“We are planning for how Biden can use the rest of his two and a half years in office potentially even more to use the full extent of his executive authority,” said Varshini Prakash, executive director of the Sunrise Movement, a youth-led climate activist group.īeyond issuing new rules, she said activists also still hope to see Mr. Biden to keep pushing for new ways to curb global warming. “I have no question that they’ll go further and farther, because they will make money on this,” she said of the private sector.Ĭlimate activists have called on Mr. That, she said, will lead emissions to drop well beyond the levels analysts are currently estimating. Officials expect the new law will help companies comply with new regulations at low or no cost, by giving them tax incentives to reduce emissions. clean air chief, said she believes the private sector will steer the bulk of emissions cuts. McCarthy, who spent much of her career developing environmental regulations, including some of the country’s first policies to fight global warming when she served as the E.P.A. A separate regulation to curb vehicle tailpipe emissions could be issued next year.īut Ms. That rule is expected to be finalized later this year. has been working to regulate methane, a potent greenhouse gas that spews from oil and natural gas operations and can warm the atmosphere 80 times as fast as carbon dioxide in the short term.
McCarthy listed a broad range of areas where executive agencies are preparing action on climate. In addition to the power plant rules, Ms. Trump, for example, rolled back more than 100 of President Barack Obama’s environmental regulations. But unlike legislation, those rules can be easily undone by a future administration. Biden has the executive authority to issue regulations through federal agencies, and under the Clean Air Act of 1970 can establish rules to address air pollution. Biden’s goals on its own.īut administration officials believe they have sufficient executive power available to fill the gap. emissions from 2005 levels, closing in on, but not reaching, Mr. But the court ruled out more ambitious approaches, like requiring utilities to switch from coal to wind or solar power.Įnergy experts project the law will help draw down about 40 percent of U.S. The ruling curtailed but did not eliminate the agency’s ability to regulate the energy sector, and the agency may still require measures like emission controls at individual power plants. “the power to respond to the most pressing environmental challenge of our time.” The vote was 6 to 3, with the court’s liberal justices in dissent, saying that the majority had stripped from the E.P.A. The move toward executive action comes less than two months after the Supreme Court limited the Environmental Protection Agency’s ability to regulate carbon emissions from power plants. But even now that the bill has been revived and passed, several administration officials say he has not ruled out taking any of those unilateral moves. Biden promised an aggressive set of executive actions to cut emissions as recently as last month, when it appeared the climate bill had stalled in the Senate. “And he’s going to continue to use those.” “The president has not chosen to just look at Congress, he’s chosen to recognize that he has presidential authorities and responsibilities under the law to keep moving this forward,” she said. CNBC's Samantha Subin, Yun Li, Jesse Pound, Carmen Reinicke and Sarah Min contributed reporting.The climate bill, she said, was “a starting point.” Semiconductor stocks also took a hit, with Micron and Advanced Micro Devices down more than 3% each and Nvidia down more than 4%. Apple, Amazon and Alphabet dropped 2.3%, 3.62%, and 2.53%, respectively, while Salesforce sank more than 3%. Tech stocks - Shares of tech companies fell amid fear of more aggressive Federal Reserve rate hikes. Airline companies United Airlines fell 3.04%, and Delta Air Lines dropped 2.62%. Cruise line stocks such as Carnival, Royal Caribbean Group and Norwegian Cruise Line Holdings were lower by 4.86%, 4.72% and 4.78%, respectively. Travel stocks - Travel stocks struggled along with the broader market. or abroad, and rising inventories at the retailer. The firm changed its rating, citing potential consumer weakness if there is a recession in the U.S. VF Corp - Shares of Vans parent company VF Corp sank more than 5% Monday after Cowen downgraded the stock to market perform and cut its price target. Occidental jumped double digits on Friday after news that Warren Buffett's Berkshire Hathaway received regulatory approval to purchase up to 50% of the oil giant.ĭocuSign - Shares of electronic signature company tumbled 4.34% following a price target cut and downgrade from RBC to sector perform from outperform, as the company searches for a new CEO. Occidental Petroleum - The energy stock retreated more than 3% in the broad market sell-off, following a 10% rally in the previous session.
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