China to scrap foreign investment quotas to attract more money into its stock, bond markets

Investors watch the electronic board at a stock exchange hall on February 11, 2019 in Chengdu, Sichuan Province of China. China’s foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes, as a weakening yuan and rising outflows prompt Beijing to seek to attract more foreign capital. It said the move would “make it much more convenient for overseas investors to participate in China’s domestic financial markets, making China


Investors watch the electronic board at a stock exchange hall on February 11, 2019 in Chengdu, Sichuan Province of China. China’s foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes, as a weakening yuan and rising outflows prompt Beijing to seek to attract more foreign capital. It said the move would “make it much more convenient for overseas investors to participate in China’s domestic financial markets, making China
China to scrap foreign investment quotas to attract more money into its stock, bond markets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11
Keywords: news, cnbc, companies, quotas, yuan, capital, bond, investment, money, stock, attract, markets, qfii, china, investors, overseas, outflows, scrap, foreign, exchange, chinas


China to scrap foreign investment quotas to attract more money into its stock, bond markets

Investors watch the electronic board at a stock exchange hall on February 11, 2019 in Chengdu, Sichuan Province of China.

China’s foreign exchange regulator said on Tuesday that it had decided to scrap quota restrictions on two major inbound investment schemes, as a weakening yuan and rising outflows prompt Beijing to seek to attract more foreign capital.

While underlining China’s thirst for overseas funding as its economy slows amid a debilitating trade war with the United States, the move also appears largely symbolic, as two-thirds of the existing quotas remain unused.

China’s State Administration of Foreign Exchange (SAFE) would remove quotas on the dollar-dominated qualified foreign institutional investor (QFII) scheme and its yuan-denominated sibling, RQFII, it said in a statement on its website.

It said the move would “make it much more convenient for overseas investors to participate in China’s domestic financial markets, making China’s bond and stock markets more broadly accepted by international markets.”

The removal of quotas comes amid an escalating Sino-U.S. trade war that threatens growth in the world’s second-biggest economy.

Beijing hopes that foreign capital inflows could help to offset rising outflows and lend support to its yuan, which has dropped to its lowest levels against the U.S. dollar since the onset of the global financial crisis in 2008.

Inflows could also help bolster China’s balance of payments, as some analysts fear the country is slipping dangerously towards twin deficits in its fiscal and current accounts.

The removal “is a clear signal that policymakers want to encourage capital inflows,” wrote Win Thin, Global Head of Currency Strategy at Brown Brothers Harriman.

“The corollary is that they are still very worried about capital outflows and so will make sure to avoid any steps that might increase them,” he said.

China in January doubled the QFII quota to $300 billion, but only $111.4 billion of the limit had been used by foreign investors by the end of August.

China’s securities regulator also published draft rules earlier this year that would combine the QFII and RQFII programmes while also simplifying access for overseas investors.


Company: cnbc, Activity: cnbc, Date: 2019-09-11
Keywords: news, cnbc, companies, quotas, yuan, capital, bond, investment, money, stock, attract, markets, qfii, china, investors, overseas, outflows, scrap, foreign, exchange, chinas


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McDonald’s and Burger King are facing calls to scrap plastic toys in kids’ meal deals

The plastic toys given away with children’s fast food meals are under fire. McDonald’s and Burger King are the target of a petition started by two British school children who criticize the companies for giving away the toys that they say are put in the trash after only being used briefly. McDonald’s Happy Meal and Burger King’s Kids’ Meal include a main meal, side, drink and a toy, which is often linked to movie releases. The children, aged 9 and 7, wrote that they learnt about pollution at scho


The plastic toys given away with children’s fast food meals are under fire. McDonald’s and Burger King are the target of a petition started by two British school children who criticize the companies for giving away the toys that they say are put in the trash after only being used briefly. McDonald’s Happy Meal and Burger King’s Kids’ Meal include a main meal, side, drink and a toy, which is often linked to movie releases. The children, aged 9 and 7, wrote that they learnt about pollution at scho
McDonald’s and Burger King are facing calls to scrap plastic toys in kids’ meal deals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: lucy handley
Keywords: news, cnbc, companies, school, wrote, children, burger, away, started, deals, calls, mcdonalds, kids, toys, meal, facing, petition, plastic, king, scrap


McDonald's and Burger King are facing calls to scrap plastic toys in kids' meal deals

The plastic toys given away with children’s fast food meals are under fire.

