Group items tagged

All in all, it is a race to the bottom on the part of revenue-starved governments eager to attract even a relatively small number of new jobs.

As a consequence, the effective corporate tax rate in the United States fell to 17.8 percent in 2012 from 42.5 percent in 1960,

That’s just not fair at a time of soaring corporate profits and stagnant family incomes.

Business groups, naturally, say the best way to bring jobs and cash home is for Washington to stop taxing profits earned overseas by American companies altogether. But that idea makes little sense. While changing to this “territorial system” would allow some of the estimated $1.7 trillion of cash “trapped” overseas to come home free of tax, it would both cost the Treasury an estimated $130 billion in revenue over the next 10 years and provide greater incentives for American companies to continue to move jobs and production overseas.

the gaming of the tax system is becoming a global concern, with an action plan coming from the Organization for Economic Cooperation and Development in July. The O.E.C.D. should work toward taxing business profits where they actually occur, not where they’ve been shifted by some tax adviser.

we should consider taxing a greater share of the profits made by companies not at the corporate level, where they are subject to oh-so-much gaming, but rather at the shareholder level.

As corporate taxes have declined, corporate profits have increased. That has pushed up stock prices and been a boon to shareholders. It hardly seems unfair to ask those who already benefit from bargain tax rates on capital gains and dividends to share some of those gains with the government.

Already, he says, elites in Silicon Valley are more connected to one another and to their counterparts around the globe than to non-techies in their midst or nearby. “My Stanford network connects to Harvard and Beijing more than [California’s] Central Valley,” says Mr. Srinivasan. Eventually, he argues, “there will be a recognition that if we don’t have control of the nation state, we should reduce the nation state’s power over us.”

“It’s crazy to me that people in Silicon Valley have no idea how half the country lives and is voting,” said Ben Ling, an investment partner at venture firm Khosla Ventures. Many “coastal elites” attribute the results “to just sexism or racism, without even trying to figure out why [people] wanted to vote for Trump.”

And yet, an all-out commitment to American-based manufacturing has not been on the business agenda of Silicon Valley or the political agenda of the United States. That omission, according to Mr. Grove, is a result of another “unquestioned truism”: “that the free market is the best of all economic systems — the freer the better.” To Mr. Grove, that belief was flawed.

The triumph of free-market principles over planned economies in the 20th century, he said, did not make those principles infallible or immutable.

There was room for improvement, he argued, for what he called “job-centric” economics and politics. In a job-centric system, job creation would be the nation’s No. 1 objective, with the government setting priorities and arraying the forces necessary to achieve the goal, and with businesses operating not only in their immediate profit interest but also in the interests of “employees, and employees yet to be hired.”

Conditions have worsened in other ways. In 2010, one of the arguments against Mr. Grove’s critique was that exporting jobs did not matter as long as much of the corporate profits stayed in the United States. But just as American companies have bolstered their profits by exporting jobs, many now do so by shifting profits overseas through tax-avoidance maneuvers.

The result is a high-profit, low-prosperity nation. “All of us in business,” Mr. Grove wrote, “have a responsibility to maintain the industrial base on which we depend and the society whose adaptability — and stability — we may have taken for granted.”

Mr. Trump is about to welcome Japan’s prime minister, Shinzo Abe, for an extravagant three-day visit

visit that will be closely monitored in China.

president’s commitment to a mutual defense treaty with Japan, which surfaced during the campaign

Mr. Trump said he was prepared to pull back from the pact unless Tokyo did more to reimburse the United States for defending Japanese territory.

Mr. Tillerson specifically rejected the idea, advanced by Mr. Trump, that Taiwan be used as a bargaining chip in a broader negotiation with China on trade, security and other issues.

Relations between Washington and Beijing had been frozen since December, when Mr. Trump took a congratulatory phone call from Taiwan’s president, Tsai Ing-wen

has not had diplomatic relations with Taiwan since 1979

He also said he “looks forward to working with President Xi to develop a constructive relationship that benefits both the United States and China.”

