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MORE DISSENT OVER IRA GUIDANCE: Some of the Democratic authors of the Inflation Reduction Act said they were let down by the Treasury Department’s new bonus credit guidance and pledged to push the administration to define terms more aggressively to reshore more of the solar supply chain.
Who said what: Senate Finance Chairman Ron Wyden said Friday the rules are too weak: “I wrote the Inflation Reduction Act to make an historic investment in rebuilding domestic solar manufacturing, but the rules the Biden administration put forward today do not go far enough to make the most of that opportunity.”
More on the numbers: The United States no longer manufactured crystalline silicon PV ingots, wafers, or cells as of 2020, although there is manufacturing of cadmium telluride cells, a much less common photovoltaic technology. BIDEN HIT FOR EXPORT FINANCE DEAL WITH INDONESIAN REFINERY: Environmental groups are denouncing President Joe Biden for breaking promises on climate change after the Export-Import Bank approved nearly $100 million in financing for improvements to a petroleum refinery in the Indonesian port city of Balikpapan.
“Lending his support to devastating fossil fuel development like the Willow oil project, Alaska LNG, Gulf Coast exports, and the Mountain Valley Pipeline is bad enough, but this approval shows the United States is committed to doing the fossil fuel industry’s bidding in all corners of the world,” said Collin Rees, U.S. program manager at Oil Change International.
Strategic need: The export finance deal goes to the heart of the challenge the Biden administration faces in hastening an energy transition, including by extending aid or financing to developing nations, while both catering to the existing global energy system to keep prices low and trying to reduce Russia’s share of global energy markets.
Though details are still being negotiated, U.S. officials expect G-7 members to agree to automatically ban exports on all Russian goods within certain categories, unless they are on a list of pre-approved items, Reuters reports. Other actions will help close gaps in Russian export restrictions, including the oil price cap that took force in December.
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