“You may think I’m a dreamer, but I’m not the only one…”
Biden’s Tax and Climate Bill is the closest thing to a grown-up energy transition plan we’ve seen in the West. There is a significant risk ESG fundamentalism trips up efforts to reach carbon neutrality – but there are signs pragmatism will win out.
It looks like US President Biden will get his long-awaited Tax and Climate Bill though the Senate after cutting a deal with holdout Democrat Senator Kyrsten Sinema. I like the her plans for a !% tax on stock buybacks (see yesterday’s porridge.)
At its core the new Bill looks like a proper long-term transition plan for the US economy to evolve away from fossil fuels towards cleaner technologies – including nuclear. It enables it to happen in a way