“This letter means they’re looking for creative ways to stabilize this relationship when Trump and Xi can’t talk due to differences over Taiwan policy,”

Mr. Tillerson, officials said, suggested that Mr. Trump publicly reaffirm his commitment to the One China policy as a way of breaking the deadlock and getting the two presidents back on the phone.

conversation last week with Prime Minister Malcolm Turnbull of Australia turned contentious when Mr. Turnbull urged Mr. Trump to honor an agreement made under Mr. Obama to accept 1,250 refugees from an offshore detention center.

the fact that Mr. Trump and Mr. Xi had not talked since Mr. Trump took office in January has drawn increasing scrutiny.

During the campaign, Mr. Trump advocated a 45 percent tariff on Chinese exports to the United States, complaining that China manipulated the value of its currency.

Jared Kushner, who is a senior adviser to Mr. Trump, met with Mr. Cui before the embassy event, part of a blossoming dialogue between the two men.

relationships between some of Mr. Trump’s advisers and leading Chinese companies with close links to the Communist Party may also be strengthening ties.

Throughout the years, the U.S. has depended on drone strikes in hunting down Al Qaeda's top leaders and operatives. In 2015, the group's leader was killed in a drone strike in the southern city of Mukalla, the provincial capital of Yemen's largest province of Hadramawt, and which fell into the hands of the group for a year.

Vladimir Markin, the head of Russia's main investigating agency the Investigative Committee, told Russian news agencies that the charges had been reclassified.

Last week, 11 Nobel prize-winners wrote to Russian President Vladimir Putin, urging him to drop the charges of piracy.

Mr Putin said last month that the activists had violated international law but it was "absolutely evident that they are, of course, not pirates".

"The Arctic 30 are no more hooligans than they were pirates," he said in a statement.

All 30 people who were on board the ship are in pre-trial detention in the northern port city of Murmansk until late November. They have complained of being held in harsh conditions,

They were detained when Russian security sources stormed the ship five weeks ago following a protest against drilling for oil in the Arctic.

Greenpeace denies any wrongdoing and is calling for the release of the detainees, who come from 18 countries, and the Arctic Sunrise.

a privileged upbringing did not matter as much as generally thought. Nor, he said, did many of the top leaders inherit large sums of money. While many went to top colleges and a large number attended Harvard Business School, the biggest determining factor of whether someone moved into the elite was an early career opportunity. Being able to look beyond their specialty early — as opposed to being highly specialized their entire career and then thrust into a leadership role — distinguished great leaders more than any inherent advantage in their upbringing, he said. “These people had a chance to be a generalist early on, as opposed to being specialists their whole career,” Mr. Lindsay said. “They had that experience in their early 30s or 40s.”

He cited data showing that the United States now had the second-lowest level of intergenerational income mobility in the world, after England.

“If we lose this truly American thing — that you can become anything if you just work at it — then you’re really going to lose what makes America America,” he said. “It already appears that it will take a tremendous amount of time for people to bring their families out of poverty and for the wealthy to fall from the advantages they have.”

Most of the manual labor still being done in our economy seems to be of the kind that’s hard to automate.

And then there’s globalization. Once, only manufacturing workers needed to worry about competition from overseas, but the combination of computers and telecommunications has made it possible to provide many services at long range.

high-wage jobs performed by highly educated workers are, if anything, more “offshorable” than jobs done by low-paid, less-educated workers.

the notion that putting more kids through college can restore the middle-class society we used to have is wishful thinking. It’s no longer true that having a college degree guarantees that you’ll get a good job, and it’s becoming less true with each passing decade.

So if we want a society of broadly shared prosperity, education isn’t the answer — we’ll have to go about building that society directly. We need to restore the bargaining power that labor has lost over the last 30 years, so that ordinary workers as well as superstars have the power to bargain for good wages. We need to guarantee the essentials, above all health care, to every citizen.

George J. Borjas, a professor of economics at Harvard, argues thatillegal immigration reduces the wage of native workers by an estimated $99 to $118 billion a year, and generates a gain for businesses and other users of immigrants of $107 billion to $128 billion.

