Trump’s Treasury pick is not a fan of the IRA

TRANSITION: Scott Bessent, President-elect Trump’s pick to lead the Treasury Department, has called the Inflation Reduction Act a ​“doomsday machine for the budget,” and could push to rewrite its tax credits to favor the oil industry, but is overall regarded by business leaders as a ​“safe pick” compared to other cabinet nominees with minimal qualifications. (E&E News, CNN)

OIL & GAS: Sources close to Trump’s transition team says he plans to ​“go strong” on LNG exports, will try to accelerate drilling on public lands, and grant a symbolic approval of the defunct Keystone XL pipeline. (Reuters, Politico)

NATURAL GAS: The EPA proposes a rule to regulate pollution from new natural gas-fired power plants, but it is unlikely to be finalized before Trump takes office in January. (The Hill)

CARBON CAPTURE:

• Developers of direct-air carbon capture projects hope their connections to the oil industry will help them win favor with the incoming Trump administration. (E&E News)
• The U.S. Energy Department awards $26 million to a offshore carbon capture and storage facility near Louisiana that will process emissions from a nearby liquified natural gas export facility. (NOLA.com)

ELECTRIC VEHICLES: Experts say repeal of the $7,500 electric vehicle tax credit would sharply reduce sales, and will undercut the U.S. manufacturing sector while providing only minimal benefit to the federal budget. (New York Times, Canary Media)

TRANSPORTATION:

• The majority of transit-related measures on the ballot this year were approved by voters, collectively bringing in $24 billion in revenue around the country, according to the American Public Transportation Association. (E&E News, subscription)
• Federal officials approve New York City’s congestion pricing program, slated to come into effect in January, though the plan faces legal challenges from opponents who claim it is unconstitutional. (The Hill, New York Post)

NUCLEAR: While interest in nuclear power is resurging, the U.S. still lacks a comprehensive strategy for dealing with nuclear waste, as federal missteps have helped build public opposition to storage projects. (CNN, subscription)

GRID: New York City could experience power shortages by the early 2030s as more fossil fuel power plants retire and electricity demand from data centers and computer chip manufacturing soars, according to a new report from the region’s grid operator. (Reuters)

SOLAR:

• Data show California curtailed more than 3 million MW of solar production over the last year and paid neighboring states to take additional excess generation, raising concerns about the state’s grid decarbonization path. (Los Angeles Times)
• Developers hope to finish construction next year on a solar-powered microgrid on the White Earth Reservation in northern Minnesota that aims to reduce energy costs and provide backup power to the small community. (Energy News Network)

CLIMATE:

• Wealthy countries pledge to increase spending to $300 billion a year to help developing countries adapt to climate change, an amount experts say falls far short of what is actually needed. (Inside Climate News)
• UN officials say misinformation about climate change spread through social media and other channels is an ​“urgent threat” that is impacting international negotiations. (Inside Climate News)