The podcast discusses the challenges and inefficiencies of the US energy project permit acquisition process, the importance of permit reform for clean energy and fossil fuels, and the unique approach of Haley Sacks to educate younger people about finance. It also explores the evolution and challenges of sustainable investing, including the relevance of ESG (Environmental, Social, and Governance) in business.
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Quick takeaways
The US's current permitting system for energy projects is inefficient, leading to costly delays and billions of dollars in expenses for companies, necessitating the need for permit reform.
The cumbersome permitting process poses significant obstacles to clean energy projects, resulting in extensive delays and high costs, highlighting the urgency for streamlining environmental reviews and reducing involvement of federal agencies.
Deep dives
Permitting Delays and Challenges for US Energy Projects
The US faces significant challenges related to permitting for new energy projects, which hinders the transition to clean energy and slows down the fight against climate change. The permitting process, which can take several years or even decades, is burdened by inefficiencies, leading to costly delays and billions of dollars in expenses for companies. The outdated and complex permitting system requires multiple federal agencies and environmental reviews, often resulting in lawsuits and court battles. These delays and uncertainties have brought together unlikely allies, including oil companies, clean energy firms, Republicans, and Democrats, highlighting the need for permit reform to streamline the process and promote faster project development.
The Impact of Permitting Challenges on Clean Energy Projects
Clean energy projects, such as transmission lines, gas pipelines, and solar farms, face significant obstacles due to the cumbersome permitting system in the US. These obstacles result in extensive delays and high costs for companies, making it harder to achieve clean energy goals and combat climate change effectively. The inefficiencies in the permitting process have led to calls for streamlining environmental reviews and reducing the involvement of multiple federal agencies, thereby expediting the approval and construction of clean energy projects. Permit reform is crucial to enable the growth of the clean energy sector and encourage a faster energy transition.
Different Perspectives within the Permit Reform Discourse
The need for permit reform has garnered support from various groups in the energy industry, including both renewables and fossil fuel proponents. The consensus is that the current permitting system is too burdensome and slows down project development. However, there are differing opinions on the specific reforms needed. Some argue for streamlining the environmental review process and limiting the involvement of courts, while others stress the importance of federal oversight or the need for clearer criteria. The challenge lies in finding common ground and defining comprehensive permit reform that can meet the diverse needs of different stakeholders in the energy sector.
The Path Forward for Permit Reform
The path forward for permit reform involves finding ways to streamline the permitting process while balancing different perspectives and priorities. Key areas for reform include improving the efficiency of environmental reviews, limiting delays caused by legal challenges, and ensuring greater clarity in the criteria for permit approvals. While the ultimate goal is to accelerate project development and support the growth of clean energy, it is necessary to navigate the complexities of permit reform and find solutions that better align with the needs of the energy industry, environmental concerns, and broader societal goals.
Bloomberg Businessweek Editor Joel Weber and Bloomberg News Energy Reporter Josh Saul provide the details of Josh's Businessweek Magazine story Permits for US Energy Projects Are So Bad Unlikely Allies Emerge. Haley Sacks, Founder of Finance is Cool, talks about using social media to educate people on their finances. Bloomberg Intelligence Senior ESG Research Strategist Shaheen Contractor discusses her BNY Mellon Pershing Insite panel Then vs. Now - The Evolution of Sustainable Investing. Hosts: Carol Massar and Matt Miller: Paul Brennan.