets nine years early. It built as much wind and solar in 2020 as the rest of the world combined, 72 GW of wind and 48 GW of solar. It has 38,000 km of high-speed electrified passenger rail in operation, enough to circle the equator. It has well over 400,000 electric buses on the roads of its cities when no other country has 1,000 in operation. It buys 50% of all electric vehicles. It builds virtually all of the solar panels used globally. Chinese firms are two of the top five global wind turbine manufacturers.

China remained signatory to the Paris Agreement and acted when Republicans took the US out of the Agreement and regressed. For the past four years, the largest single obstacle to climate action was the United States. This is Sinophobic posturing, and indicative of policy that will not be useful. It sells well, and Biden does it too, but it remains harmful, finger-pointing nonsense.

And yet again, not policy, just a pointer to where policy might go.

“Practical and exportable answers can be found in innovation embraced by the free market. Americans and the rest of the world want access to cheaper, reliable, and cleaner energy.”

“Innovation” is a right-wing mantra as well. What it translates to is research funding, funding for the fossil fuel industries for failed carbon capture technologies, and yet more billions for nuclear energy. Innovation has already been embraced by the free market. It’s called wind and solar power. And it’s delivering cheaper, reliable, and actually clean — not ‘cleaner’ — energy globally today.

Germany and Denmark are running well over 40% on renewable electricity and their grid reliability metrics are vastly better than the US’. The average German and Dane see less than 15 minutes of power interruptions annually.

No one in the US sees anything approaching that level of reliability.

But this suggests policies. They extrapolate to:

These are no climate-friendly policies. These are fossil fuel industry friendly policies.

“With innovative technologies, fossil fuels can and should be a major part of the global solution.”

No, they won’t. This is #hopium from the fossil fuel industry, the Republican’s primary sponsors. The fossil fuel industry has to dwindle to a petrochemicals industry providing industrial feedstocks, perhaps 20% of a barrel, probably less.

This is indicative of energy and climate policies which are not about the greatest good for the greatest number, but the greatest good for the smallest number, specifically fossil fuel oligarchs like the Kochs.

“Reducing emissions is the goal, not reducing energy choices.”

Eliminating emissions is the goal, and some energy choices do not make that at all possible. Physics makes that very clear. More meat for the fossil fuel industry at the expense of the climate here.


So what this all means is that if — big if — Republicans actually come up with a climate policy at the federal level based on the new Caucus, it will be pretty much what Trump did.

  • Point fingers at other countries
  • Give lots of money and love to the fossil fuel industry
  • Pretend that the US is a leader, as opposed to a laggard

There is no intersection visible between the sane, empirically based policies of the Democratic Party, which is actually focused on the greatest good for the greatest number, and the policies of the Republican Party at this point.

Organize now to keep them out of power in 2022 and 2024.


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CNBC Daily Open: Investors bet the fragile ceasefire would hold

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CNBC Daily Open: Investors bet the fragile ceasefire would hold

US President Donald Trump speaks to reporters about the Israel-Iran conflict, aboard Air Force One on June 24, 2025, while traveling to attend the NATO’s Heads of State and Government summit in The Hague in the Netherlands.

Brendan Smialowski | Afp | Getty Images

The ceasefire between Israel and Iran appears to be holding. In yesterday’s newsletter, we talked about how a blitzkrieg of missile-led diplomacy seemed to help de-escalate tensions.

The flipside of that strange path to a truce is that missiles, well, are fundamentally weapons. Mere hours after both countries agreed to the ceasefire, Israel said its longtime rival had fired missiles into its borders — an accusation which Tehran denied — and was preparing to “respond forcefully.” Probably with more missiles.

U.S. President Donald Trump — who reportedly brokered the ceasefire with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani — expressed frustration with those developments.

“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool en route to the NATO summit in the Netherlands.

His admonishments seemed to work. There is now a fragile armistice between the two countries.

Oil prices fell and U.S. stocks jumped.

Reuters uploaded a photo of Israeli residents playing frisbee at the beach on June 24. Flights at Israel’s Ben Gurion Airport are resuming, and Iran’s airspace is partially open, according to flight monitoring firm FlightRadar24, CNBC reported at around 3 a.m. Singapore time.

Three hours after that update, NBC News, citing three people familiar with the matter, reported that an initial assessment from the U.S. Defense Intelligence Agency found the American strikes on Iran’s nuclear sites on Saturday left “core pieces … still intact.”

And so it goes.

