Transcripts For CSPAN3 Hearing On The Economic Impact Of Cli

Housing urban affairs will come to order. Welcome to the three witnesses in person and our fourth witness online, and thank you for that. Climate change is, here the country knows that it is here for ohio teachers, and students forced to work in schools without air conditioning in 90 plus degree heat. For more and more days at both ends of the school year. It is here for ohio cities and towns like the one mr. Florida comes from, the draw their Drinking Water from lake erie and face higher and higher qassem harmful algae blooms. It is here for ohio farmers, many of whom lost an entire growing season in 2019 because of extreme rain and will who suit will soon be forced to learn to grow crops better suited to arkansas van to ohio. It is here for neighbors and kentucky who watched their homes and communities washed away in the devastating floods this week. The kind that scientists warn are becoming more common. We. Have seen these pictures, probably all of us in this room. The flooding could be in many of our states. As mayors, a school superintendents, as county commissioners, about the increasing cost that they deal with already because of Climate Change. Which costs we know only get worse and we know who will be forced to pay for these. Not the Oil Companies who make record profits. 8. 5 billion dollars last quarter for bp. That is only three months. 12 billion dollars for a chevron. That is four billion dollars in profits a month. 12 billion dollars for shell, that is a billion dollars in profits per week. With eight billion dollars for axon mobile. That is 200 million in profits a day. It is not these corporations that pay the bills, it is local taxpayers. The likely impact of Climate Change could cost people in my state six billion dollars a year. These corporations and their executives have been getting rich by price gouging consumers and polluting our communities for decades. Taxpayers in ohio, taxpayers around the country, will be left to pick up the pieces. Taxpayers are always left to pick up the pieces. It is why we have to act mao to grow Renewable Energy economy to make our communities more resilient climate disasters. If we delay it gets only more expensive to fix. In previous hearings, we have examined the threats of Climate Change to our Financial System. The Economic Opportunities for good paying jobs in the low cameron economy. The role of insurance in protecting the economy from becoming impact, and how we can reduce Carbon Emissions as we improve our housing. In each, hearing we have heard that the looming catastrophe of Climate Change is just kind of a non issue or something so far out in the future that there is no need to spend time on it in this committee. That just makes no sense. As the committee is tasked with overseeing the stability of our Financial System, that is what we are doing. We have a responsibility to do all we can to prevent the risk of wreck from wrecking our local communities and financial stability. Nobody on this Committee Questions the need to prevent cybercrimes by asking how many banks have failed because of it. We dont dismiss financial scams because they dont pose a Systemic Risk to the Financial System at the moment. Our towns, our taxpayers, cant afford for us to treat climate risk any differently. Not in the effects in the economy are so clear. Almost the entire country under excessive heat warnings, with floods and wildfires and drought and extreme storms threatening americans lives and livelihoods, we know that communities in every state are about to be hit with massive bills. Bills, many of them just wont see coming. We know that there is tremendous Economic Opportunity if we address these threats in the right way. Ohio, pennsylvania, south carolina, can create good paying jobs in the industries of the future. And if we dont, lead we know that china will be all too happy to eat. This morning, we will hear from four witnesses. Including the executive director of one of the ohio groups who publish a report called the bill is coming due. It features eyeopening figures detailing cost that will be borne by ohio towns and cities, and as a result, ohio taxpayers because of Climate Change. What i hope to hear from witnesses as a recognition of the risk to our communities, to the lives and livelihoods of our fellow citizens, from these real and present and looming and growing threats. I hope we will hear honest assessments of the state of the world we are in, constructive suggestions of how we make it better. I hope that we will come away from this hearing thinking about how we can help towns and cities in ohio, and rhode island, and north dakota, and pennsylvania. That are living, frankly and world time. And how we can prepare, how they can prepare for what is coming. Lets create jobs for the 21st century, lets make sure that the workers, and i hope union jobs name the workers who will drive to 24 century economy, can still live in the towns and cities that we are sent her to represent. Thank you, mister chairman. And thank you to all of our witnesses here today, especially those who traveled a long way to be with us. I appreciate you taking the time going through the effort to join us. Every month seems to bring more bad news about energy. The gas prices still remain near record highs, despite the modest declines last month. The cpis energy index was up over 41 over the past year as of june. This includes gasoline, fuel, oil, electricity, utilities. Meanwhile, prices are rising across the economy. Paychecks are certainly not keeping up. After adjusting for inflation, wages have declined 5 since President Biden took office. In fact, unless you got a 12 raise in the last 18 months, you have effectively gotten a pay cut. Working americans are becoming poorer every day. And our democratic colleagues wasteful spending, coupled without over a decade of alter easy monetary policy, across the 40 year high inflation and now the contraction in our economy. You know it is the last thing americans need . Policies that are explicitly designed to reduce American Energy production, and therefore make the cost of energy even more expensive under the guise of addressing Climate Change. But that is exactly what the administration and many by congressional allies have been doing. They have been eager to find any culprit other than themselves to explain the rising cost of energy. They have tried blaming supply chains, vladimir putin, and my personal favorite, corporate greed. How dare businesses be motivated by profit. My colleagues on the other side of the aisle really should be doing a little bit of self reflection. But instead, they are trying to jam through a 700page tax and spend bill that will throw fuel, presumably of the Carbon Neutral count, on this fire. 385 billion dollars in corporate welfare for politically favorite green energy, including nine billion dollars in generous subsidies for wealthy people to buy teslas. A billion dollars to fund electric garbage trucks and school buses even though the infrastructure bill provided five billion for this purpose. What did a half billion for state and local governments tree planting. Even though we sent state and local governments 500 billion dollars in funding over the last two years, while they were having high tax revenue collections. Then there is a billion dollars to install or install solar panels and government assisted housing while we are in the middle of a housing enforceability crisis. And how do our democratic colleagues proposed to pay for all of these . By raising taxes by 326 billion dollars on employers with half of that burden falling and u. S. Manufacturing companies, all of which will be passed on to workers, shareholders, and consumers in the form of still higher prices. This pay it for it will exacerbate a recession that we are very likely already and. The massive tax and spending spree is really just the tip of the iceberg for the Biden Administrations Costly Energy policy. In less than two years, they have halted the keystone xl pipeline, erected onerous regulatory barriers to natural gas pipeline construction, mandated the highest ethanol blending requirement in the history of the renewables full standard, issued a moratorium on oil and gas drilling on federal lands and offshore, and nominated for critical federal positions, individuals who are openly hostile to the oil and gas industry. In our committees jurisdiction, the fcc has reached far outside of its Statutory Authority to get in on the action. In march, the sec proposed a rule that would require all Public Companies to report every ghg Greenhouse Gas emissions in their entire supply chain, and among their customers, even though the state has nothing to do with the companys Financial Performance that is likely irrelevant to investors. In addition, to hijacking the democratic process with this breathtaking scope, the sec proposal would impose enormous costs on Public Companies. The sec itself estimated that the compliance cost, the paperwork word into these Public Companies, would be an extra 6. 4 billion dollars annually. For this rule alone. And that amount just to work the current annual compliance paperwork burden from all other scc regulations combined. Which is about 3. 8 billion. Obviously, the cost of the policy as i have described so far are quite high. Businesses which will shrink, jobs that will be lost, less Energy Produced. But there is second order effects as well. Higher prices for consumers. Failures on the electrical grid, and less Economic Growth and a lower standard of living. The great irony of all of this is that, even for their extraordinarily high costs, none of these policies is going to make a dent in slowing Climate Change. I am not denying Global Warming. It is undoubtedly real. But i am denying is that these policies will have any meaningful effect. Think of this. If tomorrow the United States of america, the second largest carbon emitter in the world, went completely Carbon Neutral, in other words, from a carbon point of view it would be equivalent to america ceasing to exist. Then Global Temperatures 80 years from now will have been reduced by three tenths of one degree fahrenheit relative to what they would otherwise be. This is not my analysis, this is according to the un climate model. So, feel free to estimate the impact of a few more rich people buying texas. Now i know that my democratic colleagues sincerely want to reduce Greenhouse Gas emissions anyway. Well there is a way we can do that. There is one thing that has made a dramatic reduction in u. S. Greenhouse gas emissions already. It is American Energy production. Between 2005 and 2019, the u. S. Led the world in a mission reductions, largely due to transitioning from coal to natural gas. David butter were is with us today. He is a Business Manager for the pipe ors a local union 78, representing 6400 Union Pipeline workers. He has been a member of the union for 25 years. Mr. Better worth will testify to the importance of Traditional Energy for grid reliability, as well as the direct challenges his members face from hostility towards their chosen industry in profession. Dan our heart is with us today. He is the ceo of can area, and the Oil Field Services company implying roughly 40 people from mexico to pennsylvania. Mr. Eberhart will testify to the consequence of consistent under investment in traditional industries. I hope that my colleagues on both sides of the aisle will listen to what they have to share today. I think you, mister chairman. Thank you, senator. Of course we. Will i will introduce todays witnesses. I appreciate mentioning two of. Am joe flared is the executive director of power, a clean future of ohio. He leads power a clean feature, he leads the group a non partisan coalition working with local leaders across ohio to develop and implement economical and equitable climate solutions. He worked on Energy Policy here in washington with the Bush Foundation in germany and ohio. He earned a bachelors in Political Science from ohio state. Welcome, mr. Mr. Dan eberhart, ceo of canary and Oil Field Services can company under his leadership canary has become one of the largest corporations in that sector. Frequent commentator in Energy Policy on various media outlets. He is a georgia native, as is my mother. A cum laude ratchet of vanderbilt and has a law degree from mr. Welcome. Mr. David butter worth is a Regional Business agent for pipeline ors a local union seven 98. Associated with you a, with the publisher plumbers and pipe fighters. He is a veteran of the u. S. Army. Workers first pipeline job as a welder. A year after he was discharged he has been business agent for six years while working as a welder here and abs and journalism. Like my wife from West Virginia university. I look forward to your testimony. I hope you will also discuss, mr. Better, worth how they have a structure bill and the chips act and the Inflation Reduction Act that we are about to pass will create thousands of good paying jobs for Union Workers. An emphasis on the side of the aisle when Union Workers. Doctor shaheen of ochoa, the founder and ceo of refocused partners, she