You’re out of free articles.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Sign In or Create an Account.
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Welcome to Heatmap
Thank you for registering with Heatmap. Climate change is one of the greatest challenges of our lives, a force reshaping our economy, our politics, and our culture. We hope to be your trusted, friendly, and insightful guide to that transformation. Please enjoy your free articles. You can check your profile here .
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Subscribe to get unlimited Access
Hey, you are out of free articles but you are only a few clicks away from full access. Subscribe below and take advantage of our introductory offer.
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Create Your Account
Please Enter Your Password
Forgot your password?
Please enter the email address you use for your account so we can send you a link to reset your password:
Investor and philanthropist John Doerr shares a refresh to his Speed & Scale climate action tracker.

John Doerr thinks it’s time to refresh his grand plan for decarbonization. The Kleiner Perkins chairman and climate-focused philanthropist published his book Speed & Scale: An Action Plan for Solving Our Climate Crisis Now five years ago; then a year later, he introduced an online tracker to measure global progress across the book’s core objectives, which includes sectoral targets such as electrifying transport as well as execution-related goals that cut across all sectors such as winning on politics and policy and increasing investment investing.
But in the time since, both the world and the climate outlook have shifted significantly. So Doerr, alongside his co-author and advisor Ryan Panchadsaram, concluded that both the action plan and the metrics used to assess progress were due for a major revamp.
Heatmap got an exclusive look at the updated Speed & Scale tracker ahead of San Francisco Climate Week, where Doerr and Panchadsaram will unveil the new data and analytical framework underpinning this iteration. Designed to give budding entrepreneurs, business leaders, and policymakers a comprehensive view of where the world stands and how far it has to go in its fight against climate change, the tracker aims to help these stakeholders decide where to deploy their attention and capital.
Doerr told me the original plan has been a success in this regard. “We became convinced by the number of entrepreneurs, founders, technology experts and policy people who said, you know, that Speed & Scale plan influenced my decision about what to do — not how to do it, but what ought to really be done,” he said.
But Doerr is also well aware that we’re living in a different world now. “We had AI arrive and change the demand for electrical power, we have geopolitical forces that we’re trying to understand and cope with,” he told me. “And finally, there’s just the indomitable power of markets and price. All of which is to say, we can’t stick with a plan that’s five years old. It’s time to revise it.”
The updated plan preserves the six main objectives — electrify transportation, decarbonize the grid, fix food, protect nature, clean up industry, and remove carbon from the atmosphere — while including interim 2035 targets as well as 2050 targets aligned with a global net zero pathway. It also retains four other objectives on how to accelerate progress — that is, through politics and policy, turning movements into action, innovation, and investment. The team then breaks these 10 overarching priorities into subtargets called “key results,” in accordance with the goal-setting framework that Doerr famously introduced to Google in the late 1990s that has since become widely adopted across the tech industry.
While the key results in the original plan framed targets in percentage terms — for example, “increase EV sales to 50% of all new car sales by 2030” — the updated version uses absolute figures instead, such as “Increase the number of electric cars to over 600 million by 2035.” The idea, Panchadsaram told me, is to make the targets more tangible and thus easier to understand and act upon.
Another major change is the data that Speed & Scale uses to measure progress, which has altered the emissions picture significantly. Previously, the tracker relied on emissions estimates from the United Nations Environment Programme, but it’s since switched to data from the independent organization Climate TRACE, which combines satellite imagery, remote-sensing, and artificial intelligence to produce a more granular, point-source view of global emissions. The new data illuminated sources that have historically been undercounted, such as wildfire activity and methane leaks. This updated methodology indicates that annual emissions are about 74 gigatons a year, not the 59 gigatons that the old tracker had estimated using the UN’s numbers.
It was a shock for the team to see how drastically the topline figure changed with this new data, Panchadsaram told me, though it reinforced their notion that key results should usually represent gigaton-level opportunities for emissions abatement. But given that the world is still lagging across so many of these metrics, the Speed & Scale team no longer thinks it’s possible to limit global warming to 1.5 degrees Celsius, although they say staying under 2 degrees remains viable with increased ambition.
