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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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A D.C. appeals court upheld an injunction preventing the Trump administration from clawing back $20 billion in climate grants.
One of the Biden administration’s most interesting — and contentious — climate programs might get a second lease on life.
Earlier this week, the D.C. Circuit Court of Appeals ruled that the Trump administration could not end the $20 billion Greenhouse Gas Reduction Fund program, which would have capitalized several national green banks. The court also ruled that the Environmental Protection Agency needed to give the nonprofits access to the funds while the case proceeded.
That would amount to a victory — if it holds. But the ball is now in the EPA’s court. If the agency appeals the ruling in the next week, then the case will go to the Supreme Court, setting up what could be a major battle over the program, according to The New York Times.
My colleague Emily Pontecorvo wrote about the background to the case last year, when the nonprofits looked more likely to lose:
Congress created the grants, known as the Greenhouse Gas Reduction Fund, as part of the Inflation Reduction Act in 2022. It authorized Biden’s EPA to award $20 billion to a handful of nonprofits that would then offer financing to individuals and organizations for emission-reduction projects, mostly geared toward low-income or otherwise disadvantaged communities. The agency fully obligated the funds last August to eight nonprofits that would “create a national financing network for clean energy and climate solutions across the country.
Then Trump took office and ordered his agency heads to pause and review all funding for Inflation Reduction Act programs. EPA Secretary Lee Zeldin targeted the Greenhouse Gas Reduction Program for termination, making a big show of a covert recording of a former agency employee comparing Biden’s efforts to get climate money out the door after the election to “throwing gold bars off the edge” of the Titanic. Never mind that this particular program had been fully obligated prior to the election, and recipients had already started to announce investments as early as October.
The nonprofit awardees sued the Trump administration, and the District Court for the District of Columbia issued a temporary injunction on the EPA’s grant terminations in mid-April, mandating that the funds continue to be paid out while the case proceeded.
That’s the injunction that 10 judges on the D.C. Circuit upheld this week.
I’m curious to see what would happen if the eight nonprofits do eventually get their money. As the Times notes, the ensuing months have been tough on the organizations — the chief executive of Climate United, which would have been one of the three national green banks, left the organization last year and hasn’t been replaced.
These green banks always ran the risk of being seen as a kind of out-of-government slush fund for the Biden administration’s favorite causes. But if implemented, they had the potential to unlock a virtuous cycle where successful green investments begat more green investments. Another promising scheme would have used them to bridge the U.S. economy’s “missing middle,” the lack of financing for first-of-a-kind projects and other innovations that require long-term investment but are more than five years out from market. Such a scheme would have helped technologies like fusion, hydrogen, or plain-old nuclear make their way to market. The Trump administration has since turned to other sources of government financing to boost nuclear.
Current conditions: South Korea’s heat wave has killed at least 16 people after the southeastern city of Yangsan recorded an all-time national temperature high of nearly 109 degrees Fahrenheit • Washington authorities arrested a man suspected of arson as the Pacific Northwest state struggles to contain wildfires around Spokane • Typhoon Dolphin intensified into a Category 4 storm as it barrels toward southern Japan, where the ongoing heat wave has killed three female lions at a Tokyo zoo.
The United States could reach a deal with Iran as early as today to reopen the Strait of Hormuz to commercial shipping, Treasury Secretary Scott Bessent said. When asked during a Tuesday appearance on CNBC whether the agreement would allow Tehran to charge a toll to oil tankers, Bessent said the pact would include “freedom of movement.”
The announcement came as President Donald Trump faced a particularly grim economic milestone. Thanks to inflation from the Iran War, the price per gallon of diesel in the U.S. has averaged $4.09 since Trump returned to office in January 2025, according to a Financial Times analysis of Energy Information Administration data. That compares to $4.08 during Biden’s four years in office, when the Ukraine war triggered a price shock on diesel.
When the Trump administration brokered an $80 billion deal to support construction of at least 10 more Westinghouse AP1000 reactors in the U.S., the agreement came with a measure that would allow the federal government to request that the company’s owners offer shares of the legendary developer behind much of the American nuclear fleet on the stock market. It now appears that won’t be necessary. Last week, Westinghouse, a co-venture between Canadian uranium giant Cameco and Toronto-headquartered investment giant Brookfield, filed confidential paperwork with the U.S. Securities and Exchange Commission, laying the groundwork for a possible IPO.
