Green warnings lost in wind as tax bill crashes toward deadline

Google latest tech giant to join fusion fray

In today’s edition:

— As Congress spirits Trump’s tax bill to his desk, green warnings fall unheeded

— Google the latest tech giant to join fusion energy fray

— Extreme heat is raising energy prices for consumers faster than inflation

— Plan to sell a million acres of public land in 11 states stripped from GOP policy bill

— Early research published on using AI to cut more emissions than the power it consumes

A major heat dome started building up over much of Europe in mid-June and is still baking the region with record-breaking land and sea surface temps. Another heat dome is bringing record high temps to much of the U.S. this week. Image: severe-weather.eu.

One of the most irresponsible pieces of legislation in recent history barreled toward President Donald Trump’s desk Tuesday as green energy advocates warned one last time that passage of the tax bill will hobble U.S. energy interests for years to come.

Investors in renewable energy stocks are already looking past passage of the bill for what fewer opportunities there may be, even as a new report came out showing that the U.S. is even now losing the race to electrify its economy to China and several other Asian nations.

A report by Ember, a renewable energy researcher, said finding new energy sources to electrify parts of economies such as transportation, heating and cooling, and energy storage has become the primary economic arms race of the next decade and that countries in Asia are moving forward just as the U.S. slashes its output potential with the so-called Big, Beautiful Bill to maintain Trump’s tax cuts.

The fact that deadly heat domes currently hovering over the East Coast and Europe will require huge spikes in electricity to feed air conditioners is also lost in the race to get a bill to the president before July 4.

At some point, the demand for more electricity will become too great in the U.S. The shiny nuclear and carbon removal deals that the big tech companies have been flashing recently won’t be anywhere near ready to produce it, and the process of drilling for more oil and gas will reveal itself as impractical and unprofitable.

More green energy will be required. Investors in renewable stocks seem to already realize that today, and are for the most part, resigned to whatever bridge the new bill gives them to complete new projects (two years or four years) and relieved that the last-minute excise tax on products from China was removed, for now. They are buying for next week, after the bill is passed.

This week, however, it’s all tax cuts. The climate can wait. Or can it?

Don’t forget to contact me directly if you have suggestions or ideas dcallaway@callawayclimateinsights.com.

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Tuesday’s subscriber insights

Rendering of a grid-scale commercial fusion power plant planned by Commonwealth Fusion Systems in Virginia.

Google joins the fusion energy tech parade with Commonwealth deal