McDonald’s and Burger King are the target of a petition started by two British school children who criticize the companies for giving away the toys that they say are put in the trash after only being used briefly.

McDonald’s Happy Meal and Burger King’s Kids’ Meal include a main meal, side, drink and a toy, which is often linked to movie releases.

“We like to go to eat at Burger King and McDonald’s, but children only play with the plastic toys they give us for a few minutes before they get thrown away and harm animals and pollute the sea,” wrote Ella and Caitlin Wood on a Change.org petition page, which has more than 335,000 signatures.

The children, aged 9 and 7, wrote that they learnt about pollution at school and recycle at home. “But we want to do more, which is why we started this petition. It’s not enough to make recyclable plastic toys — big, rich companies shouldn’t be making toys out of plastic at all,” they wrote.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: lucy handley
Keywords: news, cnbc, companies, school, wrote, children, burger, away, started, deals, calls, mcdonalds, kids, toys, meal, facing, petition, plastic, king, scrap


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House Dems scrap budget vote as centrists and liberals fight over spending plan

House Democrats will not move forward with a planned budget vote as two flanks of the party rebel. The caps were largely a statement of priorities in budget talks with the White House and Senate Republicans. The spending caps bill’s collapse highlights the difficulties House Democrats face in governing with a diverse majority. In a statement, House Budget Committee ranking member Steve Womack, R-Ark., called the caps deal’s failure “another embarrassing failure to govern.” If Congress cannot rai


House Democrats will not move forward with a planned budget vote as two flanks of the party rebel. The caps were largely a statement of priorities in budget talks with the White House and Senate Republicans. The spending caps bill’s collapse highlights the difficulties House Democrats face in governing with a diverse majority. In a statement, House Budget Committee ranking member Steve Womack, R-Ark., called the caps deal’s failure “another embarrassing failure to govern.” If Congress cannot rai
House Dems scrap budget vote as centrists and liberals fight over spending plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: jacob pramuk, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, yarmuth, house, vote, spending, budget, scrap, liberals, plan, fight, democrats, centrists, caps, statement, leaders, priorities, dems


House Dems scrap budget vote as centrists and liberals fight over spending plan

House Democrats will not move forward with a planned budget vote as two flanks of the party rebel.

The chamber will not vote this week on a measure to raise spending limits for the next two years, House Budget Committee Chairman Rep. John Yarmuth, D-Ky., said Tuesday. The bill, which leaders wanted to vote on Wednesday, would have allowed lawmakers to hike defense and domestic spending by $88 billion each in fiscal 2020.

But the measure fizzled out for now as party leaders faced defections from both the center and left. The Congressional Progressive Caucus wanted $33 billion more in nondefense spending in 2020. Meanwhile, the centrist Blue Dog Coalition called the spending levels too expensive and backed a balanced budget amendment.

The caps were largely a statement of priorities in budget talks with the White House and Senate Republicans. By failing to pass legislation, Democrats lose one opportunity to illustrate their priorities during their first period of House control since 2011.

In a statement, Yarmuth said his party would focus on stopping automatic cuts, known as sequestration, and spending reductions proposed by the Trump administration earlier this year.

“There are further conversations we must have to reach consensus between the wings of our caucus, left and right,” Yarmuth said. “But we all have a responsibility to govern and obligations to the American people, so our work continues.”

The House did set an overall spending limit of $1.3 trillion for fiscal 2020 as part of its rules process. Lawmakers can write appropriations bills at those levels.

