Pennsylvania
Pennsylvania taking biggest climate step yet
HARRISBURG, Pa. (AP) — Greater than two years after he began work on it, Gov. Tom Wolf is ready to enact the centerpiece of his plan to struggle local weather change, making Pennsylvania the primary main fossil gasoline state to undertake a carbon pricing coverage — nevertheless it is perhaps a short-lived victory.
One lawsuit is already difficult Wolf’s regulation and extra are anticipated. And the term-limited Democratic governor has eight months left in workplace and could also be changed by a successor who’s hostile to it.
On Saturday, a legislative company is ready to publish Wolf’s carbon-pricing rule within the official report of state company actions, authorizing Pennsylvania to affix the Regional Greenhouse Gasoline Initiative, a multistate consortium that units a worth and declining limits on planet-warming carbon dioxide emissions from energy crops.
It comes after an extended regulatory vetting course of and fights with a hostile Legislature managed by Republicans who’re traditionally protecting of Pennsylvania’s coal and pure fuel industries.
Closely populated and fossil fuel-rich Pennsylvania has lengthy been one of many nation’s largest polluters and energy producers, and the jury is out on whether or not the carbon-pricing program on energy crops will considerably scale back greenhouse fuel emissions.
Mark Szybist, a senior legal professional for the New York-based Pure Assets Protection Council, stated becoming a member of the consortium — nicknamed RGGI — is the farthest-reaching step being taken in Pennsylvania to struggle local weather change, and policymakers there must be asking themselves what else they’ll do.
“RGGI will do greater than some other coverage on the books in Pennsylvania proper now to drive down emissions,” Szybist stated.
Wolf’s administration estimates that becoming a member of RGGI will scale back Pennsylvania’s carbon dioxide emissions by 97 million tons to 225 million tons by 2030. That compares to its estimate that Pennsylvania emitted 269 million tons of carbon dioxide equivalents in 2018.
Beneath the cap-and-trade program, house owners of fossil-fuel energy crops with a capability of 25 megawatts or extra should purchase a credit score for each ton of carbon dioxide they emit.
Consequently, roughly 4 dozen energy crops fueled by coal, oil and pure fuel in Pennsylvania should purchase tons of of thousands and thousands of {dollars} in credit yearly that the state may then spend on clean-energy or energy-efficiency packages.
That offers fossil gasoline crops an incentive to decrease their emissions, and makes non-emitting crops — corresponding to nuclear crops, wind generators and photo voltaic installations — extra value aggressive in energy markets.
Pennsylvania could be, by far, the largest emissions state within the consortium.
Wolf administration officers say the consortium’s quarterly public sale in September must be the primary through which Pennsylvania’s energy plant house owners take part, and cash may begin rolling in to the state’s coffers shortly after that.
Nonetheless, whether or not Pennsylvania’s membership within the consortium will survive for even that lengthy is anyone’s guess.
One lawsuit difficult Pennsylvania’s participation within the consortium is already within the courts. In that go well with, a court docket briefly barred the publication of the regulation earlier than lifting the order. And extra lawsuits are anticipated.
On this yr’s gubernatorial marketing campaign, power is a continuing theme for candidates vying for the Republican nomination to succeed Wolf.
“We have now a governor that desires to place us in a Regional Greenhouse Gasoline Initiative that can actually get rid of fuel in Pennsylvania,” Republican candidate Lou Barletta advised a discussion board in Erie final month. “So the very first thing I’m going to do for power is withdraw Pennsylvania from RGGI.”
Barletta’s declare that it’s going to get rid of fuel is baseless: even some operators of higher-efficiency fuel crops help the transfer.
Nonetheless, Barletta’s sentiment — that he would finish Pennsylvania’s participation within the consortium — is echoed by different Republicans.
It’s also opposed by coal- and pure gas-related pursuits that worry increased enter prices, industrial and enterprise teams that worry increased electrical energy payments and labor unions that worry its employees will lose jobs sustaining energy crops, constructing fuel pipelines and mining coal.
Critics and even unbiased analysts say it can drive not less than some enterprise — and carbon dioxide emissions — to gas- and coal-fired energy crops in neighboring Ohio and West Virginia, the place enter prices are decrease and there aren’t any emissions caps.
Pennsylvania could not keep within the consortium even when Wolf’s successor is Democrat Josh Shapiro, the get together’s presumed nominee who’s endorsed by Wolf.
Final October, Shapiro broke with Wolf, together with his marketing campaign telling The Related Press that it’s not clear that the cap-and-trade program meets Shapiro’s check to “deal with local weather change, defend and create power jobs and guarantee Pennsylvania has dependable, reasonably priced and clear energy for the long run.”
