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The airline is making an investment with an eye toward one day producing jet fuel from the captured carbon.

Like so many other businesses in the aviation sector, United Airlines is largely banking on sustainable aviation fuel to power its transition to net-zero emissions. Now the company’s VC arm, United Airlines Ventures, is taking a bet on direct air capture to help produce this fuel using carbon extracted straight from the atmosphere. Today, UAV’s Sustainable Flight Fund announced an equity investment in legacy DAC player Heirloom. This builds on Heirloom’s recent $150 million Series B funding round and will allow the fund to purchase up to 500,000 tons of CO2 removal from Heirloom, either to produce sustainable fuel or to sequester permanently underground. (The two companies didn’t disclose the size of the latest investment.)
Right now, producing green jet fuel — whether via biomass or captured carbon — is much more expensive than producing jet fuel the standard way, by refining crude oil. And making sustainable fuel using direct air capture, which usually costs upwards of $600 per ton of CO2 removed, would likely be the most costly method possible. DAC-based SAF might not make economic sense for a decade or more, which is why the fund is waiting to see where the carbon removal market goes in the coming years before finalizing its carbon removal purchase.
While there are well over 100 direct air capture companies at this point, UAV’s managing director, Andrew Chang, told me that United took a bet on Heirloom because the company has secured contracts with major buyers such as Microsoft and Frontier. It also has a flexible business model that allows it to either sequester carbon underground or use it as an input to make valuable end products such as SAF.
“They've demonstrated an early ability to go out and get some of these paying customers for that CO2 offtake,” Chang said. “They have a working pilot plant out in California that we visited, and they're planning to do their next scale-up facility in the Gulf Coast region, probably. So there's a lot of tangible points that the company has demonstrated.”
While the Heirloom investment represents United’s first foray into direct air capture, it isn’t the airline’s first rodeo when it comes to carbon removal. The Sustainable Flight Fund, which launched in 2023, has also invested in Svante, which makes filters and machines for carbon capture, and Banyu Carbon, which seeks to remove excess CO2 from the ocean. Altogether, the fund totals over $200 million in investments, about a third of which comes from United itself and the rest from its corporate partners, which include Air Canada, JetBlue Ventures, Google, and Bank of America. This means that Heirloom’s carbon removal credits wouldn’t accrue specifically to United, but rather to the fund itself.
“We're not smart enough to know what the silver bullet is,” Chang told me of the fund’s diversified approach to sustainable fuel investments. UAV has also backed hydrogen companies, an algae-based biofuel company, and companies making fuel using cooking oil, fats and grease. “I actually don't think there is a silver bullet. I think you need to run as hard as you can across all possible alternatives.”
Right now, only about 0.1% of United’s fuel is sustainably made. In order for the airline to reach its 2035 goal of decreasing carbon intensity by 50%, that number needs to ramp astronomically in the coming decade. And that also has to happen without raising the cost of flights for consumers, which Chang told me is simply not an option.
“You have higher prices, people are going to fly less, or we're going to go out of business,” Chang said. As he’s been told, United will not pay a premium for SAF. Thus, this fuel must be subsidized by other players, which can include large corporate customers eager to address emissions from their employees’ business travel or fuel companies that produce SAF simply as a byproduct.
“People are chasing higher value, higher volume products — gasoline, diesel, naphtha,” a petroleum-derived liquid used as a feedstock for fuels and petrochemicals — “what have you. No one optimizes for jet,” Chang explained. He doesn’t think producing SAF alone is a viable business model, which is why he views Heirloom’s multiple potential revenue streams as an attractive option for UAV’s portfolio. As he told me, “The best way for you to have a chance to execute on SAF commercialization and production is to not focus on that exclusively.”
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With a China-Canada import deal and Geely showing up at CES, these low-priced models are getting ever-closer to American roads.
Chinese EVs are at the gates.