The spending caps bill’s collapse highlights the difficulties House Democrats face in governing with a diverse majority. The 27 Blue Dog Democrats, who supported the balanced budget amendment introduced by Rep. Ben McAdams, D-Utah, will have to run for re-election next year in many ideologically split or red-leaning districts. Meanwhile, liberals in the roughly 90-member Congressional Progressive Caucus want to follow through on promises to seek sweeping policy change in Congress.

In a statement, House Budget Committee ranking member Steve Womack, R-Ark., called the caps deal’s failure “another embarrassing failure to govern.”

The policy splits have already emerged on some Democratic priorities. Thirteen Democrats backed a bill last week to set a federal minimum wage based on regional cost of living and purchasing power, in contrast to the $15 per hour blanket minimum wage bill pushed by House leaders and the party’s left flank.

Earlier Tuesday, Senate Majority Mitch McConnell, R-Ky., said he spoke with President Donald Trump and House Speaker Nancy Pelosi and they agreed to “get together at the staff level to begin discussing the possibility of reaching a two-year caps deal.” The leaders want to “move ahead fully with some kind of regular appropriations process,” he said.

If Congress cannot raise budget caps, spending will automatically drop by $126 billion next fiscal year, which starts Oct. 1. Lawmakers also want to avoid another damaging government shutdown. A record 35-day partial closure in parts of December and January disrupted government services and sapped economic growth.

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Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: jacob pramuk, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, yarmuth, house, vote, spending, budget, scrap, liberals, plan, fight, democrats, centrists, caps, statement, leaders, priorities, dems


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Airbus set to scrap production of the world’s largest airliner

Europe’s Airbus announced plans to scrap production of the world’s largest airliner on Thursday, abandoning its A380 superjumbo program in favor of smaller, more nimble jets. In a statement published on Thursday, Airbus said the last A380 will be delivered in 2021. The decision comes after Emirates — the largest A380 customer — decided to cut back its orders of the iconic aircraft and order a total of 70 of the smaller A350 and A330neo models instead. This leads to the end of A380 deliveries in


Europe’s Airbus announced plans to scrap production of the world’s largest airliner on Thursday, abandoning its A380 superjumbo program in favor of smaller, more nimble jets. In a statement published on Thursday, Airbus said the last A380 will be delivered in 2021. The decision comes after Emirates — the largest A380 customer — decided to cut back its orders of the iconic aircraft and order a total of 70 of the smaller A350 and A330neo models instead. This leads to the end of A380 deliveries in
Airbus set to scrap production of the world’s largest airliner Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: sam meredith, fyrol mohn, afp, getty images
Keywords: news, cnbc, companies, largest, worlds, set, a380, decision, weeks, smaller, statement, airbus, production, enders, scrap, airliner


Airbus set to scrap production of the world's largest airliner

Europe’s Airbus announced plans to scrap production of the world’s largest airliner on Thursday, abandoning its A380 superjumbo program in favor of smaller, more nimble jets.

In a statement published on Thursday, Airbus said the last A380 will be delivered in 2021.

The decision comes after Emirates — the largest A380 customer — decided to cut back its orders of the iconic aircraft and order a total of 70 of the smaller A350 and A330neo models instead.

“As a result of this decision we have no substantial A380 backlog and hence no basis to sustain production, despite all our sales efforts with other airlines in recent years. This leads to the end of A380 deliveries in 2021,” Airbus CEO Tom Enders said in a statement on Thursday.

“The consequences of this decision are largely embedded in our 2018 full year results,” Enders said.

