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“It’s Confederate Disneyland, and it’s about to be SeaWorld,” says Susan Crawford, the author of a new book about the city.

In the last few years, climate change has made its impact known in violent, eye-grabbing ways. Heat waves and drought slowly roll across the planet; hurricanes and floods and wildfires bring sudden devastation to communities that were once safe. But there are also slower, more insidious impacts that we can easily forget about in the wake of those disasters, including the most classic impact of them all: sea-level rise.
The East Coast is particularly vulnerable to rising seas, and in her new book Charleston: Race, Water, and the Coming Storm (Pegasus Books, April 4, 2023), Susan Crawford, a writer and professor at Harvard Law School, explores how the historic city, the largest in South Carolina, is preparing — or failing to prepare — for what’s to come. Flooding has become increasingly commonplace in Charleston, Crawford writes, and the city’s racial history has meant that low-income communities of color are bearing the worst of the impact, with little hope for relief.
Charleston is a bellwether for what the rest of the East Coast can expect as the waters of the Atlantic creep ever higher. When we spoke, Crawford, author of the books Fiber and The Responsive City, among others, began by describing her book as a survival story rather than a climate story. Our conversation has been edited for length and clarity.
Things are pigeonholed as climate inappropriately. This is more about the question of: Can we overcome our polarization and limitations as human beings and plan ahead for a rapidly accelerating cataclysm that will, in particular, hit the East Coast at three or four times the rate of speed it goes the rest of the world? Can we plan ahead? Can we think about what anybody with a belly button needs to thrive? Because after all, isn’t that the role of government?
I came to Charleston initially on a solo vacation in December 2017. I went there for Christmas. And it’s an interesting place, but I didn’t really know what the history of it was. And I decided to go back in February 2018 to interview the man who’d recently stepped down as mayor, Joe Riley. He had been mayor for 40 years. His tagline was America’s favorite mayor. And he had transformed Charleston over his tenure into a tourist magnet, seven million tourists a year. Lots of development. It became a food and arts destination. And I was just curious about Mayor Riley. So I contacted a local journalist named Jack Hitt, and he suggested that I ask the mayor about the water.
So, when I interviewed Riley, I asked him about flooding. And he’s a very charming guy, little bowtie, little khaki suit. And he clammed up. All he said was that it was going to be very expensive. That was it.
And I said, “huh, maybe there’s a story here.” And this became a quest to try to figure out what the Charleston story was. At first, I thought it was going to be a story of local government heroism. And in a sense, it still is. I think the city is, in a sense, doing what it can. But then I was lucky enough to be introduced to several Black resident leaders at Charleston who were very generous to me and explained what it’s like to be Black in Charleston, and the ongoing lack of a Black professional class in Charleston. There’s sort of the idea that the civil war never ended in Charleston: There’s a lack of Black advisors near the mayor, although there are Black members of city council.
Charleston’s successes and failures are just harbingers of what we will be seeing up and down the East Coast. They’re more visible in Charleston, and Charleston lives in the dreams of millions of people who want to visit. The failures of the structures around Charleston and inside Charleston are fractal in nature. They are replicated across the globe. It’s Confederate Disneyland, and it’s about to be SeaWorld.

Charleston is extremely low in terms of its topography. The peninsula itself was built on fill, like much of Boston. Enslaved people filled in the perimeter of what is now today’s peninsula. So about a third of that peninsula — the lower part where these gorgeous historical houses are — is five feet or less above sea level. And then these outlying suburbs, many of which were annexed into Charleston’s property tax base by Mayor Riley over the course of his mayoralty, were historically marshy wetlands. There’s very little high land in the entire city of Charleston. A lot of the area outside off the peninsula is about 10 feet or less above sea level. So Charleston’s topography sets it up for the threat of rising waters.
It’s actually more exposed than the Netherlands, because it’s not as if there are defined waterways that lead inland — it’s actually a gazillion interconnected tiny watersheds across a flat area. So water can just roll over the place unimpeded when it rises.
