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A ConocoPhillips refinery in Wilmington, California.
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The world needs to reduce carbon levels, and one way is through a carbon tax, a strategy the U.S. has been debating for decades.   

With urgent calls to lower greenhouse gas emissions globally, putting a price on carbon was one of the major points of discussion among world leaders at the COP26 conference in Glasgow earlier this month. Consensus on a global carbon price is growing, according to Lord Greg Barker, executive chairman at EN+ and co-chair of the Carbon Pricing Leadership Coalition. 

“We need countries to come together to agree on international standards in order to make that big shift to the low carbon economy,” Barker told CNBC in an interview from COP26 last week. ”It would be much better for the world if there was a common carbon price.” 

As of now, Barker says there are 69 countries with a carbon price ranging from $1 to $139 per metric ton. The U.S. is not one of them.  

Barker told CNBC most economists agree that carbon pricing is the most effective tool there is to transition to a low carbon economy. Carbon pricing shifts the liability for the consequences of climate change to the polluters who are responsible, according to the World Bank.

The Biden administration has outlined $555 billion in spending to confront climate change, though the plan does not address carbon pricing. The bill does include a proposed methane fee incentivizing oil and gas companies to reduce their methane emissions. 

A policy to apply a carbon tax was considered as a “plan B” during negotiations over the current climate package, according to the New York Times, after Biden’s clean electricity program was cut from the spending bill last month.

If the U.S. administration can’t get behind the rest of the world on carbon pricing, there are other ways to follow through with the initiative, says Barker, such as regulations, taxes, and emissions trading. 

The U.S. has considered carbon import fees and emissions trading that would apply to carbon-intensive products imported to the country. “But carbon import fees only make sense if you have some kind of domestic U.S. carbon policy,” says Richard Newell, president of Resources for the Future, a nonpartisan energy and environment research organization.   

He thinks a price on carbon ultimately is achievable as part of U.S. policy as the world grapples with the seriousness of climate change and turns more to financial incentives to reach a low-carbon ecosystem that supports the entire economy.

The Biden administration has a government-wide plan addressing how climate change could affect all sectors of the U.S. economy. The plan was part of a larger agenda to eliminate greenhouse gas emissions in half by 2030 and transition to a net-zero emissions economy.  

“There is also going to be a desire to raise revenue to deal with climate change, and for other public purposes, and carbon pricing does all those things,” Newell said. He added that while an economy-wide carbon fee would be the best solution, the administration could start by applying carbon fees to individual sectors. 

As the U.S. decarbonizes areas like the power sector and automotive sector, Newell says pressure on government regulation will intensify. “There will be an increasing recognition that to really decarbonize the economy, across all sectors, there is going to be a need for some comprehensive policies,” he said.

“There has been a significant shift across the country in terms of the seriousness with which people and legislators are confronting climate change,” Newell said. ”And that will continue to build beyond the focus on particular sectors.”  

The debate over a carbon pricing mechanism right now takes place at a time of rising concerns about inflation and prices at the gas pump that have led to discussions about whether the government should tap the Strategic Petroleum Reserve. The methane fee sparked a debate with some worrying that raising the price of methane would increase electric and heating costs for individual consumers.  

Fears of rising prices for low-income households and increasing costs for businesses will need to be considered. 

“If politicians are smart and anticipate that they need to compensate, say families that might see their bills go up as a result of a carbon price, you can drive [carbon pricing] through,” Barker said.  

In a plan put together by the Climate Leadership Council, a climate advocacy group co-founded by former Secretary of State James Baker, who served in the Bush and Reagan administrations, the idea isn’t to fund government efforts to fight climate. The Climate Leadership Council’s plan outlines that revenue collected from a carbon fee is “to be returned to American households,” said Carlton Carroll, Climate Leadership Council spokesperson.  

“Nothing would do more to accelerate innovation and invest all citizens in a clean energy future than an economy-wide carbon fee, with corresponding dividends for the American people,” Carroll said. 

The group’s carbon dividends plan cites four major benefits to consumers, including an increase in household disposable income nationwide.  

Increasing carbon pricing could be done by taxing greenhouse-gas intensive goods and services, like gasoline, or by taxing carbon emitters individually. The Climate Leadership Council is among groups advocating for pricing carbon-intensive goods as part of a U.S. climate plan, “because it will go further, faster than any other single climate policy intervention,” says Carroll, “while also driving innovation throughout the economy and making families better off financially.” 

Historically, there has been some bipartisan support for a carbon tax. The first carbon pricing proposal was introduced in 1990, and there have been several other propositions since. Though none have passed, Newell said the most recent carbon pricing proposal in Biden’s social safety and climate plan piqued the interest of Congress far more than anticipated. 