The left, Lind said,cannot cope with reality of how low-wage unskilled immigration has been driving down wages at the bottom of the labor market since the 1960s. Whenever multiculturalism collides with the interests of labor, multiculturalism wins.

The dynamic interaction of three current trends — voter anger over immigration, over offshoring and robotization, and over damage wrought by the economic meltdown of 2008 — has been crucial to Trump’s success.

: “In 1979, the four middle-skill occupations (sales; office and administrative workers; production workers; and operatives) accounted for 60 percent of employment,” according to David Autor, an economist at M.I.T. By 2012, “it was 46 percent.”

the aftereffects of the financial collapse: “The cost of the crisis, assuming output eventually returns to its precrisis trend path, is an output loss of $6 trillion to $14 trillion. This amounts to $50,000 to $120,000 for every U.S. household,”

While the recession was an economic phenomenon, its impact went beyond a sizable drop in output or consumption. The adverse psychological consequences are enormous

The “stark legacy of the recession and the lackluster labor market” are apparent in “reduced opportunity and deterioration,” according to the Dallas Federal Reserve. The number of men and women “not in the labor force” continues to grow, from 92.5 million in November 2014 to 94.4 million last month.

The 24 at the Transportation Department lag behind only the 31 at HHS and 47 in the executive office of the president.

The swamp has overflowed, with lobbyists employed by Trump quintupling over two years. Boeing, American Airlines and 31 other corporate entities landed at least five former lobbyists apiece. Public Citizen reported that, five months into the administration, nearly 70 percent of top nominees had corporate ties.

In addition, the billions of dollars that corporate executives invest in lobbying and campaign contributions have generated healthy returns: a corporate tax cut, an assault on regulations and unrelenting efforts to shrink enforcement. The president, who previously attempted to privatize 30,000 FAA jobs, again proposed slashing the FAA in his budget this week.

Corporate victories keep coming. The Los Angeles Times just obtained emails showing that EPA officials moved to block NASA from monitoring pollution levels. Politico recently obtained data that showed that the Interior Department gave oil drillers nearly 1,700 waivers of safety rules implemented after BP’s Deepwater Horizon disaster in the Gulf of Mexico in 2010.

The Union of Concerned Scientists has documented more than 70 “attacks on science,” many benefiting corporations: censoring scientific language, suppressing studies, weakening advisory panels and such. The group suspects “inappropriate corporate influence” in rolling back fuel efficiency, chemical and methane standards, repealing the Clean Power Plan, suppressing known health risks, expanding oil and gas leasing and bailing out the coal industry, among others.

Socially, the booming fast fashion industry is often built on low wages paid to women working in factories abroad but also increasingly in the UK

In the UK, we buy more clothes per person than any other country in Europe – five times what we bought in the 1980s, which creates 1.3m tonnes of waste each year, some 350,000 tonnes of which is dumped in landfill or incinerated.

Yet despite the overwhelming evidence gathered by the environmental audit committee (EAC), ministers this week rejected every recommendation for tackling abuses across the fashion industry, including a ban on incinerating or landfilling stock that can be recycled and a 1p charge on each garment to raise £35m a year for better clothing collection and sorting, a move supported by many in the industry.

But the response of the government was met with anger by many within the industry, where ethical fashion firms come up against others who produce at lower costs on the back of exploitative wage structures and environmentally damaging production models

“It is a vastly damaging industry that has been spiralling unchecked for far too long. The Earth and the people on it are exploited and damaged at every single step of the chain, and this culminates with unimaginable mountains of unused excess stock or badly made broken waste clothing with nowhere to go other than landfill or incineration.”

But others are less sure that voluntary measures will tackle what they say is a systemic power imbalance between brands and manufacturers, which leads to worker exploitation, or address the enormous environmental footprint of their trade.

Commit to wearing every piece 30 times. If we doubled the amount of time we kept clothes for, we would cut our fashion emissions by 44%.

