—— nordstream. that to help if not stream didn't go ahead? -- nordstream.at is the issue. the _ ahead? -- nordstream. that is the issue. the us _ ahead? -- nordstream. that is the issue. the us doesn't - the issue. the us doesn't really have an alternative supply other than to substitute for russian gas. so therefore, the us was not in a strong position to find an alternative to nordstream two. moreover, we could have imposed sanctions, but that would only hurt our european allies, and most specifically, germany. president biden decided that he wanted to reinforce our traditional alliances, not break them, and therefore i think he agreed to go along with the completion of nordstream two is not to impose sanctions. ~ ., sanctions. 0k. william pomeranz, _ sanctions. ok. william pomeranz, thank- sanctions. 0k. william pomeranz, thank you i sanctions. 0k. william i pomeranz, thank you very sanctions. 0k. william - pomeranz, thank you very much indeed. democrats and republicans in the senate have reached a short—term deal which allows the government to borrow mo

the us has not been keen on the nordstream—2 gas pipeline.fferent tactics, from talking about potential sanctions to than trying to woo western europe to not go ahead with the pipeline. or alternatives to help if nordstream—2 didn't go ahead? that is the issue. the us doesn't really have an alternative supply other than to substitute for russian gas. so therefore, the us was not in a strong position to find an alternative to nordstream—2. moreover, we could have imposed sanctions, but that would only hurt our european allies, and most specifically, germany. president biden decided that he wanted to reinforce our traditional alliances, not break them, and therefore i think he agreed to go along with the completion of nordstream—2 is not to impose sanctions. 0k. the un secretary general, antonio guterres, has condemned the inequalities in the global supply of covid vaccines as immoral and stupid. the un was 40% of people in all countries to be vaccinated by the end of the year. instead of global co—ordinated action to get vaccines where they ar

what does that have to do with nordstream 2 ag? it describes itself as a company established by gas prom for the purpose of planning construction and subsequent operation of nord stream 2 pipeline. i'm sure you agree that gas prom did in fact set up nord stream 2 ag to construct and operate the pipeline, right? >> senator, we've talked about this issue several times. and i agree with you that we need to do everything we can to implement caatsa. as i've said to you previously, we are currently working with intelligence community -- >> i understand but let me just finish this because this is important and we're going to run out of time. so we also know --. we know this because the state department's told us this. in a may 2021 report the state department said nord stream 2 ag has knowingly facilitated and -- transactions to provide vessels for the construction of nord stream 2 pipeline. and i'm sure sul confirm it was treasury lawyers that signed off on the package. you've acknowledged gas prom is sanctioned. you acknowledged that ga

it has natural gas produced in russia, moved via pipeline like nordstream 2.ides captivating european allies to a single source, setting that aside for the moment, has through the life cycle of that gas a 41% higher greenhouse gas emission footprint than natural gas produced in the united states and liquefied and sent to the european allies. that doesn't include the methane leakage. what's the good reason for lifting sanctions? i know you're looking for every legal reason to enforce the law, which is interesting to me, but what's your theory, if you don't know why the president would have done something like this. >> senator, we share your concerns with regard to the nordstream 2 project. ultimately our goal here is the same as yours, which is to make sure we provide for the undersecurity of our key allies while doing it in a way that doesn't further those that seek to destabilize the region. our role at treasury is to make sure we use the mandatory sanction authorities you've provided, and that's what we're committed to doing when we have sufficient evidence

no problem killing the keystone pipeline but at the same time, no problem willing to establish nordstream 2. give putin and the russians ask they need, including economic and political leverage over europe. what kind of russian collusion was involved in that kind of deal, i wonder. the biden administration cannot escape the fact that the u.s. economy still relies on oil and gas for basic necessities, and yet their plan is let's decrease our own energy independence while increasing reliance upon some of the world's most unstable countries. and yet now, these companies that we're talking to today who are being villinized are at the same time being begged by the biden administration to help the reducing energy prices. the hypocrisy is insane. my time has expired and with that i yield back to the gentleman from south carolina. thank you. >> the time has expired. >> the gentle woman from the district of columbia, ms. norton, is recognized for five minutes. >> thank you, ms. maloney. chairwoman maloney, for this important hearing with fossil fuel companies. there's ample evidence that the fossi