Charlestonians have almost gotten used to ongoing flooding, there’s a sort of complacency that sets in. And there’s also, I think, a sense in Charleston, that they’ve missed a lot of big storms recently, and maybe they believe it’s not going to happen to them. But they’re just one storm away from being flattened, basically.
Right now the city has a single planning horizon in mind, which is 2050, and a single level of sea level rise, which is 18 inches. That might be fine up until 2050. But after that we’re going to see very rapidly accelerating sea level rise — scientists are predicting more like three feet by 2070. And then at least five by the end of the century.
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Charleston was the place where 40% of the enslaved people forcibly brought to America first step foot. It’s the place where, after the slave trade was outlawed in 1808, a great deal of the domestic slave trade was carried out. Its entire economy, initially, was based on extractive labor from enslaved people.
After the Civil War, a lot of free Black people moved onto the peninsula seeking work. Charleston in the 1970s was a majority Black peninsula, with 75% Black residents. Today, it’s at most 12 percent on the peninsula: That whole population has been displaced and moved to North Charleston, which has one of the highest eviction rates in the country, or off in far flung suburban areas where it’s cheaper. There are still some concentrated areas of Black residents on the peninsula on the east side, which floods all the time and has been a lower income area for all of Charleston’s history. And then there are public housing areas, mostly inhabited by Black residents.
Well, for a long time, Charleston, simply lived with flooding and let its sewage go right into the water. But in the late 19th century, a brilliant and energetic engineer figured out how to install tunnels underneath the streets of the peninsula that would drain sewage away from the houses and also take water out of the streets. It’s a gravity driven tunnel system, and a lot of that system is still in place.
But gravity isn’t going to help as the seas rise. The peninsula will be at the same level as the sea, so the gravity-based system won’t function. The city’s hard working stormwater manager is working on upgrading that system substantially, furnishing them with pumps, so they don’t have to rely just on gravity. But they’re going to need a lot of pumping to get the water off the streets in order to make life possible on the peninsula.
Mayor Riley, to his credit, developed a stormwater plan in 1984. But it was all very expensive, and many of the projects have not yet been completed, in particular on the west side of the peninsula. And all of that planning is premised on the idea that you’re supposed to pump the water off the peninsula, that no matter how much water there is, you’re going to take it away. That kind of money has not been invested in the outlying suburbs. When water comes there it just sits.
The other factor is that the groundwater in Charleston is very close to the surface. So as seas rise, the groundwater is also going to be rising and it will have nowhere to go. You know, they’re doing their best to think of ways to get that water away. But as rainwater gets heavier and seas rise, groundwater rises, and you’ll have a situation of chronic inundation.

This is gradually shifting, but at the state level, certainly, you’re better off not talking about the human causes of climate change. There’s no point. Because then you look as if you’re Al Gore, bringing the heavy hand of government everywhere, and that’s not a good look. And the state government makes it impossible for cities to include the idea of retreating in their comprehensive plans.
When I first interviewed current Mayor Tecklenburg about this whole subject, he said, “do you want to talk about climate change or sea level rise?” And at first I was befuddled, but then I understood what he was saying: Let’s not talk about why it’s happening. But we can talk about the fact that it is happening, because we see it every day.
And so that that’s the approach: Don’t talk about the causes, talk about what’s going on. And in fact, that is, for me, the entire approach of this book. I, of course, fully accept that humans are causing the forcing of temperatures to their stratospheric heights these days, and we need to lower emissions and do whatever we can to decarbonize our economy. But I’m concerned that even if we do that, the changes in the climate that are already baked in are going to have disastrous effects on human beings’ lives. So we need to be planning in both directions at once, both planning to reduce missions and planning to help people survive.
