DAILY ON ENERGY: • Sen_JoeManchin's preemptive strike on effort to ease EV sourcing rules • HSBC ends all new oil and gas funding • Climate change caused warmer, stormier arctic conditions, NOAA finds
MANCHIN’S PREEMPTIVE STRIKE ON EFFORT TO EASE EV SOURCING RULES: Sen. Joe Manchin is discouraging Treasury Secretary Janet Yellen from overseeing a “broad interpretation” of the Inflation Reduction Act’s commercial vehicle tax credit that could enable foreign automakers to bypass strict tax credit eligibility requirements and still cash in on a full $7,500 credit value for passenger vehicles.
If Treasury defines “commercial vehicles” to include leasing and rideshare uses, it could encourage manufacturers whose models are ineligible for the consumer credit to simply shift their focus to those markets in order to get a max credit. A broad interpretation to include leased and rideshare vehicles would mean “[foreign automakers] may cut their losses on the consumer credit side and use 45W as their way into the vehicle market,” one congressional source said.
This was climate envoy John Kerry last week commenting on the trade dispute: “I think the answer for Europe and for other countries is to do the same thing because that's a reflection of what we need to do to win the battle.” BREAKING—HSBC ENDS ALL NEW OIL AND GAS FUNDING: British multinational banking giant HSBC will no longer finance new oil and gas ventures, it said in a new statement of policy today.
CLIMATE CHANGE CAUSED WARMER, STORMIER ARCTIC CONDITIONS, NOAA FINDS: Human-caused climate change fueled warmer and stormier conditions in the Arctic this year, according to a new report released yesterday from the National Oceanic and Atmospheric Association, or NOAA. In September, the two companies had signed a memo of understanding which called for a joint-venture European factory that would produce vans for both Rivian and Mercedes, but the following month, Rivian was forced to recall nearly all the cars it had delivered to consumers due to a loose fastener issue. Its shares plummeted by 74% this year.
EU ENERGY MINISTERS DELAY GAS PRICE CAP FOR A SECOND TIME: EU energy ministers delayed agreement on a gas price cap for the second time yesterday after an eight-hour meeting in Brussels, citing outstanding issues over the level at which the cap would be triggered, as well as whether the cap should apply solely to the European benchmark TTF or extend to all gas trading hubs.
“As you know, Republicans blocked it in the House, even though permitting reform is something that they've always supported in the past,” he added. “So I hope they'll help us [and] support it.”
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