- Election day saw Republicans take over the Senate and increase their lead in the House.
- Contracting business professionals may see changes in the EPA's new emission standards.
- This may be seen as "good news" for those affected by energy and environmental regulations.
Those in industries affected by environmental and energy regulations, such as contracting, may be pleased with Tuesday's election results.
The world of politics was flipped on its ear this week, as Republicans increased their lead in the House of Representatives and took control of the Senate on election day. What could this mean for contractors? Amy Harder wrote in The Wall Street Journal that a top target of Republicans will be scaling back President Barack Obama’s EPA rules to cut carbon emissions.
With Sen. James Inhofe (R-Oklahoma) likely returning as chairman of the Environment and Public Works Committee, the newly elected Republicans may quickly target the emission standards the EPA has put forth as part of the Climate Action Plan, according to Harder.
Part of the EPA’s plan is to see a big reduction in emissions from HFC refrigerants, as the White House has said emissions of this gas may triple greenhouse gasses by 2030 if action is not taken. In a September article on Contracting Business, executives from DuPont, Honeywell Performance, Johnson Controls and Hillphoenix said their companies were already looking at ways to vastly cut back on emissions from HFC refrigerants.
“Regulators around the world are taking steps to address climate change, and Honeywell is an industry leader in this area with technologies that significantly reduce greenhouse gas emissions and an array of technologies that promote energy efficiency and cleaner energy production,” said Darius Adamczyk, president and chief executive officer of Honeywell Performance Materials and Technologies.
John Carey, portfolio manager at Pioneer Investment Management in Boston, told Reuters that he believes this year’s election will end up being “good news” for industries that have been subject to regulatory issues, such as greenhouse gas emissions from the EPA.