One of the leading characters here is Reverend Joseph Darby, who is a senior AME minister, and also the co chair of the local NAACP branch in Charleston. He’s in his 70s, very wise, and he has, of course, personally experienced flooding, and in particular, flooding that makes his church inaccessible since he’s a preacher on the peninsula.
He told me he learned early in his career that it was important never to be surprised by anything he heard in Charleston. He could be shocked, he could be astonished, but he couldn’t be surprised. He continues to feel that way in the absence of powerful Black voices advising the mayor.
His two boys moved away from Charleston, as much as he might have hoped that they would stay. The Black professional class doesn’t stay in Charleston because it’s just too hard. It’s just not worth it. He feels that there’s a sort of a benevolent paternalism from political leaders, a sense of “we know what’s best for you folks.”
The Black leaders I talked to pointed out that nobody is talking about how we’re going to help low income and Black residents of the region who have nowhere to go when the flooding hits in a big way. Nobody’s talking about the kind of holistic support services that are going to be needed, and this will just further entrench and amplify the inequality and unfairness. They also point out that this is a regional problem and national problem. And they just don’t see that kind of coordination happening.
Yeah, the big plan in Charleston is to work with the Army Corps of Engineers on building a 12-foot-tall wall around the peninsula with gates in it, that would, in theory, protect the peninsula from storm surges. The wall wouldn’t be designed to protect the 90% of people who don’t live on the peninsula. Nor would it be designed to do anything about the heavy rain or the constant high tides. It’s just for storm surges.
It’s a plan to protect the high property values on the peninsula, and in particular the areas that are good for tourism. You know, pillars of the Charleston economy. It’s fair to say that that if it’s ever built, that wall will be outmoded by the time it’s finished, because it’s built to a very low standard — 18 inches of sea level rise by 2050. The reason it’s built to such a low standard is that if it was any higher the wall would mess with the freeways that come onto the peninsula from the airport. And the Army Corps of Engineers representative was pretty frank about that. He said that just wouldn’t pencil out, that wouldn’t make sense economically to build anything higher.
So I mean, Charleston is stuck, because the only vessel for money right now is coming through these armoring projects being built by the Army Corps. And the plan is for that wall to be built in very slow sections, gradually protecting parts of the peninsula. As planned, it would take 30 years to build. So the underlying plan is for Charleston to be hit by a disaster that then causes enormous concern and empathy for Charleston, and a huge congressional appropriation bill. That’s what happened after Katrina. And then that wall would be finished quickly,
The wall as designed would not protect a couple of Black settlements farther up the peninsula, because the cost benefit analysis doesn’t work out. But it’s not Charleston’s fault that it’s planning on a disaster, because our entire approach to this survival question is premising on disaster recovery, not on proactive planning. There are 30 federal agencies that have all these scattershot programs that are aimed at disaster recovery, and there is very little advanced planning going on.
Well, in our country, we’ve had decades of exclusion through segregation and redlining and soft processes not quite understood by a lot of people that have pushed Black citizens into lower, more rapidly-flooding areas. And that history then plays out into what we decide to value. If our history has put Black Americans into more flood-prone, lower value housing over time, then it’s a garbage-in, garbage-out algorithm. If we then decide to only protect the places that are high property value, we will inevitably, yet again, exclude Black residents from the benefit of federal planning.
So it’s a pattern that was set a long time ago and did not arise by accident, playing out in the way we make decisions today.
And to its credit, the Biden administration just issued a terrific Economic Report of the President that said inequality and property values and ownership in the U.S. reflects decades of exclusion of racial minorities from home ownership and public investment, and we need different criteria to capture the differential vulnerability of these populations. So yeah, they’re on it. They understand.
No, Congress has already voted on the Charleston project. They say they’ve got this great benefit-cost ratio, one of the best in the nation, they’re really trumpeting it. It feels strange that we would pump billions of dollars into short sighted armoring of coastline that doesn’t protect against the daily harms we know are going to happen.