But it’s not all bad news. The updated tracker highlights six key results — out of 52 total — that the world is on track to meet. These include electric vehicle adoption and achieving cost parity with combustion cars, continued scaling of solar and wind generation, cost reductions for zero-emissions firm and variable power, and reducing operational emissions among Fortune Global 500 companies. There’s even one milestone that has already been reached — clean energy jobs now outnumber fossil fuel jobs, according to data from the International Energy Agency.
When I asked the duo whether they were surprised at where we’d managed to eke out climate wins, Panchadsaram told me, “I think we were right directionally on the technologies. Who ended up scaling them was probably the radical change.” For instance, Speed & Scale spent a lot of words on the electric bus manufacturer Proterra, a Kleiner Perkins-backed startup that filed for bankruptcy in 2023. At the same time, the book devoted just a few paragraphs to the Chinese automaker BYD, which surpassed Tesla in global sales last year.
Yet unfortunately and predictably, there is a lot of bad news to be found in this latest update, too. Seven key results are labeled “code red,” indicating focus areas individually responsible for over 3 gigatons of annual emissions where there’s been little to no progress. These include methane leaks, heating and cooling of buildings, livestock management, and the manufacture of steel and other industrial materials. Beyond this, the tracker is filled with categories where we’re making either “insufficient” progress or “failing,” with the latter indicating stagnation in areas where the impact is less than 3 gigatons per year.
Many of the “code red” results represent hard-to-abate sectors where decarbonization technologies don’t exist at scale, command a high green premium, or frequently both. This is a reality that Doerr and Panchadsaram are well aware of. “Our friend Al Gore always says, ‘We have all the technologies we need to get to where we need to go. All we need is more political will,’” Doerr told me. He thinks Gore is correct — to an extent. “We’ve got all the technologies we need to get us to 2030 or 2035. We don’t have all the innovation we need to get us to 2050.”
To get even more granular on the innovation imperatives most critical to the energy transition, the Speed & Scale team partnered with organizations including Breakthrough Energy, McKinsey, Stanford University’s Doerr School of Sustainability, and Elemental Impact to develop the Climate Tech Map, which I covered last year. In combination with the updated Speed & Scale plan, the map is designed to direct innovators toward key technological frontiers while also giving them a foundational grounding in the structure and challenges of these sectors.
Other updates to the tracker also reflect our changing political and market realities, with certain targets now recalibrated to align with current conditions. For instance, while the old tracker aimed to make climate a top-three voter issue, “we failed in achieving that objective,” Doerr told me. Climate messaging hasn’t proven to be a particularly salient issue for voters on either side of the aisle, and the updated tracker now sets what the team thinks is a more attainable benchmark — making climate a top-five issue.
Of course, even that is still quite a bold goal, as are most of the key results that Speed & Scale hope to achieve. But that’s the way it should be, Doerr said. “What was an opportunity has become an imperative, and so we have really got to step up our game and do it fast.”
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
CleanCounts is announcing new hourly matching credits, among other “enhancements.”
Renewable energy certificates, or RECS — the credits that companies buy in order to make claims that their operations “run on renewable energy” — are getting more sophisticated.
CleanCounts, a nonprofit that runs one of the biggest registries for RECs in North America, announced on Wednesday that it now has the capability to issue certificates tied to the exact hour the renewable energy was produced, opening the door to more reality-based clean energy claims. For companies that want to match their renewable energy purchases to the hours when their factories and stores are actually consuming power, “that was a critical piece of infrastructure that was missing,” Benjamin Gerber, the CEO of CleanCounts, told me.
The company also announced “additional enhancements” to its registry that will enable a wider range of new REC products, from certificates tied to “pollinator-friendly solar,” to projects owned by indigenous Tribes, to “low-impact hydropower” projects that mitigate harm to fish. Gerber said he thinks having a system to track and verify these benefits will help companies tell a different story about the infrastructure they are building, and in so doing help turn the tide of public support.
Traditionally, a REC represents a megawatt-hour of electricity that has been generated by a renewable energy source such as wind, solar, geothermal, or moving water. The generator records every megawatt-hour it produces with a registry like CleanCounts, which issues certificates; companies then buy these certificates, either in advance under power purchase agreements or after the fact in the spot market. The registry then “retires” the certificates once the REC buyer chooses to “use” it to make a clean energy claim. Registries ensure that nobody is counting the same megawatt-hour more than once.
