Fires, floods plunge U.S. deeper in the red

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Aug 11, 2023 View in browser   By Arianna Skibell Presented by Williams People watch as smoke and flames fill the air from raging wildfires on Front Street in downtown Lahaina, Maui, on Aug. 8. | Alan Dickar/AP Photo Climate-fueled disasters are on the rise, and federal recovery aid is about to run dry. President Joe Biden has asked Congress to approve a sprawling spending bill that includes $12 billion to replenish the nation’s disaster recovery coffers through September, writes Thomas Frank. (Biden has requested an additional $20 billion for fiscal 2024). But Congress is out on recess until early September, which could mean a delayed recovery from dozens of major hurricanes, floods and other events. Just yesterday, Biden declared a major disaster in Hawaii, after historic wildfires killed at least 55 people and devastated large swaths of a centuries-old town. That means the administration is actively responding to 67 major disasters while assessing another 13 emergency declaration requests by governors. The head of the Federal Emergency Management Agency publicly warned Congress four months ago that the disaster recovery fund was running out of money. With a $4.3 billion deficit projected for September, the agency said it will likely need to delay mitigation and some recovery efforts to ensure its ability to respond to life-threatening situations. The multibillion-dollar disaster fund is used to pay most costs for communities to clean up and rebuild after a major disaster. It also gives individuals emergency aid, typically worth a few thousand dollars, for expenses such as temporary housing and minor home repairs. The cost of natural disaster recovery is expected to rise sharply as the planet warms. Researchers have linked a rise in planet-warming emissions over the last five years with $153 billion in recovery costs, which is almost twice the amount spent in the previous decade.   Thank goodness it's Friday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Arianna Skibell. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to askibell@eenews.net.   A message from Williams: Our commitment to sustainability is driven by our passion for doing things the right way. We reliably meet growing energy demands while keeping our employees, our environment and our infrastructure safe, and are developing lasting relationships with the communities where we live and work. We’re proud of our progress and will continue contributing to a cleaner environment, now and in the future. Learn more in our new Sustainability Report.   Listen to today’s POLITICO Energy podcast Today in POLITICO Energy’s podcast: Jordan Wolman breaks down why many GOP politicians are abandoning their hostility toward sustainable investing on the campaign trail and how the private sector is responding.   A message from Williams:   Power Centers Coal is loaded onto trucks at a port in Lianyungang, China, last month. | AFP via Getty Images Sucking pollution from the sky The Biden administration has chosen an oil company and a nonprofit technology firm to spearhead the nation’s effort to suck carbon dioxide from the sky, writes Corbin Hiar. Two landmark projects, by Occidental Petroleum and Battelle Memorial Institute, will be built in a heavily industrialized region along the Gulf of Mexico, funded with $1 billion in federal grants. Speeding up power line deployment The Biden administration has proposed a rule to streamline the federal permitting process for major transmission lines, a move that could help transform the electric grid and bring solar and wind energy online faster, writes Miranda Willson. The Department of Energy plan calls for completing environmental reviews and other federal approvals for electric power lines within two years. Activist group catches break A top French administrative court on Friday suspended the government's decision to disband a climate activist movement following clashes with police during protests earlier this year, writes Louise Guillot. France’s Council of State court ruled that the disbanding order would restrict the activists' freedom of assembly and said the interior ministry did not provide enough evidence to back up its claim that the group is inciting violence. In Other News On the highway to climate hell: The world's infrastructure was built for a climate that no longer exists. Social changes: How sign language is adapting to climate change.   HITTING YOUR INBOX AUGUST 14—CALIFORNIA CLIMATE: Climate change isn’t just about the weather. It's also about how we do business and create new policies, especially in California. So we have something cool for you: A brand-new California Climate newsletter. It's not just climate or science chat, it's your daily cheat sheet to understanding how the legislative landscape around climate change is shaking up industries across the Golden State. Cut through the jargon and get the latest developments in California as lawmakers and industry leaders adapt to the changing climate. Subscribe now to California Climate to keep up with the changes.     Subscriber Zone A showcase of some of our best subscriber content. audioundwerbung/iStock The Treasury Department will miss its Aug. 16 deadline to issue guidance on the Inflation Reduction Act's first-ever tax credit for clean hydrogen production. President Joe Biden doesn’t love the branding of his signature climate law, dubbed the Inflation Reduction Act, because its clunky name isn't resonating with the American public. The National Oceanic and Atmospheric Administration raised its forecast for the number of Atlantic storms that will form this year. That's it for today, folks. Thanks for reading, and have a great weekend!   YOUR TICKET INSIDE THE GOLDEN STATE POLITICAL ARENA: California Playbook delivers the latest intel, buzzy scoops and exclusive coverage from Sacramento and Los Angeles to Silicon Valley and across the state. Don't miss out on the daily must-read for political aficionados and professionals with an outsized interest in California politics, policy and power. Subscribe today.       A message from Williams: At Williams, sustainability means a consistent commitment to authentic, safety-driven operations as we move one third of the nation’s natural gas. But it also means a continued focus on tomorrow as we invest in the next generation of emerging energy opportunities. Williams has a long legacy of doing things right every day. With the largest and most flexible natural gas transmission network in the U.S., Williams has reliably transported American-sourced natural gas for more than 100 years. We know that our operations play an important role in addressing a complex energy landscape, driven by the impacts of climate change and growing renewable energy generation — which is why our sustainability commitment is engrained in our work as we lead Williams and our industry into the future. Our new 2022 Sustainability Report provides an exciting opportunity to showcase how we’re continuing to make clean energy happen. Read more.     Follow us on Twitter Arianna Skibell @ariannaskibell   Follow us

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