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With a deal on the global stocktake yet to emerge from Dubai, we asked an expert to fill us in.

This year’s United Nations Climate Change Conference, COP28, has been broadly defined by two facts. The first is that the conference is headed by the CEO of the United Arab Emirates’ state-owned oil company. The second is that this is the year of the first global stocktake, a document that should, in theory, set the world on a path to achieve the goals laid out in the Paris Agreement of 2015.
Perhaps unsurprisingly, that combination has not produced tremendous results. The latest draft of the stocktake dropped language calling for a fossil fuel phase-out. The condemnation was swift: “We will not sign our death certificate,” said the Association of Small Island States in a statement. “We think there are elements in the text that are fully unacceptable,” Spain’s environment minister said.
I was curious: How, exactly, does a global stocktake come to be? To find out, I called up Tom Evans, a policy advisor and climate negotiations specialist at the climate change think tank E3G, who is currently on the ground in Dubai. Our conversation, which has been lightly edited for length and clarity, is below.
Catch me up. How are things going on the ground?
It’s … going along. There’s a lot of discussions at the moment around the text that came out yesterday. Many, many parties are dissatisfied with the level of ambition in that text. It didn’t have the fossil fuel phaseout, it wasn’t strong enough on things like finance or adaptation, so that has triggered this big backlash. It’s all happening behind closed doors at the moment with ministers and politicians talking about the text, and the rest of us are kind of in a black box with regards to what’s going on. But it’s all really on a knife’s edge.
What is happening behind those doors, as best as you can tell?
The process is somewhat unclear. COPs don’t have any strict procedures; the presidency can choose how to do this diplomacy to get to the outcome it needs. At the moment, we’re in the phase of basically bilateral consultations being led by the UAE. The presidency is bringing people together behind the scenes. Everyone’s kind of slowly talking to each other.
What do you mean by bilateral consultations, exactly?
The UAE sitting down with a party — let’s say India, for example — and hearing their concerns and understanding what their red lines are, what they’re looking to change in the text. And then with that knowledge they’ll have another meeting, sitting down with, say, the U.S., having the same conversation and trying to map out where people sit based on these conversations.
They don’t have a big meeting room where everyone is at the table. They haven’t done a plenary yet. Last night they did a heads of delegation meeting, which brought all parties together. It was a closed meeting, and it started at 10 p.m. and finished at about 2 a.m. last night, which we hadn’t seen before.
Of course, at the same time, countries are talking to each other in different configurations. So there are different groups who will come together, such as the regional groups [who might have common goals]. And the U.S., I’m sure, is talking to China and Saudi Arabia.
The UAE has other tools at their disposal — earlier this week they hosted an informal ministerial circle where they talked about the issues together — but at the moment, they’re choosing to do this very closed or bilateral diplomacy, probably because the stakes are high and they need to act sensitively around what this next iteration of text looks like. Because an awful lot hinges upon it.
There must be some real power dynamics at play here. Are there some countries that the UAE is more inclined to listen to than others?
The UNFCCC is weird because some of the times those power dynamics are different from what you might expect. Small island states and other countries have an awful lot of power compared to [the regular UN framework], where they’re not the geopolitical shapers. But in this space, they have much more power because of their moral authority.
This word, “stocktake,” implies a kind of mathematical act. Is there an emissions reckoning happening?
Stocktake is definitely a bad name — we’ve already done a lot of the stock-taking. The past two years had the process of technical dialogues among parties and experts and non-party stakeholders, and we had reports including the IPCC which fed into that. Those conclusions were published back in September, and that report kind of tells us what we already know: Action is growing but inadequate, finance is not there at the scale needed, it’s not going to the right people in the right places at the right time. We think we know what we need to do, we just have to find the ways to do it. How do we commit [to] things here in Dubai that will bend the emissions curve and make sure that actions are implemented on the ground?