Airbus said it would start discussions with unions in the coming weeks regarding the 3,000 to 3,500 jobs potentially affected by the news.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: sam meredith, fyrol mohn, afp, getty images
Keywords: news, cnbc, companies, largest, worlds, set, a380, decision, weeks, smaller, statement, airbus, production, enders, scrap, airliner


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Samsung Electronics will scrap non-recyclable plastic in its packaging this year

Samsung Electronics will begin replacing plastic packaging materials with sustainable alternatives this year, the company announced on Monday. Samsung also said it would alter the design of its mobile phone chargers, eliminating plastic protection films by swapping their glossy exteriors for a matte finish. “Samsung Electronics is stepping up in addressing society’s environmental issues such as resource depletion and plastic wastes,” said Gyeong-bin Jeon, head of Samsung’s Global Customer Satisf


Samsung Electronics will begin replacing plastic packaging materials with sustainable alternatives this year, the company announced on Monday. Samsung also said it would alter the design of its mobile phone chargers, eliminating plastic protection films by swapping their glossy exteriors for a matte finish. “Samsung Electronics is stepping up in addressing society’s environmental issues such as resource depletion and plastic wastes,” said Gyeong-bin Jeon, head of Samsung’s Global Customer Satisf
Samsung Electronics will scrap non-recyclable plastic in its packaging this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-28  Authors: chloe taylor, seong joon cho, bloomberg, getty images
Keywords: news, cnbc, companies, mobile, scrap, samsungs, nonrecyclable, electronics, bags, plastic, packaging, recycled, samsung, used, materials, sustainable


Samsung Electronics will scrap non-recyclable plastic in its packaging this year

Samsung Electronics will begin replacing plastic packaging materials with sustainable alternatives this year, the company announced on Monday.

In the first half of 2019, packaging currently used for Samsung’s products and accessories – from mobile phones to home appliances – will be substituted with recycled or bio-based plastics and paper.

Samsung also said it would alter the design of its mobile phone chargers, eliminating plastic protection films by swapping their glossy exteriors for a matte finish.

“Samsung Electronics is stepping up in addressing society’s environmental issues such as resource depletion and plastic wastes,” said Gyeong-bin Jeon, head of Samsung’s Global Customer Satisfaction Center. “We will adopt more environmentally sustainable materials even if it means an increase in cost.”

Plastic bags used to protect the surfaces of home appliances such as TVs and washing machines will also be replaced with bags containing recycled materials and bioplastics – which are made from non-fossil fuel materials such as starch and sugar cane.


Company: cnbc, Activity: cnbc, Date: 2019-01-28  Authors: chloe taylor, seong joon cho, bloomberg, getty images
Keywords: news, cnbc, companies, mobile, scrap, samsungs, nonrecyclable, electronics, bags, plastic, packaging, recycled, samsung, used, materials, sustainable


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Trump’s plans to scrap a nuclear pact with Russia could heighten tensions in Asia


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Company: cnbc, Activity: cnbc, Date: 2018-10-31
Keywords: news, cnbc, companies, pact, heighten, plans, scrap, trumps, tensions, asia, russia, nuclear



Company: cnbc, Activity: cnbc, Date: 2018-10-31
Keywords: news, cnbc, companies, pact, heighten, plans, scrap, trumps, tensions, asia, russia, nuclear


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North Korea to invite foreign experts to ‘permanently’ scrap missile sites

North Korea has agreed to “permanently” abolish its key missile facilities in the presence of foreign experts, and is willing to close its main nuclear complex if the United States takes reciprocal action, South Korea’s President Moon Jae-in said on Wednesday. Speaking at a joint news conference following their summit talks in Pyongyang, Moon and North Korean leader Kim Jong Un said they agreed to turn the Korean peninsula into a “land of peace without nuclear weapons and nuclear threats.” Kim s


