Economy & Business

"At a normal tide on a normal day on the Southern California coast, ankle-high waves glide over a narrow strip of gold sand. On one side sits the largest body of water in the world. On the other, a row of houses with a cumulative value in the hundreds of millions of dollars, propped on water-stained stilts.

Property value ebbs and flows, but when it comes to coastal real estate "the trend lines are pretty clear," says California state Sen. Ben Allen, squinting in the sun. "And they're not pretty."

"The world stands on the cusp of a massive shift from fossil fuels to clean electricity, but many are worried that the transition won't be fair. Already, electric cars and efficient heating technologies are showing up disproportionately in wealthy neighborhoods. The U.S. faced a very similar problem almost a century ago with electricity, the energy revolution of that time. Most cities had been electrified by the 1930s, but many rural areas had not, because private electric companies saw little profit in string wires down lonely country roads."

"Conservatives have long argued against regulating fossil fuel production for the climate’s sake, claiming that doing so would interfere with the holy free market. A new study shows that’s a total fairy tale because the invisible hand isn’t responsible for dirty fuels’ market dominance—implicit government subsidies are. The findings show those subsidies total in the billions each year."

"President Biden’s next big thing would fuse the rebuilding of America’s creaky infrastructure with record spending to fight climate change, a combination that, in scale and scope, represents a huge political shift, even for Democrats who have been in the climate trenches for decades."

"President Biden’s economic advisers are pulling together a sweeping $3 trillion package to boost the economy, reduce carbon emissions and narrow economic inequality, beginning with a giant infrastructure plan that may be financed in part through tax increases on corporations and the rich."

Obama focused his agenda on greenhouse gas regulations, with some investments on the side. President Biden has promised to unveil pollution rules as well — but the heart of his climate plan is a multitrillion-dollar infrastructure package that's taking shape now."

"The coal giant can walk away from 30 permits and must try to sell about 170 others. Community activists fear environmental hazards from the abandoned mines."

"The Senate leader is objecting to a plan that would raise costs for some of his constituents by bringing flood insurance rates in line with climate risks."

"A new algorithm-based study by a group of UK universities has predicted that 63 countries – roughly half the number rated by the likes of S&P Global, Moody’s and Fitch - could see their credit ratings cut because of climate change by 2030."

"The last standing member of Texas’s Public Utility Commission handed in his resignation on Tuesday following a report that he assured out-of-state investors who made big profits from last month’s blackouts that he was working to make sure they could keep their money."