The carbon tax proposed as part of the Build Back Better plan would impose a $20 fee per metric ton of carbon.

“I would say there was a surprisingly strong interest in a carbon fee as part of the ongoing budget reconciliation process,” Newell said. 

But Mindy Lubber, CEO of sustainability investment organization Ceres, told CNBC earlier this year that while a carbon tax is one way to prevent the U.S. from being locked into a fossil fuels economy and spur the development of new energy and transportation systems, it has proven controversial in the past, and is a complicated policy tool, making it harder for all sides to reach agreement on, especially in a Senate where the votes are so tight.

A carbon tax could be closer than some people think, says Flannery Winchester, spokeswoman for the progressive Citizens Climate Lobby. ”It has gone from a hopeful idea to one that is on the verge of becoming a reality,” she said.  

The White House and 49 senators were on board with a carbon tax, but not the key vote from West Virginia Democratic Senator Joe Manchin. 

“But there is clearly a lot more consensus than there’s ever been that this policy is effective for meeting America’s climate goals,” Winchester said. 

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Schwinn’s regularly $1,500 e-bikes now start from $700, deals on portable power stations, and more

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April 16, 2024

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Schwinn's regularly ,500 e-bikes now start from 0, deals on portable power stations, and more

If spring weather has you thinking it’s time to get an e-bike, then today’s all-time low prices on these Schwinn models should certainly help, too. Right now, the company’s Ingersoll e-bike lands at $700 from its usual $1,500 price tag. It comes joined by tons of other e-bike deals, portable power stations from ALLPOWERS, and all of the other day’s other best Green Deals below.

Plus, you’ll find all of the other day’s other best Green Deals below.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Schwinn’s Ingersoll and Ridgewood e-bikes hit new all-time lows starting from $700

Dick’s Sporting Goods is offering the medium-sized Schwinn Ingersoll Electric Hybrid Throttle Bike for $699.99 shipped. Down from its $1,500 price tag, this model has seen very few discounts over the years, unlike its counterparts that regularly see price cuts – especially during holiday sales. In 2023, the lowest we saw this model drop to was $900 in August before only seeing minor drops throughout the rest of the year. Today’s deal comes in as a massive 53% markdown off the going rate, giving you $800 in savings and marking a new all-time low. We’ve reviewed other Schwinn models before, which you can read through here.

The Schwinn Ingersoll is designed for casual cyclists looking for extra power on their rides and is a perfect choice for neighborhood excursions. It comes equipped with a 250W hub motor alongside an integrated 250Wh battery that propels the e-bike up to 20 MPH top speeds for up to 45 miles on a single four-hour charge. You’ll have both a pedal assistance option and throttle available to you, along with features like a 7-speed drivetrain, mechanical disc brakes, and controls for the e-bikes pedal assistance levels. The suggested rider height for this e-bike is five-foot-four to five-foot-eight.

Dick’s Sporting Goods is also offering the Schwinn Ridgewood 29-inch Electric Mountain Throttle Bike for $799.99 shipped, down from $1,500. Sporting many similar design elements as the above model, this one is focused on larger riders, with a suggested rider height of five-foot-nine to six feet. It also sports a 250W hub motor and 250Wh battery that hits 20 MPH for 45 miles, with multiple pedal assistance levels, a throttle, 7-speed drivetrain, mechanical disc brakes, and a simple performance controls.

Save on ALLPOWERS power stations, bundles, and accessories

ALLPOWERS has launched an International Pet Day sale through April 25 that is taking up to $1,600 off a selection of the company’s power stations, bundles, and accessories. A standout amongst the crowd is the S200 Portable Power Station for $79 shipped. Down from its $138 MSRP, it is usually listed for $129 over at Amazon, with discounts there often only falling to $84 at the lowest during major events like the Prime Deal Days or Black Friday sales. Today’s deal comes in as a 43% markdown off the going rate that beats our previous mention from yesterday by $10 and returns costs to the all-time lowest price we have tracked. There’s also an extra savings opportunity when buying solar panels specifically – buy two and get 15% taken off or buy three or more and get 20% off.

This 200W power station offers a quaint 154Wh capacity and can be fully charged via AC and USB together in one and a half hours, a 99W max solar panel in up to two hours, the USB-C in up to three hours, or AC alone in five to six hours. It features five outputs to cover whatever small devices or appliances you’ll need to keep powered up: an AC port, two USB-A ports, one USB-C port, as well as a wireless charger on top for quick and convenient use by your smartphone.

