Report: Billionaire Climate Investors Drive Biden’s Decision to Halt New Natural Gas Export Terminals
Billionaire-Backed Campaign Influences Biden’s Decision on LNG Exports
A powerful and long-standing campaign, supported by billionaires, has played a significant role in President Joe Biden’s recent decision to halt new permits for liquefied natural gas (LNG) exports from the United States, as reported by the Wall Street Journal.
Wealthy donors, including members of the Rockefeller family and former New York City mayor Michael Bloomberg, have generously contributed millions of dollars to activists and environmental groups, fueling their efforts to lobby against fossil fuels like LNG.
“They got our attention,” acknowledged a senior Biden administration official, recognizing the impact of these environmental groups. Additionally, concerns about understanding the emissions and effects of LNG on the economy and national security were cited as reasons for Biden’s decision to pause permits for LNG export terminals.
Biden’s order has received praise from many Democrats and environmental groups, including those funded by the billionaire donors who advocated for this action.
“The pause… is the result of a sustained four-year push that built upon years of opposition to gas exports by community groups and lawyers,” stated Sarah Brennan, an associate director at the Rockefeller Family Fund, in an email to environmental groups following Biden’s decision. She further emphasized that “the White House recognized the power [of] this campaign,” according to the Journal.
However, leaders in the fossil fuel industry have strongly criticized Biden’s action. Mike Sommers, president of the American Petroleum Institute, expressed his disappointment, stating, “This is a win for Russia and a loss for American allies, U.S. jobs, and global climate progress.”
“There is no review needed to understand the clear benefits of U.S. LNG for stabilizing global energy markets, supporting thousands of American jobs, and reducing emissions around the world by transitioning countries toward cleaner fuels,” Sommers emphasized.
How have environmental organizations and influential billionaires like Tom Steyer and Michael Bloomberg been involved in the campaign to halt LNG exports?
Gas (LNG) exports. This move has sent shockwaves through the energy industry and raised concerns about the future of the US as a major LNG exporter. The campaign, led by environmental groups and backed by wealthy individuals, has been pushing for stricter regulations on LNG exports to combat climate change.
One of the key figures behind this campaign is Tom Steyer, a billionaire investor and philanthropist who has been a vocal advocate for clean energy and climate action. Steyer has been actively involved in various environmental initiatives and has pledged to use his wealth to combat climate change. His influence in Democratic circles, as well as his financial support, has made him a powerful player in shaping environmental policy.
Steyer’s organization, NextGen America, has been at the forefront of the push to halt LNG exports. It has invested significant resources in lobbying and grassroots campaigns to raise awareness about the environmental impact of natural gas production and exports. The organization has also sponsored research and publications highlighting the negative effects of LNG exports on climate change.
Another influential billionaire backing the campaign is Michael Bloomberg, the former mayor of New York City and founder of Bloomberg LP. Bloomberg has long been a champion of environmental causes and has supported efforts to transition to cleaner and renewable sources of energy. Through his philanthropic initiatives, Bloomberg has allocated substantial funds to support organizations and campaigns aimed at curbing greenhouse gas emissions.
Environmental groups, such as Greenpeace and Sierra Club, have also been instrumental in this campaign. They have organized protests, filed lawsuits, and launched media campaigns to draw attention to the environmental risks associated with LNG exports. These groups argue that expanding LNG exports is incompatible with the need to reduce greenhouse gas emissions and transition to a clean energy future.
Their efforts seem to have had a significant impact on the Biden administration’s decision to halt new permits for LNG exports. In his campaign, President Biden promised to prioritize climate change and take aggressive action to reduce greenhouse gas emissions. With pressure from billionaire-backed environmental campaigns, the administration appears to be aligning its policies with that pledge.
However, not everyone agrees with the decision. Critics argue that halting LNG exports will harm the US economy and cost jobs. LNG exports have been a major driver of economic growth, particularly in states like Texas and Louisiana, where LNG terminals and associated infrastructure have been developed. Additionally, LNG exports have provided a valuable source of revenue for the US, helping to reduce the trade deficit.
There are also concerns about the impact on global energy markets. The US has emerged as a major LNG exporter in recent years, challenging traditional exporters like Qatar and Australia. Halting new permits for LNG exports could lead to higher prices and energy shortages in key importing countries.
The battle over LNG exports is far from over. While the billionaire-backed campaign has succeeded in influencing the Biden administration’s decision, it will continue to face opposition from industry groups and proponents of LNG exports. The outcome of this debate will have significant implications for the future of America’s energy industry and its role in the global LNG market.
In conclusion, billionaire-backed campaigns have played a pivotal role in shaping President Joe Biden’s decision to halt new permits for LNG exports. Environmental groups, led by influential billionaires like Tom Steyer and Michael Bloomberg, have successfully raised awareness about the environmental risks associated with LNG exports and pushed for stricter regulations. While this decision has been hailed by environmentalists, it has also raised concerns about the impact on the US economy and global energy markets. The battle over LNG exports is likely to continue, and the outcome will have far-reaching consequences for America’s energy future.
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