joins us remotely from the west coast. She is the ceo of refocus poke partners with develop Sustainability Solutions for municipal and private sector clients across the world. She was educated at Carnegie Mellon and the Ranking Members home state. Western pennsylvania, before assuming your current role. Shes been a visiting professor environmental policy at Johns Hopkins and an official in the Obama Administration and the c d q. Welcome doctor. Mr. Florida, you may proceed. Thank you for joining. Us chairman brown, Ranking Members of the committee, thank you for the opportunity to testify in this most pressing issue. The Economic Cost of Climate Change. My name is joe florida, and i service a executive director of power and clean future ohio. In a moment i will share more about our work and our incredible partners in ohio. I want to start today with two brief observations on the topic. First, i want to recognize that Climate Change is not a problem. The impact we will face as human beings are far more complex than we can put into simple economic or financial terms. The most vulnerable in the communities in my home state of ohio and around the world will experience the most harm on the shortest timeline as a result of severe climate impacts. Health consequences all already impacting vulnerable populations will get worse. Access to clean air, clean water, and healthy green space will become more scarce. And despite the false narrative, we hear often stable good paying jobs for workers will be sacrificed if we ignore the environmental challenges in front of us. Secondly, year in and year out, local governments are burdened with the most challenging public problems we face. They are the eyes that see these problems first. The voices that raised the alarm we reach a tipping point, and the hands that are asked to implement the solutions we identify. Today, i am here to lift up ohios elect local elected leaders, and their tireless staff, that are indeed raising the alarm on the financial cost of Climate Change. They both see these cost coming, and in some cases, are experiencing them now. In the face of a complex challenge, and one way to wrap our heads around it, is to look at the numbers and to deter determine how much it costs you act, and how much would cost us to do nothing. My main point today is that we cannot afford not to act. We must act now. Power clean feature ohio was launched in 2020 by Incredible Group of policy experts, advocates, and local leaders. We built this organization to do one thing. Create direct support to ohios local government to help them identify and adopt clean energy solutions. We support them in creating coveted action plans in big ways and small ways. We have learned that the right solution is the one that works best in that community. Be an economically, environmentally, culturally or even yes, politically. Power clean future ohio, the ohio environmental council, and our Technical Partner stood analysis recently issued a report titled, the bill is coming due, calculating the financial cost of Drinking Water<\/a> from lake erie and face higher and higher qassem harmful algae blooms. It is here for ohio farmers, many of whom lost an entire growing season in 2019 because of extreme rain and will who suit will soon be forced to learn to grow crops better suited to arkansas van to ohio. It is here for neighbors and kentucky who watched their homes and communities washed away in the devastating floods this week. The kind that scientists warn are becoming more common. We. Have seen these pictures, probably all of us in this room. The flooding could be in many of our states. As mayors, a school superintendents, as county commissioners, about the increasing cost that they deal with already because of Climate Change<\/a>. Which costs we know only get worse and we know who will be forced to pay for these. Not the Oil Companies<\/a> who make record profits. 8. 5 billion dollars last quarter for bp. That is only three months. 12 billion dollars for a chevron. That is four billion dollars in profits a month. 12 billion dollars for shell, that is a billion dollars in profits per week. With eight billion dollars for axon mobile. That is 200 million in profits a day. It is not these corporations that pay the bills, it is local taxpayers. The likely impact of Climate Change<\/a> could cost people in my state six billion dollars a year. These corporations and their executives have been getting rich by price gouging consumers and polluting our communities for decades. Taxpayers in ohio, taxpayers around the country, will be left to pick up the pieces. Taxpayers are always left to pick up the pieces. It is why we have to act mao to grow Renewable Energy<\/a> economy to make our communities more resilient climate disasters. If we delay it gets only more expensive to fix. In previous hearings, we have examined the threats of Climate Change<\/a> to our Financial System<\/a>. The Economic Opportunities<\/a> for good paying jobs in the low cameron economy. The role of insurance in protecting the economy from becoming impact, and how we can reduce Carbon Emissions<\/a> as we improve our housing. In each, hearing we have heard that the looming catastrophe of Climate Change<\/a> is just kind of a non issue or something so far out in the future that there is no need to spend time on it in this committee. That just makes no sense. As the committee is tasked with overseeing the stability of our Financial System<\/a>, that is what we are doing. We have a responsibility to do all we can to prevent the risk of wreck from wrecking our local communities and financial stability. Nobody on this Committee Questions<\/a> the need to prevent cybercrimes by asking how many banks have failed because of it. We dont dismiss financial scams because they dont pose a Systemic Risk<\/a> to the Financial System<\/a> at the moment. Our towns, our taxpayers, cant afford for us to treat climate risk any differently. Not in the effects in the economy are so clear. Almost the entire country under excessive heat warnings, with floods and wildfires and drought and extreme storms threatening americans lives and livelihoods, we know that communities in every state are about to be hit with massive bills. Bills, many of them just wont see coming. We know that there is tremendous Economic Opportunity<\/a> if we address these threats in the right way. Ohio, pennsylvania, south carolina, can create good paying jobs in the industries of the future. And if we dont, lead we know that china will be all too happy to eat. This morning, we will hear from four witnesses. Including the executive director of one of the ohio groups who publish a report called the bill is coming due. It features eyeopening figures detailing cost that will be borne by ohio towns and cities, and as a result, ohio taxpayers because of Climate Change<\/a>. What i hope to hear from witnesses as a recognition of the risk to our communities, to the lives and livelihoods of our fellow citizens, from these real and present and looming and growing threats. I hope we will hear honest assessments of the state of the world we are in, constructive suggestions of how we make it better. I hope that we will come away from this hearing thinking about how we can help towns and cities in ohio, and rhode island, and north dakota, and pennsylvania. That are living, frankly and world time. And how we can prepare, how they can prepare for what is coming. Lets create jobs for the 21st century, lets make sure that the workers, and i hope union jobs name the workers who will drive to 24 century economy, can still live in the towns and cities that we are sent her to represent. Thank you, mister chairman. And thank you to all of our witnesses here today, especially those who traveled a long way to be with us. I appreciate you taking the time going through the effort to join us. Every month seems to bring more bad news about energy. The gas prices still remain near record highs, despite the modest declines last month. The cpis energy index was up over 41 over the past year as of june. This includes gasoline, fuel, oil, electricity, utilities. Meanwhile, prices are rising across the economy. Paychecks are certainly not keeping up. After adjusting for inflation, wages have declined 5 since President Biden<\/a> took office. In fact, unless you got a 12 raise in the last 18 months, you have effectively gotten a pay cut. Working americans are becoming poorer every day. And our democratic colleagues wasteful spending, coupled without over a decade of alter easy monetary policy, across the 40 year high inflation and now the contraction in our economy. You know it is the last thing americans need . Policies that are explicitly designed to reduce American Energy<\/a> production, and therefore make the cost of energy even more expensive under the guise of addressing Climate Change<\/a>. But that is exactly what the administration and many by congressional allies have been doing. They have been eager to find any culprit other than themselves to explain the rising cost of energy. They have tried blaming supply chains, vladimir putin, and my personal favorite, corporate greed. How dare businesses be motivated by profit. My colleagues on the other side of the aisle really should be doing a little bit of self reflection. But instead, they are trying to jam through a 700page tax and spend bill that will throw fuel, presumably of the Carbon Neutral<\/a> count, on this fire. 385 billion dollars in corporate welfare for politically favorite green energy, including nine billion dollars in generous subsidies for wealthy people to buy teslas. A billion dollars to fund electric garbage trucks and school buses even though the infrastructure bill provided five billion for this purpose. What did a half billion for state and local governments tree planting. Even though we sent state and local governments 500 billion dollars in funding over the last two years, while they were having high tax revenue collections. Then there is a billion dollars to install or install solar panels and government assisted housing while we are in the middle of a housing enforceability crisis. And how do our democratic colleagues proposed to pay for all of these . By raising taxes by 326 billion dollars on employers with half of that burden falling and u. S. Manufacturing companies, all of which will be passed on to workers, shareholders, and consumers in the form of still higher prices. This pay it for it will exacerbate a recession that we are very likely already and. The massive tax and spending spree is really just the tip of the iceberg for the Biden Administration<\/a>s Costly Energy<\/a> policy. In less than two years, they have halted the keystone xl pipeline, erected onerous regulatory barriers to natural gas pipeline construction, mandated the highest ethanol blending requirement in the history of the renewables full standard, issued a moratorium on oil and gas drilling on federal lands and offshore, and nominated for critical federal positions, individuals who are openly hostile to the oil and gas industry. In our committees jurisdiction, the fcc has reached far outside of its Statutory Authority<\/a> to get in on the action. In march, the sec proposed a rule that would require all Public Companies<\/a> to report every ghg Greenhouse Gas<\/a> emissions in their entire supply chain, and among their customers, even though the state has nothing to do with the companys Financial Performance<\/a> that is likely irrelevant to investors. In addition, to hijacking the democratic process with this breathtaking scope, the sec proposal would impose enormous costs on Public Companies<\/a>. The sec itself estimated that the compliance cost, the paperwork word into these Public Companies<\/a>, would be an extra 6. 4 billion dollars annually. For this rule alone. And that amount just to work the current annual compliance paperwork burden from all other scc regulations combined. Which is about 3. 