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AM Briefing

The Amazon Is Burning as Another Bolsonaro Nears the Presidency

On The Nuclear Company, Venture Global’s power dreams, and super pollutants

The Amazon.
Heatmap Illustration/Getty Images

Current conditions: A cold front is sweeping into the Northeast, potentially bringing snow to higher elevations in New York and New England • Early snow is blanketing parts of the Mountain West, with as much as 16 inches in Great Falls, Montana • Temperatures in Jakarta are nearing 100 degrees Fahrenheit as Indonesia battles the world’s worst air with haze brought on by forest fires.


THE TOP FIVE

1. Ukraine breaks Trump’s ‘energy ceasefire’

Smoke billows from a Gazprom refinery outside Moscow following a drone attack. AFP via Getty Images

President Donald Trump’s controversial and potentially illegal deal to unilaterally lift U.S. sanctions on Russia to allow Moscow to export millions of tons of diesel to the global market was meant to curb the surging price of the fuel, which has added as much as $1,000 per week to commercial truckers’ costs in the U.S. in recent months. But the agreement with Russian President Vladimir Putin could backfire as Ukraine responds by breaking with Washington and once again targeting the Kremlin’s oil refineries. In an interview Thursday with the Financial Times, Ukrainian President Volodymyr Zelenskyy said the ban on attacking refineries “is out” after U.S. intelligence pulled back from sharing information with Kyiv and Elon Musk’s Starlink satellite internet service, on which the Ukrainian military has depended for drone attacks, weakened amid a wave of Russian attacks. “We’re done,” Zelenskyy said.

2. The Amazon is on fire right as another Bolsonaro could be on the brink of taking power

When Jair Bolsonaro took power in 2019, Brazil’s right-wing firebrand former president vowed to industrialize the Amazon, clearing the way for ranchers, loggers, and miners to exploit the vast jungle’s resources. Later that year, fires consumed broad chunks of the Amazon. Now Flávio Bolsonaro, Jair’s son, is the frontrunner in the October 25 runoff election against left-wing President Luiz Inácio Lula da Silva. Bolsonaro’s supporters post semi-facetious, AI-generated videos depicting a hulking, muscly Flávio riding on the back of a velociraptor, flamethrowering the rainforest to make way for rows of McDonald’s. Right on cue, the Amazon is once again on fire. Droughts brought on by El Niño have “left the Amazon rainforest primed to burn, and scientists say the region has entered the early stages of what they think will be a long and severe fire season,” according to an analysis by NASA. Already, satellite images show a sharp increase in fire and smoke in the central and Eastern Amazon. Brazil now has the worst wildfire-wrought air quality in the world after Indonesia.

3. Another nuclear company is shying away from an IPO

Last month, Holtec Nuclear — the company behind the nation’s first restart of an atomic power station and a frontrunner to build some of our first small modular reactors — canceled its plans to debut itself on the stock market with an initial public offering. The reason? Every nuclear company that went public in recent months has seen its stock price plummet. On Thursday, Axios reported that The Nuclear Company, the developer that brought together the team that helped build the country’s first Westinghouse AP1000 reactors at Georgia’s Plant Vogtle to build more large-scale plants, had backed away from its own IPO plans. (Listen to my colleague Robinson Meyer’s interview with The Nuclear Company’s chief executive here.)

The detail highlights how the market has cooled to nuclear startups since next-generation SMR developer Oklo went public and made billions of dollars as retail investors sought to bet on a nuclear comeback. And yet The Nuclear Company only raised its first Series A funding round last year. Its fate has always seemed tied to Westinghouse, which is eyeing its own IPO. While The Nuclear Company will almost certainly need to go public at some point, given the capital intensity of its projects, it hadn’t yet filed a confidential S-1 to the U.S. Securities and Exchange Commission. Without that, it’s unlikely The Nuclear Company would be IPOing by next year anyway.

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4. LNG giant Venture Global gets into the power game

Venture Global has inked a deal with GE Vernova and Baker Hughes Energy Services to build up to 16 new 720-megawatt power island units and transformers as America’s No. 2 liquified natural gas company builds out a behind-the meter industrial power network. The deal, per a press release, provides “a pathway to make up to 10 gigawatts of new compute capacity available over time” at sites owned by Venture Global. The company already boasts 4.5 gigawatts of what it calls “island mode modular, gas-fired generation.” In a statement, Venture Global CEO Mike Sabel said the company will maintain “one of the world’s largest private industrial electric grids.”

The move comes as the U.S. added a record 89 gigawatts of clean power capacity in the second half of this year, with momentum building for another new high next year, according to the latest market outlook from BloombergNEF. The consultancy projected that solar will reach 48.9 gigawatts in 2026, with 430 gigawatts of utility-scale solar forecast to come online through 2036. That, surprisingly, is down nearly 8% from BNEF’s previous estimate at the start of the year. More surprising is the energy source that is on the rise: Onshore wind additions could peak at 9.2 gigawatts in 2028, with 99.7 gigawatts forecast through 2036 — and that’s 15% above BNEF’s past forecast. Energy storage is on track to add 383 gigawatts through 2036, a 35% bump from BNEF’s past estimate. Nuclear, meanwhile, is expected to pick up again after a decade of stagnation, with 13.7 gigawatts on track to come online through 2036.

