Kyrsten Sinema’s support for the Cut Inflation Act is another reason for hope in the face of the climate emergency

Hello. David Meyer here in Berlin, replacing Alan.

I’m not going to get into the trade-offs that were made to get to this, or the many parts of the bill that aren’t climate-related – I’m not an American and my only personal issue is the same one that’s shared by everyone on the planet; that is, a stake in our common global environment, which does not care about borders.

On that basis, and assuming the bill now passes Congress, I will say this: Thank you, America.

It’s an imperfect package, but it nonetheless represents by far the strongest US climate legislation yet — and to me, it represents hope.

Like many people, I have recently found myself tempted by climate ‘doomerism’ – a trap that is easy to fall into, given the very visible onset of symptoms of the emergency over the past two years, and several worrying signs that we may be on the brink of an irreversible slide into a habitable world.

These things could still happen, and we must do everything possible to avoid this fate. However, we are making significant progress, and it is extremely important to recognize this.

As the eminent climatologist Michael E. Mann tweeted in response to Sinema’s news, it’s “why we don’t give up”.

The Inflation Reduction Act is expected, over the next decade, to reduce U.S. domestic carbon emissions by up to 45% from their 2005 peak.

Meanwhile, in Australia, another country that is a little behind in the mitigation part, a new climate bill will also aim for at least a 43% reduction by 2030.

China, whose climate inactivists love to cite pollution levels as some sort of perverse reason not to do more in the West, may actually be on track to beat its own 2030 emissions reduction targets.

Last month, Bloomberg reported that the United States had passed the “critical electric vehicle tipping point” at which 5% of new car sales were from electric vehicles. Europe and China were already there; the mass adoption of electrified transport is now firmly in our sights.

It’s also heartening to see in Manchin’s Damascene conversion a hint of a new mentality that recognizes the economic opportunities now emerging, and which no politician should ignore – he wants to keep his state an energetic state, and it seems finally recognize that this will only be possible by opening the door to non-fossil energy sources.

There is still so much to do, and so much pressure and innovation will be needed to get us where we need to go, but – with my eyes firmly and still nervously set on science – I believe it is achievable.

We’ve taken care of acid rain and the ozone hole, and we can take care of that too. This won’t mean a return to the climate of a few decades ago – it’s too late for that and things will certainly continue to get worse from here – but there are plenty of reasons to believe that humanity can still avoid a hellish future. It will be difficult, but we can do it.

More news below.

David Meyer

[email protected]


Musk against Twitter

Elon Musk has hit back at Twitter, saying the company misrepresented its health and user metrics ahead of the ill-fated $44 billion takeover deal. The lawsuit alleges that Twitter had about 65 million fewer users seeing ads than the 238 million it claimed to have. Twitter President Bret Taylor called the allegations “factually inaccurate, legally insufficient and commercially irrelevant”. the wall street journal

Gas competition

Asia and Europe are racing to secure natural gas supplies ahead of winter, and the result will likely be another price hike. Liquefied natural gas supplies were headed mostly to Asia, but Russia’s gas shortage is forcing Europe to seize all the LNG it can get its hands on. (By the way, Germany would have has its gas storage levels down to the usual level for this time of year, despite choking supplies from Russia.) FinancialTimes

Recession for women

Pipeline CEO Katica Roy has written an impassioned plea for gender-based impact assessments as the United States battles inflation. Indeed, she writes, the recession is already here if you are a woman: “Women usually and disproportionately suffer during economic downturns due to centuries of pent-up inequality… We should start figuring out what we will do to ensure women and the millions of families who depend on them for their financial security are not swept away when the tide goes out. Fortune


‘Cracks are starting to appear’: Wells Fargo’s chief economist spots signs of weakness ahead of July’s U.S. jobs report, per Associated Press

‘We’re stuck with this white elephant’: Wisconsin town’s big bet on electronics maker Foxconn didn’t go as planned, by Grady McGregor

Several US states are giving residents up to $1,500 to stave off inflation, but the IMF is telling Europe not to even think about it, by Colin Lodewick

The other supply chain crisis: The Rhine is drying up and could become Europe’s energy ‘Achilles’ heel’, Deutsche Bank warns, by Alena Botros

Tesla and Pfizer are among the 20 fastest growing large companies in the world, by Paige McGlauflin

This edition of Daily CEO was edited by David Meyer.

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