8 billion. Obviously, the cost of the policy as i have described so far are quite high. Businesses which will shrink, jobs that will be lost, less Energy Produced<\/a>. But there is second order effects as well. Higher prices for consumers. Failures on the electrical grid, and less Economic Growth<\/a> and a lower standard of living. The great irony of all of this is that, even for their extraordinarily high costs, none of these policies is going to make a dent in slowing Climate Change<\/a>. I am not denying Global Warming<\/a>. It is undoubtedly real. But i am denying is that these policies will have any meaningful effect. Think of this. If tomorrow the United States<\/a> of america, the second largest carbon emitter in the world, went completely Carbon Neutral<\/a>, in other words, from a carbon point of view it would be equivalent to america ceasing to exist. Then Global Temperatures<\/a> 80 years from now will have been reduced by three tenths of one degree fahrenheit relative to what they would otherwise be. This is not my analysis, this is according to the un climate model. So, feel free to estimate the impact of a few more rich people buying texas. Now i know that my democratic colleagues sincerely want to reduce Greenhouse Gas<\/a> emissions anyway. Well there is a way we can do that. There is one thing that has made a dramatic reduction in u. S. Greenhouse gas emissions already. It is American Energy<\/a> production. Between 2005 and 2019, the u. S. Led the world in a mission reductions, largely due to transitioning from coal to natural gas. David butter were is with us today. He is a Business Manager<\/a> for the pipe ors a local union 78, representing 6400 Union Pipeline<\/a> workers. He has been a member of the union for 25 years. Mr. Better worth will testify to the importance of Traditional Energy<\/a> for grid reliability, as well as the direct challenges his members face from hostility towards their chosen industry in profession. Dan our heart is with us today. He is the ceo of can area, and the Oil Field Services<\/a> company implying roughly 40 people from mexico to pennsylvania. Mr. Eberhart will testify to the consequence of consistent under investment in traditional industries. I hope that my colleagues on both sides of the aisle will listen to what they have to share today. I think you, mister chairman. Thank you, senator. Of course we. Will i will introduce todays witnesses. I appreciate mentioning two of. Am joe flared is the executive director of power, a clean future of ohio. He leads power a clean feature, he leads the group a non partisan coalition working with local leaders across ohio to develop and implement economical and equitable climate solutions. He worked on Energy Policy<\/a> here in washington with the Bush Foundation<\/a> in germany and ohio. He earned a bachelors in Political Science<\/a> from ohio state. Welcome, mr. Mr. Dan eberhart, ceo of canary and Oil Field Services<\/a> can company under his leadership canary has become one of the largest corporations in that sector. Frequent commentator in Energy Policy<\/a> on various media outlets. He is a georgia native, as is my mother. A cum laude ratchet of vanderbilt and has a law degree from mr. Welcome. Mr. David butter worth is a Regional Business<\/a> agent for pipeline ors a local union seven 98. Associated with you a, with the publisher plumbers and pipe fighters. He is a veteran of the u. S. Army. Workers first pipeline job as a welder. A year after he was discharged he has been business agent for six years while working as a welder here and abs and journalism. Like my wife from West Virginia<\/a> university. I look forward to your testimony. I hope you will also discuss, mr. Better, worth how they have a structure bill and the chips act and the Inflation Reduction Act<\/a> that we are about to pass will create thousands of good paying jobs for Union Workers<\/a>. An emphasis on the side of the aisle when Union Workers<\/a>. Doctor shaheen of ochoa, the founder and ceo of refocused partners, she joins us remotely from the west coast. She is the ceo of refocus poke partners with develop Sustainability Solutions<\/a> for municipal and private sector clients across the world. She was educated at Carnegie Mellon<\/a> and the Ranking Member<\/a>s home state. Western pennsylvania, before assuming your current role. Shes been a visiting professor environmental policy at Johns Hopkins<\/a> and an official in the Obama Administration<\/a> and the c d q. Welcome doctor. Mr. Florida, you may proceed. Thank you for joining. Us chairman brown, Ranking Member<\/a>s of the committee, thank you for the opportunity to testify in this most pressing issue. The Economic Cost<\/a> of Climate Change<\/a>. My name is joe florida, and i service a executive director of power and clean future ohio. In a moment i will share more about our work and our incredible partners in ohio. I want to start today with two brief observations on the topic. First, i want to recognize that Climate Change<\/a> is not a problem. The impact we will face as human beings are far more complex than we can put into simple economic or financial terms. The most vulnerable in the communities in my home state of ohio and around the world will experience the most harm on the shortest timeline as a result of severe climate impacts. Health consequences all already impacting vulnerable populations will get worse. Access to clean air, clean water, and healthy green space will become more scarce. And despite the false narrative, we hear often stable good paying jobs for workers will be sacrificed if we ignore the environmental challenges in front of us. Secondly, year in and year out, local governments are burdened with the most challenging public problems we face. They are the eyes that see these problems first. The voices that raised the alarm we reach a tipping point, and the hands that are asked to implement the solutions we identify. Today, i am here to lift up ohios elect local elected leaders, and their tireless staff, that are indeed raising the alarm on the financial cost of Climate Change<\/a>. They both see these cost coming, and in some cases, are experiencing them now. In the face of a complex challenge, and one way to wrap our heads around it, is to look at the numbers and to deter determine how much it costs you act, and how much would cost us to do nothing. My main point today is that we cannot afford not to act. We must act now. Power clean feature ohio was launched in 2020 by Incredible Group<\/a> of policy experts, advocates, and local leaders. We built this organization to do one thing. Create direct support to ohios local government to help them identify and adopt clean energy solutions. We support them in creating coveted action plans in big ways and small ways. We have learned that the right solution is the one that works best in that community. Be an economically, environmentally, culturally or even yes, politically. Power clean future ohio, the ohio environmental council, and our Technical Partner<\/a> stood analysis recently issued a report titled, the bill is coming due, calculating the financial cost of Climate Change<\/a> ohio governments. Its reported assessed key climate impacts for local governments in ohio. For just ten of these impacts, we estimate that local governments in the state of ohio will need to increase municipal spending between 1. 8 billion and 5. 9 billion per year by the midcentury. For context, a 5. 9 billion dollar inquest will equate to an 82 increase over 2019 global Government Spending<\/a> levels for environment and housing programs in ohio. Not one of the local governments power clean future ohio works with knows how they will pay for these increased cost, whether they are on the low end or the highend. There are the traditional approaches of increased taxes, bonds, and government gantz all financed by taxpayers. Alternatively, cities, states, and the federal government could hold accountable to corporations the causes problem to start with. So what are the specifics of these costs . By 2050, ohio cities could see spending increases of over 2. 2 billion dollars to contend with harmful algae blooms and Drinking Water<\/a> treatment. 1. 7 billion dollars to elevate roads that will be flooded due to changing precipitation and severe storms. One billion dollars for road repair due to damage as a result of increased freeze thaw cycles. And 590 million to establish new cooling cycles during the summer months. Our analysis provides a conservative estimate of additional costs that the municipalities can expect. We know in most cases these costs are already starting to accumulate and will steadily increase until they reach their mid century targets. The monetized amounts in our report represent only ten at the 50 different impacts identified. Had we accounted for all 50 impacts or additional impacts beyond that, the total increase in annual spending by municipal governments to Climate Change<\/a> is certainly higher. While this report seems to be full of bad news, all hope is not lost. We are very likely to incur considerable cost due to Climate Change<\/a>, the worst of this crisis can be averted. Local governments are leading the way and transitioning to clean energy. They are adopting carbon reduction goals, and putting into place bold Climate Action<\/a> plans. But they need your support. Our recommendation of congress is to, one, elevate this issue in every aspect of what you do and to, further invest in local governments. There is no doubt that the cost and impacts we face are daunting. But i firmly believe that if we can do it locally, we can solve it globally. Thank you for the opportunity, and i look forward to your questions. Thank you, mr. Eberhart. You are recognized for five minutes. Thank you for joining. Us chairman brown, Ranking Member<\/a> to, me and members of the committee. Thank you for inviting me to testify today on the Economic Cost<\/a>s of Climate Change<\/a>. Climate change is one of the most significant issues of our time. And i am proud of the continuing role of the Energy Sector<\/a> and reducing the Carbon Intensity<\/a> and the energy that americans rely on every day to power their communities and their lives. As ceo of canary, one of the largest privately Held Services<\/a> companies in the United States<\/a>, i am very familiar with the positive Impact Business<\/a> can have on communities, providing good paying jobs, and benefits to the hundreds of workers who are proud to call us their employer. We have about 400 employees currently. These are folks who proudly come to work every day committed to building a reputation of trust, quality service, and commitment to excellence, as well as safety. Today, however we are increasingly challenged by the amount of red tape imposed by regulators, both local and federal, which has disproportionately impacted our industry, which is already one of the most heavily regulated in the country. As ceo, i also want to understand the Important Role<\/a> of business in regulating Environmental Impact<\/a>s of Energy Production<\/a> in helping to mitigate Climate Change<\/a>. In areas already required to operate in a manner that protects the environment and human health, both of which our responsibilities we take very seriously. We are one of the nations most innovative industries, with billions of dollars invested industry ride in research and development and improving our efficiency, and trying to mitigate our impact on the climate. To develop technologies that allow us to produce the abundant and Affordable Energy<\/a> that americans have come to depend on every day. I firmly believe the oil and gas industry can be are more formal ally in our fight against Climate Change<\/a>. We are looking to provide a transition to a cleaner and brighter future. But, to do so we need the government as a partner non adversary in this process. That is why i am concerned that the u. S. Securities and Exchange Commissions<\/a> proposal mandating public companys report their emissions and exposure to climate risk is a major move in the wrong direction. Proponents argue the secs proposal on the enhancement and standardization of Climate Related Disclosures<\/a> for investors will provide investors with useful information anna companies exposure to climate risk. But, the practical effect, as senator toomey mentioned in his Opening Statement<\/a>, its dry capital away from badly needed conventional energy. And from infrastructure projects. This makes energy more expensive and denies america the natural competitive advantage against other countries. And will drive up costs for consumers, thereby making their everyday lives more difficult. In a parallel trial in the capital markets, the growing popularity of environmental, social governments, investment funds, yes jeez are suddenly strangling domestic oil production. Which nassif 11. 6 billion barrels a day, compared to the peak of 2019 of 30 Million Barrels<\/a> a day. When the economy was not as strong as it is today, and, the price of oil was lower than it is today. A report from last year in the International Energy<\/a> Regulatory Forum<\/a> estimates that 2021 oil and Gas Production<\/a> remained 23 below the prepandemic level of 525 million, while investment slump by more than 30 in the industry in 2020. The report identified esg as one of the three principal drivers of this underinvestment. That is a predictable result of the nearly 2. 