Low-priced electric vehicles by the likes of Geely, BYD, and Zeekr have already sold enormous numbers in their home country and spearheaded EV growth around the world, from Southeast Asia to Latin America. Now they’re closing in on America’s borders. Canada just agreed to a new trade deal with Beijing that would kill the country’s 100% tariff on Chinese cars and, presumably, allow them to undercut the existing Canadian car market. In Mexico, EV sales surged by 29% in 2025 thanks to the arrival of Chinese models.
Though China’s EVs are still unavailable in the U.S., they feel ever-present already. Auto journalists (myself included) drive these vehicles abroad and rave about how capable they are, especially for the price. Social media influencer hype has fed an appetite for both entry-level and luxury Chinese models — and confused plenty of Americans wondering why they can’t buy them. Headlines speculate about how the Detroit auto giants could ever hope to compete once cheap BYD Dolphins start to populate American roads. Chinese giant Geely, which owns Volvo and Polestar, appeared at CES earlier this month, as if to signal that the arrival of Chinese electric vehicles is imminent.
But is it? The outlook remains rather murky.
The first thing to know is that Chinese cars are not outright banned from coming to America. Instead, it’s a constellation of economic and technological headaches that keeps Beijing at bay. A 100% tariff makes it difficult to compete on cost, even with America’s notoriously expensive EVs. America’s safety and emissions standards are difficult and expensive to meet. Because of national security concerns, connected cars (i.e. those that can hook into the internet) cannot use Chinese-made software, a ban that’s soon to expand to electronic hardware.
Those restrictions aren’t likely to change anytime soon. Sean Duffy, the U.S. transportation secretary, responded to Canada’s removal of its Chinese car tariff by saying our neighbor to the north would “surely regret it.” Members of Congress from both parties are largely opposed to allowing Chinese cars into America under the logic of protectionism for U.S. automakers.
Yet all that might not be enough to prevent the eventual arrival of Geelys and BYDs. The first variable is the unpredictability of President Trump, who has said before that he would like to see Chinese-made cars in America. I don’t expect the United States to eliminate its tariff entirely the way Canada has, but look, you just never know what the heck is going to happen these days.
In the meantime, Chinese automakers are strategizing how they might navigate the rules in place and sell cars here anyway. Crash safety, for example, isn’t the impediment it might appear to be. China’s carmakers have intentionally designed their models in such a way that they could be tweaked, rather than totally redesigned, to meet more stringent rules.
As for the rest, the global reach of these companies could help them get around rules that specifically target China. Geely, which has suggested it will reveal plans for an American invasion within two to three years, builds Volvos in South Carolina and could use those facilities to build Geely-branded EVs in the United States. Company representatives also hand-waved away the problem of Chinese-made software, arguing that as a global brand, it’s already accustomed to meeting the various data privacy regulations of different countries and regions.
In other words, Chinese car companies could skirt some American hurdles by making their cars a little less Chinese. The problem is that doing so might spoil their secret sauce. Part of the magic of Chinese EVs is their responsive, easy-to-understand touchscreen interface that’s obviously superior to what’s offered in otherwise-excellent electric vehicles by Chevy or Hyundai. There’s no guarantee Geely could easily secure a Western-made replacement of the same quality.
The key question, then, is: Will Americans want the versions of Chinese EVs that come to America? We’ve noted recently that drivers are finally showing signs that they are fed up with the cost of new cars spiraling out of control. The kind of cheap Chinese EVs now on sale around the world would be a godsend for money-stressed Americans who are dependent on the automobile. But tariffs and other aforementioned factors mean that the models we get likely won’t be $10,000 basic transportation machines that undercut the entire overpriced American car economy.
Instead, Geelys for America probably will be big, luxurious vehicles whose appeal is fundamentally about feeling techy, futuristic, and cool, much the way Tesla first won over U.S. drivers. To that end, the brand brought a couple of fancy plug-in hybrid SUVs to CES to show Americans what we’re missing. Five years hence, we might not be missing them at all.