“So who is accountable for water and chemical pollution abroad, precarious work and employment, the undercutting of compliant manufacturers, the pollution from delivery and lack of recycling at home? Brands might find it difficult to make £5 fast fashion dresses and be socially and environmentally sustainable.

Ways to take the environmental heat out of your fashion habit

“The fundamental problem with much of fast fashion is that its social and environmental costs are not taken into account. The environmental costs of materials and fabric are mostly offshored. The production that takes place in the UK often only pays half the legal minimum wage.

Get smart about fibres. Cheap cotton and synthetics come with huge environmental footprints. Cotton uses unsustainable amounts of water and pesticide. Go for hemp blended with organic cotton and silk and lyocel/modal.

Treat cotton as a luxury fibre. Buy products certified as organic to be free of the pesticide burden and plan to keep them for years.

Wash clothes less often. The average laundry cycle releases hundreds of thousands of tiny fragments of plastic from synthetic fibres into waterways. Put jeans in the freezer and remove dirt when frozen. Fleeces have been shown to release the most plastic fibres

Delete shopping apps from your phone and swear off insta-shopping for fashion. Go shopping for clothes in a shop.

f dry cleaning is a must, use an eco-friendly process: conventional dry cleaning harms the soil, air and wate

la surcharge payée par les consommateurs finaux a triplé depuis 2010 pour représenter à l'heure actuelle en moyenne 18% des coûts d'électricité totaux.

Certains commentateurs affirment que cette politique crée de la pauvreté et accroit les inégalités puisqu'elle touche les ménages modestes consommateurs d'électricité et bénéficie aux ménages aisés qui ont les moyens de faire installer des panneaux solaires chez eux et peuvent ainsi revendre leur électricité à bon prix.

Le prix moyen de l'électricité pour les entreprises a augmenté de 60% sur les cinq dernières années en Allemagne du fait de la politique de transition énergétique.

"La tendance d'augmentation des prix de l'énergie en Allemagne va rendre le pays moins compétitif dans l'économie mondiale, le pénaliser en termes d'emploi et d'investissements industriels et imposer des coûts significatifs à son économie et au revenu des ménages"

Selon une étude du Fraunhofer Institut für Solare Energiesysteme, l'Allemagne pourrait arriver, à terme, à couvrir 100% de ses besoins énergétiques par des énergies renouvelable, mais cela supposerait, au-delà d'un développement massif des énergies éolienne et solaire, de développer d'énormes capacités de stockage

les technologies de stockage sont insuffisamment développées à l'heure actuelle et surtout très chères. Les seules sources d'énergie non soumises à fluctuations sont fossiles (nucléaire, charbon, gaz de schiste etc).

Pour remédier à cela, le gouvernement a lancé un projet phare de la transition énergétique: la "Stromautobahn" (autoroute de l'électricité):

de nombreuses manifestations ont été organisées par les populations se trouvant sur le tracé de la Stromautobahn, qui redoutent des nuisances et une baisse de leur qualité de vie. Le projet n'est donc pas assuré d'aboutir et sa réalisation avance à faible allure.

Le gouvernement allemand avance l'argument que le secteur des énergies renouvelables va être amené à se développer de plus en plus et que l'Allemagne se positionne pour y être en position de force dans le futur. D'autre part, il se pourrait que les prix de l'énergie renouvelable baissent une fois les infrastructures mises en place

“It’s a project for a generation; it’s going to take till 2040 or 2050, and it’s hard,” said Gerd Rosenkranz, a former journalist at Der Spiegel who’s now an analyst at Agora Energiewende, a Berlin think tank. “It’s making electricity more expensive for individual consumers. And still, if you ask people in a poll, Do you want the energiewende? then 90 percent say yes.”

The Germans have an origin myth: It says they came from the dark and impenetrable heart of the forest

. The forest became the place where Germans go to restore their souls—a habit that predisposed them to care about the environment.

