Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I am here today in opposition to the measure that we are about to vote on, which would undo a…
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. President, I am here today in opposition to the measure that we are about to vote on, which would undo a rule that regulates the release of methane into the atmosphere.
Let's just start with the most basic simple proposition that methane is dangerous, it is poisonous, it is explosive. And for those reasons alone, it is something that the fossil fuel industry should not be leaking. The fossil fuel industry should be responsible about taking care of its leaks of a gas that is dangerous, poisonous, and explosive.
But in addition to that immediate danger, methane is also a really, really potent greenhouse gas. If you look at the effect over a 20-year period, methane in the atmosphere is 80 times--8-0--times more dangerous than carbon dioxide. So we talk all the time about carbon emissions, carbon limits, carbon pollution. Methane is actually 80 times more dangerous.
So there are two reasons why the fossil fuel industry should not be leaking large amounts of methane. First, it is dangerous, poisonous, and explosive. And, second, it is an 80 times worse greenhouse gas than carbon dioxide over a 20-year period.
So how much methane is industry leaking, and why did we do this measure in the first place?
Well, industry told the EPA for years that it was leaking about 8 million tons--8 million tons--of methane, which all by itself is a pretty big number, but it turned out that the industry was not telling the EPA the truth.
It turns out that once independent sources got a chance to spot methane leaks using, for instance, satellites--this is a satellite image of a methane plume that is being released from a leak site--when they could find that--and satellites can now do that so we are beginning to know how much methane is actually being leaked and particularly when you backstop the satellite information with information from aircraft where the readings can be more sensitive than from a satellite--it turns out that what they were actually leaking was more like 32 million tons. They were only disclosing a quarter of what they were leaking, and even that 8 million that they disclosed was a pretty bad number. When you go to 32 million tons, that is a great deal of leakage of a gas that is dangerous, poisonous, explosive, and 80 times more powerful a greenhouse gas over a 20-year period than carbon dioxide.
Now, you would think that, as an attribute of basic human decency, these companies that are leaking methane would go and clean it up. It is the decent thing to do, but they didn't, obviously. They didn't even disclose truthfully and accurately what they were leaking. So, when we were confronted with a 32-million-ton annual leak of poisonous, dangerous, explosive methane, and its greenhouse effects on top of that, we tried to do something about it.
So what did we do?
Well, we did two things: a little bit of carrot, a little bit of stick.
The carrot was $1.5 billion--1.5 billion taxpayer dollars--in flatout corporate welfare to the leaking oil and gas companies so that they could use taxpayer money to clean up the mess they were making to deal with the pipes and the valves and the wells that they weren't properly maintaining and that were leaking, it turned out, 32 million tons of methane.
Now, one could argue that that was a pretty poor use of taxpayer money; that a basic tenet of corporate responsibility should be: You clean up your own mess. You take care of your own equipment. That is a basic tenet of human responsibility. I don't know why it shouldn't be a basic tenet of corporate responsibility, but the measurement of 32 million tons of leakage shows that, obviously, those companies were not meeting that basic corporate tenet of responsibility.
So along comes the $1.5 billion of free taxpayer money--corporate welfare--to polluters and leakers for taxpayers to pay them to clean up the problem that they were causing. I didn't love that, to tell you the truth, but it came with an incentive as well, and the incentive was, if you are still leaking methane after a certain period and if you are still leaking methane above a certain level--you had to be a big leaker yourself. It had to be a big leak, like 300 tons per leak, and you had to be in the worst sector of the oil and gas industry. If those things were true--if you had big leaks and you were a big leaker and you were in the worst performing sector of your industry--then you would be assessed a fee for the leakage, which would be an incentive, in addition to the free $1.5 billion the industry got to go out there and fix the darned pipes and valves and wells and stop the leaking.
What we are doing today is saying to this industry: You can keep the $1.5 billion. We gave you that whether you used it to clean up or not. I don't know that. I don't think the jury is back on that, but they did get the $1.5 billion. But the part where you have to pay if you are still polluting, after all of this, beyond industry standards--that is what we are stripping out today. This Congressional Review Act measure specifically helps the segment of the oil and gas industry that is not even meeting oil and gas industry standards for controlling leaks.
