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The US intervention in Venezuela may jeopardize both the flow of discounted Venezuelan oil to China's teapot refineries and the role of Chinese oil companies in Venezuela’s upstream business.
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Early on January 3, 2026, the United States apprehended Venezuelan President Nicolás Maduro and his wife and removed Maduro from power. Maduro was transported to New York, where he now faces federal charges of narco-terrorism and drug trafficking.
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On January 1, 2026, the European Union's highly-anticipated Carbon Border Adjustment Mechanism (CBAM) will take effect. Introduced in 2023, CBAM will require the importers of certain carbon-intensive goods...
Reports by Adele Morris, Noah Kaufman & Siddhi Doshi • July 15, 2019
The views expressed in this report should not be construed as reflecting the views of the Columbia SIPA Center on Global Energy Policy, the Brookings Institution or any other entity. The words “we” and “our” refer to the authors’ own opinions.
This work was made possible by support from the Center on Global Energy Policy (CGEP) and the Laura and John Arnold Foundation. More information about CGEP is available at Our Partners.
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Occidental Petroleum Corporation
If the United States undertakes actions to address the risks of climate change, the use of coal in the power sector will decline rapidly. This presents major risks to the 53,000 US workers employed by the industry and their communities. 26 US counties are classified as “coal-mining dependent,” meaning the coal industry is a major employer. In these areas, the industry is also an important contributor to local government finances through a complex system of property, severance, sales, and income taxes; royalties and lease bonuses for production on state and federal lands; and intergovernmental transfers.
While climate-related risks to corporations have received scrutiny in recent years, local governments—including coal-reliant counties—have yet to grapple with the implications of climate policies for their financial conditions. Importantly, the risks from the financial decline of coal-reliant counties extend beyond their borders, as these counties also have significant outstanding debts to the US municipal bond market that they may struggle to repay.
To be sure, national climate policy in the United States is uncertain. Experts have long recommended strong policy action to reduce emissions, and for years, policy makers have largely ignored their advice. Nevertheless, with growing support by the public and policy makers, meaningful climate policy in the United States may be on the horizon, and those dependent on coal should be looking ahead to manage their risks.
This paper examines the implications of a carbon-constrained future on coal-dependent local governments in the United States. It considers the outlook for US coal production over the next decade under such conditions and explores the risk this will pose for county finances. The paper also considers the responsibilities of jurisdictions to disclose these risks, particularly when they issue bonds, and the actions leaders can take to mitigate the risks. In short, the paper finds the following:
As the US and Europe navigate a difficult and uneven shift toward full battery electric vehicles (BEVs), the US and EU auto markets are under heavy pressure.
The US Secretary of Energy Chris Wright has directed the Federal Energy Regulatory Commission to make a rule that would help rapidly move electricity onto the US grid in large amounts.
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Reports by Adele Morris, Noah Kaufman & Siddhi Doshi • July 15, 2019