Kamala's Walz With Climate

Author

Tim Mohin
09 Aug

Kamala Harris has a long history of supporting climate policy. This week’s announcement of Minnesota Governor Tim Walz as her running mate further solidified sustainability as an important part of the Democratic platform.

As Governor of Minnesota, one of Walz's first actions was to call for the state’s energy needs to be met by 100% renewable energy by 2050. He said at the time, “Climate change is an existential threat. We must take immediate action. If Washington is not going to lead, Minnesota will lead.” When he signed the clean energy bill into law, the deadline was shortened to 2040. In 2023 alone, he passed more than 40 climate initiatives in Minnesota, including measures to increase EV adoption, tax credits for electric bikes, solar panels on government buildings, starting a green bank, and many more.

The decision to add Walz to the ticket received widespread support from environmental groups like the Sierra Club. Former EPA Administrator Gina McCarthy said, “He gets that climate action isn’t about politics, it’s about protecting our small towns and cities. It’s about creating safer and healthier communities for our kids and grandkids to grow up in.” 

Although Harris’s selection for VP received widespread support from environmentalists and climate advocates, some Democrats were confused by the pick. Most Democrats saw Pennsylvania Governor Josh Shapiro as the best candidate on paper, seeing his strong support as critical for winning the key swing state. One commentator said, “It’s all fun and games until you wake up 10,000 votes shy in Pennsylvania.”

Republicans also see Walz’s environmental progressiveness as a weakness and plan to use his climate activism to paint Harris-Walz “as the most radical left-wing ticket in decades.” 

A Stark Contrast

The other Vice Presidential hopeful, Donald Trump’s running mate JD Vance, used to be an advocate of climate action and clean energy. As recently as 2020, Vance said that the US has a climate problem and that clean energy is a solution. Since joining the Trump ticket, he has shifted his position to embrace fossil fuels and question climate science.

Reinforcing the contrast between the two parties on climate, a new study found that almost a quarter (23%) of the US Congress are climate deniers, all of which are Republicans. This number diverges significantly from other developed governments and is not representative of the American electorate, of which less than a fifth are climate deniers. 

SEC Defends Climate Rule

The Securities and Exchange Commission (SEC) defended its climate rule in a written brief filed with the 8th Circuit Court of Appeals. In the brief, the SEC argues that the rule was created “pursuant to its well-established statutory authority to require the disclosure of information important to investors in making investment and voting decisions.”

The brief goes into great detail on why claims of SEC overreach and attempts to further a climate agenda are unfounded. It relies upon thousands of comments supporting the importance of climate information for investors. Addressing claims that the SEC’s rules result from efforts to regulate climate change, the brief states, “This case is not about climate change or environmental policy; it is about protecting investors.”

The case will move to oral arguments later in the year.

US Labor Stats and Climate Change

Was climate change to blame for the poor US labor statistics that led to a global market downturn? — Upon examining the data, it seems probable. 

Number of Workers Unable to Work Due To Extreme Weather, Source: Reuters

A massive 461,000 workers were unable to work due to extreme heat and Hurricane Beryl. This number was not only a record for July, but it was 10x the monthly average. Extreme weather also pushed the number of people working part-time to 1 million, which is also a July record. 

IRA In Action

Image by Stephen Walker on Unsplash

New data shows how the Inflation Reduction Act (IRA) is helping US homeowners save money and reduce emissions. The tax credits have been more popular than expected, with more than 3.4 million U.S. households getting $8.4 billion in tax breaks.

The law gained bipartisan support when 18 House Republicans penned a letter asking House Speaker Mike Johnson (R-La.) to refrain from repealing or reforming the IRA if Republicans win more seats in the next election. Many red states are seeing the benefits of the IRA through manufacturing investments and jobs, which is causing an internal rift within the GOP.

More Carbon Credit Controversy, And Some Hope

This is part of a larger trend to mature this market with new standards and regulations. Another new group aiming to clean up the market is the Carbon Removal Standards Initiative (CRSI) - a Bill Gates-backed non-profit launched this week that seeks to standardize the climate benefits of extracting carbon from the atmosphere.

Carbon “insets” are also gaining ground with companies, including my own - BCG. Carbon insets work similarly to offsets, but they are limited to actions within the company’s value chain. For example, BCG addresses its travel emissions by purchasing sustainable aviation fuel certificates, which provide a much more reliable CO2 reduction than buying offsets from unrelated carbon reduction projects. 

CSRD FAQs

Image by Guillaume Périgois on Unsplash

With only six months to go before companies start making their first reports to the EU’s Corporate Sustainability Reporting Directive (CSRD), the European Commission released a series of FAQs to help companies prepare.

The FAQs aim to clarify some of the key issues companies and auditors have in complying with the CSRD. They include issues like collecting value chain data, assurance, and more. 

With less than six months to go, you would be forgiven to think that every member state has transposed the CSRD into national law by now—only nine of the 27 have, and five have yet to start the process.

The views expressed on this website/weblog are mine alone and do not necessarily reflect the views of my employer. 

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