Before this COP, I had the impression that the stocktake is going to be some sort of big reckoning of past and future emissions. But it sounds like what’s happening now is similar to how past COP negotiations have gone. Is there something that makes the stocktake stand out from the agreements that were negotiated at previous COPs?
One big difference is that this is the central mechanism of the Paris Agreement, where we take stock and assess how to close gaps to meeting those goals. And that hasn’t happened in a formal way before.
The Paris Agreement was designed to have a stocktake so that we could make sure that our successive action, as the years go by, was ratcheting up, making sure that we’re not just coasting along but really delivering stronger and stronger progress. So that’s an important part of this. We are engaging with the Paris Agreement and saying, “okay, can we make sure it fulfills its goals in that formal way?”
The other part of it is that the stocktake, because it’s had this two-year process, has clearly identified the gaps. No one can deny that we’re not doing enough on finance and that adaptation is massively neglected. We’ve acknowledged that there’s been some progress on emission reductions, but it’s just an incremental push towards what's needed. Those conclusions have a certain weight that we can draw from.
What happens if there is no agreement? Is that an option?
I don’t think that is an option. No agreement would be a failure, a clear sign of an inability of the parties to rise to the challenge of what’s needed. There’s obviously a difficult question about what level of agreement is not good enough, but that’s the reason why the parties are working so hard right now to rescue this — because the deal on the table at the moment was clearly falling below that line. That’s why we saw the backlash.
The UAE certainly will be aware that that is what’s at stake. It’s their presidency, they need to deliver what they set out to do. They need to be able to show the final success. After a year of many pledges and announcements, new money, new initiatives — all of that is important, but it doesn’t count unless you negotiate this final outcome.
And every party has to agree to the final outcome?
It has to be consensus, though what exactly consensus means can be debated. Everyone would have to not object. The weird state of the UNFCCC process means that sometimes there have been things which aren’t necessarily fully agreed 100% but still reached consensus.
Consensus isn’t perfect. It’s a political call, it's not a mathematical number game where you tally up votes. For example, even this year, when the parties agreed [to] the loss and damage fund, the U.S. said in that meeting that they didn’t agree to it. But they said they weren’t in the room when consensus was reached, because the negotiator had left the room temporarily, so an agreement was reached and they approved it here in Dubai.
So there’s ways you can play with the system and survive. There have been instances in the past I’ve heard many years ago where decisions have been gaveled through despite objection because the presidency felt confident that the objections were not sufficient to obstruct the outcome.
This is the first stocktake process. Do you think part of what’s making it so hard is that there is no previous framework?
To an extent we’re creating something new, trying to do this for the first time. But I think also, it’s the politics. We are looking at the hardest issue, and for the first time in years getting on the edge of agreeing [to] something like a fossil fuel phaseout. And that brings up deep challenges for countries who are extremely dependent on fossil fuels. That’s true on all sides — not just producers, but also consumers.
We’re talking about initiating a model for the world which doesn’t have fossils in it. And that’s never been done — even in countries who have decarbonized to a great degree, they have not been able to show how that works at an international level.
So it is a huge ask, and there is no doubt that there can be challenges when trying to do that. And that’s what we’re seeing. We’re seeing the pains of trying to get something that’s useful. We’re no longer negotiating a treaty like we were in Paris. We’re no longer agreeing on a rulebook, which we did for five years up until COP26. We’re now really firmly talking about implementation. What does it mean to deliver the Paris Agreement? What does it mean to actually reduce emissions, not just pledge targets? So obviously it’s going to be a painful conversation, but it’s a difficult and important one.
Is there a misconception or something frustrating about this process that you wish people knew more about?
I think the biggest frustration is that this isn’t about just a technical exercise where you’re like, “oh, we need to phase out fossil fuels, because that's what is needed.” I mean, that’s true. But there’s a deeper question here of “how does the Paris Agreement work?”