Well, people’s attachment to their homes is very deep. Not just for Black residents who can’t afford to leave, but for white residents and rich people as well. It’s likely it will take a series of disasters separated by very few months to convince everybody that this place really isn’t going to be livable. For decades, we already know that you can show maps to city planners, you can talk about the data to people until you’re blue in the face. This is especially true when it comes to coastal properties. It’s not rational. People are highly reluctant to leave.
It also could be a sudden cliff in property valuation, which is likely to happen in the next few years as there are actors in the financial system who fully understand this. Private flood insurers walked away from selling insurance there, leaving the federal government providing 95% or more of the flood insurance in Charleston. At some point, the fact that coastal real estate is now overvalued in the United States to the tune of $200 billion will be reflected in residential property markets up and down, and people will be unable to sell their houses. And then we might see a change in behavior.
The only country in the world that is actively talking about relocation is the Netherlands. They are planning or at least talking about needing to keep options open to move large populations away from Amsterdam, Rotterdam, towards Germany. But for everybody else, it is extremely difficult to talk about it. And you would hope that we wouldn’t have to have a global economic crisis to force planning, because that’s what this would amount to. It would be worse than 2008 if this overvaluation is suddenly corrected, because the loss of property value is permanent, and it’s not coming back. And it would be too bad if it took that kind of market crash to force planning in this direction.
If we had a president who was able to engage in long term planning, we could, with dignity and respect, change the financial drivers and levers and incentives to encourage people to understand this risk and move away from it without having to lose all their wealth. And without having to be cast into the role of migrants.
We absolutely can do this. We built the Hoover Dam, and we built the Interstate Highway System. We can afford what we care about. And if this was a priority, we could do this. But for me, the moment of redemption, the first moment of redemption will be when it’s somebody’s job in the White House to speak publicly about this constantly in league with the best scientists in the world.
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Spoiler: They’re mostly winners.
There’s seemingly plenty to celebrate in the Senate’s new 400-plus-page permitting reform bill, the Bipartisan American Affordability and Jobs Act, or BAAJA. The headline benefit — and the one drawing the most praise from energy hawks — is that expediting the buildout of energy infrastructure and transmission lines ought to bring tons more zero-carbon energy online. No doubt it will speed up fossil fuel projects as well, but modeling shows that renewables like wind and solar are disproportionately held back by the notoriously contentious and slow planning and permitting processes the bill seeks to overhaul.
Old-school renewables aren’t the only technologies that stand to benefit from BAAJA, however.
Here are four more climate tech sectors — and the startups working in them — that are probably pretty happy to see that, after four years of debate and countless failed negotiations, a permitting bill finally appears poised to become law.
No surprises here: It’s well known at this point that geothermal is a beloved bipartisan technology, and BAAJA affirms the government’s commitment to bringing more of this clean, firm energy source online as soon as possible.
The bill would categorically exclude drilling exploratory geothermal test wells from review under the National Environmental Policy Act, and exempt lower-impact activities such as mapping and surface surveying from NEPA entirely. It would also require the Interior Department to hold annual geothermal lease sales, and drop the federal drilling permit requirement for geothermal exploration on non-federal land, so long as the government owns less than half of the underground resource.
Next-generation geothermal companies such as Fervo Energy, Sage Geosystems, Mazama Energy, and Quaise Energy stand to benefit, of course, as finding viable sites to trial their tech and build early commercial projects requires plenty of mapping and exploratory drilling. This cohort aims to expand geothermal beyond the relatively small number of geographies with the ideal combination of high heat at shallow depths, naturally occurring subsurface water or steam, and permeable rock that conventional geothermal power plants rely on. But a company like Zanskar, which uses AI to identify overlooked conventional geothermal resources, stands to benefit, too — its approach also depends on scouting and drilling across many sites.