7 trillion in esg funds that restrict investment in conventional, Energy Producing<\/a> companies. As Committee Members<\/a> are undoubtedly aware, our connally faces a historic Energy Supply<\/a> challenge, right now. We are in an Energy Crisis<\/a> and energy costs are too high. After a decade of under investment in the oil and gas sector, particularly since covid, current domestic output sits well below pre pandemic levels, while demand continues to return in decline. Unfortunately, much of the shortage is driven by domestic Energy Policy<\/a>, not economics, that has frozen new federal leasing and prohibited pipeline construction, discouraging the investment necessary to explore, develop, and produce the Energy America<\/a> needs to prosper. In fact, our energy that we purchased from overseas has gone from 0 in 2019 on a net basis, to about 25 in 2022. I would argue rather spend that money on domestic Energy Production<\/a>, not from sending dollars overseas to the middle east and elsewhere, our industry requires capital. It is very capital intensive and Investor Confidence<\/a> is important to thrive. Investor confidence follows reasonable regulation, without these prerequisites companies will not risk the capital needed to ensure we have a secure supply of energy. We are already starting to see the results of that and that is partially why the energy costs have spiked this year, the cap was in the oil and gas industry in the flight against Climate Change<\/a> is the wrong approach, increasing Energy Prices<\/a> even more than it already has. Restricting innovation, and shrinking our economy. As well as the dollars overseas. Structural under investment is hampered, Capital Intensive Industries<\/a> across the upstream, midstream, and downstream sectors of our industry. Less than a decade ago there were 1600 active drilling rigs in the country, today there are barely 500. While the sec role in adjacent policies and undermine u. S. Energy security and destabilized economy, the administration has done little to nothing to address consumer demand for the underlying products. As an industry we are responsible to the market to shareholders, and to our stakeholders. And, projected increases in demand. By comparison, the mixed signals coming out of the Biden Administration<\/a> are clearly discouraging new investment, and acting as a Chilling Effect<\/a> on growing production, which is what we need to do to lower prices and help consumers. Regulatory burden carries real cost that affect everyday americans. As prices rise across the energy categories, that consumers rely on, i strongly urge the committee to reconsider its current reliance on regulations, especially duplicative ones, and, instead pursue a viable path for Climate Policy<\/a> that allows a reasonable transition time. As well as protecting the environment, consumers, the economy, and our national security. Thank you. Thank you, mister barlow, youre recognized for five minutes. Thank you. Chairman, Ranking Member<\/a>, members of the committee. Thank you for as a opportunity to testify about climate hinge. My name is david, i am very excited i represent approximately 6400 welders, helpers, and journeyman who build pipelines in the United States<\/a>. My jurisdiction extends from virginia to maine, and, 904 of our members live throughout the northeast. I have welded and worked on pipeline from 1998 until 2015, and was hired to my current position of january of 2016. I am here today to speak about how Energy Policies<\/a> affect grid reliability, the country, our towns, and my members. Local 98 has attended and spoken at just about every federal and state pipeline hearing that has taken place in the northeast from 2016 until today. Some of these pipelines are, the atlantic sunrise, Atlantic Coast<\/a>, mariner east, mountain air express, Mountain Valley<\/a>, Energy Supply<\/a> enhancement, northern access, penn east. Just to name a few. We attended and spoke at each of these hearings because we know the massive Work Opportunities<\/a> this project provide our membership. Our job prospects have dwindled significantly since the summer of 2018, when we peaked at 8300 members due to Mountain Valley<\/a> pipeline and Atlantic Coast<\/a> being in full swing. When completed, a Mountain Valley<\/a> pipeline will provide a natural gas backup generator system to a hospital in roanoke, virginia and will also lead to increased manufacturing and jobs in the south. I come from a town in West Virginia<\/a> where good paying jobs are intertwined with the fossil fuel industry. My father and many others for my town helped build the alaska pipeline. Local seven 98 is made up of members from towns like this right across our great nation. Sounds like all of hill, kentucky, oak grove louisiana, and new ran oklahoma probably towns youve never heard of. But, if you travel to them you stand a good chance of meeting a pipeline or. We were once fortunate enough to be out of the National Spotlight<\/a> and had to explain exactly what we did. And, quite frankly, nobody really cared. Unfortunately for us those days are over and we find ourselves thrust into national politics. This is not what we want to be, we are in the middle, middle class Union Workers<\/a> are feeling the squeeze between opposing sides. I find myself asking questions like, do the policy makers and those against fossil fuels truly believe we can shut down all fossil fuels tomorrow and not fall into utter chaos . I ask this because, during the texas freeze where all forms of energy failed, and, sadly, people perished we were shown a snapshot of the disorder that accompanies a broken grid. I also witnessed the gas hoarding the began to happen at my local gas station when the Colonial Pipeline<\/a> was hacked. American citizens were filling large containers of gasoline in preparation for a nationwide gas shortage, without thinking about how this would affect the next person, theres simply wanted to fill up their tank. This brings me to my next point, a report published by the Columbia University<\/a> center on global Energy Policy<\/a> shows the future to continue use of natural gas for at least the next 30 years. And there is no quick replacement for gas in the u. S. Energy mix. Switching from coal to natural gas Power Generation<\/a> has dropped emission levels. According to the Energy Information<\/a> administration from 2005 to 2017 the u. S. Natural Gas Production<\/a> increased by 51 . And, so to emissions increased by 13 . I su pport efforts tothe nations pipm guarantees the safe, efficient, clean energy transition. I support efforts to curb Climate Change<\/a> but i do not support curbing Climate Change<\/a> when the cost is great reliability. We can achieve climate goals by using common sense and american ingenuity, wow imploring all of the above energy approaches that include Carbon Capture<\/a> and hydrogen cleaning. Both methods use the existing Pipeline System<\/a> and will bring Climate Change<\/a> levels down. These new techniques will be protested, and this committee along with the rest of congress has the power to support agendas that keep my members working, provide great reliability, and a line with a new strategies that address the current climate situation. I ask that you turn, now, to the 10 of american citizens that protest literally everything, and, instead listen to a person whos played a part and building the power grid. We have the energy here, we need to use it so we do not end up like germany, postcitizens will be introduced to warming houses and natural gas rationing this winter. Please consider the plight of the grid builders, stuck in the middle. We might have a better idea of how we can conquer our dilemma. This part can be solved through hard work and the implementation of modern policies that benefit the whole, rather than the farright and farleft fringes that continue to divide it. I will be happy to answer any questions you may have. Thank you, mr. Better with, doctor you are recognized from california. Thank you, thank you chairman brown, Ranking Member<\/a>, and members of the committee. I am so pleased with the opportunity to testify today. My name is i am an architect and engineer specializing in the design and finance of infrastructure solutions. So the past ten years my firm has been working with cities and regions across the United States<\/a> to develop projects to address both physical and Financial Risks<\/a> of Climate Change<\/a>. These issues have only become more urgent over the last decade. The cost of Climate Change<\/a> is already being felt across the country. This is not some distant future, the effect of more severe storms, heat, and droughts are visible in public budgets today. Climate change will impact all parts of our economy. But, counter intuitively, the cost of most climate related events are site specific, not economy wide. A hurricane or a wildfire does not help the whole country at once. At the end of the day, the physical and financial impacts of disasters will be felt first and worst at the community level. Recent estimates put the federal fiscal impacts of climate inaction at up to two trillion dollars per year. This is staggering. Having a better understanding of the total Economic Cost<\/a>s. But, we already need better ways of desegregating these costs by sector and region to motivate local action to protect against the worst overall outcomes. Three areas where this committee can help break down the problem into more actionable pieces is by looking more closely at the three types of costs. Local revenue losses, reduction asset license lifetimes, and the further Infrastructure Investment<\/a>s. Losses due to Climate Change<\/a> cut across all sectors, Public Utilities<\/a> including power, transportation, and Water Systems<\/a> are already experiencing disruptions and losses due to climate related events. The eia estimates that severe Drought Conditions<\/a> in california could reduce hydro power by up to 48 this year. Recent heat waves have resulted in operating restrictions and losses for passenger and freight rail systems nationwide. And, costly structural damages including derailments due to buckling tracks, and melted power cables in places with typically mild climates like portland, oregon. In the water sector, Sea Level Rise<\/a> has increased the risk of salt water intrusion, this has constant implications for coastal agriculture and Drinking Water<\/a> from to alabama. With Financial Risks<\/a> are sending into the health care sector. These acute and chronic stress is have resulted in Property Income<\/a> tax losses with the possible downgrades. I want to be clear, this is not all bad news. Focusing on where we are losing money today offers an entry point for identifying where losses and liabilities are likely to increase. There is also opening the doors to new ways of financing, cost saving Infrastructure Investment<\/a>s, such as Coastal Protection<\/a> projects. And, power and Transportation System<\/a> weatherization measures. They can be funded through direct savings, reduced insurance costs, and risk mitigation. Climate impacts are already in putting infrastructure in our lifetimes. In many cases, the same events that result in revenue losses also have longer tuned financial consequences. The impact of flash flood and wildfires can result in damage to Infrastructure Systems<\/a> that have been reduced and replaced in lifetimes. This poses major budging challenges for Public Works Department<\/a> across the country who might see a road plan to last for 25 years become unusable in half that time. In the worst cases, this can result in the collapse of private Insurance Markets<\/a> in specific sectors and regions. Work by the Arizona Department<\/a> of transportation on life cycle planning for extreme weather and climate events offers a National Model<\/a> for better Risk Management<\/a>. The third maintenance backlogs could also highlight where to intervene to prevent cascading failures. The devastating toll of both winter and summer power grid failures and texas highlights where seasonal maintenance and timely infrastructure upgrades can prevent catastrophic failures down the line. Investing hundreds of millions of dollars now can prevent billions of losses in the future. But, these investments must be well coordinated. Ilitary the naval bases in norfolk and sell it san diego offer excellent examples of how military installations can better protect against Sea Level Rise<\/a>. At the same time, these facilities show where resilience measures can be undermined with adjacent roads and bridges not also upgraded so essential personnel can reach high parody sites during severe storms and floods. Better information about Critical Infrastructure<\/a> can help identify where short term local tradeoffs like prioritizing Emergency Repair<\/a>s over more robust upgrades can have Long Term National<\/a> cost and consequences. No single individual, family, or region is concerned with the total Economic Loss<\/a> of Climate Change<\/a>. Everyone is concerned with their own physical and financial security, we need better frameworks to translate the big picture cost of climate inaction into numbers for avoiding losses and reducing suffering. The Infrastructure Investment<\/a> and jobs act holds tremendous promise for addressing these challenges, as does the Inflation Reduction Act<\/a>. Physical protection and financial protection from the worst Economic Impacts<\/a> of Climate Change<\/a> must go hand in hand. Breaking down the total Economic Cost<\/a>s can help identify opportunities to shape the next generation of infrastructure, and make sure we move quickly to build what we need, not just what we had. Thank you, i look forward to your questions. Thank you, doctor. I will start with mr. Every american watched in horror this summer as Severe Weather<\/a> and flash flooding devastated communities across our country, in kentucky, missouri, montana. As we witnessed this devastation we are move to help the victims, we also worry that our communities could be next. What are the costs, if you could delineate them . Cost that Ohio Community<\/a> should anticipate due to Climate Change<\/a> . Chairman brown, the costliest made were very conservative. I want to start with that and just to note that what we are seeing is anywhere between a 1. 