So in the late 1970s, when fossil fuel emissions were blamed for killing German forests with acid rain, the outrage was nationwide. The oil embargo of 1973 had already made Germans, who have very little oil and gas of their own, think about energy. The threat ofwaldsterben, or forest death, made them think harder.

I came away thinking there would have been no energiewende at all without antinuclear sentiment—the fear of meltdown is a much more powerful and immediate motive than the fear of slowly rising temperatures and seas.

energy researcher Volker Quaschning put it this way: “Nuclear power affects me personally. Climate change affects my kids. That’s the difference.”

NG STAFF; EVAN APP

Demonstrators in the 1970s and ’80s were protesting not just nuclear reactors but plans to deploy American nuclear missiles in West Germany. The two didn’t seem separable. When the German Green Party was founded in 1980, pacifism and opposition to nuclear power were both central tenets.

Chernobyl was a watershed.

The environmental movement’s biggest mistake has been to say, ‘Do less. Tighten your belts. Consume less,’ ” Fell said. “People associate that with a lower quality of life. ‘Do things differently, with cheap, renewable electricity’—that’s the message.”

It was 1990, the year Germany was officially reunified—and while the country was preoccupied with that monumental task, a bill boosting the energiewende made its way through the Bundestag without much public notice. Just two pages long, it enshrined a crucial principle: Producers of renewable electricity had the right to feed into the grid, and utilities had to pay them a “feed-in tariff.” Wind turbines began to sprout in the windy north.

The biogas, the solar panels that cover many roofs, and especially the wind turbines allow Wildpoldsried to produce nearly five times as much electricity as it consumes.

In a recent essay William Nordhaus, a Yale economist who has spent decades studying the problem of addressing climate change, identified what he considers its essence: free riders. Because it’s a global problem, and doing something is costly, every country has an incentive to do nothing and hope that others will act. While most countries have been free riders, Germany has behaved differently: It has ridden out ahead. And in so doing, it has made the journey easier for the rest of us.

At the peak of the boom, in 2012, 7.6 gigawatts of PV panels were installed in Germany in a single year—the equivalent, when the sun is shining, of seven nuclear plants. A German solar-panel industry blossomed, until it was undercut by lower-cost manufacturers in China—which took the boom worldwide

Germans paid for this success not through taxes but through a renewable-energy surcharge on their electricity bills. This year the surcharge is 6.17 euro cents per kilowatt-hour, which for the average customer amounts to about 18 euros a month—a hardship for some

The German economy as a whole devotes about as much of its gross national product to electricity as it did in 1991.

Ideally, to reduce emissions, Germany should replace lignite with gas. But as renewables have flooded the grid, something else has happened: On the wholesale market where contracts to deliver electricity are bought and sold, the price of electricity has plummeted, such that gas-fired power plants and sometimes even plants burning hard coal are priced out of the market.

Old lignite-fired power plants are rattling along at full steam, 24/7, while modern gas-fired plants with half the emissions are standing idle.

“Of course we have to find a track to get rid of our coal—it’s very obvious,” said Jochen Flasbarth, state secretary in the environment ministry. “But it’s quite difficult. We are not a very resource-rich country, and the one resource we have is lignite.”

Vattenfall formally inaugurated its first German North Sea wind park, an 80-turbine project called DanTysk that lies some 50 miles offshore. The ceremony in a Hamburg ballroom was a happy occasion for the city of Munich too. Its municipal utility, Stadtwerke München, owns 49 percent of the project. As a result Munich now produces enough renewable electricity to supply its households, subway, and tram lines. By 2025 it plans to meet all of its demand with renewables.

Last spring Gabriel proposed a special emissions levy on old, inefficient coal plants; he soon had 15,000 miners and power plant workers, encouraged by their employers, demonstrating outside his ministry. In July the government backed down. Instead of taxing the utilities, it said it would pay them to shut down a few coal plants—achieving only half the planned emissions savings. For the energiewende to succeed, Germany will have to do much more.