I think it is a pretty reasonable test to impose on industry leakers that they at least meet their own industry standard for leaking. This isn't some arbitrary standard that government has imposed. This isn't something that came out of the Green New Deal. This is the industry's own standard for responsibility about leaks, and you pay this fee if you don't meet your own industry standard for taking care of your equipment properly and avoiding leaks of a dangerous, explosive, poisonous
greenhouse gas 80 times more dangerous than carbon dioxide.
So that is where we are, and that is where we are at today. Today's vote only protects those worst industry performers who have not cleaned up their act and met their own industry standards. If there were ever an undeserving group for Congress's solicitude, that is the group. They are not even meeting their own industry standards. They are comfortable with dangerous levels of leakage beyond what even their own industry recommends as a standard, and on they go.
This is just a little bit of a piece with the recent designation by the Trump administration of what ``energy'' is. The Trump administration just put out a definition of ``energy'' that doesn't include solar or wind. Most of what came online and is slated to come online in 2025 has been solar and wind. It is the booming part of our energy economy. It is where the growth is and the jobs are and the innovation is. It is also a leading energy source in red States. If you look at who is best on solar and who is best on wind, you see States like Texas; you see Iowa; you see Wyoming. They have considerable investments in solar and wind, but the Trump administration won't even call solar and wind energy.
So we are in this bizarre circumstance in which the fossil fuel industry, which drives so much behavior in this body after $100 million spent on the Trump campaign that we know of--probably hundreds of millions more secretly--has gained two big things: one, a completely false definition of ``solar energy'' and ``wind energy'' as not being energy despite the fact that it is fully operational, producing electrons, and was the largest source of new additions to the grid for 2025, and they just decree: This is not energy.
Why the fossil fuel industry would want that is a pretty strong signal of how low that industry will go in using its power over Congress. They will basically press the Trump administration to claim that solar energy and wind energy aren't even energy. It is a spectacularly foolish and false proposition, but bending the knee to the wishes of the fossil fuel industry appears to have no limits.
This vote is the second expression of that subservience to fossil fuel because of all the things that you could do, of all the things that would help grow America's energy markets, of all the things you could do to help take care of people who live near energy facilities or people who are being subjected to harm from climate change--of all the things you could do, probably the worst one would be to take the worst performers at leaking, which shouldn't happen in the first place, who leak so badly they don't even meet their own industry standards, who for years have been falsely saying that they leaked only a quarter of what they have actually been leaking, and they are the people whom we are going to come to the rescue of.
They had two choices here so that they didn't have to pay the fee for being among the worst leakers and not meeting their own industry standards. One is, clean up your darned equipment. Fix your pipes. Fix your valves. Fix your wells. Stop the leaking or at least reduce it to your own industry standard. If you do that, you don't pay this fee--or come to Congress. Use your power, the force of your dark money, of your influence, of your super PACs, of your political control, and get that requirement removed so that you can continue to leak, continue to leak methane--a dangerous, explosive, and poisonous substance--into your communities, continue to add this far more dangerous greenhouse gas to the atmosphere, and continue to meet no reasonable standard of corporate responsibility for taking care of your own gear and quitting the leaking.
And you know what they chose; they chose to come here and get a free pass--a hall pass from Republicans in Congress, a hall pass from the Trump administration--so that they can continue to leak to their hearts content, never mind their culpability of not meeting their own industry standards, never mind the harm that it causes.
This is an industry that lives off a pollute-for-free business model. If this industry were not allowed to pollute for free--if it had to compete, head-to-head, with hydro, geothermal, solar, wind, without the free right to pollute--we would have a very different energy mix, and they know that. So they insist on protecting their right to pollute for free, but of all the little quadrants of the industry whose pollution- for-free we should be coming to the floor to defend, those worst leakers who aren't taking care of their own equipment even to industry standards are at the bottom of any reasonable person's priority list, and yet they are the ones we are here to serve today.