The Paris Agreement works on the basis of a deal that if we have finance, if we have cooperation, if we have means to deliver action, [then] we can do more ambitious things, we can raise and accelerate action. That is what is at stake here. So when we’re talking about phasing out fossil fuels, we should also be asking, where’s the financial pathway to do that? When we’re talking about trying to make sure that countries have more adaptation, where is the money on the table to do that? And at the moment, we know it’s a drop in the ocean. These are the contours of the deal that we need to really examine.
And it won’t be all sealed here. It goes on and on until COP30 and after that. But the global stocktake is, I think, like a marriage vow renewal. You need to kind of renew the trust and the faith that that deal, that system’s working. And right now it’s looking like maybe a shaky marriage.
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The Trump administration’s rollback of coal plant emissions standards means that mercury is on the menu again.
It started with the cats. In the seaside town of Minamata, on the west coast of the most southerly of Japan’s main islands, Kyushu, the cats seemed to have gone mad — convulsing, twirling, drooling, and even jumping into the ocean in what looked like suicides. Locals started referring to “dancing cat fever.” Then the symptoms began to appear in their newborns and children.
Now, nearly 70 years later, Minimata is a cautionary tale of industrial greed and its consequences. Dancing cat fever and “Minamata disease” were both the outward effects of severe mercury poisoning, caused by a local chemical company dumping methylmercury waste into the local bay. Between the first recognized case in 1956 and 2001, more than 2,200 people were recognized as victims of the pollution, which entered the population through their seafood-heavy diets. Mercury is a bioaccumulator, meaning it builds up in the tissues of organisms as it moves up the food chain from contaminated water to shellfish to small fish to apex predators: Tuna. Cats. People.
In 2013, 140 countries, including the U.S., joined the Minamata Convention, pledging to learn from the mistakes of the past and to control the release of mercury into the environment. That included, explicitly, mercury in emissions from “coal-fired power plants.” Last month, however, the U.S. Environmental Protection Agency retreated from the convention by abandoning the 2024 Mercury and Air Toxics Standards, which had reduced allowable mercury pollution from coal-fired plants by as much as 90%. Nearly all of the 219 operating coal-fired plants in the U.S. already meet the previous, looser standard, set in 2012; Trump’s EPA has argued that returning to the older rules will save Americans $670 million in regulatory compliance costs by 2037.
The rollback — while not a surprise from an administration that has long fetishized coal — came as a source of immense frustration to scientists, biologists, and activists who’ve dedicated their careers to highlighting the dangers of environmental contaminants. Nearly all human exposure to methylmercury in the United States comes from eating seafood, according to the EPA, and it’s well-documented that adding more mercury to the atmosphere will increase levels in fish, even those caught far from fenceline communities.
“Mercury is an extremely toxic metal,” Nicholas Fisher, an expert in marine pollution at Stony Brook University, told me. “It’s probably among the most toxic of all the metals, and it’s been known for centuries.” In his opinion, it’s unthinkable that there is still any question of mercury regulations making Americans safer.
Gabriel Filippelli, the executive director of the Indiana University Environmental Resilience Institute, concurred. “Mercury is not a trivial pollutant,” he told me. “Elevated mercury levels cost millions of IQ points across the country.” The EPA rollback “actually costs people brain power.”
When coal burns in a power plant, it releases mercury into the air, where it can travel great distances and eventually end up in the water. “There is no such thing as a local mercury problem,” Filippelli said. He recalled a 2011 study that looked at Indianapolis Power & Light, a former coal plant that has since transitioned to natural gas, in which his team found “a huge plume of mercury in solids downwind” of the plant, as well as in nearby rivers that were “transporting it tens of kilometers away into places where people fish and eat what they catch.”
Earthworms and small aquatic organisms convert mercury in soils and runoff into methylmercury, a highly toxic form that presents the most danger to people, children, and the fetuses of pregnant women as it moves up the food chain. Though about 70% of mercury deposited in the United States comes from outside the country — China, for example, is the second-greatest source of mercury in the Great Lakes Basin after the U.S., per the National Oceanic and Atmospheric Administration — that still leaves a significant chunk of pollution under the EPA’s control.