Today, a lot of corporations simply match their annual energy consumption with certificates. If they anticipate consuming 100 megawatts, they might buy 100 megawatts of solar RECs — even if their factories operate at night — and then claim they “run on 100% renewable energy.” Critics argue these types of claims mislead the public and tip the scales toward the cheapest renewable sources — i.e. solar and wind — rather than those that can generate energy in the off-hours, such as batteries, geothermal, and nuclear. Many clean energy advocates want to see companies move toward making more specific claims about the number of hours they run on renewable energy.
Google got behind this idea several years ago, pledging to match its consumption with clean energy on a 24/7 basis. CleanCounts piloted a method with Google to issue the company hourly RECs, but to do so it had to basically reverse engineer the certificates, embedding data regarding the time the energy was produced after the fact. That made it complicated to true up a company’s energy consumption data with its REC purchases and say, “we covered X number of hours with clean energy.”
Now, CleanCounts will be able to specifically issue a credit for “1 megawatt-hour produced Wednesday, September 16, at 9:00 a.m.,” for example, making it far easier for companies to adopt an hourly matching strategy.
“Instead of breaking it apart, they're basically issuing it as an already granularized tradable certificate,” Alex Piper, the head of policy at EnergyTag, a nonprofit that advocates for hourly matching, told me. “Which is what is new and exciting, and opens the door for more liquid transactions and a broader and more impactful marketplace.”
Hourly matching is not exactly popular in the corporate sustainability world. A lot of companies and sustainability consultants argue that accounting for their energy on an hourly basis will be too complicated, too expensive, and ultimately crater the corporate clean energy market. Corporations are in a showdown with EnergyTag and other proponents of hourly matching to convince the Greenhouse Gas Protocol, a nonprofit that sets standards for corporate carbon accounting, of their case.
The new CleanCounts product solves at least one of those challenges, making hourly clean energy procurement much simpler.
That might also reap benefits in the form of consumer trust. New polling from EnergyTag and YouGov found that Americans tend to agree that companies shouldn’t claim to use solar at night. When asked, “When should a company count as a clean energy user?” 45% of respondents selected “only when their clean energy supply matches the hours they actually use electricity,” while 22% chose “when their clean energy averages out over the year (i.e. daytime solar covering nighttime usage.)” Just under a third of the 1,292 respondents selected “don’t know.”
Even if companies start buying hourly RECs, however, another challenge will be figuring out how to tell their customers, most of whom have no idea what a REC is. For years, companies have simply advertised that they are 100% renewable. What will it take to convince customers that actually, “We use clean energy about half the time we operate” is a more laudable claim?
Current conditions: Severe storms are drenching a broad swath of the Midwest with heavy rain from Des Moines to Fort Wayne • Intense downpours put all 76 of Thailand’s provinces, or changwat, on a five-day flooding alert, ending on Sunday • Tropical Storm Dujuan has strengthened in the Pacific en route to Japan.

The Trump administration has narrowed the federal government’s interpretation of the Endangered Species Act to only consider intentional targeting of protected animals illegal. The move, part of what The New York Times called “a seismic shift” in the application of one of the nation’s bedrock conservation laws, would essentially free energy companies from the need to, for example, invest in infrastructure to keep migratory birds from making deadly landings in ponds of oil and gas slurry. Killing endangered animals “almost always happens incidentally, in the course of economic activity,” the newspaper noted. It’s unclear whether the legal change would also apply to one of the industries President Donald Trump most frequently antagonizes for its accidental killing of birds: the wind industry.
When President Donald Trump announced an energy truce between Ukraine and Russia, he promised that a halt to attacks on pipelines and refineries would lower prices on diesel worldwide, insisting the Iran War wasn’t to blame. But half of Russia’s six top diesel-producing refineries were forced to significantly cut back or completely stop production this month due to damage from Ukrainian drone attacks, according to a Reuters analysis published Wednesday. Russian President Vladimir Putin, meanwhile, is making a $135 billion bet on Arctic oil that OilPrice.com suggested “could save his Ukraine war.”