Current conditions: The winter storm barreling from Texas to Delaware could drop up to 2 feet of snow on Appalachia • Severe floods in Mozambique’s province of Gaza have displaced nearly 330,000 people • Parts of northern Minnesota and North Dakota are facing wind chills of -55 degrees Fahrenheit.
President Donald Trump announced a “framework of a future deal” on Greenland on Wednesday and abandoned plans to slap new tariffs on key European Union allies. He offered sparse details of the agreement, though he hinted that at least one provision would allow for the establishment of a missile-defense system in Greenland akin to Israel’s Iron Dome, which Trump has called “The Golden Dome.” On the Arctic island in question, meanwhile, Greenlanders have been preparing for the worst. The newspaper Sermitsiaq reported that generators and water cans have sold out as panic buyers stocked up in anticipation of a possible American invasion.

Geothermal startups had a big day on Wednesday. Zanskar, a company that’s using artificial intelligence to find untapped conventional geothermal resources, raised $115 million in a Series C round. The Salt Lake City-based company — which experts in Heatmap's Insider Survey identified as one of the most promising climate tech startups operating today — is looking to build its first power plants. “With this funding, we have a six power plant execution plan ahead of us in the next three, four years,” Diego D’Sola, Zanskar’s head of finance, told Heatmap’s Katie Brigham. This, he estimates, will generate over $100 million of revenue by the end of the decade, and “unlock a multi-gigawatt pipeline behind that.”
Later on Tuesday, Sage Geosystems, a next-generation geothermal startup using fracking technology to harness the Earth’s heat for energy in places that don’t have conventional resources, announced it had raised $97 million in a Series B. The financing rounds highlight the growing excitement over geothermal energy. If you want a refresher on how it works, Heatmap’s Matthew Zeitlin has a sharp explainer here.
Stegra, the Swedish startup racing to build the world’s first large green steel mill near the Arctic Circle, has recently faced troubles as project costs and delays forced the company to raise over $1 billion in new financing. But last week, Stegra landed a major new customer, marking what Canary Media called “a step forward for the beleaguered project.” A subsidiary of the German industrial giant Thyssenkrupp agreed to buy a certain type of steel from Stegra’s plant, which is set to start operations next year. Thyssenkrupp Materials Services said it would buy tonnages in the “high-six-digit range” of “non-prime” steel, a version of the metal that doesn’t meet the high standards for certain uses but remains strong and durable enough for other industrial applications.
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For years, Tesla’s mission statement has captured its focus on building electric vehicles, solar panels, and batteries: “Accelerating the world’s transition to sustainable energy.” Now, however, billionaire Elon Musk’s manufacturing giant has broadened its pitch. The company’s new mission statement, announced on X, reads: “Building a world of amazing abundance.” The change reflects a wider shift in the cultural discourse around the transition to new energy and transportation technologies. Even experts polled in our Insiders Survey want to ditch “climate change” as a term. The fatigue was striking coming from the very scientists, policymakers, and activists working to defend against the effects of human-caused temperature rise and decarbonize the global economy.That dynamic has fueled the push to refocus rhetoric on the promise of cheaper, more efficient, and more abundant technological luxuries — a concept Tesla appears to be tapping into now. It may be time for a change. As Matthew wrote in September, Tesla’s market share hit an all-time low last year.
In yesterday’s newsletter, I told you that the Tokyo Electric Power Company had delayed the restart of the Kashiwazaki Kariwa nuclear power station in western Japan over an alarm malfunction. It wasn’t immediately clear how quickly Japan’s state-owned utility would clear up the issue. It turns out, pretty quickly. The pause lasted just 24 hours before Tepco brought Unit 6 of the seven-reactor facility back online, NucNet reported.