EcoSmart’s ECO 36 Electric Tankless Water Heater at new $399 low

Amazon is offering the Ecosmart ECO 36 36kW Electric Tankless Water Heater for $399 shipped. Down from its $749 price tag, it saw many discounts over 2023, with the largest among them dropping costs to a former $425 low during Black Friday and Christmas sales. Today’s deal comes in as a 47% markdown off the going rate, beating out our previous mention by $14 and landing at a new all-time low. This 240V water heater has a 6-gallon capacity. It is only 3.6 inches by 21 inches by 17 inches, taking up far less space than a standard water heater while being “99.8% energy efficient and saving you 50-60% on heating costs.” Its sleek and compact design features a digital output temperature display and fits pipes with a 3/4-inch NPT. It does require a 4 x 40A breaker.

Spring e-bike deals!

WORX 8A 14-inch corded electric chainsaw being used by man to cut thick tree branch within post for ALLPOWERS International Pet Day Sale

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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‘Iran is in for the long haul’ with oil tanker hijacks, expert says, as U.S. considers more sanctions

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April 16, 2024

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'Iran is in for the long haul' with oil tanker hijacks, expert says, as U.S. considers more sanctions

Iranian soldiers take part in an annual military drill in the coast of the Gulf of Oman and near the strategic Strait of Hormuz.

Anadolu | Anadolu | Getty Images

The containership MSC Aries seized by Iran over the weekend marked at least the sixth vessel hijacked by Iran and its proxies in response to the Israel-Gaza war, and it’s adding to the challenges to longstanding freedom of navigation principles that maritime shipping relies on.

Before this weekend’s tanker seizure, the last vessel Iran hijacked was the St. Nikolas on January 1. According to U.S. Naval Forces Central Command, that brought the total number of vessels being held to five, and over 90 crew members hostage. Previous to that, the Iranian-backed Houthis hijacked The Galaxy Leader on November 19.

The latest development has shipping and energy experts bracing for a long-term timeline of uncertainty.

“Iran is in this for the long haul,” said Samir Madani, co-founder of Tankertrackers.com, an independent online service that tracks and reports crude oil shipments in several geographical and geopolitical points of interest.

The MSC Aries was identified by Iran as having a link to Israel. The containership has a carrying capacity of 15,000-TEUs (twenty-foot equivalent containers). MSC chartered the vessel, but it is owned by Israeli billionaire Eyal Ofer’s Zodiac Maritime.

MSC declined to comment.

Madani said he does not expect a quick release or negotiation of a release. “They will hold the MSC Aries for a long period. Iran has been holding some tankers for about a year, if not longer now,” he said.

According to Tankertracker information, Madani said the vessel is being held in the Khuran Straits, not too far from three other tankers Iran hijacked: the Advantage Sweet, Niovi, and St. Nikolas.

A Planet Labs satellite image of the location of the MSC Aries and other tankers recently hijacked by Iran.

Planet Labs PBC

As the U.S. considers more sanctions against Iran in response to its recent attack on Israel, Iran has been using the hijacked ships as a means of sanctions retaliation.

“Iran has already seized the Kuwaiti oil that was onboard the Advantage Sweet and has been loaded onto their VLCC supertanker the Navarz. Iran chose to do this as a way to compensate for sanctions,” Madani said.

While the Niovi was empty at the time of the seizure, the St. Nikolas is filled with a million barrels of Iraqi oil.

Treasury Secretary Janet Yellen said on Tuesday that the government may do more to prevent Iran’s ability to export oil despite U.S. sanctions. China’s purchases of Iranian oil in recent years have allowed Iran to keep a positive trade balance.

What to expect from oil prices

According to the U.S. Energy Information Agency, China, the world’s largest importer of crude oil, imported 11.3 million barrels per day of crude oil in 2023, 10% more than in 2022. Iran ranked second in oil exports to China behind Russia. Customs data indicates that China imported 54% more crude oil (1.1 million b/d) from Malaysia in 2023 than in 2022, with industry analysts speculating that much of the oil shipped from Iran to China was relabeled as originating from countries such as Malaysia, the United Arab Emirates, and Oman to avoid U.S. sanctions.

The markets continues to assess the risk of further escalation in the military tensions between Israel and Iran, which could lead to a disruption in the Strait of Hormuz, through which about 30% of the world’s seaborne oil passes, according to JPMorgan. On Tuesday, oil edged higher amid talk of sanctions.

An Iranian blockade would supercharge oil prices, but the risk is low given that the strait has never been closed off despite many threats by Tehran to do so over the past four decades, according to JPMorgan.

“They can’t close the Strait of Hormuz, but they can do significant damage to energy infrastructure, to vessels in the region,” RBC’s head of global commodity strategy and Middle East and North Africa research, Helima Croft, told CNBC on Monday, referring to Iran’s capabilities.