The backdrop to this is, of course, ``climate change,'' a term that the fossil fuel industry has so ingratiated itself with the Trump administration that it is able to excise the term--a language attack-- excise the term from official documents, a little bit like saying that ``energy'' is everything except solar and wind. That is obviously false--provably false, in fact, and a preposterous assertion--but when serving the fossil fuel industry, that is the stuff they make you do, and here you go with saying that climate change isn't real when Exxon scientists talked about its being real 30 years ago. We are driving down a path of polluter-funded falsehood that ends in very dangerous places.
We have a pretty good idea of where it ends because scientists have been telling us where this goes for decades now, scientists in our major universities. I do not believe that there is a single State university, a State university with the name of the State in its name-- University of Rhode Island, for instance. I don't think there is a single State university in this country that does not teach climate change. That is how well-established climate change is as a factual proposition, and what it is going to do has been known for a long, long time.
The predictions are astonishingly accurate. Here in the Senate, we heard all those predictions. The first hearing on those warnings was actually by Republican Senator John Chafee of Rhode Island in his role then as chairman of the Environmental Public Works Committee. He had a senior scientist from NASA, John Hanson, come over and describe what the science was, what we knew about what was going on.
So there is a long, clear, indisputable scientific record warning us of what is coming--preview of coming attractions.
But then it came here, and, here, the fossil fuel industry butted in with enormous political force, turbocharged after the Citizens United decision allowed that industry to spend unlimited amounts of money. And in the enforcement--or nonenforcement--of that decision, allowed that industry to spend those unlimited amounts of money secretly from behind front groups and through Super PACs and from other devices where the public was denied the knowledge of who was trying to influence them. The basic right of citizenship is to know who is doing what to whom on the field of politics American citizens are supposed to police with their votes. That knowledge was denied them, and that flood of industry pressure came into this Chamber. And before you knew it, climate change was suddenly a partisan issue. If you wanted to be a Republican, you had to deny climate change. It was pretty much as simple as that.
Ask Bob Inglis from the House of Representatives what happened if you tried to break that grip of the fossil fuel industry on the House leadership, the fossil fuel industry grip on the House leadership on the Republican side.
So the science was right all along. We failed at the politics because of improper fossil fuel industry influence, probably the most maligned and large-scale political influence campaign in American history. We yielded to it. We allowed ourselves to not heed the warnings and take the steps that would have put us on a pathway to safety.
Now, having heard the scientific warnings, having failed at taking appropriate safety steps, we are now entering the third era, the era of consequences, when the stuff starts to hit the fan. And the warnings are coming from all over.
Just about 2 weeks ago, the chair of the Federal Reserve testified to the Senate Banking Committee that in 10 to 15 years, it will be impossible to get a mortgage in entire regions of the country. How does that relate to climate change? That relates to climate change because climate change is creating changes in weather patterns that
make it impossible for the insurance industry to predict risk. That is why insurance rates are quadruple the national average in Florida, which is first and worst into this insurance crisis because of its storm and flooding risk, because it is on the path of so many hurricanes, because the Gulf of Mexico is warming so fast that it is powering worse storms, more heavily ladened storms, with rain onto Florida's coasts. And when you can't get insurance on your home, and you go to sell it, you have got a problem because the buyer can't get a mortgage if your home is uninsurable.
What the chief economists of Freddie Mac warned, the mortgage giant, is that the climate risk creates an insurance crisis, which rolls over into a mortgage crisis, which drives down property values so badly that it creates a 2008-style national economic crisis.
Those aren't the only warnings. Reinsurers look at this climate mess as a business proposition. The insurance industry has to get the future right in order to do its business, and it knows that what the fossil fuel industry is saying about what is going to happen in the future is a whole pack of lies. So they are raising their rates. The reinsurance companies are looking and saying, wow, this is getting way more dangerous. We are not going to reinsure without getting a lot more money.
Reinsurance rates have more than doubled since 2017. They were up as much as 40 percent in 2023 alone in some markets.
So it is not just the voice of the Fed; it is not just the voice of the chief economists of Freddie Mac; it is the reinsurance industry.
