The European Union has been a world leader on climate change, passing groundbreaking legislation to reduce noxious
GHGs. Now the world is pushing back. Government officials and business groups have jacked up their lobbying to persuade EU officials to suspend a landmark environmental law aimed at protecting the planet’s endangered forests by tracing supply chains. The rules, scheduled to take effect at the end of the year, would affect billions of dollars in traded goods. They have been denounced by countries in Southeast Asia, Latin America and Africa. In the US, the Biden administration petitioned for a delay as American paper companies warned that the law could result in shortages. In July, China said it would not comply because of “security concerns”. Brazil… and even Germany asked the EU to postpone the regulations. Delaying the rule’s onset is not easy. The legislature would have to approve any amendments. [to access the full story, a NY Times subscription is required]
The U.S. Department of Agriculture (USDA) today announced the appointment of six members to serve on the Softwood Lumber Board. The appointees will serve three-year terms beginning Jan. 1, 2025, and ending Dec. 31, 2027. The Softwood Lumber Board has 14 members, including 10 domestic manufacturers and four importers. Members can serve up to two consecutive three-year terms.
US housing starts bounced back in August after tumbling a month earlier, illustrating uneven residential construction as builders weigh inventory levels against brighter demand prospects tied to falling borrowing costs. Beginning home construction increased 9.6% last month to a 1.36 million annualized rate, the fastest since April, according to government figures released Wednesday. The median estimate of economists surveyed by Bloomberg called for a 1.32 million rate. The report showed overall building permits, a gauge of future construction, rose 5% to a 1.48 million annualized rate, while single-family authorizations increased to a four-month high. New construction of single-family homes increased nearly 16% to an annualized 992,000 pace, the first monthly advance since February. Starts of multifamily projects declined for the first time since May. Builders are awaiting a sustained pickup in demand to help work down an inventory of unsold homes that’s hovering near the highest level since 2008.
The Federal Reserve (Fed), the US central bank, will be in the spotlight on Wednesday, 18 September at 6:00 p.m. UTC, as they announce their latest interest rate decision. The Fed has kept its federal funds rate (FFR) unchanged for over a year. It last raised its base rate in July 2023, citing inflationary pressures. In the current environment of lower inflation and increased concerns about the labour market, reducing the interest rate is possible. According to Reuters, most economists expect the Fed to cut the key rate by at least 25 basis points (bps). Octa analysts believe that the stock market may perceive a 25 bps reduction in the interest rate negatively, and they are clearly expecting a more significant decline. Octa analysts do not expect an interest rate change of more than 25 bps at the upcoming meeting but believe that a rate cut of 50 bps is possible.
With the state facing an estimated $45.8 million in wildfire expenses so far this season, Idaho Gov. Brad Little and other state officials are discussing the need to replenish the fund before next year. During the last legislative session, the state pre-funded its emergency fire suppression fund at about $68 million, Idaho Department of Lands Director Dustin Miller said Tuesday. Miller briefed Little and other state officials Tuesday during a meeting of the State Board of Land Examiners at the Idaho State Capitol in Boise. So far this year, the state has spent an estimated $51.1 million, about $5.2 million of which is reimbursable costs, Miller said. That leaves the state on the hook for about $45.8 million so far. …The Idaho Legislature will decide whether to approve additional pre-funding for the emergency fire suppression fund once the 2025 legislative session convenes in January.
Georgia Power plans to tap one of the Savannah area’s industrial stalwarts for enough energy to serve the equivalent of more than 3,000 homes for a decade. State regulators approved the utility’s request to buy additional electricity generated by the burning of so-called biomass, including from International Paper’s Port Wentworth Mill. International Paper will supply Georgia Power with 4.6 megawatts of power for a period of 10 years. …International Paper says it generates 70% of power used at its mills by burning “bark and biomass residuals” rather than fossil fuels like natural gas and oil. The deal with Georgia Power will “allow us to make additional energy with upgrades to existing equipment at the (Port Wentworth) mill,” International Paper spokeswoman Kristie Inman said. …The U.S. Environmental Protection Agency has embraced that notion in its reporting on greenhouse gas emissions from the nation’s largest polluters by discounting biomass-related carbon releases. 
GEORGIA — State regulators on the Public Service Commission on Tuesday approved a Georgia Power plan to source more energy from burning wood known as “biomass,” despite criticism from consumer advocates about its relatively hefty price tag. An independent evaluator found the trio of contracts for which the monopoly utility was seeking approval would cost customers two to three times more than other sources of energy. The biomass proposal had been opposed by environmental and consumer advocates, who said it would cost Georgia Power customers billions of extra dollars on top of already-approved rate hikes. …In hearings about the biomass proposal over the past few weeks, regulators acknowledged the high cost for Georgia Power customers, but said they were motivated by a desire to give an economic boost to rural parts of the state that rely on the timber industry. The vote Tuesday was 4-1 in favor.