“While I can’t imagine Iran would want to fill up their anchorage with vessels, they want to keep the waters in a constant state of chaos,” Madani said. But with a closure, he said, “They would shoot themselves in the foot since their biggest client is China.”

Andy Lipow, president of Lipow Oil Associates, says the closure of the Strait of Hormuz would result in a spike of Brent crude oil prices to the $120 to $130 range. “This would strain ties with China and India who purchase a significant amount of Persian Gulf oil to meet much of their energy demand.”

Lipow also said Iran might be reluctant to shut the waterway for fear of antagonizing Saudi Arabia, Kuwait and Iraq, who depend on the strait being open for most of their oil exports. The bigger immediate fear in the oil market, he said, is that the attack by Iran on Israeli territory leading to a counterattack by Israel on Iran damaging oil-producing and exporting facilities.

Kevin Book, managing director of ClearView Energy Partners, says the markets need to keep an eye on sanctions from both the US and UN potentially.

In a note to clients, ClearView highlighted that the House of Representatives added several Iran sanctions bills to its calendar for consideration this week, under suspension rules, including new sanctions on Iranian oil exports to China. Book said the House was considering 11 bills in all in response to Iran’s attack on Israel.

“We think most if not all bills could garner (notionally) veto-proof bipartisan support,” the note said. “Passage requires a two-thirds majority of all members present and voting.”

Israel has also asked the U.N. to reinstate multilateral sanctions lifted by the Iran nuclear deal, but for this to happen, France, Germany and the U.K., parties to the nuclear deal, would have to agree. “There are many risks unfolding. The forest is on fire,” Book said.

Sen. Dean Sullivan talks impact of Iran's strikes on Israel and what it means for crude oil prices

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Lotus opens Eletre Hyper SUV orders in North America, shares pricing and delivery timelines

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April 16, 2024

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Lotus opens Eletre Hyper SUV orders in North America, shares pricing and delivery timelines

Lotus Eletre pricing

Beginning today, customers in North America can customize and order the Eletre, a new hyper SUV from Lotus long promised as part of the sports car developer’s journey to go 100% electric. We’ve also learned when those initial Eletre customers can expect to take delivery and how much Lotus is charging in pricing the SUV’s two variants.

In April 2021, Geely-owned hypercar developer Lotus laid out a strategic plan to strictly produce electric vehicles by 2028, beginning with an E-segment SUV called “Type 132” in 2022. Its most recent financial report detailed steady growth, but there’s still plenty of ceiling left in its segment,

In March 2022, we learned that the type 132 was officially called the Eletre alongside several of the hyper SUV’s targeted specs, including range, top speed, and charging times, but no pricing yet.

With BEV production now underway at a new $1.2 billion factory in China, Lotus has continued to tout the performance of the Eletre alongside two additional models—the Evija and the Emeya. All three models are now making their way to customers in overseas markets, but North America has yet to see deliveries.

Today, however, Lotus confirmed it has opened orders for two all-electric variants of the Eletre SUV to North American customers. Still, they are priced a tad higher than initially estimated.

Lotus Eletre pricing
Lotus Eletre, all-electric hyper SUV (Source: Lotus)

Lotus shares Eletre pricing now starts at $107,000

The Eletre is available to North American customers today as the first of a new breed of Lotus SUVs, all of which should be 100% electric going forward. The local markets in the US and Canada will see two variants of the Hyper SUV available – the Eletre and Eletre R.

Both versions feature a dual motor, AWD configuration, and the same 111.9 kWh lithium-ion battery pack as part of Lotus’ proprietary 800V platform. The higher-end Eletre R has more combined power and torque, equating to better acceleration and a slightly faster top speed. Here’s how the two trims stack up side by side:

Trim Eletre Eletre R
Powertrain Full-time AWD Full-time AWD
Max Power 450 kW (603 hp)  675 kW (905 hp)
Max Torque 524 ft-lb (710 Nm) 727 ft-lb (985 Nm)
Top Speed 160 mph (258 km/h) 165 mph (265 km/h)
Acceleration
0-100km/h (0-62 mph)		 4.5 seconds 2.95 seconds
Battery Capacity 111.9 kWh 111.9 kWh
Range (WLTP) 304-354 miles  254-280 miles 
Charge Time 10-80%
(350 kW DC)		 20 minutes 20 minutes

Last but not least, let’s talk Lotus Eletre pricing. The automaker shared today that the standard Eletre starts at an MSRP of $107,000 (CAD 126,800). Pricing for the Lotus Eletre R starts at $145,000 (CAD 178,500).

When the Eletre first debuted in 2022, Lotus said pricing would start around $95,000, so it’s a ways off of that original number in North America. Orders are open now, and Lotus expects to begin initial deliveries to North American customers in Q4 2024.

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