What you need to know today

Israel-Iran ceasefire holds, for now
The fragile ceasefire between Israel and Iran,
announced by Trump on Monday, appears to be holding. Israel on Tuesday said it would honor the ceasefire so long as Iran does the same. Earlier in the day, both countries accused each other of violating the truce, and said they were ready to retaliate, prompting Trump to say he’s “not happy” with them. Stay updated on the Israel-Iran conflict with CNBC’s live blog here.

Markets jump as traders bet on truce
U.S. stocks jumped Tuesday on expectations that the Israel-Iran ceasefire would hold. The S&P 500 gained 1.11% to put it just 0.9% away from its 52-week high. The Dow Jones Industrial Average added 1.19% and the Nasdaq Composite climbed 1.43%. The Nasdaq-100 rose 1.53% to close at an all-time high. Europe’s Stoxx 600 rose 1.11%. Travel stocks were some of the best performers, while oil and gas stocks fell the most.

Oil prices slump for a second day
Oil prices tumbled Tuesday, its second day of declines, as the market bet that the risk of a major supply disruption had faded. U.S. crude oil settled down 6% at $64.37 a barrel while the global benchmark Brent fell 6.1%, to $67.14 during U.S. trading. Prices closed 7% lower on Monday. Earlier Tuesday, Trump said China can keep buying oil from Iran, in what seemed like a sign that the U.S. may soften its pressure campaign against Tehran.

Powell says Fed is ‘well positioned to wait’
At a U.S. congressional hearing Tuesday, Federal Reserve Chair Jerome Powell said the economy was still strong. But he noted that inflation is still above the central bank’s target of 2%, and the Fed has an “obligation” to prevent tariffs from becoming “an ongoing inflation problem.” In combination, those considerationsmake the Fed “well positioned to wait” before making a decision on interest rates.

U.S. is committed to NATO: Secretary-General
There is “total commitment by the U.S. president and the U.S. senior leadership to NATO,” the military alliance’s Secretary-General Mark Rutte said Tuesday morning, as the summit kicked off in The Hague, Netherlands. But America expects Europe and Canada to spend as much as the U.S. does on defense. Ahead of the summit, members agreed to increase defense spending to 5% of gross domestic product by 2035.

[PRO] Not ‘bullish enough’ on rally: HSBC
The S&P 500′s rally off its April lows has brought it back to roughly 1% off its record high in a very short time. It’s an advance that has perplexed many investors, who worry that another pullback is on the horizon. But Max Kettner, chief multi-asset strategist at HSBC, said he worries he’s not “bullish enough” on the current rally.

And finally…

Pictures from the semi-official Tasnim news agency show the Stena Impero being seized and detained between July 19 and July 21, 2019 near strait of Hormuz, Iran.

Contributor | Getty Images News | Getty Images

Strait of Hormuz GPS jamming remains major security issue, tanker CEO says

Despite a tentative ceasefire between Israel and Iran on Tuesday, security issues in the Strait of Hormuz continue for shipowners.

According to Angeliki Frangou, a fourth-generation shipowner and chairman and CEO of Greece-based Navios Maritime Partners, which owns and operates dry cargo ships and tankers, vessels in the Strait of Hormuz are still being threatened by continuous GPS signal blocking.

“We have had about 20% less passage of vessels through the Strait of Hormuz, and vessels are waiting outside,” Frangou told CNBC.

“You are hearing a lot from the liner [ocean shipping] companies that they are transiting only during daytime because of the jamming of GPS signals of vessels. They don’t want to pass during the nighttime because they find it dangerous. So it’s a very fluid situation,” Frangou said.

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5,000 electric Mercedes vans join Amazon’s delivery fleet

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5,000 electric Mercedes vans join Amazon’s delivery fleet

Mercedes-Benz is sending nearly 5,000 electric vans to Amazon’s European delivery partners in its biggest EV handoff to date. The fleet will hit the streets in five countries in the coming months.

Three-quarters of the fleet are Mercedes’ larger eSprinter vans, while the rest are the more compact eVito panel vans. More than 2,500 are going to Germany, and Amazon says this new EV fleet will help deliver more than 200 million parcels a year across Europe.

This is the biggest EV order Mercedes-Benz Vans has ever received. It builds on a partnership that started in 2020, when Amazon first added more than 1,800 electric vans from Mercedes to its delivery network.

“We’re further intensifying our long-standing relationship with Amazon and working together toward an all-electric future of transport,” said Sagree Sardien, head of sales & marketing at Mercedes-Benz Vans. “Our eVito and eSprinter are perfectly tailored to meet the demands of our commercial customers regarding efficiency and range.”