U.S. energy companies, meanwhile, are storming into a country in America’s backyard that — unlike the Kremlin’s attempt at a blitzkrieg capture of Kyiv’s leaders in 2022 — successfully decapitated a rebellious regime and reasserted Washington’s regional dominance. I’m talking, of course, about Venezuela. Harold Hamm, the oil tycoon behind the U.S. shale boom, told the Heartlander News yesterday that his company had signed a tentative agreement to explore one of the South American nation’s oil fields. New York-based Heeney Capital is eyeing a gold mine in Venezuela, per Reuters. Bloomberg reported that the company is also looking to ship aluminum from Venezuela to the U.S. Exxon Mobil, meanwhile, is “nearing a preliminary deal” to invest in Venezuela oil, according to The Wall Street Journal.
The Federal Reserve raised the benchmark federal interest rate by a quarter point Wednesday. The U.S. central bank’s first rate change since Chairman Kevin Warsh took over in May, and its first rate hike since 2023, will bring the federal funds rate to between 3.75% and 4%. The increase could make raising capital “more difficult” for “capital-intensive renewable and clean energy industries,” my colleague Matthew Zeitlin wrote yesterday.
Sign up to receive Heatmap AM in your inbox every morning:
Lawmakers in the House of Representatives overwhelmingly passed the first major bill to curb the costs of the AI boom with legislation Politico described as “intended to shield Americans from potential energy costs associated with data centers.” The Ratepayer Protection Act passed in a 417 to 3 vote. The bipartisan win hands the GOP a victory ahead of the November election on one of the issues firing up voters the most. The bill would require states to consider a federal standard guaranteeing that large power consumers pay for 100% of the costs of new generation and transmission upgrades, but falls short of a direct mandate.
Meanwhile, the House split along partisan lines for another bill on California’s right to regulate pollution more strictly than the federal government. The chamber voted 216 to 211 to bar California from setting strict new limits on air pollution from ships docked at the state’s ports, marking what The New York Times called “the latest salvo by Republicans against the state’s pioneering environmental policies.” The move comes after Congress last year banned Sacramento from imposing a ban on gasoline-powered vehicles by 2035.
One of the most significant nuclear stock market debuts of the past few years has hit a major hiccup. On Wednesday night, Holtec Nuclear Corporation suspended plans for an initial public offering, citing “market conditions.” Bloomberg and Reuters first reported the postponement, which I confirmed with Holtec last night. “Holtec will continue to evaluate the timing of the offering in the future,” the company told me. With plans to restart a nuclear reactor for the first time in U.S. history in the coming months, Holtec is the only company likely to bring (somewhat) new atomic electricity onto the grid before 2030. The company owns several other decommissioning nuclear plants, where it plans to build its own in-house small modular reactors.
Another major player in the burgeoning nuclear market, meanwhile, hit a major regulatory milestone. Blue Energy, a developer that bills itself as “agnostic” to reactor technologies, is instead focused on building facilities that will initially run on gas and eventually transition to reactors, with GE Vernova Hitachi Nuclear Energy’s BWRX-300 — the closest rival to Holtec’s SMR-300 — centering in those plans at the moment. On Wednesday, Blue Energy submitted its application for a construction permit to the Nuclear Regulatory Commission for its inaugural gas-to-nuclear project in Port of Victoria, Texas. The submission makes Blue Energy one of just five companies so far to ask the NRC for permission to begin building. “This is serious work done by serious people for a serious project,” Blue Energy CEO Jake Jurewicz said in a statement. “This is another huge step towards building the world’s first gas-to-nuclear power plant and proving the Blue Energy approach to build nuclear in the safest, quickest, and most scalable way possible.”
The wine-dark sea is getting more briny. As its temperatures rise faster than the global ocean surface average, the Mediterranean Sea is growing saltier. The upper 100 meters of the sea between Europe and Africa have been about 2 degrees Celsius warmer than their 1950 to 1999 average, according to a study published in Geophysical Research Letters. “For us, what was alarming was the rate at which this is changing and the depths that such significant changes reach,” Elena Terzić, a physical oceanographer at the Ruđer Bošković Institute and lead author of the study, told Bloomberg. “The warming and salinification are statistically significant down to three or four thousand meters, and the speed-up itself reaches down to about 2,500 meters.”