The move came just two weeks after Holtec International, another long-standing stalwart in the industry that’s looking to play a central role in the next U.S. reactor buildout, filed its own S-1 paperwork with the SEC. At present, retail investors have limited options to bet on the nuclear renaissance. Startups such as X-energy, Oklo, and Hadron Energy — none of which has yet built a reactor or won Nuclear Regulatory Commission approval of its design — have dominated the market. Established firms such as the nuclear utility Constellation Energy, fuel maker Centrus Energy, and GE Vernova, whose joint venture with Japanese conglomerate Hitachi is a leading reactor developer, have also benefited. But Westinghouse and Holtec would be among the most serious “pure play” contenders on the market with real balance sheets.
British Prime Minister Andy Burnham took power last month after Labour leader Keir Starmer stepped down amid plummeting support within his own party, clearing the way for the populist former Manchester mayor’s democratic socialist reforms. Among the changes Burnham is expected to make on energy is giving the government an even greater role in developing fusion energy. “Because Burnham is committed to greater public control over utilities like energy, but within existing fiscal rules, his impact on fusion is likely to be about governance and ownership structures — for example stronger public or community stakes in fusion projects and more explicit links to regional development — rather than changing the headline national targets for fusion deployment themselves,” analyst Michael Heumann wrote in The Fusion Report.
It’s the type of intervention for which Japan’s fusion industry is pining. As you may recall, Japan’s conservative new “Iron Lady” Prime Minister Sanae Takaichi is going all in on reviving her country’s nuclear industry. But the FT reports that Japan’s fusion industry is now lobbying for more government support to get off the ground.
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Dominion Energy’s Coastal Virginia Offshore Wind project is progressing toward coming online by the end of next year. The timeline for the 2.6-gigawatt facility off Virginia’s shores to install its 176th and final turbine pushes back the start date from early 2027. But Dominion said the schedule “reflects additional contingency for weather, vessel maintenance, loadout operations, and extended jacking activities, rather than changes to the base turbine installation rate, which has been two days per turbine so far,” according to offshoreWIND.biz. The update comes after Trump conceded defeat in his battle to use the Department of Justice to wrestle back federal permits issued to offshore wind projects under the previous administration, my colleague Emily Pontecorvo wrote in June.
On Tuesday evening, meanwhile, 10 judges on the U.S. Court of Appeals for the District of Columbia Circuit upheld an earlier injunction that said the Environmental Protection Agency could not cancel $20 billion in climate grants, ruling in a split decision that recipients should have access to the funds.
Renewables made up 54.1% of Spain’s electricity generation in July — and it’s even higher when you count Spaniards who generated solar at home for self-consumption. That’s according to the latest data the national grid operator Red Electric de España published Tuesday. Generation from renewables surged nearly 6% year-over-year to a record 14,699 gigawatt-hours last month, according to Renewables Now. Solar made up by far the largest share for the fourth consecutive month, accounting for more than 28% of the mix in July.

I’m always fascinated by the parallels between Cuba and Puerto Rico, which — despite shared colonial histories and struggles — took divergent paths in the mid-20th Century, only to both end up with aging grids that can’t keep the lights on. I was reminded of conversations I have had with Boricuas who have spent nights sleeping on balconies and porches when the electricity is out, leaving air conditioners and fans idled on hot nights. In Cuba, that’s now happening en masse as the summer heat collides with the ongoing U.S. oil embargo. “Things are only getting worse. Tomorrow it’ll collapse again ... and we’ll be back to sleeping on the Malecón,” Alexey Ríos García told the Associated Press as he used a piece of yellow foam as a pillow to cushion his head from the tough concrete.
What’s next for electric cars? There’s no consensus.
Here’s the good news on electric cars in America: Sales in the second quarter of 2026 rose by 14% compared to the first quarter, which itself was an improvement on the preceding quarter. And here’s the bad: Even those good-looking Q2 sales numbers this year represent a 20% decrease from the same period in 2025.
Welcome to a confused moment in EV history. Electric vehicle sales in this country grew at a decent rate through the early part of the 2020s — right up until they fell off a cliff last fall when the federal tax credit disappeared and cars became $7,500 more expensive overnight. EVs have begun to recover in the intervening months, especially as Americans look for some respite from high gas prices. Yet the lineup of available EVs for them to purchase has been weakened by endless volatility. Car companies struggle to keep up with Chinese competitors abroad and the Trump administration’s relentless attacks on electric vehicles here. Meanwhile, EV makers have shifting visions of what they want electric cars to be.
In the long run, nothing has changed. The automotive industry is headed in one direction: toward a future dominated by battery-powered electric vehicles. But in the short run, even as EVs are setting sales records in dozens of countries and approaching 30% of the global car fleet, it feels like everyone involved in trying to sell EVs to Americans is driving in a different direction.
Just take a quick accounting of the players. At the start of the decade, Ford pinned its hopes on the F-150 Lightning pickup truck and the Mustang Mach-E, but never figured out how not to lose money on them. Last year, the company then blew up plans for its second-generation EV to go back to the drawing board. It stood up a skunkworks team at a far-flung California factory to learn how to slash manufacturing costs and make a mid-size electric truck in the $30,000s, set to emerge from the shadows next year.