8 billion and a 5. 9 billion dollar estimate by 2050. That is on an annual basis. The biggest share of that in those ten impacts has been identified as Drinking Water<\/a> treatment. Treatment for harmful we also seeks ignorant investment to elevate roads due to increase participation and flooding. But, there is also costs outside of that that are not recognized in the numbers. These are lives lost, these are days mist of school for children. Because we are having severe heat events. Doctor listening to what mr. Said about one state, a large, state but one state only, would you expect similar costs for communities across the country . I know you worked both in the u. S. And across the country. Would you expect similar kinds of problems, cost, and communities that you work within serve. Absolutely, we are seeing many of the same challenges. Roads being washed away, Water Systems<\/a> being degraded. The costs are worse in places where infrastructure is the least well maintained. So, the places that are furthest behind in being able to keep up their infrastructure, all the ones who are likely to suffer most. Give me a couple of examples. Yes, i think deferred maintenance of Water Systems<\/a> in michigan, for example, we say the case of flint and places where Water Systems<\/a> are overbuilt. It is incredibly costly for local governments to maintain these systems, to keep pressure, and to absorb the cost of climate impacts in places where they are essentially overburdened with their current structure. I do not have the budget and the resources to replace something that is more appropriate for their current needs. Also in the south. So, those communities that are a struggle at their budgets, that are already unable to keep up with costs, communities that generally have a lesser tax base, those are the ones that are hit the hardest, and in a sense, well probably never catch up. When local budgets are strained, our communities have a few options. They can cut social services or they can raise taxes, or, in some cases do both. Share some examples how local governments in ohio are already seeing quite the change affect their budgets. One notable example we have seen in cincinnati, ohio, is the columbia parkway hillside project, i was in cincinnati last week and spoke with which was very enlightening and illuminating to say, as cincinnati has experienced 137 increase and rainfall in recent years. Cincinnati is a hilly city and as a result this is destabilizing roads and destabilizing hills. They have had to invest 18 million in this project. Which was taken out of their operating budget. The mayor said, out of the blue an 18 Million Dollar<\/a> investment. 18 million is a massive hit to our operating budget. They had to take money out of the Police Station<\/a> of district find. There are putting to spend on that station and put it towards a hillside stabilization project, that is a perfect example of a central city services. They had to redirect those to account for the damage due to Climate Change<\/a>. That is ohios Third Largest<\/a> city, the highest of the three but certainly the others also face those kinds of problems. Fact you, doctor vajjhala. Your testimony highlighted issues, and to answer your first question of legacy infrastructure. How does taking action to reduce the cost of Climate Change<\/a> also help us and help these communities address historic inequities and Infrastructure Investment<\/a> . I think many communities that we face the greatest environmental harms have either been divided by infrastructure, have been underserved by infrastructure, and being able to make investments to bring this infrastructure up to a state of good repair. And making sure it meets current needs can help us reach those folks who have often been last in line for infrastructure dollars and investments. And, it helps us deal with climate challenges. And, the city of hoboken is an excellent example of this, where the city was able to move to create a six acre urban park, it is also a flood protection measure that repurposed a major contaminated site. Thank you. Thank you, mister chairman, many of us probably remember an incident from 2018, not that long ago, when demand for natural gas in new england during a cold snap ended with a russian tanker in boston harbour supplying gas. The irony is incredible to me. This happened despite the fact that my state of pennsylvania is sitting on enormous, enormous reserves of natural gas. We have a huge amount of natural gas, a tremendous amount of natural gas that we do not take out of the ground. We have nowhere to put it. The u. S. Is now the worlds leading supporter, as of this year. But, we have not been able to complete a single pipeline to take this huge amount of gas that we have in pennsylvania and bring it to new england. And, we cannot because new york and new jersey will not let us build the pipelines. My understanding is that the last new interstate pipeline complete from pennsylvania into new york was in 2011. The shale bloom had barely begun. So, let me start with mr. Butter where. Does it make any sense at all, do you, that we live guest in the ground in pennsylvania instead of typing it to new england . And, as a result, new england occasionally has to buy large quantities from countries like russia . Does that make any sense to you . The Constitution Pipeline<\/a> was supposed to take us from pennsylvania to the new england states. When i got a straw up in 2016 we were meeting with contractors to start that job. It got scrapped, also, i go to public hearings where i have been, in new york and buffalo. Where a lady got up there and said, way do not want your pennsylvania gas. That is the type of stuff we are dealing with, it is just not, also, the pipeline that was going to take 1. 8 Million People<\/a> off of heating oil in brooklyn. We know that is worse than natural gas, but, it never got through because they said, aoc sent a rap and said if you approve this project it will be underwater in ten years. Just to address the obvious, if it were possible to build these pipelines, among other things, would it likely result in more work for your members . Yes, yes. Mr. I am not sure if you have any expertise to share with us on this particular question. But, in case you do, it is my understanding that American Energy<\/a>, oil and gas instruction is generally held so a much higher standard of Environmental Quality<\/a> than many other places in the world, including russia. So, substituting russian gas for american gas, or probably gas from other places, not only does that accomplish nothing in terms of reducing gas consumption. But, essentially it works for the economy because it is a lower standard. Is that your understanding . Yes, i can speak to this. I will tell you that the only country remotely close to us in terms of specifications for drilling on shore would be canada. No one else is even close in terms of opec, the middle east, russia, africa, asia. The environmental stand as we have. In terms of the condition really the grounded after completion of the ground safe, and terms of how much carbon is emitted during the drawing process. In terms of the natural gas from russia in the middle east, or whatever, its going to have to be transported so there is carbon being transported. It is obviously much more efficient if it is transported via a pipeline. So, the conclusion is that, harvesting the gas and america and transporting it inside america is vastly better for the environment. Because, our standards are higher and the transportation, the carbon admitted rna transportation is much, much lower. To me it is a nobrainer if you are concerned about the carbon emitted during the drilling process, or the transportation. Thank you, let me go back to mr. Butter worth. There is a popular notion among sound that the job losses from Traditional Energy<\/a> projects like the Keystone Pipeline<\/a> or other pipelines, they will be made up for with good, Clean Energy Jobs<\/a>, case in point at the white house. A White House Press<\/a> conference this past january when john kerry said that laid off pipeline workers, quote, can be the people who go to the work to make the solar panels, and quote. What do you think about that . Can you are guys who cannot find work making pipelines because we cannot approve pipelines, and they just back up and make solar panels . Every walter who comes to a pipeline project has to take a destructive test, these are highly skilled jobs that take years to develop the skills. I do not know, like i say, i am in all of the above guy. But, i do not know where the skill would be in building solar. I do not think you can compare them on a skill level. It is not that easily transferable. I have never been contacted by anybody wanting to put my folks on these types of jobs. You have never gotten a job offer from a Solar Panel Factory<\/a> . I have not. Thank you. Senator reed of rhode island is recognized. Thank you very much, interesting testimony. I have some personal observations about the energy and jobs. Rhode island is the first in the country to have an offshore wind farm, the labor involved in that process from the very beginning. In fact, just five turbines, just the turbines off of flock island. That created 300 jobs. The administration is that nearly 80,000 similar jobs doing mel welding and traditional trades. Indeed, or stead, one of the biggest win developers in the northeast has already assigned a pla. A project planned agreement, with the Building Trade Union<\/a> for all future wind farms. So, all new energy is not the and of good paying union jobs. It is the beginning, and, it also satisfies the demand for Climate Change<\/a>. There has been a lot of discussion here about a shift of the market from coal to natural gas, which is wonderful. I do not think that feeling is shared by the united land workers. So, lets be realistic. We do have to deal with this Climate Change<\/a> issue, we have to deal with good solid jobs, we can do both if we try to do that. Weather than just being rhetorical but all of this. Doctor vajjhala, how would the economic benefit of the Climate Disclosure<\/a> outweigh any costs . Could you answer that, please . Yes, i think what you are hearing from me and a number of the witnesses is the importance of investing in the infrastructure and the jobs that provide connective tissue to keep our economy strong and resilient. That is the face of risk. I think the s cc requirements, particularly on Risk Management<\/a> and strategy, offer us a window into being able to see where these risks have implications for cascading failures outside of a single business, and where Public Investment<\/a> can help strengthen the economy. Is the promise of those who object this rule that most companies, or all companies do not have any material risk of Climate Change<\/a> . How accurate with that assumption bay . Believe i do not personally believe that is an accurate assumption. I think information in this case, well used, could be tremendously valuable. And should be made available to investors and shareholders, and bond holders . Correct, climate impacts will impact shareholders. Thank you. You mentioned Coastal Property<\/a> values, i represents the ocean state so we are acutely sensitive to this issue. First three foundation reported that between 2005 and 2017, rhode island lost 44 point 7 million in Property Values<\/a> due to the impact of Sea Level Rise<\/a>. And, it is only going to continue. In fact, it will probably accelerate. So, doctor, can you talk about the Climate Change<\/a> meaning to the future of quote coastal Real Estate Market<\/a> . Yes, i think this is an enormous problem, senator. It is one where there are not obvious or good solutions. When youd better information about where we can help communities protect themselves. Where we can take measures to ensure the smooth transition, or areas that are at the greatest risk. And, to make sure that we do not leave people behind. Many, many people. Especially older homeowners, the majority of their wealth is locked up in their homes. And, in the absence of solutions that address both the physical and the Financial Risks<\/a>, we are going to leave individual communities to suffer. And so, i think this is an area for incredible innovation around infrastructure, but also work with the Insurance Industry<\/a> to make sure we are dealing with both the physical and Financial Risks<\/a>. And, once again, for Major Insurance Companies<\/a> that have extensive coverage of ocean front properties, this financial risk is obvious, right now. It should be acknowledged and disclosed by the companies, would not be appropriate . It should. Thank you, thank you very much, mister chairman. Thank you, senator reed, senator kramer from north dakota is recognized. Thank you, thank you to all of our witnesses. I have been writing a lot of notes and the first thing i want to say in response to the question earlier about the emissions of ships bringing natural gas from russia to the northeast, rather