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Climate

AM Briefing: Peak Coal?

On global coal demand, Everest Base Camp, and a compelling climate graphic

AM Briefing: Peak Coal?
Heatmap Illustration/Getty Images

Current conditions: A major storm will batter the U.S. Eastern Seaboard this weekend • Moscow is buried under record snowfall • It's 50 degrees Fahrenheit and cloudy in Paris, which was recently named the world's top city destination.

THE TOP FIVE

1. IEA: Coal demand remains high, but could peak soon

Global demand for coal remains at a record high, but is expected to start declining in 2026, according to the International Energy Agency’s (IEA) “Coal 2023” report. Most advanced economies are ditching this dirtiest of fossil fuels: Coal consumption fell by about 20% in the United States and the European Union this year. But the same cannot be said for China, India, and Southeast Asia, where coal demand is growing. But a turning point could arrive soon, the report says. Global coal demand is expected to fall by 2.3% by 2026 compared with 2023 levels. A lot depends on China, which accounts for 54% of global coal consumption.

IEA

Relatedly, this week Australia announced its last remaining coal plant will retire by 2038. As renewables take over, “expect more such announcements around the world,” says Bloomberg Green’s Akshat Rathi.

2. White House tells federal employees to use EVs and rail travel

The Biden administration wants federal employees to use low- or zero-emission transportation when traveling for work. In a directive released yesterday, the White House said workers should travel by train for trips shorter than 250 miles, and especially in the Northeast and Mid-Atlantic, where rail travel is most accessible. If traveling by car is necessary, workers should opt for an EV. Employees should consider combining trips, taking public transportation, and avoid using their own private vehicles for work. Or better yet, they should avoid traveling at all. “In every case, the trip not taken is the least expensive and most sustainable,” the directive says. The federal government spent $1.66 billion on flights and $4.2 million on rail trips last year, Reuters reports. The White House says travel accounts for 1.8% of federal greenhouse gas emissions.

3. Al-Jaber says Adnoc will keep investing in oil and gas

Sultan Al-Jaber, who served as president of COP28, tells The Guardian that his company Adnoc will continue to invest in oil and gas production so long as the demand is there. Adnoc is the United Arab Emirates’ national oil and gas company, and Al-Jaber is its CEO. He was applauded this week after delegates at COP28 agreed to “transition away” from fossil fuels, but faced criticism earlier this month for saying there is “no science” showing that ending fossil fuel usage will limit global warming. He has said in the past that he believes fossil fuels will inevitably be phased out, but has qualified that by saying “we need to be real, serious and pragmatic about it.”

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  • 4. Glacial melting may force Everest Base Camp to relocate

    The glacier beneath Everest Base Camp is melting due to rising temperatures in the Himalayas, putting climbers at risk and forcing Nepal’s government to consider moving the camp, The Wall Street Journal reports. Everest tourism contributed $2.4 billion to Nepal’s economy last year, which is 6.1% of its GDP, and Base Camp is an essential gateway to the mountain. But ice at the camp is disappearing due to a combination of global warming and human activity. Moving the camp farther down the mountain is an option, but it would “make the climb to the top more dangerous than it already is,” the Journal explains. More people died on Mount Everest this year than ever before. A report released in June found that climate change could cause Himalayan glaciers to lose 80% of their volume this century.

    5. Earth’s rising temperature, expertly illustrated

    The European Space Agency’s (ESA) Climate Office recently announced its favorite “Little Pictures of Climate” for 2023. The competition highlights creators who use satellite-derived climate data tell visual stories about the changing planet. Here is one particularly compelling submission:

    A runner-up in the ESA's Little Pictures of Climate 2023 competitionESA

    THE KICKER

    The length of pipeline that would be needed to create a U.S. carbon capture network would be enough to circle Earth four times.

    Yellow

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    Energy

    Is Burying a Nuclear Reactor Worth It?

    Deep Fission says that building small reactors underground is both safer and cheaper. Others have their doubts.

    Burying an atom.
    Heatmap Illustration/Getty Images

    In 1981, two years after the accident at Three Mile Island sent fears over the potential risks of atomic energy skyrocketing, Westinghouse looked into what it would take to build a reactor 2,100 feet underground, insulating its radioactive material in an envelope of dirt. The United States’ leading reactor developer wasn’t responsible for the plant that partially melted down in Pennsylvania, but the company was grappling with new regulations that came as a result of the incident. The concept went nowhere.

    More than a decade later, the esteemed nuclear physicist Edward Teller resurfaced the idea in a 1995 paper that once again attracted little actual interest from the industry — that is, until 2006, when Lowell Wood, a physicist at the Lawrence Livermore National Laboratory, proposed building an underground reactor to Bill Gates, who considered but ultimately abandoned the design at his nuclear startup, TerraPower.

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    AM Briefing: Cheap Crude

    On energy efficiency rules, Chinese nuclear, and Japan’s first offshore wind

    An oil field.
    Heatmap Illustration/Getty Images

    Current conditions: Warm air headed northward up the East Coast is set to collide with cold air headed southward over the Great Lakes and Northeast, bringing snowfall followed by higher temperatures later in the week • A cold front is stirring up a dense fog in northwest India • Unusually frigid Arctic air in Europe is causing temperatures across northwest Africa to plunge to double-digit degrees below seasonal norms, with Algiers at just over 50 degrees Fahrenheit this week.


    THE TOP FIVE

    1. Crude prices fell in 2025 amid oversupply, complicating Venezuela’s future

    A chart showing average monthly spot prices for Brent crude oil throughout 2025.EIA

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    Blue
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    Why Trump’s Oil Imperialism Might Be a Tough Sell for Actual Oil Companies

    Rob talks about the removal of Venezuela’s Nicolás Maduro with Commodity Context’s Rory Johnston.

    Pete Hegseth, John Ratcliffe, and Donald Trump.
    Heatmap Illustration/Getty Images

    Over the weekend, the U.S. military entered Venezuela and captured its president, Nicolás Maduro, and his wife. Maduro will now face drug and gun charges in New York, and some members of the Trump administration have described the operation as a law enforcement mission.

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