Its Detroit rival, GM, looked to be in better shape. It bet its battery-powered fortunes on the Ultium platform that would underpin many vehicles across its lineup. In doing so, it rolled out a more ambitious lineup than Ford: Not just the Chevy Silverado, Blazer, Equinox, and Bolt, but several well-received Cadillac models that breathed some life into that atrophying brand.
In 2024, GM phased out the Ultium name, seemingly to make room for the next-generation architecture to follow. And then things started to get a little rocky. The Chevy Bolt, a hero of the late 2010s era of EVs, returned just in time to be canceled so GM could build more gas-guzzling Buick crossovers. General Motors is now stuck in a wait-and-see on battery power. It may update its existing EVs, particularly the Equinox, but reportedly has no plans to expand its electric offerings until at least 2030 — when, perhaps, some of the dust of the Trump presidency has settled.
GM’s fortunes look rosy next to those of Stellantis, the global giant that owns car brands like Jeep, Dodge, Chrysler, and Ram. Like competitors Ford and GM, Stellantis has had to take on eight-figure losses as it rejiggers its business to try to compete in the electric future. But unlike the Detroit duo, it has no particular success story even to hang its hat upon. Jeep EVs have been a struggle, and the planned Ram EV pickup never even saw the light of day. Now the great electric hope for pickup trucks is the planned Ram extended-range EV, a truck that would carry a gasoline engine simply to act as an onboard generator that recharges the battery.
Among Japan’s legacy automakers, the surprising insurgent is Toyota. The world’s biggest car company has been perhaps the most openly skeptical of electrification, with leadership arguing time and again against the economic feasibility of electric cars. Public statements make it sounds as if the company is being dragged away from the combustion age against its will. And yet, as the other car companies drift into limbo amid the chaotic current market, here is Toyota, slowly building up something rather than shifting its plans every couple of years.
Though its first true EV, the bZ4x, wasn’t up the standard of today’s best EVs, Toyota has stormed into 2026 with an improved version, the bZ, plus a revival of the C-HR small crossover in fully electric form. Toyota is in the midst of electrifying the Highlander SUV and even rolled out a concept car to tease a battery-powered makeover of the iconic Toyota Corolla. While the rest of the industry retreats from EVs to formulate a new plan, Toyota chose this moment to dive in headfirst. The same is true of its frequent design partner, Subaru, which has finally introduced multiple EVs to join the race.
Compare that with the turmoil at rival Honda. Like Subaru, it borrowed technology to accelerate its entry into the U.S. EV race — in Honda’s case, building the Prologue crossover on GM’s Ultium system. The company put several new EVs in the pipeline that would be Hondas from the ground up. Earlier this year, it killed them all, with leadership convinced its efforts just couldn’t compete, especially in non-U.S. markets where it would go up against the dirt-cheap offerings coming out of China.
Then, of course, there’s Tesla. Elon Musk’s brand is suddenly thriving again, thanks in large part to the vacuum created by the rest of the industry. Tesla, for all its bad press in some corners of the internet, still makes up more than half of EV sales in America, and the numbers soared in Q2 in spite of everything that’s been going on with Musk and his company (his focus on everything else that’s not human-driven cars, his political misadventures, and his reliance on just two aging car models, just to name a few issues).
That legacy car companies have stalled and flip-flopped on electrification as the political winds have changed has left the door open for the other EV-only startups. Rivian’s much-ballyhooed R2 arrived this summer and is off to an excellent start on its mission to make that company mainstream. Slate has finally taken the cover off its affordable electric small pickup. Lucid has been dogged by bankruptcy rumors as it tries to cross the startup’s valley of death, but for now, it’s still chugging.
With the car industry so scattered and disparate on its electrification efforts, it’s hard to know quite what to make of things. We’re a long way from the go-go Biden era, when government incentives for EV production gave automakers the confidence to make proclamations about going fully electric. Back then, it felt like we might be on the cusp of seeing an EV version of just about everything. Now it feels like the United States government is fighting another losing war — this one trying to singlehandedly save petroleum power while the rest of the world moves on.
Electric cars came to America slowly, and then fast. After decades of science experiments and sci-fi promises and Who Killed the Electric Car?, EVs gained a foothold remarkably quickly after the rise of Tesla. Millions of Americans now own one. But the leap from early adoption to mass adoption — which was first delayed by factors like high prices and unease with new technology — has been further forestalled by an antagonistic administration and an industry flailing about it keep up with its whims.
Electrification is coming. But this lull isn’t going away anytime soon.