Go below the reinsurance industry to the insurance industry and look at the first and worst place, Florida. All the major insurers are out-- pulled the plug. Gone. Done. Pop-up insurers have come to fill the gap. Twelve to fifteen of them have gone bankrupt already. And when they go bankrupt, they don't pay claims, and Floridians are left stuck behind an insurer that was not solvent.
Florida has had to stand up its own homeowners insurance company, which now has a huge share of the market and an even bigger share of the risk because they have allowed the other insurers to come in and cherry-pick out the lowest risk properties. So Florida is carrying a liability right now on homeowner's insurance that is greater than its entire State debt.
If you want to look at the solvency of a State, look at what Florida's risk is for its property insurance companies, citizens' property insurance, and its backup fund that comes in when the pop-up insurance companies go bust and somebody else has to come in and pay the claims.
The insurance industry, which has to look accurately at the future is also telling us this is deadly, deadly serious.
There is an international Financial Stability Board whose job is to look at the world banking industry, the world banking sector, and warn of risks to the banking sector. They just put out a comprehensive report on the danger that climate change poses to the banking sector.
It comes in a couple of ways. One is the one I just described. When banks can't issue mortgages, they lose a huge revenue proposition. So they get hurt in the ``insurance to mortgage to market value to economic crash'' cascade.
But, also, as those values fall--let's say you went from carrying a $4,000 carrying cost for your property insurance to a $20,000 carrying cost. The present value of $20,000 every year into the future as long as you are going to own that home, diminishes the value of that home. It doesn't just diminish it for you and for the next buyer, it diminishes it for the bank that holds your mortgage. It is really important to banks that they have enough collateral to back their loan. Their loan-to-value ratio is what helps determine their solvency. So the International Financial Stability Board is warning banks around the world: Look out. The climate crisis is coming at you and for your solvency.
This was, perhaps, said best by The Economist magazine in April, which led with a cover article warning of the next housing disaster and saying that ``the severe weather brought about by greenhouse-gas emissions is shaking the foundations of the world's most important asset class''--real estate.
The number that they put to that risk that is shaking the foundations of the world's largest asset class is $25 trillion. A $25 trillion hit to the world's largest asset class.
In the United States, a new report by First Street, which is a technical firm that looks at flooding risk for a whole variety of corporate clients but also publishes as well--they just published a report that climate change could erase $1.4 trillion in real estate value by 2055--i.e., in the 30-year mortgage period--a $1.4 trillion hit to real estate values here in the United States. While $25 trillion dollars was The Economist's global number; First Street's is $1.4 trillion here in the United States.
Trillions are big, big numbers. And when it is hitting people in their most prized and valuable family asset--their homes--it is a very, very dangerous proposition.
Here is what The Economist said:
The impending bill--
For climate harms--
is so huge, in fact, it will have grim implications not
just for personal prosperity--
i.e., the homeowner--
but also for the financial system.
Hence the report from the International Financial Stability Board about the need to shore up the international financial system.
Here is how it goes down, they say:
If the size of the risk suddenly sinks in, and borrowers
and lenders alike realize the collateral underpinning so many
transactions is not worth as much as they thought, a wave of
repricing will reverberate through financial markets.
Punch line:
Climate change, in short, could prompt the next global
property crash.
Instead of dealing with this--even as Americans are already seeing their property insurance prices rise and double, are getting more and more nonrenewal notices to get them off the company--what are we doing? We are helping out the absolutely worst offenders at climate leakage.
Here is Deloitte. I will close with this. Deloitte is a corporate consultancy. This is not Green New Deal. This is a corporate consultancy:
If we allow climate change to go unchecked, it will ravage
our global economy. For the United States, the damages to
2070--
Which was their prediction date--
are projected to reach $14.5 trillion, a lifetime loss of
nearly $70,000 for each working American.
And we are not even talking about that seriously. We are here, instead, to let off the hook that segment of the oil and gas industry that is the worst polluters, that doesn't even meet their own industry standards, and that can get away from the fee that we will be voting down now by simply meeting industry standards. This is a shameful moment for the Senate.
I yield the floor.
I suggest the absence of a quorum.