Biden suspends oil and gas companies’ leases taking executive action on climate change

Like & Share us on Facebook.

 

 

 

On Wednesday, President Joe Biden signed a slew of executive orders to combat climate change. One of first actions of the new president was to rejoin the Paris accord on climate change. Another key action included the cancellation of the permit that had been granted for the construction of the Keystone XL pipeline.

 

Environmental groups are in resonance with these orders while oil and gas producers are against them and will probably challenge them in court.

 

The U.S. has been unable to reach set emission goals and they fell well below permissible levels during the Trump administration. Over a 100 environmental regulations were also weakened. Legislations were passed to benefit the fossil fuel and emissions based industry.

 

The current administration has a huge team of climate experts and will reveal the highest possible achievable targets at the latest at Scotland as well as execute a $2 trillion climate plan.

 

Some of the key points of the latest orders state that the secretary of the Interior Department stops issuing new leases for oil and natural gas on government property including those public lands and waters that have been explored in the past. Permits issued in the past and current ones will be reviewed to reduce current levels of carbon emission.

 

Climate change has taken center stage after a long time and is being considered as high priority. Eco friendly jobs and consideration of vulnerability of populations who are most affected by climate change who were hitherto neglected have also become an area of focus.

 

The tie in seats at the Senate, 50-50, with the one extra vote that of the Vice President, in favor of the Democrats bodes for stormy sessions in the Senate as climate change takes center stage after four years of being relegated to the sidelines or been ignored in favor of oil and gas companies.


Follow us on Google news for more updates and News










Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.


CWEB.com is not registered as an investment adviser with the U.S. Securities and Exchange Commission. Rather, CWEB.com relies upon the “publisher’s exclusion” from the definition of investment adviser as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.

Full Disclaimer