There is, in theory, another line of defense beyond the EPA. For recreational fishers, of whom there are nearly 60 million in the country each year, state-level advisories on which waterways are safe to fish in based on tests of methylmercury concentrations in the fish help guide decisions about what is safe to eat. Oregon, for example, advises that people not eat more than one “resident fish,” such as bass, walleye, and carp, caught from the Columbia River per week — and not eat any other seafood during that time, either. Forty-nine states have some such advisories in place; the only state that doesn’t, coal-friendly Wyoming, has refused to test its fish. One also imagines that safe waterways will start to become more limited if the coal-powered plants the Trump administration is propping up forgo the expensive equipment necessary to scrub their emissions of heavy metals.
“It’s not something where you’re going to see a dramatic change overnight,” Tasha Stoiber, a senior scientist with the Environmental Working Group, a research and advocacy nonprofit that focuses on toxic chemicals, told me. “But depending on the water body that you’re fishing in, you want to seek out state advisories.”
For people who prefer to buy their fish at the store, the Food and Drug Administration sets limits on the amount of mercury allowed in commercial seafood. But Kevin McCay, the chief operations officer at the seafood company Safe Catch, told me the FDA’s limit of 1 part per million for methylmercury is outrageously high compared with limits in the European Union and Japan. “It has to be glowing red before the FDA is actually going to do anything,” he said. (Watchdog groups have likewise warned that the hemorrhaging of civil servants from the FDA will have downstream consequences for food safety.)
McCay also told me that he “certainly” expects mercury levels in the fish to rise due to the EPA’s decision. Unlike other canned tuna companies that test batches of fish, Safe Catch drills a small test hole in every fish it buys to ensure the mercury content is well below the FDA’s limits. (Fish that are lower on the food chain, like salmon, are the safest choices, while fish at the top of the food chain, like tuna, sharks, and swordfish, are the worst.)
The obsessive oversight gives the company a front-seat view of where and how methylmercury is working its way up the food chain, and McCay worries his company could face more limited sourcing options in the coming years if policies remain friendly to coal. (An independent investigation by Consumer Reports in 2023 found that even fish sourced by an ultra-cautious company like Safe Catch contain some level of mercury. “There’s probably no actual safe amount,” McCay told me, recommending that customers should eat a diverse range of seafood to limit exposure.)
Even people who don’t eat fish should be concerned, though. That’s because, as Filippelli told me, “a lot of [contaminated] fish meal is being incorporated into pet food.”
There are no regulatory standards for mercury in pet foods. But avoiding mercury is not as simple as bypassing the tuna-flavored kibble, Sarrah M. Dunham-Cheatham, who authored a 2019 study on mercury in pet food, told me. Even many brands that don’t list fish among their ingredients contain fish meal that is high in mercury, she said.
Different species also have different sensitivities to mercury, with chimpanzees and cats being among the most sensitive. “I don’t want to be alarmist or scare people,” Dunham-Cheatham said. But because of the issues with labeling pet food, there isn’t much to be done to limit mercury intake in your pets — that is, short of dealing with the emissions on local and planetary scales. “We’re expecting there to be more emissions to the atmosphere, more deposition to aquatic environments, and therefore more mercury accumulated into proteins that will go into making the pet foods,” she said.
To Fisher, the Stony Brook professor, the Trump administration’s decision to walk back mercury restrictions makes no sense at all. The Ancient Romans understood the dangers of mercury; the dancing cats of Minamata are now seven decades behind us. “Why should we make the underlying assumption that the mercury is innocent until proven guilty?” he said.
On Qatari aluminum, floating offshore wind, and Taiwanese nuclear
Current conditions: Upstate New York and New England are facing another 2 inches of snow • A heat wave in India is sending temperatures in Gujarat beyond 100 degrees Fahrenheit • Record-breaking rain is causing flash flooding in South Australia, New South Wales, and Victoria.