5. Google pumps $12 million into carbon removal

Back in 2024, my colleague Emily Pontecorvo covered Google’s first-of-a-kind deals to lock in carbon removal. Two years later, she was lamenting the “sorry state” of the industry amid a broader pullback from the cutting-edge technology to suck carbon dioxide out of the atmosphere. Things may be picking back up again. On Thursday, the tech giant backed an $11.7 million deal with the carbon marketplace Frontier to pay to remove 20,932 tons of carbon from the atmosphere using the startup 44.01’s mineralization technology, which converts carbon into solid rock within three years. “44.01’s technology dissolves captured CO2 that is injected deep beneath the Earth’s surface. There, it reacts to form solid carbonate minerals within a few years,” Randy Spock, Google’s head of carbon removal, wrote in a post on LinkedIn. “Those minerals stay put for millennia with no risk of reversal.”

THE KICKER

In May, the Trump administration eased U.S. restrictions on so-called super pollutants, the class of refrigerants that rapidly spur on global warming. On Thursday, a coalition of climate philanthropies announced over $36 million in new funding to support a push to expand energy-efficient, sustainable cooling. “As demand for cooling grows, so do potential emissions,” Christie Ulman, president of Sequoia Climate Foundation, said in a press release. “Targeted philanthropic funding can be a catalytic force in unlocking broader investments in sustainable cooling and fast-acting super pollutant solutions that shield vulnerable communities and advance climate goals.”

Red

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AM Briefing

Blue His House With a Blue Little Window

On electrification’s shortfall, AI for nuclear, and Alva Energy’s big plans

The Capitol.
Heatmap Illustration/Getty Images

Current conditions: Heavy rain is overflowing rivers in the Dominican Republic’s eastern inland towns, including Monte Plata, where floodwaters are washing away cars • With weeks to go before the Atlantic hurricane season officially ends, a new tropical storm may be forming between the Bahamas and Bermuda • It’s cloudy and 51 degrees Fahrenheit in London, where the British are marking Guy Fawkes Day, a holiday commemorating the 421st anniversary of the failed plot by English Catholics to assassinate King James VI of Scotland and I of England by blowing up the House of Parliament.


THE TOP FIVE

1. What to make of Democrats’ blue tsunami

It’s a rebuke of President Donald Trump! A new era! A sign that President Lyndon B. Johnson’s prediction that the Democrats would lose the South until the end of young Bill Moyers’ lifetime (he died last year) was true! Maybe it’s all of these things. But one thing is certain: Democrats’ big victory Tuesday night halts what my colleague Robinson Meyer called “Trump’s energy revolution,” meant to defy the economics of renewables. There’s still much to dissect — we don’t even know who won shockingly competitive U.S. Senate races in Mississippi and Alaska. But my colleagues have a nice slate of stories to help us get started:

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Climate Tech

Is Climate Tech Back?

‘It’s truly possible that a lot of people will wake up and realize that the spell is broken from Trump.’

Voting for climate tech.
Heatmap Illustration/Getty Images

After Donald Trump won his second term two years ago, I wrote about “the death of climate tech” — or at least the death of the term. That largely held up. Climate-focused investors and startups increasingly dropped the label in favor of energy security, efficiency, and infrastructure resilience, often reframing their pitch to serve the booming data center industry along the way. Following the Democrats’ midterm sweep on Tuesday, I checked in with “climate tech” investors to see whether the industry might be ready for a rhetorical — and ideally literal — comeback.

On the rhetoric, they were largely unconvinced. On the substance, they were a bit more hopeful.

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What Does the Blue Wave Mean for Permitting Reform?

The odds of BAAJA passing likely grew a few degrees worse.

Voting and power lines.
Heatmap Illustration/Getty Images

In the lead-up to the midterm elections, the outlook for passing the Senate’s bipartisan permitting reform deal during the lame-duck session was already highly uncertain. While environmental and clean energy advocates praised the transmission sections of the deal, a growing chorus warned of negative consequences from its provisions to fend off politically motivated attacks on energy projects, as well as its changes to tribal consultation in the federal permitting process. Prominent clean energy Democrats John Podesta and Representative Sean Casten of Illinois also piled on. President Trump, meanwhile, was not holding up his end of the bargain to release proposed wind projects held captive by Department of Defense reviews.

Post-election, the odds of the Bipartisan American Affordability and Jobs Act’s passage are likely a few degrees worse. Jared Huffman, the Democratic Representative from California who is next in line to lead the House Natural Resources Committee, reiterated his view that the Senate should hold off on a vote and take another pass at the bill in the next Congress, when Democrats have more leverage. Other Democrats who were sitting on the sidelines of the debate may also now feel emboldened by the party’s overwhelming win and agree that a better deal could be had by waiting.

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