The government’s goal is to have a million electric cars on the road by 2020; so far there are about 40,000. The basic problem is that the cars are still too expensive for most Germans, and the government hasn’t offered serious incentives to buy them—it hasn’t done for transportation what Fell’s law did for electricity.

“The strategy has always been to modernize old buildings in such a way that they use almost no energy and cover what they do use with renewables,” said Matthias Sandrock, a researcher at the Hamburg Institute. “That’s the strategy, but it’s not working. A lot is being done, but not enough.”

All over Germany, old buildings are being wrapped in six inches of foam insulation and refitted with modern windows. Low-interest loans from the bank that helped rebuild the war-torn west with Marshall Plan funds pay for many projects. Just one percent of the stock is being renovated every year, though

For all buildings to be nearly climate neutral by 2050—the official goal—the rate would need to double at least.

here’s the thing about the Germans: They knew the energiewende was never going to be a walk in the forest, and yet they set out on it. What can we learn from them? We can’t transplant their desire to reject nuclear power. We can’t appropriate their experience of two great nation-changing projects—rebuilding their country when it seemed impossible, 70 years ago, and reunifying their country when it seemed forever divided, 25 years ago. But we can be inspired to think that the energiewende might be possible for other countries too.

Fell’s law, then, helped drive down the cost of solar and wind, making them competitive in many regions with fossil fuels. One sign of that: Germany’s tariff for large new solar facilities has fallen from 50 euro cents a kilowatt-hour to less than 10. “We’ve created a completely new situation in 15 years

Curtailing its use is made harder by the fact that Germany’s big utilities have been losing money lately—because of the energiewende, they say; because of their failure to adapt to the energiewende, say their critics. E.ON, the largest utility, which owns Grafenrheinfeld and many other plants, declared a loss of more than three billion euros last year.

“The utilities in Germany had one strategy,” Flasbarth said, “and that was to defend their track—nuclear plus fossil. They didn’t have a strategy B.”

In a conference room, Olaf Adermann, asset manager for Vattenfall’s lignite operations, explained that Vattenfall and other utilities had never expected renewables to take off so fast. Even with the looming shutdown of more nuclear reactors, Germany has too much generating capacity.

enewable power last year surged to 36 percent of the country's electricity use, according to the Agora Energiewende think tank. But while renewables grew in the power sector, they didn't make major strides in transport or heating, so they account for just over 13 percent of energy use.

Germany is also set to fall short of its national climate target of cutting greenhouse gas emissions by 40 percent by 2020. The new coalition government effectively abandoned that goal, instead focusing on meeting its 2030 target of reducing emissions by 55 percent. Germany is also expected to miss its emissions reduction target for sectors such as transport and buildings.

For years Germany was one of the world's energy transformation leaders. It was German cash that helped finance the technology revolution that has turned solar and wind into viable technologies that now generate increasingly cheap power

An average four-person household has to pay more than double for power in 2017 compared to 2000,"

The powerful German business lobby BDI is also unhappy, saying in a recent report that high electricity costs, delays in boosting the energy efficiency of buildings, and a “lack of vision” on transport are "worrying German industry.”

Greenhouse gas emissions in Germany have stagnated for three years in a row, rather than falling. That's largely to do with rising pollution caused by transportation, as well as a failure to reduce emissions in the buildings sector as energy consumption went up thanks to the economic recovery.

Souring opinions on diesel engines further weigh on emissions. Diesel cars emit less greenhouse gases than those powered by gasoline, which is why the country's politicians and car industry saw diesel as a panacea to deal with global warming.

But the Dieselgate scandal hammered the reputation of diesel cars, and there is growing concern about the smog that diesel generates. As cities consider banning older diesel cars, sales have fallen off a cliff. The share of diesel-fueled passenger cars in Germany was 39 percent last year, down from about 46 percent in 2016, 

"Germany missed bringing electric cars on to roads,

"In order to have an energy transition, you have to build up renewable energies, but then you also have to reduce coal, step-by-step,” Kemfert said. "That happened too late in Germany.

