Daily on Energy: Home insurers in the spotlight as Hurricane Idalia bears down on Florida

STORM BREWING: Hurricane Idalia continues to intensify as it barrels toward Florida, prompting mass evacuations and threatening millions of residents with “life-threatening” storm surges, flooding, and tornadoes. But Idalia is also poised to worsen the state’s longtime property insurance crisis, driving up premiums for millions of residents and exacerbating the mass exodus of insurance providers in Florida.

While some residents had to give up their private insurance because they could no longer afford it — one Pinellas County woman told the Guardian she was paying more for her insurance premium than her mortgage — many others have been dropped by providers. The heightened frequency and intensity of these extreme weather events has led to what APCIA described in a recent white paper as the"hardest market in a generation for property insurance."

He also noted that Idalia is expected to continue to intensify quickly given the warm water temperatures in the Atlantic."The water is warm, and there's not going to be much to slow it down" before it makes landfall, he said at a press conference. GLOBAL HEALTH THREAT: Rising air pollution is now a major risk to life expectancy globally, with certain parts of Asia and Africa bearing the greatest burden but lacking the key infrastructure to address the problem, according to a new Air Quality Life Index study by the Energy Policy Institute at the University of Chicago.

TREASURY PUSHES FOR HUGE TAX CREDITS FOR CLEAN ENERGY COMPANIES: The Treasury Department issued a proposed rule today that would significantly boost the number of available tax credits for clean energy companies that pay their workers prevailing wages and utilize registered apprentices, as part of an effort to create good-paying jobs in the clean energy space.

The proposed rulemaking is intended to give a shot in the arm to companies who adhere to the Inflation Reduction Act's prevailing wage incentive and, in turn, drive up the number of good-paying clean energy jobs available nationwide. In a new Monmouth University poll published today, just over half of New Jersey residents favor placing electricity-generating wind farms off the state’s coast, while 40% oppose this action. This is a change from just four years ago, where wind energy support stood at a much higher 75%, with just 15% opposing this action. And prior to that, support for offshore wind farms was at a high 80-84% from 2008 to 2011.

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