than piping it from pennsylvania. Let me just tell you, this gets to the heart of one of your issues, mr. Eberhart. That is, lets produce more American Natural Gas<\/a> at American Energy<\/a>. Because, according to the National Energy<\/a> technology labs, at the department of energy, according to their data Vladimir Putins<\/a> natural gas emits about 50 more Greenhouse Gas<\/a> emissions that American Natural Gas<\/a>. If we did nothing, but displaced russias natural gas with americas we will be doing a lot for workers, a lot for our country, and a lot for reducing Greenhouse Gas<\/a> emissions. Secondly, i want to get to this issue. The real issue at the moment. That is the class of Climate Change<\/a> a reaction. Which i think stems from the first point. Chairman brown talked about the awful ceos of American Companies<\/a> that are making record profits. If they price signals coming from the administration, and from liberals in charge of this place where different, if they were difference, wouldnt those profits instead be investments and creating jobs, and cleaner energy here in the United States<\/a>, mr. Eberhart . Absolutely, senator, your first point about the russian natural gas. I would just like to add that the Carbon Intensity<\/a> of oil from venezuela is twice what it is from american oil. And there are various other countries like that. The Carbon Intensity<\/a> from the u. S. Oil is lower than nearly anywhere else in the world. So, again, in addition to the environmental costs and the transportation costs, the Carbon Intensity<\/a> is lower. So, if the ultimate goal is to reduce Carbon Intensity<\/a>, we are going to have the energy demand, we are not going to affect supply. We are not going to affect energy, we are going to affect supply. We want to use American Energy<\/a> first, anyway. Secondly, to your point, i think we want more investment in america, more jobs in america. We do it better, cleaner, safer, and it is closer. So, to me, the logic would just dictate to focus on doing the best we can with the Natural Resources<\/a> we have in america. And trying to do it in the cleanest way possible. Let me follow up with this question. Because, chairman brown, also, in his Opening Statement<\/a> referenced that if america does not lead, china will. To which i say, exactly. That is my concern. And so, if we do not lead, is china, if we lead with sec regulations, for example. For their burden American Energy<\/a>, or way to assume that china is going to also increase their regulatory scheme . Is russia . So that they can follow the lead of the United States<\/a> of america . Is that her Global Markets<\/a> work . Absolutely not, senator, to think that would be naive. All of this investment scoring and whatever, where handicapping the International Competitiveness<\/a> of American Companies<\/a>, i think it is illadvised. Look, these companies and charge do not have an esg score that is going to negatively impact their banking relationship, the relationship with the government. You know . China, iran, saudi arabia, venezuela, these companies care, are these countries care about profits and they care about bringing in hard currency. They do not give one iota about the Environmental Impact<\/a> of what they are doing. Nor do they care about what it does to their local consumers. We have Higher Standards<\/a> in america, we have a better outlook on balancing the environmental damage and the environmental cost with the jobs in the economy, which we are doing. Again, the only country even close to the same standards as us is canada. Places that you mentioned, senator, have absolutely no incentive to focus on the environment while extracting Natural Resources<\/a>. Since we are talking about the discrepancy of standards, do you think the workers in china or russia are being treated as well as in the United States<\/a> . I would have to look at their agreement. That is a joke. Really, i cannot answer that. I know a follow agreements, our folks are treated well. Here, in this country. Let me help you, the labor standards in russia and the labor standards in china are not as good as the labor standards in the United States<\/a> of america. So, i am up for an all of the above, like many have said. I am for an America First<\/a>. Not in america only, but in America First<\/a> agenda that takes care of workers and the environment. I think we do it better than anybody. Thank you, mister chairman. Thank you, senator kramer, thank you for taking notes for my Opening Statement<\/a>. That is a new concept. Senator menendez from new jersey is recognized. Thank you, mister chairman. I just want to say, the suggestion that the chairmans statements, or that those of us who are concerned about Climate Change<\/a> is and overreaction, well, look at the wildfires in the west. How many acres had to go up and smoke . Look at the flooding and kentucky, how many lives have to be lost . Look at the droughts in the midwest, where farmers are producing a fraction of the crop that they would normally produce, our colleague, senator tester was talking about how, on his farm, he cannot produce as much as he used to. Because of Climate Change<\/a>. Look at the cattle ranchers who are selling their cattle prematurely because they do not even know if they can keep them alive. And look at the northeast or is that we get on the east coast. And, i could go on and on. These are tectonic shifts that are affecting our very lives and livelihoods. And, that is an overreaction . I think Mother Nature<\/a> is not overreacting, she is sending us a message. Flooding is one of the most expensive and frequent natural disasters in the United States<\/a>, and Climate Change<\/a> is only going to intensify these events. And, it is critical that our communities are prepared for the challenges that lie ahead. In new jersey, we are leveraging federal resources from Community Development<\/a> block grants to build stateoftheart resilient infrastructure like hobokens rebuild by design. This 230 Million Dollar<\/a> Mitigation Initiative<\/a> which i hopeds to secure funding for will help alleviate repetitive flooding and help protect against damage from storm surges. And, for every dollar we invest in mitigation, the federal government save 6. In disastrously spending. Shouldn so, dr. Vajjhala, shouldnt the federal government be investing more innovative resilience projects like the rebuild by design and general medication to reduce damages for the costly disaster and subsequently coming forth . Absolutely, senator, i think the cost of inaction far away the cause of any overreaction. The hoboken example is an excellent one. The work in hoboken to reinforce the coast, the water system, and build public infrastructure, like beautiful new parks, is also going to protect the local hospital. It was under many feet of water after hurricane sandy. So, i think we are failing to make the connections to where the positive benefits run through the rest of society. And reducing costs in the health care system, for example. I appreciate that, you know, 61 i would be willing to make investments on anything that gives me a 6 to 1 rate of return. That is what mitigation does, that is why i introduced the bipartisan act, which superchargers billions of dollars for pre disaster mitigation, and resilience of the nations most floodprone areas. And, i hope we can get to that. Because, that is not only going to save us money, save lives, it is also going to create a lot of jobs along the way. I have long been a vocal advocate for mass transit in my home state of new jersey and across the country, and a proud of the work the committee has done under the leadership of chairman brown to advance federal investment in our transit systems, including the historic, bipartisan infrastructure bill signed into law last year. And, as a former mayor i have seen firsthand the transformational effect that access to trans it can have on a community. But, transit impacts go beyond just economics, the fact is every transit dollar waistband is also, in my view, a climate dollar. Mr. Flarida what role is transit playing in our communities as we decarbonize . Senator menendez, as a former mayor you know the trans systems can be a lifeblood of the city, they help us become more connected, give workers access to jobs and bring together economies in areas that did not have bridges connecting each other before. As we work with ohio communities, one of the key recommendations we have is to invest in mass transit. As you know, mass transit, as you said, every investment we make there is a climate dollar. Every dollar we invest there is a climate dollar. Mass transit is a far left carbon tentative way of transportation in single occupancy vehicles. And, as we also know transportation is now the largest emitter of Greenhouse Gas<\/a>es, the largest Economic Center<\/a> admitting Greenhouse Gas<\/a> emissions in the United States<\/a>. So, taking off from that, how will creating more livable, walkable communities help not only to lower Greenhouse Gas<\/a> emissions and promote sustainability . But, also, reduce costs for consumers and promote affordability. This is the essence of something i called a Livable Communities<\/a> act. Where we try to look at both the Housing Needs<\/a> that exist, we had a hearing the other day. In our country, and, at the same time create the linkages to existing infrastructure on transit. And, great access to jobs . What is your view on that . One of the key areas we work with ohio communities on is to make their communities more livable and walkable, this means Central Planning<\/a> as you discussed. It helps ensure that we are preserving Public Health<\/a> and have access to green space. It is a critical piece of our sustainability future. But, i think i want to point to your example on reducing cost, i think this is a very important one and one that you are all considering with the Inflation Reduction Act<\/a>. A technology and the economics have now aligned where we have an opportunity to invest in technologies that will reduce our emissions and save consumers money. But, this is not as easy as it sounds. We are fighting against incumbent industries that have been at it for generations, and, in order to do that we have to make sure that they have that barrier to entry lowered. And that they can get into the market, i think this is a very important point that you are all investing in to encourage that. Thank you, thank you mister chairman. Thank you, senator warren from massachusetts is recognized. Ed a historic thank, you mister ch, with the Inflation Reduction Act<\/a> democrats have announced a historic down payment in the fight against the climate crisis. This bill will cut our Carbon Emissions<\/a> by 40 in just eight years. It is also going to cut both the immediate and long term costs of energy, Great American<\/a> jobs, rage american wages. And, most importantly, save american lives. Today, i want to talk about how the Inflation Reduction Act<\/a> would tackle two of the major costs that fossil fuels inflict on american families. And, on the federal budget. First, the cost to Public Health<\/a>, and second, the cost of natural disasters we. Let me start with the Public Health<\/a> cost. Burning pollute fossil fuels pollute our air. With communities with women and communities of color being hit the hardest. One of the biggest emissions is from diesel like diesel vehicles, mr. Flarida you are an expert on climate and environmental issues. So, let me ask you, if these vehicles, buses, and trains ran on electricity rather than fossil fuels what impact would that have on Public Health<\/a> . Senator warren, one of the major benefits of transitioning to electric vehicles is a simple fact that they have zero tailpipe emissions, every day we have cars, trucks, buses driving up and down our streets. Driving through neighborhoods, taking our kids back and forth to schools. They are admitting pollutants every time they ride on our roads, and i think one important point, which a recent assessment showed and i am happy to submit this for the committee. As a result of transitioning that entire fleet. If we were to take our entire bus fleet, our entire Railroad Fleet<\/a> and transition to electric drive motors, we would see 4200 fewer deaths annually, many of which are children and elderly. Who are especially susceptible to ambient air pollution. So, 4200 deaths and presumably a lot of people who would not get as sick, but do not die from this. Thank you, this is the reason that congressman 11 and i introduced the build green act and by green act. To purchase American Made<\/a> electric vehicles in Clean Energy Products<\/a> for federal, state, and local use. And for export. Now, fortunately, parts of our bill were included in the infrastructure bill and, now, in the Inflation Reduction Act<\/a>. Which puts four billion dollars towards electrifying our federal fleet, as well as school and transit buses. This is going to help with Public Health<\/a> and help reduce Public Health<\/a> costs. And advance Environmental Justice<\/a> by ensuring that are most laudable americans are breathing cleaner air. In fact, estimates suggest