BAAJA is intent on advancing tech that can squeeze more capacity out of the transmission lines we already have. The bill requires utilities to conduct recurring evaluations on technologies that could increase the capacity of existing transmission infrastructure, such as higher-capacity replacement wires or monitoring systems that determine when the lines can safely carry more power. Investor-owned utilities have historically had little incentive to adopt any of this, since they earn money by building new infrastructure, not by making existing infrastructure more efficient. Now, that math could change. If the evaluations find this tech will provide net benefits, utilities are required to deploy it within a certain timeframe, lest the Federal Energy Regulatory Commission impose penalties.
That’s welcome news for dynamic line rating startups such as LineVision and Heimdall Power, which use sensors to monitor power lines in real time to determine when they’re capable of carrying more electricity than their fixed ratings allow. Companies building higher-capacity lines are also likely to see more business. This includes TS Conductor, which makes a carbon-fiber core wire that it says can double or even triple a line’s capacity, and VEIR, which originally aimed to build “high-temperature superconducting transmission lines,” though it recently pivoted to data center power solutions. Startups like NewGrid, whose software finds ways to avoid congested lines and route more electricity through the existing grid, could benefit, too.
The bill also opens doors for virtual power plants, networks of distributed energy resources such as rooftop solar panels, batteries, smart thermostats, and electric vehicle chargers that operate like a single power plant, responding to spikes in energy demand or shifting load to off-peak hours. Like grid-enhancing technologies, VPPs can reduce the need for new poles, wires, and power plants by making better use of the energy resources already installed in homes and businesses. And they also include an added perk: They pay these customers for adjusting their energy use when the grid needs it.
While FERC ordered grid operators to open their markets to these aggregators in 2020, implementation has dragged. BAAJA would speed things up by requiring operators to allow VPPs into their markets within 18 months of the bill’s passage and setting a low, 100-kilowatt threshold for device networks to be considered VPP-eligible. It would also require utilities to connect VPPs quickly and allow them to export power, while barring utilities from requiring aggregators to install the utilities’ own equipment like separate submeters and switches, which adds delays and added costs for hardware and installation. Separately, the bill directs the Department of Energy to fund efforts to streamline local government permitting and inspections for distributed energy resources like rooftop solar and batteries.
This is a boon for aggregators including Voltus, Renew Home, and David Energy, which sell grid services like demand response, capacity, and frequency regulation into utility programs and wholesale markets. Under this bill, they could do so more easily thanks to guaranteed market access and lower entry thresholds.
VPP software platforms like Leap could benefit, too. Leap helps manufacturers of devices such as smart thermostats and EV chargers enroll customers in VPP programs, so fewer utility equipment requirements and what will presumably be a much bigger addressable market would help. Home battery companies such as Lunar Energy and Base Power, which aggregate their residential batteries into VPPs, and smart panel-maker Span, which coordinates home appliances to respond to grid needs, could see similar benefits.
Hard rock mining is also among the bill’s clear winners. It clarifies that miners can use as much federal land as is “reasonably necessary” to store waste rock and tailings, and opens additional federal land for hard-rock mining leases. It also requires lawsuits challenging mining approvals to be filed within 150 days. Broader changes to NEPA, the National Historic Preservation Act, and the Clean Water Act will also accelerate the mining approval process.
This will undoubtedly be controversial for many climate advocates; while the energy transition demands more critical minerals, mining itself is a dirty endeavor. Yet there are a number of climate tech-adjacent companies focused on extracting, refining, and processing materials like lithium, nickel, cobalt and copper that stand to benefit.
One of the buzziest startups trying to develop new critical minerals mines, AI-driven exploration and development company KoBold Metals, is mainly working abroad right now. But a more favorable domestic environment could prove an enticement to invest more at home. Mariana Minerals, a software-driven developer working to bring mines online faster and cheaper, definitely stands to benefit given its current domestic focus. So could startups like Jetti and Endolith, which are developing technology to extract more copper from low-grade ores. Both work with existing mines, so could stand to profit from a domestic mining boom.