The war with Iran is shocking oil and natural gas prices as the Strait of Hormuz effectively closes and Americans start paying more at the pump. “So despite the stock market overall being down, clean energy companies’ shares are soaring, right?” Heatmap’s Matthew Zeitlin wrote yesterday. “Wrong. First Solar: down over 1% on the day. Enphase: down over 3%. Sunrun: down almost 8%; Tesla: down around 2.5%.” What’s behind the slump? Matthew identified three reasons. First, there was a general selloff in the market. Second, supply chain disruptions could lead to inflation, which might lead to higher interest rates, or at the very least slow the planned cycle of cuts. Third, governments may end up trying “to mitigate spiking fuel prices by subsidizing fossil fuels and locking in supply contracts to reinforce their countries’ energy supplies,” meaning renewables “may thereby lose out on investment that might more logically flow their way.”
The U.S. liquified natural gas industry is certainly looking at boom times. U.S. developers signed sale and purchase agreements for 40 million tons per year in 2025 from planned export facilities, according to new Department of Energy data the Energy Information Administration posted. That’s the highest volume since 2022, when Russia’s invasion of Ukraine sent demand for American LNG soaring. That conflict, too, is still having its effects on global fossil fuel supplies. A Russian-flagged LNG tanker is on fire in the Mediterranean Sea as the result of a drone strike by Ukraine, The Independent reported Wednesday.
It’s not just fossil fuels. Qatari smelter Qatalum started shutting down on Tuesday as 50% shareholder Norsk Hydro issued a force majeure notice to customers. “The decision to shut down was made after the company’s gas supplier informed it of a forthcoming suspension of its gas supply,” the company said in a statement to Mining.com. QatarEnergy — which owns 51% of Qatalum’s other shareholder, Qatar Aluminum Manufacturing Co. — had previously suspended production after halting output of natural gas due to Iranian drone attacks.
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Panel manufacturer Silfab Solar paused production at its South Carolina factory in Fort Mill after a chemical spill triggered a regulatory investigation. The plant accidentally spilled approximately 300 gallons of a water solution containing less than 0.3% potassium hydroxide. Experts told WCNC, the Charlotte-area NBC News affiliate, that the volume of the caustic chemical that spilled will be harmless. But the state Department of Environmental Services “asked Silfab to cease receipt of additional chemicals at their facility until an investigation is complete.” Such accidents risk political backlash at a time of heightened public health anxiety over clean energy technologies. As Heatmap’s Jael Holzman wrote last summer, the Moss Landing battery factory fire sparked a nationwide backlash.
Two-thirds of offshore wind potential is located at sites where the water is too deep for traditional turbine platforms. But the first wind farm with floating platforms only came into operation nine years ago. The largest so far, located in Norway’s stretch of the North Sea, is just under 100 megawatts. So, if completed, Spanish developer Ocean Winds’ in the United Kingdom would be by far the largest plant. The company took a step forward on the 1.5-gigawatt project when the company signed the lease agreement this week, according to OffshoreWIND.biz.
In Denmark, meanwhile, right-wing politicians are campaigning against the country’s offshore wind giant, Orsted. The country’s conservative Liberal party campaigned on divesting from the company, which claims the Danish government as its largest shareholder, back in 2022. Now, Bloomberg reported, the party is once against renewing its calls to exit Orsted after this year’s election.

Facing surging electricity demand and mounting threats of blackouts from Chinese attacks on energy imports, Taiwan is taking yet another step toward reversing its nuclear phaseout. Nearly a year after the island nation’s last reactor shut down, Taiwanese Premier Cho Jung-tai, a member of the ruling Democratic Progressive Party that has long opposed atomic energy, announced new proposals to allow the state-owned Taiwan Power Company to submit plans to restart at least two of the country’s three shuttered nuclear stations. (A fourth plant, called Lungmen, was nearly completed in the late 2010s before the DPP government canceled its construction.) The government report also said Taiwan may consider building new nuclear technologies, such as small modular reactors or fusion plants.