he is very much willing to step into this market and intervene in the market and that means the nordstreamted and to some extent the russians do not have an interest pushing europe to the heart of this gate. i had one diplomat telling me at this point russia and the economic circle of vladimir putin are very much with their -- if anything the russians have an interest to cooperate and hope sanctions can be lifted. >> ok. maria in berlin with the latest on that story. we'll keep across all things energy and get out to our report to alex nicholson in moscow. how that is energy crisis impacted russia's energy markets? >> it has given a real mix, the russian equity and currency market share. the ruble denominated -- you have the record. the ruble is strongest since july last year. in terms of the recommendations out there, j.p. morgan analysts summed it up nicely the other day higher earnings. dividends for energy stocks account for a whopping 60% of the index which j.p. morgan is focusing on which helps the ruble. also adding to the gains is another quite important trend. russia is seeing inf

no problem killing the keystone pipeline but at the same time, no problem willing to establish nordstream 2. give putin and the russians ask they need, including economic and political leverage over europe. what kind of russian collusion was involved in that kind of deal, i wonder. the biden administration cannot escape the fact that the u.s. economy still relies on oil and gas for basic necessities, and yet their plan is let's decrease our own energy independence while increasing reliance upon some of the world's most unstable countries. and yet now, these companies that we're talking to today who are being villinized are at the same time being begged by the biden administration to help the reducing energy prices. the hypocrisy is insane. my time has expired and with that i yield back to the gentleman from south carolina. thank you. >> the time has expired. >> the gentle woman from the district of columbia, ms. norton, is recognized for five minutes. >> thank you, ms. maloney. chairwoman maloney, for this important hearing with fossil fuel companies. there's ample evidence that the fossi

. >> you know what's happened to the company that was overseeing the russian nordstream 2 pipeline, you know what happened to them? >> i believe they were allowed to finish construction. i know that for a fact. >> yeah, sanctions against them were waived. they were allowed to complete construction of that pipeline the same time that yours was closed down. you know what's happened to american energy independence since you were fired? >> the words opec seem to be coming back in the media these days and i didn't hear that for years, so we lost it. >> are co2 emissions in the united states today lower today than they were 20 years ago? >> they are, congressman. >> significantly lower, is that right? >> they are significantly lower. in fact, co2 emissions from the power sector in particular are at the lowest several since 1978. >> that's because, you know, things like cap and trade passed and regulations from the government caused you to lower them, isn't that true? >> congressman, actually, that is because of the innovation that has occurred -- >> exactly. exactly, cap and trade didn't pass

francisco talks about with gas supply in europe is down to russia deciding to use leverage here around nordstreamble to access gas supplies so there are things nothing to do with esg. in fact, an example of poor governance that we think is a challenge. and this is part of the transition we're seeing. if we had better battery storage solutions, stronger ultrahigh voltage lines in place to help us to be able to deal with the storage problem of the climate transition and we will have that in the decade to come. the issues would not be ma manifesting itself in the consumer experience. >> what are you talking about in terms of jonathan, of a realistic sort of draw down of dependency on hydrocarbons do you think it's 2030 2040 2050 you know, it's going to be tough to have fed ex flying planes with, i don't know the world's economy runs on these things and we're used to it and take it for granted when do you see us being able to transition away from it, completely >> the 2050 goals you have the upses and so on in the world committed by 2050. we and they know the technology isn't there to decarbonize the

kingdom but the trick is they want to do it their way, they want to use a controversial pipeline nordstreamay through ukraine and the pipeline is under heavy criticism from many european politicians because they believe it is being used as a political tool.— believe it is being used as a oliticaltool. �* political tool. and so the kremlin is sa in: political tool. and so the kremlin is saying give _ political tool. and so the kremlin is saying give its _ political tool. and so the kremlin is saying give its approval- political tool. and so the kremlin is saying give its approval for- political tool. and so the kremlin| is saying give its approval for this controversial pipeline and then we can provide you with more gas? exactly, they say we are ready to help you, but we want to do it our way. europe, in a way, insists russia uses the old pipelines, for example through ukraine, but russia has its explanation for everything. mr putin says we will be glad to use those but we can't because we are repairing the pipeline for the past several years, so it is quite dangerous to do so. of course, ki