Gene Barr, the president and CEO of the Pennsylvania Chamber of Enterprise and Trade, which opposes the regulation, stated the massive questions are how the state’s Supreme Court docket will rule — it has a Democratic majority — and what Shapiro will do, if elected.
“It’s onerous to guess,” Barr stated. “However no matter what occurs this yr, there’s each authorized and implementation challenges to RGGI.”
Pennsylvania
Biden kills U.S. Steel deal; what Trump said and what it means for Pennsylvania
Biden blocks Japanese takeover of U.S. Steel
President Biden is blocking the proposed $14 billion acquisition of U.S. Steel by Nippon Steel.
Fox – 10 Phoenix
President Joe Biden’s decision to block Nippon Steel’s bid to buy U.S. Steel could have significant implications for Pennsylvania and the steel industry.
President-elect Donald Trump had already said he would kill the deal when he takes office later this month to keep a foreign firm from taking over the Pittsburgh-based business.
U.S. Steel employs thousands across its plants and offices in Pennsylvania and the state has about 10% of the nation’s steelworkers.
For them, Biden’s intervention could mean short-term job stability, as the administration emphasizes keeping the company under American ownership.
But, it’s not a fix for U.S. Steel’s problems; the company has said it needs financial resources to upgrade plants and keep pace with demand for steel around the world.
Biden on Friday issued the order blocking Nippon Steel Corp.’s proposed $14.9 billion purchase of U.S. Steel, citing his presidential authority under the Defense Production Act of 1950 and calling the steel industry “critical for resilient supply chains.”
Nippon and U.S. Steel, however, took exception to the order.
In a joint statement, U.S. Steel and Nippon Steel said it was “dismayed” by Biden’s decision, calling it “a clear violation of due process and the law governing CFIUS.”
The companies said blocking the sale will deny billions of dollars in investments planned in the U.S. and vowed to take “all appropriate action to protect our legal rights.”
(This story was updated to add new information.)
Pennsylvania
Prominent Trump fundraiser enters Pa. GOP chairman race amid pushback to Sen. Rothman
Pennsylvania
Penn expecting $467M windfall from COVID-19 vaccine royalty dispute
Penn Medicine researchers Katalin Karikó Ph.D., and Dr. Drew Weisman Ph.D., won the 2023 Nobel Prize in Medicine for their work on mRNA technology that contributed to the COVID-19 vaccine research.
Patents typically last about 20 years. The university holds at least four patents for its mRNA technology across the United States and Europe.
Researcher Karikó, an adjunct professor at Penn Medicine for 36 years, worked as a senior vice president for BioNTech between November 2013 and October 2022, according to her LinkedIn profile. She is considered an external consultant for the company as of Jan. 2, according to its website.
The COVID-19 vaccine, also known as Comirnaty, generated about $5 billion in sales in 2024.
As part of the deal, pharmaceutical giant Pfizer is expected to chip in $170 million for the Penn royalties and $364 million towards the NIH royalties owed.
As a company, BioNTech generated about $3.9 billion in revenue during 2023, down from $17.7 billion in 2022. BioNTech estimated 2024 revenue to be between $2.7 billion and $3.3 billion.
The university licensed its mRNA patents to several companies between April 2010 and August 2020, including Epicentre Technologies Corp., mRNA Biotherapeutics Inc. and Cellscript.
In 2017, BioNTech sublicensed the university mRNA technology from Cellscript and expects to keep developing more pharmaceutical medications, such as cancer treatments and flu vaccines, using the university patented technology.
Licensing revenue at the University of Pennsylvania has been a substantial revenue stream for the Philadelphia institution since the COVID-19 pandemic began.
In fiscal 2021, the university collected $300 million in license revenue. In fiscal years 2022 and 2023, the university garnered $1 billion each year. During fiscal year 2024, it reported $466 million in licensing revenue.
In May 2024, Penn Medicine researchers developed an mRNA vaccine for the H5N1 avian flu, leveraging prior COVID-19 vaccine research. The research was funded by the National Institute of Allergy and Infectious Diseases, National Institutes of Health and the Department of Health and Human Services.
The Duke University Human Vaccine Institute was awarded $7 million from the federal health agencies to conduct clinical trials in early 2025.
But for the commercialization of such research, the university relies on pharmaceutical manufacturers to license such patents and take the drug to market.
It was not immediately clear which companies, if any, have licensed the experimental avian flu technology.
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