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Market News: Trump welcomed Netanyahu and expressed optimism about reaching an Israel-Hamas agreement "this week."On July 7, the 27th Senate election of the Japanese Diet was scheduled for voting on the 20th. The latest opinion poll conducted by Kyodo News from the 5th to the 6th showed that the opposition camp was more popular than the ruling coalition, and nearly half of the respondents hoped that the ruling coalition composed of the Liberal Democratic Party and the Komeito Party would not achieve the goal of more than half of the seats. The Japanese Senate is responsible for legislative review and government supervision. It has 248 seats. The term of office of members is six years, and half of them are re-elected every three years. This election will focus on 125 seats. In addition to 74 constituency seats and 50 proportional representation seats, there is also 1 by-election seat. According to Japanese media, the results of this Senate election will determine the fate of Shigeru Ishibas cabinet. If the ruling coalition wins less than 50 seats, Japanese Prime Minister Shigeru Ishiba may resign or reorganize the ruling coalition.On July 7, Goldman Sachs said it expects the eight OPEC+ members to increase their oil production quotas by 550,000 barrels per day in September, thereby completely canceling the voluntary production cuts of 2.2 million barrels per day. OPEC+ hopes to restore idle production capacity to normal as global oil demand shows resilience. Goldman Sachs said: "The decision to accelerate the pace of production increases announced on Saturday strengthens our confidence. We have pointed out since last summer that OPEC+ will shift to a more long-term balanced strategy, focusing on normalizing idle production capacity and market share, supporting internal cohesion, and strategically restricting US shale oil supply." Goldman Sachs expects that the crude oil production of the eight OPEC+ members will increase by 1.67 million barrels per day from March to September to 33.2 million barrels per day, of which Saudi Arabia accounts for more than 60% of the increase.Jianpeng Holdings (01722.HK) rose more than 105%.Both U.S. and Brent crude oil prices fell by more than 1% during the day, and are now trading at $64.93 per barrel and $67.2 per barrel respectively.

Due to climate laws and trade issues, the U.S. has put in place 55% less clean energy

Haiden Holmes

Jul 27, 2022 10:55

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The rate of development of renewable energy projects such as wind and solar power in the United States decreased in the second quarter owing to Congress' slowness, trade worries, and COVID-19 delays, according to a report published by an industry group on Tuesday.


According to a study conducted by American Clean Power, the sector saw a 55 percent decline in U.S. project installations between April and June of 2021 compared to the same time in 2021. The renewable energy capacity additions during the quarter were the lowest since the third quarter of 2019.


Senator Joe Manchin, a conservative Democrat from coal-producing West Virginia, blocked President Joe Biden's climate plan containing hundreds of billions of dollars in renewable power tax credits. Congress was therefore unable to implement the idea.


"We have been warning about the legislative and economic challenges facing the clean power industry, and this is a step in the wrong direction," said Heather Zichal, the ACP's chief executive officer.


Congressional inertia and ambiguity on long-term tax policy, tariff and trade restrictions, and transmission bottlenecks all have a detrimental impact on the demand for clean energy at a time when production must be rapidly scaled up.


The solar industry has been thrown into disarray by an inquiry by the U.S. Commerce Department into whether imports of solar panels from Southeast Asian countries circumvent tariffs on Chinese-made goods. In a move to encourage solar projects, the Biden administration announced in June that it would suspend tariffs on solar panels from four Southeast Asian countries for two years.


The collapse of the climate bill is a setback for efforts to lessen the solar industry's dependence on China, according to the CEO of First Solar Inc., the largest U.S. solar panel maker (NASDAQ:FSLR). The third quarter saw a 53 percent decline in solar installations in the United States, according to ACP.

In a letter to House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer, and Vice President Joe Biden, more than 200 firms, charitable groups, and trade associations urged Congress to delay the August parliamentary recess if necessary to approve the energy plan.


According to a statement signed by the Business Council for Sustainable Energy and others, the idea "would battle inflation by decreasing energy costs for American families and businesses, reducing the deficit, and establishing a pipeline of well-paying jobs in every state."


Manchin has emphasized that he has not abandoned the concept, but that he wants to analyze incoming inflation numbers and the Federal Reserve's interest rate policy. Nonetheless, other senators are still doubtful.


According to the ACP research, supply chain-induced slowdowns and delays in power grid hookups led to a 78 percent decline in onshore wind power installations.


ACP said that more than 32,4 gigawatts of renewable energy projects have been delayed until the end of 2021, enough to power 6,5 million homes and maintain 100,000 employment.


The number of installations of energy storage technologies, such as massive batteries that assist the use of solar and wind energy, climbed by 13 percent, according to the research.

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