On December 10, 2013, Senate Budget Committee Chairman Patty Murray (D-WA) and House Budget Committee Chairman Paul Ryan (R-WI) proposed the 2013 Bipartisan Budget Act, a two-year budget agreement that would provide $63B in sequester relief and reduce the fiscal deficit by $20B to $23B. Overview Lawmakers now have several weeks to appropriate the budget…
U.S. and Japan have announced a 2014 launch date for an innovative satellite that will provide enhanced knowledge of weather and climate impacts. On December 26, 2013, the U.S. National Aeronautics Space Administration (NASA) and the Japan Aerospace Exploration Agency (JAXA) announced February 27, 2014 as the launch date for a Global Precipitation Measurement (GPM)…
On February 7, 2013, the Regional Greenhouse Gas Initiative (RGGI) released the Updated Model Rule, which lowers the emissions cap from 165 million short tons CO2 in 2013 to 91 million short tons CO2 in 2014. The lower cap aligns with current emissions levels, and has revived the stagnant RGGI CO2 allowance market. Overview The…
EIA’s latest Annual Energy Outlook (AEO) projects a 56 percent increase in natural gas production by 2040, overtaking coal as the largest share of U.S. electric power generation. On December 16, 2013, the Energy Information Administration (EIA) released the AEO 2014 Early Release Overview presenting updated projections for U.S. energy markets through 2040. The AEO…
EPA’s annual report on average fuel economy shows that MY 2012 vehicles achieved record-high fuel economy and record-low carbon emissions. On December 12, 2013, the Environmental Protection Agency (EPA) issued its annual report on average fuel economy, emissions, and powertrain technology of new U.S. personal vehicles, including passenger cars, sport utility vehicles, minivans, pickup…
Massachusetts has finalized RGGI regulation amendments to implement a new emissions cap of 91 million tons per year, starting in 2014. On December 9, 2013, the Massachusetts Department of Environmental Protection (DEP) issued final amendments to the Regional Greenhouse Gas Initiative (RGGI) regulations of the Commonwealth of Massachusetts. Pursuant to the RGGI Updated Model Rule…
New York State has won the “Deal of the Year for Small Issuer Financing” award for its innovative residential energy efficiency financing through revenue bonds. On December 6, 2013, the New York State Energy Research and Development Authority (NYSERDA) and Environmental Facilities Corp. (EFC) announced the award of “Deal of the Year for Small Issuer…
RGGI states have recommended that EPA develop a market-based emissions reduction program based on RGGI model success. On December 2, 2013, members of environmental and energy agencies within the nine Regional Greenhouse Gas Initiative (RGGI) states submitted comments to the Environmental Protection Agency (EPA) on its proposed carbon dioxide (CO2) emissions regulations for existing power…
The White House has published a new document explaining the derivation of the Social Cost of Carbon (SCC), reflecting May estimate updates. On November 26, 2013, the Office of Management and Budget (OMB) published a request for comment on a new Technical Support Document (TSD) that explains the derivation of SCC, a monetary estimate of…
Allowances sold out again at California’s fifth carbon allowance auction, indicating market viability. On November 22, 2013, the California Air Resources Board (CARB) released the results of its fifth quarterly carbon auction held on November 19. CARB offered 16,614,526 allowances under Current Auction (2013 vintage allowances) and 9,560,000 allowances under Advance Auction (2016 vintage allowances)…
In the previous three months, the Federal Energy Regulatory Commission (FERC) has provided preliminary exclusion from federal regulations to 16 different hydropower projects, facilitating growth in renewable electricity generation and providing access for new hydroelectric markets. Overview President Obama signed the Hydropower Regulatory Efficiency Act of 2013 (H.R. 267) in August 2013 to facilitate hydroelectric…
California has issued the first carbon offset credits under its Forestry Protocol, enabling cap-and-trade entities to use forestry projects to offset emissions. On November 13, 2013, the California Air Resources Board (CARB) announced approval of the first carbon offset credits under the cap-and-trade forestry protocol. CARB issued 1.2 million offset credits to Willits Woods, a…