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In 2020, Mercedes-Benz joined Amazon’s Climate Pledge, a commitment Amazon co-founded with Global Optimism to reach net zero by 2040.

Both the eSprinter and eVito are designed with delivery drivers in mind. With batteries tucked into the underbody, the vans offer unrestricted cargo space. Both come standard with the MBUX multimedia system, which supports the integration of automatic charging stops and Mercedes’ public charging network via navigation.

Safety and comfort got upgrades, too. New driver assistance features come standard, and the Amazon vans are customized with shelves and a sliding door between the cabin and cargo area for easy parcel access.

The eVito vans, which were built at Mercedes’ plant in Vitoria, Spain, are ideal for last-mile urban deliveries. They come in 60 kWh or 90 kWh battery options, with peak motor outputs of either 85 kW or 150 kW, and can travel up to 480 km (298 miles) on a full charge.

Meanwhile, the eSprinter is the all-rounder for range and loading volume. Built in Düsseldorf, it comes in two lengths and three battery sizes, with a range of up to 484 km (300 miles). It boasts up to 14 cubic meters of cargo space and can handle a gross weight of up to 4.25 tonnes.

Read more: Amazon places its largest-ever order for electric semi trucks


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BYD is flooding Europe with new EVs faster than any other carmaker has

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BYD is flooding Europe with new EVs faster than any other carmaker has

It already outsold Tesla in the UK and Europe, but this could be just the start. BYD said it’s launching new vehicles, including EVs, faster than any carmaker in Europe has done so far.

BYD goes all in on Europe with new EVs, PHEVs

BYD took the spotlight earlier this month after launching its most affordable EV in Europe so far. The Dolphin Surf, a rebadged version of the Seagull EV sold in China, starts at just £18,650 (just over $25,000) in the UK.

At a UK launch event, Alfredo Altavilla, BYD’s special advisor for Europe, said (via Autocar) the “Dolphin Surf was the missing piece in the A/B-segment.”

It will compete with entry-level EVs, such as the Dacia Spring, the UK’s cheapest EV, which starts at £14,995 ($20,000).

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Yet, the low-cost Dolphin Surf is only one piece of BYD’s master plan. “We have been launching six cars in less than a year,” Altavilla explained, adding, “We are covering all of the most important segments of the European car market.”

BYD-EVs-Europe
BYD Dolphin Surf EV for Europe (Source: BYD)

Altavilla even boasted that, “I have zero problem in saying I don’t think there has ever been such a product offensive done in Europe as the one BYD is doing.”

Although BYD is best known for its low-cost EVs, like the Seagull, which starts under $10,000 in China, the auto giant is quickly expanding into new segments.

BYD-EVs-Europe
BYD Denza Z9 GT (Source: Denza)

BYD sells luxury vehicles under the Denza Yangwang brands. Denza is BYD’s answer to Porsche and other German luxury brands. Meanwhile, Yangwang is an ultra-luxury brand that will serve as BYD’s tech beacon.

According to Altavilla, this could be just the start. “We’re going to get together again after the summer break for another important reveal, and through the end of the year, there will be others,” BYD’s special advisor for Europe said.

BYD-EVs-Europe
BYD “Xi’an” car carrier loading EVs and PHEVs for Europe (Source: BYD)

BYD is set to begin production at its new plant in Hungary by the end of the year, enabling the company to customize vehicles for buyers in the region.

“As we go forward into 2026, more and more of the BYD line-up will be specific to this region,” Altavilla explained.

In separate news, BYD announced on Monday that its “Xi’an” car carrier is loaded and ready to ship off to the UK, Italy, Spain, Belgium, and other countries, carrying about 7,000 EVs and PHEVs.

Electrek’s Take

In what was called a “watershed moment,” BYD registered more vehicles in Europe than Tesla for the first time in April.

It also had more vehicle registrations in the UK than Tesla last month, with the Seal U taking the top spot for the most popular plug-in hybrid.

With the Dolphin Surf arriving, local production set to come online later this year, and several new models on the way, BYD is laying the groundwork to capture its share of the European auto market.

According to S&P Global Mobility forecasts, BYD is expected to more than double its sales in Europe this year, with around 186,000 vehicles sold. By 2029, BYD’s sales could double again to around 400,000. Between its plants in Hungary and Turkey, China’s EV leader is expected to have a combined capacity of 500,000 units.

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