The company plans to invest in domestic manufacturing for its high-heat magnets.
Our electricity system runs on magnets. Every transformer stepping voltage up or down, every inductor smoothing out electrical current, and every motor turning electricity into motion relies on the same basic physics: magnetic fields that control the flow of electrons, converting, filtering, and transporting power at every stage. But as AI and electrification push the grid to its limits, better magnetic materials can help power electronics — and our grid itself — keep up.
That’s the bet behind CorePower Magnetics, a Pittsburgh-based startup which raised a $10.5 million funding round co-led by Engine Ventures and Material Impact, announced on Thursday. The startup is developing more efficient, power-dense components such as inductors and transformers using proprietary nanocrystalline magnetic materials, whose ultra-fine grains reduce energy loss. While these materials have historically been brittle and limited to operating at temperatures below 150 degrees Celsius, CorePower says it engineered alloys that can perform above 200 degrees while maintaining durability.
That higher temperature ceiling is critical. As surging electricity demand meets our increasingly complex grid, power electronics like inductors and transformers are being pushed to handle more power, greater voltages, and higher frequencies than ever before. Magnetic material that can run hotter allows engineers to push more power through smaller components. In the context of a data center, for example, that could equate to about a 10% overall reduction in power demand, CorePower’s CEO Sam Kernion told me
“Data centers are the tip of the spear for this really big push into power electronics,” Kernion explained. “If you look more broadly, electricity demand is growing, but the grid itself is becoming a lot more complex, and data centers are just a great example of that.”
Traditionally, electricity flowed unidirectionally from large, centralized power plants to homes, businesses, and other end users. But now the system must support a wider array of both generation and demand sources. Distributed energy resources like rooftop solar panels can generate power directly where it’s consumed, while batteries (and soon electric vehicles) can both draw power and send it back to the grid. Today’s standard electrical equipment isn’t built to handle the bidirectional power flow and real-time current and voltage conversions that this new ecosystem demands.
Solid-state transformer startups such as Heron Power and DG Matrix are tackling this same challenge, using advanced semiconductor technology to convert voltage electronically while also handling functions like bidirectional power flow and alternating-to-direct current conversion. But even these newer systems still generally rely on conventional magnetic materials, which CorePower says have become a key bottleneck.
“We’re taking a car engine, and now we’re going to a jet engine in terms of how different this is,” Kernion told me regarding the demands of this new, higher performance operating environment.
CorePower is designing its advanced, medium-frequency transformers to operate across a broad range of frequencies, from 10 kilohertz to 100 kilohertz. Eventually it plans to sell these transformers to power electronics manufacturers, which will build complete, solid-state systems around the startup’s magnetic core, adding components such as semiconductors and capacitors along with their own software and control systems.
While CorePower hasn’t disclosed any customers to date, it did launch its first product last year, a standardized, low-voltage inductor that’s smaller, lighter, and more efficient than the industry standard. The device smooths out current in power conversion systems, including data center distribution equipment, EV chargers, and inverters that convert DC electricity to AC. Next, CorePower is preparing to launch its standardized transformer product.
The company’s magnet tech could ultimately find numerous applications beyond inductors and transformers. “We’re also able to supply onboard magnetic components for EVs, or uninterruptible power supplies at data centers, or inverters for renewables,” Kernion explained. “Every electron everywhere passes through a magnetic component at some point, so there’s a whole bunch of opportunity out there.”
It’s certainly a fortuitous time to be a domestic power electronics manufacturer. Last month, President Trump signed an executive order banning the import of certain foreign-made bulk power equipment, including substation transformers and grid-connected inverters. While CorePower is mainly focused on producing high-performance equipment that Kernion says can’t currently be sourced domestically or abroad, the push to shore up domestic manufacturing is providing a tailwind for another of its new business lines: amorphous ribbon, a traditional alternative to the electric steel used in conventional distribution transformers on the grid.
With this latest funding, CorePower plans to expand its team and increase manufacturing capacity at its 10,000 square foot pilot manufacturing facility in Pittsburgh, which it was able to complete thanks to a $5 million ARPA-E grant. The company is eventually looking to move into a larger, 100,000 square foot facility in the region to scale its material and component manufacturing further, though there’s no confirmed timeline for this yet.