Things are getting steamy in the frigid waters of Alaska’s Bristol Bay. New research from Florida Atlantic University’s Harbor Branch Oceanographic Institute found that a small population of beluga whales survive the long haul by mating with multiple partners over several years. It’s not just the males finding multiple female partners, as is the case with some other mammals. The study found that both males and females mated with multiple partners over several years. “What makes this study so thrilling is that it upends our long-standing assumptions about this Arctic species,” Greg O’Corry-Crowe, the research professor who authored the study, said in a press release. “It’s a striking reminder that female choice can be just as influential in shaping reproductive success as the often-highlighted battles of male-male competition. Such strategies highlight the subtle, yet powerful ways in which females exert control over the next generation, shaping the evolutionary trajectory of the species.”
The country is already suffering the effects of climate change. A lack of data makes it that much more difficult to adapt.
The nation of Venezuela perches atop a fifth of the planet’s recoverable crude oil. Due to mismanagement, corruption, failing infrastructure, and a dearth of technical expertise, its output, however, is low — less than a million barrels a day. If production in the country were to continue apace, exhausting the reserve would take over 1,500 years, extending the extraction of fossil fuels as far into the future as the early water wheel lies in society’s past. The reserves-to-production ratio for the United States’ existing oil is, by comparison, a mere 11 years.
The opportunity of all that untapped oil is part of why the Trump administration has seized control of the extra-heavy crude in the Orinoco Basin, which is among the dirtiest and most carbon-intensive oil in the world. Many observers have remarked on the planet-warming potential of the oil takeover, and the revival of Venezuela’s fossil fuel industry would indeed be yet another nail in the coffin of the Paris Agreement’s 1.5 Celsius temperature-rise goal.
But far less has been said about what a more extreme climate would mean for Venezuelans. That’s at least partially because we don’t fully know.
“Venezuela often appears in global climate assessments as a blank spot or an unknown, despite being ecologically significant and highly vulnerable,” Liliana Rivas, a freelance environmental and investigative reporter working in the country, told me.
Neglect isn’t a problem unique to Caracas. The international climate science community has long struggled to accurately represent the developing world in its research, though it has made improvements in recent years. Over a third of the contributors to the latest Intergovernmental Panel on Climate Change report were from institutions based in the Global South — in parts of Africa, Asia, Latin America, and the Caribbean — up from 10% in the report’s first year.
Still, “the IPCC is doing a systematic literature review, and they rely on what scientific literature is available,” Paulina Jaramillo, a professor of engineering and public policy at Carnegie Mellon University, told me. Jaramillo — who is from Medellín, Colombia, and whose father comes from a border town with Venezuela — added that “the common language you see in the reports from Africa and South America is that the peer-reviewed literature is much more limited in those countries.”
Part of that is due to modest funding opportunities for researchers. (Jaramillo said “everyone thought I was crazy” when she decided almost 30 years ago to study environmental engineering in Colombia.) But the absence of long-term datasets makes quality climate research difficult, too. It takes “at least 30 years of continuous observations … to define a climatic period and allow for robust conclusions,” Nature noted in a recent editorial. Climate researchers who want to study Venezuela are, for the most part, restricted to data gathered since the satellite era, post-1980s, which was never designed to offer a detailed local picture.
Understanding the climate picture in Venezuela is critical, though. Out of 188 nations in the world, Venezuela ranks 181st in climate vulnerability. The nation faces a laundry list of worsening environmental crises, including extreme flooding, droughts, landslides, heat waves, rising sea levels, deforestation, oil spills, contamination and pollution, and illegal mining. An extreme rainfall event over the Andes and Venezuela Llanos last summer displaced thousands of people, observers estimated, cutting off nearly 10,000 families in the mountainous western state of Mérida from food, water, health care, and adequate sanitation services. By some measurements, Venezuela was also the first nation in the world to lose all of its glaciers.
“What happens [in Venezuela] affects the rest of the world,” Jaramillo told me. Between 2014 and late 2025, almost 8 million people were estimated to have left the country, straining public services in neighboring nations. “Climate change is a threat multiplier,” Jaramillo went on. “We can’t just think, ‘Oh, those are problems in those countries.’ They have global geopolitical implications, in addition to the humanitarian aspect.”