North Korea has agreed to “permanently” abolish its key missile facilities in the presence of foreign experts, and is willing to close its main nuclear complex if the United States takes reciprocal action, South Korea’s President Moon Jae-in said on Wednesday. Speaking at a joint news conference following their summit talks in Pyongyang, Moon and North Korean leader Kim Jong Un said they agreed to turn the Korean peninsula into a “land of peace without nuclear weapons and nuclear threats.” Kim s
North Korea to invite foreign experts to ‘permanently’ scrap missile sites Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-19  Authors: chung sung-jun, getty images news, getty images, ray tang anadolu agency getty images
Keywords: news, cnbc, companies, experts, scrap, visit, pyongyang, korean, permanently, following, nuclear, president, sites, foreign, summit, korea, kim, north, invite, missile, moon


North Korea to invite foreign experts to 'permanently' scrap missile sites

North Korea has agreed to “permanently” abolish its key missile facilities in the presence of foreign experts, and is willing to close its main nuclear complex if the United States takes reciprocal action, South Korea’s President Moon Jae-in said on Wednesday.

Speaking at a joint news conference following their summit talks in Pyongyang, Moon and North Korean leader Kim Jong Un said they agreed to turn the Korean peninsula into a “land of peace without nuclear weapons and nuclear threats.”

Kim said he will visit Seoul in the near future, in what would be the first-ever visit to the South’s capital by a North Korean leader.

The latest summit will be a litmus test for stalled negotiations on the North’s nuclear program between Pyongyang and Washington, and for another meeting Kim recently proposed to U.S. President Donald Trump following their historic encounter in June in Singapore.


Company: cnbc, Activity: cnbc, Date: 2018-09-19  Authors: chung sung-jun, getty images news, getty images, ray tang anadolu agency getty images
Keywords: news, cnbc, companies, experts, scrap, visit, pyongyang, korean, permanently, following, nuclear, president, sites, foreign, summit, korea, kim, north, invite, missile, moon


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Trump’s move to scrap federal employee raises could damage the GOP as it defends House majority

At least three House Republicans in Virginia face fights for their political lives in November. The move could further imperil some House Republicans already locked in competitive races to keep their seats in November. GOP Reps. Barbara Comstock, Scott Taylor and Dave Brat hope to defend their competitive Virginia districts as Republicans try to stop Democrats from taking a House majority. As the state — and particularly Comstock’s 10th District west of Washington — sits in proximity to Washingt


At least three House Republicans in Virginia face fights for their political lives in November. The move could further imperil some House Republicans already locked in competitive races to keep their seats in November. GOP Reps. Barbara Comstock, Scott Taylor and Dave Brat hope to defend their competitive Virginia districts as Republicans try to stop Democrats from taking a House majority. As the state — and particularly Comstock’s 10th District west of Washington — sits in proximity to Washingt
Trump’s move to scrap federal employee raises could damage the GOP as it defends House majority Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: jacob pramuk, john w schoen, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, scrap, virginia, president, trumps, gop, majority, damage, raises, federal, taylor, house, republicans, competitive, trump, defends, washington, comstock, employee


Trump's move to scrap federal employee raises could damage the GOP as it defends House majority

At least three House Republicans in Virginia face fights for their political lives in November. President Donald Trump isn’t helping them.

The president on Thursday scrapped a 2.1 percent pay raise for civilian federal government employees previously set to take effect in January. In a letter to House Speaker Paul Ryan, Trump cited a need to “put our Nation on a fiscally sustainable course” and contended that the action “will not materially affect our ability to attract and retain a well qualified Federal workforce.”

The move could further imperil some House Republicans already locked in competitive races to keep their seats in November. GOP Reps. Barbara Comstock, Scott Taylor and Dave Brat hope to defend their competitive Virginia districts as Republicans try to stop Democrats from taking a House majority.

As the state — and particularly Comstock’s 10th District west of Washington — sits in proximity to Washington, D.C., it has a significant federal civilian employee workforce. By denying raises to a chunk of their voters, Trump just added another obstacle between those lawmakers and re-election.

Trump added an element of uncertainty Friday, when he said he would spend the weekend studying the issue.

Democrats Jennifer Wexton, Elaine Luria and Abigail Spanberger — challengers to Comstock, Taylor and Brat, respectively — all swiftly slammed Trump’s decision on Thursday. That suggests they will press their Republican opponents on the issue between now and November.