Of course not everyone will win here. For the horde of climate-tech adjacent startups trying to jump on the data center bandwagon — perhaps those working on chip cooling or capturing and recycling the waste heat from data center servers — maybe the added costs this bill imposes on data centers will reduce demand for their services just a bit. But I wouldn’t count on that. The bill certainly won’t stop the buildout so much as change who pays for some of the infrastructure required to serve it, shifting the cost of new power lines and grid upgrades from ratepayers onto the tech giants and developers themselves.
Then there’s the myriad software startups such as Nira Energy, Paces, and Piq Energy that help energy developers navigate the grid interconnection process. Since the bill requires regional grids to streamline their queues, this could reduce demand for their services. But developers will still need to know where the grid has room and where projects pencil out, and utilities and grid operators will have to rebuild their interconnection processes, a transition that could generate demand for software of this sort.
There’s also just an array of climate industries that go largely unaddressed. While the Inflation Reduction Act offered incentives for practically every decarbonization technology under the sun, this bill is far more targeted, leaving sectors such as EV manufacturing, industrial decarbonization products like clean cement and steel, agricultural technologies, and methane abatement relatively untouched.
Carbon capture and removal projects, EV charging, and hydrogen get only minor nods: protection from administrative delays for carbon management projects and DOE funding to help local governments expedite permitting for EV chargers and hydrogen refueling stations. All of these industries could still benefit when building manufacturing plants or other facilities that need federal sign offs. But they could also lose ground if speedier approvals for fossil fuel infrastructure make cleaner alternatives less competitive.
On Korean reactors, California plug-in solar, and Europe’s green steel champion
Current conditions: Floodwaters from the remnants of Hurricane Polo breached a 20-foot dam in southern New Mexico, forcing evacuations • The Pacific’s active hurricane season continues as Hurricane Rachel threatens dangerous rip tides off Baja California • Further north in the Pacific, Tropical Storm Choi-wan is headed toward the Northern Mariana Islands.
It’s 417 pages — or, for those of you who think in such terms, roughly two-and-a-three-quarters the length of a standard environmental impact statement. And it the landed yesterday with much fanfare. The Senate’s grand compromise on permitting reform, dubbed the Bipartisan American Affordability and Jobs Act, or BAAJA, is packed with sweeping changes that promise to upend how data centers are built, whether transmission lines get constructed at all, and speed up deployments of all kinds of energy infrastructure. My colleagues — there are five bylines on this sucker, if you have any doubt about how seriously Heatmap is taking this — have a dense and comprehensive explainer here.
Whether the bill becomes law is another question. Already, House Democrats are casting doubt over whether they will vote for the legislation during the lame-duck session after Republicans likely lose control of at least the lower chamber of Congress in November’s midterm elections. “Most Democrats will want to see how things go on Nov. 3 and then do a reality check,” Representative Jared Huffman, a California Democrat, told Bloomberg reporter Ari Natter. “If we’re on our way to a majority in one or both Houses, it makes no sense to fold our hand when we could wait a few months and have a much better deal early next year.” Any hope of brokering a deal to vote on the bill before the election seems unlikely. A GOP source told me “there is no way” House Speaker Mike Johnson, the Louisiana Republican, “will call back people from the campaign trail to vote on this in the House.” So it may be too soon to turn the acronym into a name. But my humble suggestion is to pronounce BAAJA as BAH-zhuh, which sounds like Basha, my late grandmother’s name. I can only assume the rest of you are equally moved by that association.