A lot of Germany's renewable power, especially powerful offshore wind, is generated in the north of the country. The difficulty is getting that electricity to industrial regions in the south like Bavaria.

For years Germany annoyed neighbors like the Netherlands, the Czech Republic and Poland by sending surges of electricity through their networks. They've now taken short-term measures to reduce the disruptions until the necessary transmission links are built.

domestic opposition is making it difficult for Germany to build its own north-south and other new interconnectors. The project has faced delays as people battle the idea of ugly high-voltage power lines besmirching pretty landscapes. Now much of the interconnector is due to run underground, ramping up costs.

Volkswagen's recent pledge to spend €20 billion on battery contracts and to begin making electric cars at 16 sites worldwide shows the car industry is taking steps to shift its business model — which could help secure a long-term drop in Germany's transport emissions.

Proponents of a swift coal exit, however, shouldn't hold their breath. Altmaier also said that ending coal power won't "happen suddenly and abruptly, but step-by-step over several decades."

The cost: The participating counties and municipalities are contributing to a $4bn statewide spend, including Miami Beach’s $400m Forever Bond, a $1bn stormwater plan and $250m of improvements to Broward county’s sewage systems to protect against flooding and seawater seepage. In the Keys, many consider the estimated $60m a mile cost of raising roads too expensive.

The threat: Saltwater from sea level rise is seeping further inland through Florida’s porous limestone bedrock and contaminating underground freshwater supplies, notably in the Biscayne aquifer, the 4,000-sq mile shallow limestone basin that provides drinking water to millions in southern Florida. Years of over-pumping and toxic runoff from farming and the sugar industry in central Florida and the Everglades have worsened the situation. The Florida department of environmental protection warned in March that “existing sources of water will not adequately meet the reasonable beneficial needs for the next 20 years”. A rising water table, meanwhile, has exacerbated problems with south Florida’s ageing sewage systems. Since December, millions of gallons of toxic, raw sewage have spilled on to Fort Lauderdale’s streets from a series of pipe failures.

The cost: The Everglades restoration plan was originally priced at $7.8bn, rose to $10.5bn, and has since ballooned to $16.4bn. Donald Trump’s proposed 2021 federal budget includes $250m for Everglades restoration. The estimated $1.8bn cost of the reservoir will be split between federal and state budgets.

Possible solutions

The cost: With homeowners and businesses largely bearing their own costs, the specific amount spent on “hurricane-proofing” in Florida is impossible to know. A 2018 Pew research study documented $1.3bn in hazard mitigation grants from federal and state funding in 2017, along with a further $8bn in post-disaster grants. Florida is spending another $633m from the US Department of Housing and Urban Development on resiliency planning.

Wildlife and habitat loss The threat: Florida’s native flora and fauna are being devastated by climate change, with the Florida Natural Areas Inventory warning that a quarter of the 1,200 species it tracks is set to lose more than half their existing habitat, and the state’s beloved manatees and Key deer are at risk of extinction. Warmer and more acidic seas reduce other species’ food stocks and exacerbate the deadly red-tide algal blooms that have killed incalculable numbers of fish, turtles, dolphins and other marine life. Bleaching and stony coral tissue disease linked to the climate crisis threaten to hasten the demise of the Great Florida Reef, the only living coral reef in the continental US. Encroaching saltwater has turned Big Pine Key, a crucial deer habitat, into a ghost forest.

As for the Key deer, of which fewer than 1,000 remain, volunteers leave clean drinking water to replace salt-contaminated watering holes as herds retreat to higher ground. A longer-term debate is under way on the merits and ethics of relocating the species to other areas of Florida or the US.

Coastal erosion The threat: Tourist brochures showcase miles of golden, sandy beaches in South Florida, but the reality is somewhat different. The Florida department of environmental protection deems the entire coastline from Miami to Cape Canaveral “critically eroded”, the result of sea level rise, historically high tides and especially storm surges from a succession of powerful hurricanes. In south-eastern Florida’s Palm Beach, Broward, Miami-Dade and Monroe counties, authorities are waging a continuous war on sand loss, eager to maintain their picture-perfect image and protect two of their biggest sources of income, tourism dollars and lucrative property taxes from waterfront homes and businesses.

