OIL AND GAS PROVISIONS IN THE CLIMATE BILL ARE A WORTHWHILE TRADE-OFF

 On July 27, Senators Joe Manchin and Chuck Schumer stunned Washington by announcing that they had agreed on a climate package. The bill, known as the Inflation Reduction Act of 2022, allocates $369 billion for climate action. The United States would take a significant step toward attaining the emissions reduction target that U.S. President Joe Biden announced at the Glasgow climate summit in November 2021 if it were to pass, making it the most significant climate legislation in the country's history.

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The bill has received a lot of attention, some of it painfully inaccurate, as you might imagine. It's a compromise meant to win over all 50 Democratic senators, and it has a few clauses geared toward helping fossil fuel producers. The U.S. Department of the Interior must lease 60 million acres of federal land offshore and 2 million acres of federal land onshore every year for oil and gas extraction, to name just a few requirements (or whatever acreage the industry requests, whichever is smaller). Federal leasing must be approved to develop onshore



and offshore renewable energy sources, respectively.

The combination of new oil and gas development, a major contributor to climate change, with the advancement of renewable energy, a major mitigation strategy, is rather ironic. And as you might anticipate, some environmental activists are wailing. According to Brett Hartl, government affairs director at the Center for Biological Diversity, "it's self-defeating to bind renewable energy development to big new oil and gas exploitation." He also called the law "a climate suicide pact." The law, according to a senior scientist at 350.org, is a "sham" and "included so many giveaways to the fossil fuel industry" that they "transform all of the accomplishments in solving the climate catastrophe into a moot issue," she said in an online statement.

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