that the i. R. A. Will result in as many as 3900 fewer premature deaths due to pollution in 2030. Now, in addition to making us sick, or fossil fuels are exacerbating extreme weather events as senator menendez just noted, they harm local communities, harm communities all around the world. A storm surge of 40 inches in south boston could displace more than 35,000 people. And, recovery would be massively expensive. Doctor vajjhala, your Organization Works<\/a> on issues such as addressing Sea Level Rise<\/a> and fire risks. What the Climate Investments<\/a> in the Inflation Reduction Act<\/a> lower the cost of Disaster Relief<\/a> for the federal government . Thank you, senator warren, the answer is 100 , absolutely, yes. Invest in prevention is far more cost affection than the recovery. A recent study that highlighted what Climate Change<\/a> could do to an annual federal revenue loss of equivalent to trillion dollars per year. It noted that it could also cost the government 25 to 128 billion dollars more a year just for dealing with coastal Disaster Relief<\/a>, flood insurance, crop insurance, health care, and wildfire suppression. The flooding of federals facilities. So, there is no doubt that the Inflation Reduction Act<\/a> would help address these costs. Thank you very much, tackling Climate Change<\/a> is a bargain countered to the alternative, according to the National Institute<\/a> of building sciences, every dollar spent on mitigating Natural Hazards<\/a> saves society about 13 in expenses we do not incur. The Inflation Reduction Act<\/a> will help us avoid the cost in both dollars and in lives. Lives lost from pollution, and from Climate Change<\/a>. And, it is essential that calmer Congress Passed<\/a> this legislation immediately, thank you, mister chairman. Thank, you senator warren, senator smith from minnesota is recognized from her office. Thank you, mister chair, thank you to our panelists for being here today. I want to start by taking a look at this from the prospect of global governments as several of you have done. You know, i used to be the chief of staff for the mayor of annapolis and i know firsthand the challenges that the cities have trying to balance their budgets. Start for the perspective of where we are with the Inflation Reduction Act<\/a>, this bill is going to go a long way towards, one, cleaning up our electric power grid, to, helping us to make everything that we do as Energy Efficient<\/a> as possible. And, third, electrifying as much as we can. All of that that senator warren just said is going to result in significant emissions reductions, it is going to result in significant job growth, and, it is going to improve the health of americans everywhere. Especially in communities that have been most impacted by fossil fuel pollution. Poor communities and communities of color, but, if you think about what this means in terms of local governments that are trying to run cities in the midst of the incredible expense of the climate crisis, that is what i want to dive into a little bit. So, mr. Flarida we know that local communities are already taking action around climate, we talked about what that looks like in ohio. And, i know that in minnesota many of our communities are doing the same thing. There was just a great story in the New York Times<\/a> about morris, minnesota, and what that community is doing to address the climate crisis. So, could you talk to us a little bit about how these things that we are accomplishing in the Inflation Reduction Act<\/a>, cleaning up the grid, improving Energy Efficiency<\/a>, and helping people to electrify Home Appliances<\/a> and other things like that. Can you talk to us a little bit about transportation. You talk to us a little bit about how that is going to help local governments as they are trying to figure out how to balance the budget every year . Thank you very question, when we did this report to assess the estimate cost of Climate Change<\/a> to local governments, we estimated that 3. 4 billion dollars by 2050. And, i think importantly all of these costs not reflect the private sector, and the costs that will fall on everyday citizens, homeowners, renters, that need to contend with these changing costs due to Climate Change<\/a>. The Inflation Reduction Act<\/a> is a great example of how we can invest and ease that burden on every day americans that are going to feel these impacts. They are going to feel the heat in their cities and have to contend with that, theyre going to have to install new air conditioning systems, find ways to adapt to a changing climate they are not used to. And, so, i think this is an opportunity for local governments to work alongside their residents to plan comprehensively to address this issue. Thank you, and, i could not agree more with that. Doctor vajjhala let me just follow up on this question as we think about who ends up experiencing the worst impacts of climate crisis. It is, often, as i said, poor communities, hundreds of color. Communities that do not have the resources to, often, to make the investment that they need. And then, are bearing the health costs of fossil fuel pollution. Could you just address a little bit, for, us if you think about what is in the Inflation Reduction Act<\/a> on the climate policies, how that is going to help communities, for example, communities that have older housing stock. Less efficient homes, places that, and people that do not necessarily have thousands of dollars in their checking accounts to make the apartments in Energy Efficiency<\/a>. And, you know, electrification that is going to make a big difference to their bottom line and save the money. Yes, thank you, senator. I think the Inflation Reduction Act<\/a>, coupled with the Infrastructure Investment<\/a> and drops art has the potential to be absolutely transformational for the communities that are already suffering and going to suffer even more with the impacts of Climate Change<\/a>. When i think about transit systems and he, for example, who suffers most when our transit systems fail . It is the elderly. It is transit dependent workers who are left out waiting for that train that is not coming because a track has melted or buckled. They are faced with being outside more often and for longer on the hottest days of the year. These same communities are also majority renters who do not have the luxury of making upgrades to home buildings. The types of Energy Efficiency<\/a> Investment Opportunities<\/a> that are in both of these acts have the potential to be absolutely transformational for bob household budgets. Where energy costs are wildly increasing portions of total budgets. And so, i think this is a way of splitting the problem to not just look at who loses money when we do not address Climate Change<\/a>, but, to really put in front who suffers. And make sure that we do not let that individual suffer. And it will translate to economy wide health and employment impacts. Exactly, and, when we pass this legislation, this means that it will be saving money for people who live in communities across this country. Rewiring america estimates that this will save americans who were able to take advantage of these rebates, and tax incentives. It is going to save them 1800 dollars. Not to 1800 dollars in total, 1800 dollars a year in terms of their energy costs. Hank that is gonna make a very big difference, looks like a good deal to, me thank, you mister chair. Thank you, senator smith, senator cortez from no data is recognized from her office. Thank you, mister chair, i appreciate the hearing and the panelists. And to sunder mendez, i have to respond to this idea that somehow there is an overreaction to the climate crisis, i would advise my colleagues who believe that to come to nevada, maybe come visit the western states because i can guarantee you, everybody talked to in my state, and in the western states is dealing with some form of extreme weather because of the climate crisis. I know 50 of the country, and one hunted percent of nevada was in some sort of drought mode, we have a historic declaration that was made by the bureau of reclamation restricting water usage to nevada and arizona. And, please know, 90 of the water comes off of the colorado river. Water for the folks of Southern Nevada<\/a> where the population is. You have to visit the western states, then you will understand that people are taking this very seriously. We should as well. There is a way to do it, really focus on addressing the climate in heavy, smart policies. Let me ask, and, let me just talk a little bit about smart policies, because in nevada, in Southern Nevada<\/a> we have done a really good job recognizing a small portion of the colorado river, how to conserve and reuse that water. How do you ensure that we are not only preserving our water but recognizing that the population continues to grow as well. And so, doctor vajjhala let me ask you this. How can the best practices of cities like las vegas help inform how others can improve the water usage . No this, nevada in the early 2000s actually paid people to dig up their lawns. We know a lot of the watering on grass is where we lose that water to evaporation. It does not go back into the drain where we can reuse it in recycle it. We actually paid people to take up the majority of the grass, so much so that what has been taken off since over 2000 would be a ring around the earth. That is how much grass we have taken up. And, there are still restrictions we are putting in place. I am curious, doctor, best practices. We learned from one another, other other things we should be thinking about when it comes to focusing on extreme water and the climate crisis, that it is challenging to our water. We yes, i greatly appreciate this question, senator, from san diego, where we also rely on water from the colorado river. And, we depend on the best practices of all of the communities that are upstream from, us meeting at the end of the pipe. And, i think what las vegas and other towns have done to really reward and create incentive programs for avoiding walking into behaviors that could lead to worse outcomes. Were small things at the individual level, but, when you add it up you end up with a systemwide problem, and when it comes to water efficiency and water use. So, i think best practices are going to be tremendously important. And, making sure that we follow what flows from the Infrastructure Investment<\/a> and jobs act at the job ground level and cities. I am particularly interested in where maintenance and Emergency Repair<\/a> best practices can help translate to cost savings for local governments. And help with budget stabilization. And a lot of cases, when we do this work well, success something that does not happen. The flash flood hit but they community roe did not get washed out. And so, we have to be following and monitoring these best practices to be able to know what we prevented, and what the value of that is. Las vegas is an excellent model for that. Thank you, i appreciate that, talking about the bipartisan infrastructure package that we passed, almost a billion dollars for infrastructure needs in the past, i know that personally because i fought for some of that money. So that we could go to large scale with secondary projects with a relationship that i know cooperates between Southern Nevada<\/a> and california to do just that, its automate the water along the colorado river. Which will absolutely have a positive impact on new a home no winners. We have to be thinking outside the box. But, we also need the federal government, working with our local governments, will king with local partners, everybody should be focused on this and not just rely on one Government Agency<\/a> or another. Or rely on corporations that are going to help us get out of this. You talked about local governments. Let me just touch on one thing. Are now municipalities are working hard for infrastructure from extreme heat or flooding like we have talked about. However, some have highlighted the difficulty of raising enough capital due to Climate Change<\/a>, since Credit Rating<\/a> agencies are unsure that communities long term physical stability. Can you speak on the issues facing the Municipal Bond<\/a> market for climate vulnerable communities and what needs to be done . This is a tremendous challenge, senator. And it is one that requires a lot more work. The implications for them initial bond market are very. Communities that have been completely leveled by wildfires, are Still Holding<\/a> debt that they have to pay back and that is obstructing their ability to rebuild better. And so, for those communities, you have to think about solutions that enable thoughtful transitions for protecting the bond market itself. All of the investments that we are discussing, make bonds more secure. It makes communities more reliably able to pay back the debt that they are holding and ensure that the investments are last as long as theyre intended that we dont pay for road for 20 years that it may last for ten. Thank you. I know my time is up, mister chairman, thank. You thanks senator cortez. We are going to change things a little bit. But senator toomey will have