In the devastating hurricane season just one year before, major storms named Harvey, Maria and Irma combined to cause damage estimated at $265bn. Scientists have evidence the climate crisis is causing cyclones to be more powerful, and intensify more quickly, and Florida’s position at the end of the Atlantic Ocean’s “hurricane alley” makes it twice as vulnerable as any other state.

With the other option abandoning beaches to the elements, city and county commissions have little choice but costly replenishment projects with sand replacement and jetty construction. Federal law prohibits the importation of cheaper foreign sand, so the municipalities must source a more expensive alternative from US markets, often creating friction with residents who don’t want to part with their sand. Supplementary to sand replenishment, the Nature Conservancy is a partner in a number of nature-based coastal defense projects from West Palm Beach to Miami.

benefited from 61,000 cubic yards of new sand this year at a cost of $16m. Statewide, Florida spends an average $50m annually on beach erosion.

The threat: “Climate gentrification” is a buzzword around south Florida, a region barely 6ft above sea level where land has become increasingly valuable in elevated areas. Speculators and developers are eyeing historically black, working-class and poorer areas, pushing out long-term residents and replacing affordable housing with upscale developments and luxury accommodations that only the wealthy can afford.

No study has yet calculated the overall cost of affordable housing lost to the climate crisis. Private developers will bear the expense of mitigating the impact on the neighborhood – $31m in Magic City’s case over 15 years to the Little Haiti Revitalization Trust, largely for new “green” affordable housing. The University of Miami’s housing solutions lab has a $300,000 grant from JPMorgan to report on the impact of rising seas to South Florida’s affordable housing stocks and recommend modifications to prevent it from flooding and other climate events. A collaboration of not-for-profit groups is chasing $75m in corporate funding for affordable housing along the 70-mile south Florida rail trail from Miami to West Palm Beach, with the first stage, a $5m project under way to identify, build and renovate 300 units.

Florida has long been plagued by political leadership more in thrall to the interests of big industry than the environment. As governor from 2011 to 2019, Rick Scott, now a US senator, slashed $700m from Florida’s water management budget, rolled back environmental regulations and enforcement, gave a free ride to polluters, and flip-flopped over expanding offshore oil drilling. The politician who came to be known as “Red Tide Rick”, for his perceived inaction over 2018’s toxic algae bloom outbreaks, reportedly banned the words “climate change” and “global warming” from state documents.

Last month, state legislators approved the first dedicated climate bill. It appears a promising start for a new administration, but activists say more needs to be done. In January, the Sierra Club awarded DeSantis failing grades in an environmental report card, saying he failed to protect Florida’s springs and rivers and approved new roads that threatened protected wildlife.

The cost: Florida’s spending on the environment is increasing. The state budget passed last month included $650m for Everglades restoration and water management projects (an instalment of DeSantis’s $2.5bn four-year pledge) and $100m for Florida Forever. A $100m bridge project jointly funded by the state and federal governments will allow the free flow of water under the Tamiami Trail for the first time in decades.

Florida has woken up to the threat of climate change but it is not yet clear how effective the response will be. The challenges are innumerable, the costs immense and the political will to fix or minimize the issues remains questionable, despite recent progress. At stake is the very future of one of the largest and most diverse states in the nation, in terms of both its population and its environment. Action taken now will determine its survival.

While the bill proposed on Wednesday would not deliver on President Joe Biden’s campaign promise to stop issuing new leases to fight global warming, it could be applied to existing leaseholders if passed into law.

Like the House bills, the Senate bill would increase royalty rates for onshore development for the first time in a century to 18.75% from 12.5%, bringing them in line with those paid by offshore drillers. It would also raise the minimum bid for federal acreage to $5 an acre from $2 and lift other fees and costs.

Oil and gas production on public lands accounts for nearly a quarter of all U.S. greenhouse gas emissions.