An incomplete picture not only heightens Venezuela’s vulnerability to extreme weather impacts, it also renders the country all but incapable of adapting to them. After all, how can you develop effective strategies without data to inform the designs and operations? Partially because of this, Venezuela has been ranked 142nd out of 192 countries by Notre Dame in terms of its adaptation capabilities. “It’s the worst prepared country in South America” when it comes to climate change, Jaramillo said.
The country’s weather-monitoring infrastructure — which is accessible to researchers — is poorly maintained. A “significant” number of weather stations across Venezuela are inoperable, “limiting the ability to track rainfall, temperature, and extremes with confidence at local scale,” Robert Muggah, the co-founder of the Igarapé Institute, a Brazil-based security and development think tank, told me by email from Davos. “More recently, reporting from the Venezuelan Amazon has described weather stations being looted or relocated for security, leaving major river basins with long gaps in routine measurements.”
Mariam Zachariah, a research associate at London’s Imperial College, told me her team at World Weather Attribution ran into this problem when it tried to investigate whether anthropogenic climate change fueled the catastrophic flooding in the country last year. “You might have 10 weather stations in the region, but when you try to look at them, five will not have data,” she said. “So you can’t really use that. You don’t actually get a good representation of the trend in that region.” The complex natural topography of Venezuela also renders large-scale climate models unreliable, making conclusions drawn from them even less certain.
Following the collapse of Venezuela’s oil production in the mid-2010s, recently removed President Nicolás Maduro’s government also began censoring the country’s environmental statistics. “There is very little transparency and public access to environmental data,” Rivas, the investigative journalist, said.
Reporters working within Venezuela face dangers, too. Joshua De Freitas Hernández, an independent journalist, told me he estimates there are fewer than 20 reporters in his country focused on environmental issues, and none of them are on the climate change beat, specifically. Emiliano Teran Mantovani, a Venezuelan sociologist and political activist, also told me there has been a “decrease in the reports of oil spills and the reports of ecological degradation in the national parks because people do not want to talk.” The government repression is “really, really scary,” he added.
Local reporters who forge ahead find themselves contending with many of the same problems as international researchers: “limited access to official data, restricted access to certain territories, and security risk scenarios affected by mining or extractive activity,” Rivas told me.
The environmental situation is so bad, in fact, that some hope the U.S. takeover of the nation’s oil industry will actually improve it. “Much of the [fossil fuel industry] pollution happening today is the result of abandonment, lack of maintenance, and total absence of environmental oversight,” Rivas said. “I think that in that context, some people, including also environmental observers, cautiously argue that the return of international companies could, under the right conditions, introduce environmental controls, monitoring standards, and technologies that currently do not exist.”
Mantovani, the activist, pushed back on that line of thinking. “The environmental issue is not a priority either for the government or the opposition, or for Donald Trump or Chinese capitalists,” he said. “No one is talking about the environmental issues or climate issues.”
The Trump administration has argued that the U.S. takeover of the oil industry will benefit the Venezuelan people. But while “extreme weather in Venezuela will not suddenly shift because of a single military operation,” as Muggah of the Igarapé Institute put it to me, fossil fuel-related pollution could have immediate public health impacts on local and Indigenous communities. (Illegal mining, while not as directly linked to climate change as oil production, is another extractive industry compounding the twinned environmental and humanitarian crises in the country.)
In the short term, “When security operations and political upheaval intensify, the institutions that keep people safe during heat waves, floods, and disease outbreaks often get weaker,” Muggah added. Worse yet, due to the many ongoing uncertainties about Venezuela’s future climate and Caracas’ limited ability to identify those risks or adapt, there will almost certainly be extreme-weather refugees in the country in the future.
International research institutions say, “Well, we don’t know what is happening in Venezuela or if this extreme weather is related to climate change, because there is no data,” De Freitas Hernández, the independent Venezuelan journalist, told me. “That’s the first thing all institutions have to say: ‘We don’t have the data.’ We need the data.”