South Korea is the only country in the democratic world with a strong, recent track record of building nuclear reactors competently and on time. Seoul’s state nuclear giant is also bound by a settlement with America’s flagship nuclear company, Westinghouse, which accused Korea Hydro & Nuclear Power of ripping off the design of the U.S. reactor, the AP1000. As a result, the Koreans can’t build their own reactors in North America or Europe. But in a bid to stave off President Donald Trump’s tariffs, South Korea has agreed to spend $200 billion on U.S. energy projects. That includes an investment into Alaska LNG, a major liquified natural gas terminal, a gas-fired station in Texas, and eight nuclear reactors, according to Bloomberg and Politico. The deal is the culmination of talks ongoing since the spring, as I previously reported, and comes amid swirling rumors in the South Korean press over whether Seoul could secure a stake in Westinghouse if the American company makes a debut on the stock market. In a statement, the Canadian uranium giant Cameco, which owns 49% of Westinghouse, said the eight reactors in the Korean deal “contemplates” the construction of as many as six new AP1000s and up to two Korean APR1400 reactors. Still, the company emphasized that it was focused on the Department of Energy’s condition loan commitment to finance AP1000 components for any joint venture between Westinghouse and a utility building one of its reactors. But it said that, if both the American and Korean reactors can be built successfully, “both technologies are expected to be deployed on federal sites designated” by the U.S. government, “beginning with the deployment of two AP1000 reactors.”
It’s unclear when the South Korean money will flow into actual projects on the ground. But New York is putting up dollars. On Tuesday, New York Governor Kathy Hochul awarded another $10 million to the New York Power Authority to support workforce development programs in a bid to train more people to staff the nuclear power stations her administration has tasked the state utility with financing. “Advanced nuclear is a cornerstone of my all-of-the-above strategy to keep the lights on and costs down for New Yorkers,” Hochul said in a statement. “The $10 million in funding approved today by the NYPA board will help ensure New York’s advanced nuclear future will be built by and for New Yorkers and also re-energize an industry that will create thousands of high-quality jobs while complementing our nation-leading efforts on wind and solar.” Canada, meanwhile, is upping its ambition. Saskatchewan’s provincial government announced plans this week to build at least two large-scale reactors by the early 2040s, NucNet reported.
When Secretary of Energy Chris Wright sat down with my colleague Robinson Meyer last week, he said he doubted the Trump administration would impose a temporary ban on exporting diesel amid record-high prices. But the Financial Times reported Wednesday that the White House was holding “crisis talks” to determine whether the move was merited. Experts have cautioned that it could lower diesel prices in the U.S. slightly, but would send prices soaring in Europe.
Russia, meanwhile, just renewed its ban on diesel exports, blunting both the effects of the global market chaos and the profits the Kremlin could be yielding given its rising crude exports, Bloomberg reported.
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California Governor Gavin Newsom signed a series of bills Wednesday that clear the way for more homeowners in the state to slash their electricity costs and personal carbon footprints. Under one new law, utilities will offer a voluntary incentive to electrify homes whenever the pipe connecting a home to a gas main line is due for replacement. Under another, homeowners and even renters will be able to install plug-in solar panels that can generate small amounts of electricity on roofs or balconies.
As grows a market in the nation’s most populous state, so goes the country. The so-called balcony solar bill in particular is expected to supercharge the market, making cheap, personal solar panels more widely accessible. As my colleague Katie Brigham wrote last year, plug-in solar is popular in Europe, and could find a big market in the U.S. New York, for example, passed legislation this spring, though Hochul has yet to sign it.
Europe once boasted two cutting-edge green industrial manufacturers, both in Sweden, with shared investors and executives. Northvolt, an electric vehicle battery manufacturer, declared bankruptcy last year. That left only Stegra, the green steelmaker. Shortly after Northvolt went under, Stegra went looking for another financial lifeline to cover the mounting costs of commercializing its renewable electricity-based method for forging steel. It ultimately received one from a French hydrogen investor. Now Stegra says it needs more money to complete its flagship first project in northern Sweden. The company named former Saab aerospace executive Håkan Buskhe as its new chief executive, replacing Henrik Henriksson who served in the top role since 2021. The new leadership’s review of its books and plans revealed “that additional capital is required to complete the project, as estimated costs of completing it are significantly higher than assumed in June.” The high costs “are mainly the result of substantial ramp-up costs following the prolonged scaling back of work earlier this year, as well as inflation.”
