What Happened to Running Tide?

Current conditions: Flooding in Abidjan, Ivory Coast’s largest city, killed at least eight people • A heat advisory remains in effect across many Northeastern states • A “winter” storm could bring up to 15 inches of snow to parts of Montana and Idaho.

THE TOP FIVE

1. At least 14 pilgrims die from extreme heat during Hajj trip to Mecca

At least 14 Jordanians died over the weekend from exposure to extreme heat during the Hajj pilgrimage to Mecca in Saudi Arabia. Another 17 pilgrims are missing. The holy trip, which all Muslims are encouraged to make during their lifetimes, began Friday and will run until Wednesday. It is expected to attract nearly 2 million people. But temperatures this year are dangerously hot, reaching 110 degrees Fahrenheit Sunday and forecast to stay in that range through the rest of the week. As Heatmap’s Jeva Lange explained last year, “because the dates of the annual Hajj are dictated by the lunar calendar, the pilgrimage season has fallen during Saudi Arabia’s hottest months since 2017 and won’t move out of them until 2026.”

2. Ocean carbon removal company Running Tide shuts down

Carbon removal startup Running Tide is shutting down and laying off all its remaining employees, citing a lack of demand for the voluntary carbon market. The Portland-based company was founded in 2017. Its technology involved sinking biomass to speed up the ocean’s CO2-capturing capabilities, and with 25,000 tons of carbon dioxide removed and 21,000 credits delivered, it was “the largest company in the world to trap carbon without taking it directly from the air or point of emission,” the Portland Press Heraldreported. In March of last year, Running Tide signed a deal with Microsoft to remove 12,000 tons of CO2e over two years. Shopify was also a partner. But the startup began laying off employees in November after offset prices began to plummet and questions arose about the environmental benefits of the voluntary carbon market. CEO Marty Odlin told the Press Herald that a lack of investment from the U.S. government also stunted the company’s growth. “This was still at research scale,” he said. “This needs to be a thousand times larger at industrial scale and it’s going to take a ton of government leadership to get us there.”

3. CEO of NextEra criticizes Biden’s China tariffs

Rebecca Kujawa, the CEO of NextEra Energy Resources, which is the largest renewables developer in the U.S., told the Financial Times that President Biden’s tariffs on Chinese clean energy technologies create uncertainty that can hinder development, hike costs, “and make it more difficult to get some of the clean energy goals that the Biden administration has over the finish line.” The White House has a goal for the U.S. of 80% renewable energy generation by 2030 and 100% carbon-free electricity by 2035. Biden imposed a new round of tariffs last month in an effort to protect U.S. manufacturers from cheap Chinese imports of things like solar panels and EVs. The FT noted the tariffs “underscore the difficult balancing act facing the Biden administration as it vies to green the world’s largest economy while building out a supply chain for clean technologies, the bulk of which are produced in China.”

4. Study finds climate change strongly affects fireflies

Long-term weather patterns are some of the most important factors when it comes to the health of fireflies in North America, according to a new study published in the journal Science of the Total Environment. The researchers used machine learning models to analyze data from more than 24,000 surveys of firefly behavior and rank the importance of certain risk factors (like pesticides, light pollution, land cover, topography, and weather/climate patterns) on the insects’ populations. Their results point to more frequent hot days as one of the most “predictive” variables, meaning that firefly populations seem more vulnerable to changes in climate than to other factors like chemical sprays or artificial light. The researchers say that, “given the significant impact that climactic and weather conditions have on firefly abundance, there is a strong likelihood that firefly populations will be influenced by climate change, with some regions becoming higher quality and supporting larger firefly populations, and others potentially losing populations altogether.”

5. EU approves ‘Nature Restoration Law’

The European Union this morning approved a landmark environmental policy, paving the way for it to become law. The long-awaited “Nature Restoration Law” aims to restore ecosystems, bolster biodiversity, and help the bloc achieve its climate objectives. More than 80% of Europe’s habitats are in poor condition. The new law will require member states to restore at least 20% of their land and seas by 2030, with the aim of restoring all struggling ecosystems by 2050. Some countries opposed the measure due to concerns it will slow the expansion of new energy projects.

THE KICKER

“You’ll never find an insurer saying, ‘I don’t believe in climate change.’” –John Neal, chief executive of Lloyd’s of London, the world’s largest insurance marketplace