one question, i will have one question, senator van hong will have one will come back and do his five minutes and then well wrap. Whether not he is. Back thank you, mister chairman. So let me just tee this up and this is going to be for mr. Eberhart. We know that we have mistakenly in my view, we have given so much discretion and power to financial regulators that we dont actually have to pass a law, and often they dont even have to pass rulemaking to be able to affect the outcome they want with respect to the institutions that they regulate such as their power over these institutions. So, mr. Eberhart, i wonder if you would comment on whether or not, and if so to what extent you have seen a decline in the availability of credits, and specifically capital in general for the oil services, for exploration and development of oil and gas. And if there is a decline in the availability and access to capital for these purposes, for whatever, reason from whatever source of, this has that contributed to the decline in Energy Production<\/a> that you referenced during your opening comments, has i contributed to higher prices for consumers, if you can share your thoughts on that i would appreciate. It sure, so i have a couple of different points. First of all, and speaking about carry specifically, i would say that since the Biden Administration<\/a> has come into office there has been a Chilling Effect<\/a> on access to capital for us as an oil services company. So folks we have had long term relationships with them i have said look, these are big banks thanks to people would know that if that look, we are under orders to shrink our industry portfolio. To not make new loans to the oil and Gas Companies<\/a>, to reallocate frequently asked Renewable Energy<\/a>. I would say that that is a theme, not something that i have heard. Once it is something that ive heard probably four times. And so that is on canary and specifically. With respect to the larger industry, i would say that, you know it is very peculiar for me. Averaging the 20 years and normally when you have a price like this. When oil hit 80, 90, 100, i am seeing a lot of startups from private equity finance startups in the space, and i am seeing zero of that right now with the elevated price level. So, i attribute that to tentative this Green New Deal<\/a> cloak on energy investing, oil and gas investing, as a ten year time horizon. It is going to be replaced by renewables. And so this is having a Chilling Effect<\/a> on investment. I think that is the point of the spear. The more general conclusion is the medium and large emp companies are reducing their investments in the space. That is why you see reduced drilling right. Count the drilling rigs are less than a third of what they were years ago and youre seeing less Bond Offerings<\/a> and less ipos. All of this is a result of this kind of sense that oil and gas investing is reaching, is going to reach a terminal point. And in your view, does that translate to higher cost for energy for consumers . Yes, to the second part of your question, absolutely. Less investment means less competition which means higher costs for the Oil Companies<\/a> to complete stuff. If there is less services companies, also theres less access to capital, capital costs are, higher they are going to do a sterling. All of this leads to less production, which leads to Higher Energy<\/a> costs for consumers. Thank, you mister chairman. Thank you mister albert, thank you. Senator my last question is for mr. Florida. The fossil fuel industry knew decades ago that we would need to transition to cleaner Energy Sources<\/a> to avoid what they called globally catastrophic effects. But instead of leaving that transition, they misled the public. They specially misled their own workers about the future of fossil. Fuels Energy Workers<\/a> deserve support as the industry changes, not more, lies not more empty promises from executives. That is why introducing the American Energy<\/a> worker opportunity act last year to provide wage supplements and education and training and other benefits to workers who were impacted by the energy transition. So talk about the next up there. If we can do that, howell supporting Energy Workers<\/a> and our state, in ohio, helped communities address the cost of Climate Change<\/a> . Mister chairman, there are over 100,000 workers in the clean Energy Sector<\/a>, in ohio alone. And today, three and a half times more americans work in the clean Energy Sector<\/a> than in fossil fuels. And so, to hear today some of the handwringing around access to capital, while there are record profits for the oil and Gas Companies<\/a> are frustrating. I think it is frustrating to hear especially when these companies have known for decades but the problem that they were creating, and chose not to disclose that the public. For our own health, for our own wellbeing, for our own economic futures, we have an opportunity to invest in clean energy, seek good paying jobs, and we are seeing that in ohio. I think we have a lot of good days to think about with ford investing in the ev manufacturing. We are seeing electric vehicle manufacturing and battery manufacturing in ohio. Intel is going to be investing in a Semiconductor Facility<\/a> that is going to help enable the digitalization and Clean Energy Technologies<\/a> that we need. We have the largest soil solar manufacturer in the entire country. There are incredible opportunities for Clean Energy Jobs<\/a> in ohio, and in the Energy Efficiency<\/a> space which is the largest employer in the clean Energy Sector<\/a>. My dad has been a member of the clubbers and pipe fixtures local 76 in ohio for a number of years and has worked as a professional and im proud to see him being able to support and grow and rebuild an incredible life for his family and for my siblings. And part of that is because we are seeing incredible investments in that space. And as i talk to, him he sees more and more work coming as a result of the challenges we are facing. So it is not necessarily something we should think about apples a major challenge but also a major opportunity. Thank, you your dad is in the same uae union as mr. Parent union. If you will. Senator, is recognize from his. Office thank you, and that is a great place to kick off from a question. Ive a question about the cost of doing nothing and accelerating Climate Change<\/a> but also one related to the opportunities of doing something to accelerate our transition to clean Energy Economy<\/a>. On the cost and homes that, since 1982 which is about a 40 year period we have had 69, what we call a billion dollar climate disasters impacting the state of. Maryland nearly half of the other 69 have occurred in the last decades. With 19 occurring in the last five years. Nova centers for environmental protection, estimate that theres a cost up to 20 million of damages. Mr. Florida, are these estimates consistent with the kind of impacts you are seeing in other parts of the country including the acceleration of these impacts and, what would you say with respect to the likelihood of these costs increasing in an accelerating way in the years to come . Thank you for the question, senator. Without any doubt we are going to see these costs increase as the temperatures increase. I think we often think about Climate Change<\/a> on the coast, and we are trying to raise this issue in the state of ohio to say, this is going to impact us in the state of ohio. Oftentimes we think about this with hurricanes, and wildfires. But every day ohioans are also experiencing this on a daytoday basis. Certainly the floods in kentucky are a notable example of late ands heartland. So we will see these costs increase. They will go up. I think one important number to think about is the savings opportunity in the Economic Growth<\/a>. If we are able to keep Global Warming<\/a> below 1. 5 degrees c, which will result in a 20 trilliondollar increase in global gdp by 2100. Well, thank you for putting a number on its. That is obviously a big number and that is the cost of doing nothing. There is also the benefits in terms of gdp, and jobs, and good paying jobs of doing something to accelerate the clean Energy Economy<\/a>. And that is what the legislation that we are, we will be voting on i hope soon, the Inflation Reduction Act<\/a> will do. With respect to accelerating the rejection of emissions of Greenhouse Gas<\/a>es. As well as helping deploy more clean energy that will make it cheaper to heat your homes and feel cool your homes. I just want to say, in the state of maryland, we are fortunate to have a budding win the energy, offshore wind energy deployments to companies, horse steady on u. S. Winds, and projected together that they will create thousand jobs in the state of maryland. I just had a statement from the secretary of commerce in maryland about an Apprenticeship Program<\/a> that will go hand in hand with that to make sure that we have the workforce to do the job, so obviously big benefits. You spoke just a minute from ohio mr. Florida, doctor with chocolate, could you just expand on some of the estimates of Job Opportunities<\/a> if we accelerate the deployment to a clean Energy Economy<\/a> . Yes, absolutely senator haaland. Thank you for the question. I would like to highlight the Job Opportunities<\/a> in the Energy Sector<\/a> not just for offshore wind, but for grid modernization. So we invest in the jobs that build out the connective tissue. With the Infrastructure Investment<\/a> in job acts is going to enable thousands of jobs related to grid modernization, and these are high quality jobs where we know how to do this well. We know how to weatherize the grid in places like minnesota, and north dakota. We are not doing it in places like texas. And those are transferable skills. That is not taking something from one side and trying to pasted over into another. These types are of jobs i think are not limited to the Energy Sector<\/a> and there is a model in maryland that i would like to highlight that i think it helped create some cross sector innovation, and that is the Clean Water Partnership<\/a> for managing stormwater and the cost of disasters. The Clean Waters Partnership<\/a> was a Public Private<\/a> Water Partnership<\/a> designed to deal with from what in the chesapeake bay. And the way that the partnership was structured, it was specifically designed to train local workers, and the county resident workforce utilization of this project is 78 . That is massive compared to many of these projects that often bring in outside employers and employees. And so, i think this is an opportunity for place based investments in high quality jobs and retaining those jobs. I appreciate your racing that maryland example. Those are important stories in maryland and around the country. And i should underscore the fact that the 10,000 jobs i mentioned, associated with offshore wind here in maryland are going to be good paying union jobs. Both companies have signed agreements with respect to the nature of the job. So i do see a lot of opportunity here. And i just want to make sure that as we talk about the cost of doing nothing, we also talk about the benefits of action. Thank you, mister chairman. Thank you senator home. Mr. This is just a statement of them will close. Mr. Buttery talked about pipelines. We have not seen built. I appreciate that he mentioned specifically a couple. I want everyone to know that the Inflation Reduction Act<\/a> will require the Mountain Valley<\/a> pipeline to be built by a specific date. It also requires preventing that legislation to pass before the end of the current fiscal year, next month. I am absolutely committed to working on that and working with senator toomey on that, if he so chooses. Of course we would rather have Energy Produced<\/a> here rather than under the weak Environmental Standards<\/a> of the rest of the world. I think the panel made that clear. We are not trying to get off oil and gas cold turkey. I sure mr. Better worth fears of unreliability, disorder, and unstable work in the Energy Sector<\/a>. And appreciate the workers, the hourly, the good page union hourly wage earners in that sector. If we dont address, however, these climate related costs, nobody will be investing in new Energy Infrastructure<\/a> period. Accounting for the cost of Climate Change<\/a> now can help us avoid the worst outcomes later. And i think that there is general agreement and understanding of that. Thanks for the Witnesses Today<\/a> for who wish to submit questions. They argue it one week from today as for witnesses for our committee, rules we asked you respond to any questions that we sent to you within 45 days of her seat. Thank you again. With that, the hearing is adjourned. Thank you so much. [indistinct conversations]","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia801409.us.archive.org\/32\/items\/CSPAN3_20220916_133900_Hearing_on_the_Economic_Impact_of_Climate_Change\/CSPAN3_20220916_133900_Hearing_on_the_Economic_Impact_of_Climate_Change.thumbs\/CSPAN3_20220916_133900_Hearing_on_the_Economic_Impact_of_Climate_Change_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240619T12:35:10+00:00"}