The U.S., meanwhile, may be getting what Canary Media called a “lower carbon steel mill” in Iowa. Mesabi Metallics, which is already building America’s first new iron ore mine in 50 years, announced plans this week for a $15 billion steel plant in southeast Iowa that would rely on what’s called direct reduced iron, a cleaner method of making iron than a traditional coal-fired blast furnace. As my colleague Emily Pontecorvo wrote last year, the Trump administration may have violated the law when it diverted Energy Department funding from a green steel project in Ohio to instead reboot a blast furnace. Hyundai is also building a gas-powered DRI steel mill in Louisiana, which the automaker plans to eventually run on low-carbon hydrogen, as I previously reported.

Before the artificial intelligence boom (and its less sexy older brother, the cryptomining boom), electricity demand growth was a problem many proponents of decarbonization actually wanted, because it would mean electrification was taking off. Last year, record EV sales translated into record 16% growth in electricity demand for charging the light-duty battery electric vehicles. But this year the growth fell by half to just 8%, according to the latest analysis by the U.S. Energy Information Administration.
Controlled Thermal Resources has completed key financial steps ahead of its planned Nasdaq debut.
California’s inland Salton Sea is a potential clean energy double dip, with vast and largely untapped geothermal hotspots for generating heat and electricity and rich deposits of lithium, manganese, and other critical minerals needed to fuel the battery revolution.
Now one of the companies looking to commercialize both resources is taking a big step toward debuting on the stock market.
On Thursday, Controlled Thermal Resources is set to announce that it’s converting $205 million of debt into equity ahead of a planned initial public offering on the Nasdaq later this year, Heatmap can exclusively report. Among the big investors swapping debt for a stake in the Imperial, California-headquartered startup is the automaker Stellantis, according to a source with direct knowledge of the deal.
“Like a lot of our colleagues in this industry, we need to raise a lot of capital to build out a multi-stage project,” Rod Colwell, CTR’s chief executive, told me this week. An IPO, he said, “is a mechanism that enables us to keep going back to the market as we build out our 650-plus megawatts and supporting infrastructure that follows.”
He declined to comment on what interest Stellantis, which owns brands such as Chrysler, Jeep, and Maserati, has in the deal. The Dutch auto giant did not respond to multiple requests for comment.
“Automakers who successfully build out a resilient EV supply chain, including mining and mineral processing, will be in a good position to compete as the U.S. auto market continues to evolve in the years ahead,” Corey Cantor, the research director at the trade group Zero Emission Transportation Association, told me via email. With electric vehicles sales also booming globally, “having a more resilient supply chain up and running soon is more important than ever.”
CTR isn’t pursuing a traditional IPO. Instead, the startup is planning to go public via a merger with a special purpose acquisition company, a so-called blank-check firm that’s already trading, allowing the actual primary entity to swiftly issue stock to retail investors. While plenty of SPAC deals have proven volatile in recent years, particularly in cutting-edge clean energy, geothermal stocks are particularly — forgive me — hot.
Fervo Energy, the country’s frontrunner in developing next-generation geothermal power plants, is racing to complete its first major facility, known as Cape Station. Shares in the Houston-based firm skyrocketed after its IPO in May, though the price has sunk in the intervening months.
With demand for electricity soaring, CTR shifted its strategy to focus on building its debut 50-megawatt geothermal power station. Power and heat from that facility will, in turn, be used to extract and process lithium and other minerals from the briny inland lake.
CTR said it aims to move forward with its plant next June, with the facility expected to come online in 2028.
“Shortly thereafter, we’ll be building out the critical minerals component,” Colwell said. “That’ll be commissioned in 2030.”
Editor’s note: This story has been updated to correct the generation capacity of CTR’s debut power station.