In June 2023, thousands of lightning strikes in heat wave-baked Quebec sparked more than 120 wildfires that ultimately scorched nearly 7,000 acres of parched forests. Lightning, in fact, starts almost 60% of wildfires. Now a Vancouver-based weather modification startup called Skyward Wildfire says it can prevent catastrophic blazes by stopping lightning strikes through cloud seeding. MIT Technology Review found some good reasons to doubt the company’s claims. But experts said preventing wildfires is cheaper than putting them out, so it may have some merit.
The attacks on Iran have not redounded to renewables’ benefit. Here are three reasons why.
The fragility of the global fossil fuel complex has been put on full display. The Strait of Hormuz has been effectively closed, causing a shock to oil and natural gas prices, putting fuel supplies from Incheon to Karachi at risk. American drivers are already paying more at the pump, despite the United States’s much-vaunted energy independence. Never has the case for a transition to renewable energy been more urgent, clear, and necessary.
So despite the stock market overall being down, clean energy companies’ shares are soaring, right?
Wrong.
First Solar: down over 1% on the day. Enphase: down over 3%. Sunrun: down almost 8%; Tesla: down around 2.5%.
Why the slump? There are a few big reasons:
Several analysts described the market action today as “risk-off,” where traders sell almost anything to raise cash. Even safe haven assets like U.S. Treasuries sold off earlier today while the U.S. dollar strengthened.
“A lot of things that worked well recently, they’re taking a big beating,” Gautam Jain, a senior research scholar at the Columbia University Center on Global Energy Policy, told me. “It’s mostly risk aversion.”
Several trackers of clean energy stocks, including the S&P Global Clean Energy Transition Index (down 3% today) or the iShares Global Clean Energy ETF (down over 3%) have actually outperformed the broader market so far this year, making them potentially attractive to sell off for cash.
And some clean energy stocks are just volatile and tend to magnify broader market movements. The iShares Global Clean Energy ETF has a beta — a measure of how a stock’s movements compare with the overall market — higher than 1, which means it has tended to move more than the market up or down.
Then there’s the actual news. After President Trump announced Tuesday afternoon that the United States Development Finance Corporation would be insuring maritime trade “for a very reasonable price,” and that “if necessary” the U.S. would escort ships through the Strait of Hormuz, the overall market picked up slightly and oil prices dropped.
It’s often said that what makes renewables so special is that they don’t rely on fuel. The sun or the wind can’t be trapped in a Middle Eastern strait because insurers refuse to cover the boats it arrives on.
But what renewables do need is cash. The overwhelming share of the lifetime expense of a renewable project is upfront capital expenditure, not ongoing operational expenditures like fuel. This makes renewables very sensitive to interest rates because they rely on borrowed money to get built. If snarled supply chains translate to higher inflation, that could send interest rates higher, or at the very least delay expected interest rate cuts from central banks.
Sustained inflation due to high energy prices “likely pushes interest rate cuts out,” Jain told me, which means higher costs for renewables projects.
While in the long run it may make sense to respond to an oil or natural gas supply shock by diversifying your energy supply into renewables, political leaders often opt to try to maintain stability, even if it’s very expensive.
“The moment you start thinking about energy security, renewables jump up as a priority,” Jain said. “Most countries realize how important it is to be independent of the global supply chain. In the long term it works in favor of renewables. The problem is the short term.”
In the short term, governments often try to mitigate spiking fuel prices by subsidizing fossil fuels and locking in supply contracts to reinforce their countries’ energy supplies. Renewables may thereby lose out on investment that might more logically flow their way.
The other issue is that the same fractured supply chain that drives up oil and gas prices also affects renewables, which are still often dependent on imports for components. “Freight costs go up,” Jain said. “That impacts clean energy industry more.”
As for the Strait of Hormuz, Trump said the Navy would start escorting ships “as soon as possible.”