Company: cnbc, Activity: cnbc, Date: 2018-08-31  Authors: jacob pramuk, john w schoen, bill clark, cq-roll call group, getty images
Keywords: news, cnbc, companies, scrap, virginia, president, trumps, gop, majority, damage, raises, federal, taylor, house, republicans, competitive, trump, defends, washington, comstock, employee


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EU’s Malmstrom says Brussels ready to scrap car tariffs if US does

Auto stocks in Europe spiked on Thursday after the European Union’s top trade spokesperson claimed Brussels was willing to scrap tariffs on all industrial products, including cars. “We are willing to bring down even our car tariffs to zero, all tariffs to zero, if the U.S. does the same,” Trade Commissioner Cecilia Malmstrom told European Parliament lawmakers. European automotive stocks initially jumped on the news but by 3:30 p.m. London time (10:30 a.m. Earlier in her presentation, Malmstrom h


Auto stocks in Europe spiked on Thursday after the European Union’s top trade spokesperson claimed Brussels was willing to scrap tariffs on all industrial products, including cars. “We are willing to bring down even our car tariffs to zero, all tariffs to zero, if the U.S. does the same,” Trade Commissioner Cecilia Malmstrom told European Parliament lawmakers. European automotive stocks initially jumped on the news but by 3:30 p.m. London time (10:30 a.m. Earlier in her presentation, Malmstrom h
EU’s Malmstrom says Brussels ready to scrap car tariffs if US does Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-30  Authors: david reid, mikhail metzel, tass, getty image, eric thayer
Keywords: news, cnbc, companies, scrap, willing, trade, eus, zero, stocks, malmstrom, european, tariffs, industrial, eu, car, brussels, does, ready


EU's Malmstrom says Brussels ready to scrap car tariffs if US does

Auto stocks in Europe spiked on Thursday after the European Union’s top trade spokesperson claimed Brussels was willing to scrap tariffs on all industrial products, including cars.

“We are willing to bring down even our car tariffs to zero, all tariffs to zero, if the U.S. does the same,” Trade Commissioner Cecilia Malmstrom told European Parliament lawmakers.

Malmstrom’s claim goes further than an agreement in July between President Donald Trump and European Commission President Jean-Claude Juncker that said the two sides would work to eliminate tariffs on non-auto industrial goods.

European automotive stocks initially jumped on the news but by 3:30 p.m. London time (10:30 a.m. ET), the sector had given up all of its earlier gains.

Earlier in her presentation, Malmstrom had revealed details of the conversation between the U.S. and EU delegations on July 25.

“We said that we are ready from the EU side to go to zero tariffs on all industrial goods, of course if the U.S. does the same, so it would be on a reciprocal basis,” Malmstrom told the European Parliament’s trade committee.

At present, America imposes a 25 percent duty on light trucks and pickups and 2.5 percent on smaller autos. The EU imposes a flat 10 percent tariff.

Auto stocks in Europe have struggled in 2018 as investors feared Trump would follow through on a June tweet that stipulated that if the EU does not remove duties on U.S. cars, then the U.S. will have no choice but to impose a 20 percent tariff of its own.


Company: cnbc, Activity: cnbc, Date: 2018-08-30  Authors: david reid, mikhail metzel, tass, getty image, eric thayer
Keywords: news, cnbc, companies, scrap, willing, trade, eus, zero, stocks, malmstrom, european, tariffs, industrial, eu, car, brussels, does, ready


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California Gov. Jerry Brown blasts Trump plan to scrap Obama clean power rule

Jerry Brown blasted the Trump administration’s proposal to rewrite Obama-era greenhouse gas rulesin favor of coal-fired power plants as “a declaration of war against America and all of humanity.” Trump’s EPA criticized the Obama administration’s Clean Power Plan as “overly prescriptive and burdensome,” adding that the new rule it proposed “instead empowers states, promotes energy independence, and facilitates economic growth and job creation.” In the United States, power plants represent the sec


Jerry Brown blasted the Trump administration’s proposal to rewrite Obama-era greenhouse gas rulesin favor of coal-fired power plants as “a declaration of war against America and all of humanity.” Trump’s EPA criticized the Obama administration’s Clean Power Plan as “overly prescriptive and burdensome,” adding that the new rule it proposed “instead empowers states, promotes energy independence, and facilitates economic growth and job creation.” In the United States, power plants represent the sec
California Gov. Jerry Brown blasts Trump plan to scrap Obama clean power rule Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: jeff daniels, getty images
Keywords: news, cnbc, companies, gov, california, power, greenhouse, energy, plants, clean, rule, gas, jerry, states, obama, emissions, plan, trump, scrap


California Gov. Jerry Brown blasts Trump plan to scrap Obama clean power rule

California Gov. Jerry Brown blasted the Trump administration’s proposal to rewrite Obama-era greenhouse gas rulesin favor of coal-fired power plants as “a declaration of war against America and all of humanity.”

On Tuesday, the U.S. Environmental Protection Agency proposed a new rule for greenhouse gas emissions from existing coal-fired electric utility generating units and power plants known as the Affordable Clean Energy Rule, which will give states more power to set their own emission standards at plants.

Trump’s EPA criticized the Obama administration’s Clean Power Plan as “overly prescriptive and burdensome,” adding that the new rule it proposed “instead empowers states, promotes energy independence, and facilitates economic growth and job creation.”

Brown almost immediately slammed the Trump administration’s move.

“This is a declaration of war against America and all of humanity – it will not stand,” Brown said in a statement. “Truth and common sense will triumph over Trump’s insanity.”

In the United States, power plants represent the second largest share of greenhouse gas emissions after the transportation sector. About two-thirds of the electricity generated at power plants comes burning fossil fuels, mostly coal or natural gas.

The announcement by the EPA had been widely expected ever since President Donald Trump signed an executive order in March 2017 to promote energy independence and promote coal. That executive order called on departments and agencies to review existing regulations “that unduly burden the development of domestic energy resources.”

A release issued by the governor said the White House’s new plan “encourages the use of coal – and undercuts the nation’s commitment to clean energy.”

Brown said the state has no plans to roll back its greenhouse gas emissions targets and will instead “exceed the targets” in the Obama-era Clean Power Plan. The Democratic governor has been a frequent critic of Trump’s views on climate change and the environment.

Earlier this month, Brown criticized the Trump administration’s plan to roll back the nation’s clean car standards. “California will fight this stupidity in every conceivable way possible.” Brown said at the time.

The White House didn’t immediately respond to a request for comment on Brown’s remarks.

In 2017, the Obama EPA contended that its Clean Power Plan would save annual emissions equal to more than 165 million cars, or about 70 percent of the nation’s passenger vehicles.

According to the state, California is on track to produce one-third of its power from renewable energy sources by 2020 and expects to generate half of its energy from renewable sources by 2030.

California relies on coal for slightly more than 4 percent of its power mix, while nationally that figure stands at just over 30 percent, according to the U.S. Energy Information Administration. Renewable energy sources represented 29 percent of the state’s power mix last year, with solar and wind accounting for the bulk of it.

Climate change legislation passed by the state two years ago commits California to reducing greenhouse gas emissions 40 percent below 1990 levels by 2030.

A key element of the state’s program to cut greenhouse gas emissions is a cap-and-trade program, which includes a quarterly auction of carbon allowances. Since 2013, the auctions have raised about $8 billion in proceeds, including revenue to fund the state’s high-speed rail project.


Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: jeff daniels, getty images
Keywords: news, cnbc, companies, gov, california, power, greenhouse, energy, plants, clean, rule, gas, jerry, states, obama, emissions, plan, trump, scrap


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