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Now can we talk about the hard stuff?

Today is Methane Day at COP28 in Dubai, and there has been a slew of new commitments to wrangle the highly potent, short-lived greenhouse gas:
➢ The Biden administration finalized the strongest-ever federal regulations in the U.S. covering the methane that leaks from existing oil and gas wells, plus tightened rules for new wells. The Environmental Protection Agency expects to achieve a nearly 80% reduction in emissions compared to a world without the rules.
➢ Canada is also expected to announce new methane regulations.
➢ Turkmenistan and Kazakhstan — home to some of the biggest methane leaks from oil and gas operations in recent years — joined a global pledge to reduce methane emissions by 30% this decade. If the pledge is successful, it could eliminate more than 0.2 degrees Celsius of warming by 2050.
➢ Nearly 50 oil and gas companies signed onto a “decarbonization charter,” committing to reduce the ratio of methane released to fuels produced to 0.2% by 2030, and to capture the gas instead of flaring it. For reference, the current methane intensity of U.S. oil and gas production is about 2.5%.
➢ A new partnership between Bloomberg Philanthropies, the United Nations Environment Program, the Environmental Defense Fund, the International Energy Agency, and RMI will use satellite data and analysis of leaks to hold companies and governments — in particular the oil and gas charter members — to their pledges.
➢ All of this follows a new methane deal from the European Union to reduce methane leaks at home and, by 2030, require companies importing oil and gas to the EU to meet a standard for emissions associated with their product.
➢ China also recently released a methane action plan, and agreed for the first time to include non-carbon dioxide greenhouse gases like methane in its emissions targets. The country is a co-host of the Summit on Methane and Other Non-CO2 Greenhouse Gases at COP28 today.
This is not the first time many of these groups have pledged to address methane, which leaks into the atmosphere from oil and gas infrastructure, coal mines, landfills, and farms. But taken together, today’s actions bring more ambition, transparency, and accountability to the task.
During a press briefing on Friday morning, U.S. Climate Envoy John Kerry told reporters that reducing methane emissions is the “easiest, quickest, cheapest, simplest” way to fight climate change. There’s two reasons for that. First, since methane begins breaking down in the atmosphere after about a decade (unlike CO2, which can last hundreds of years), cutting methane emissions will reduce warming significantly in the near-term. Second, experts say that reducing leaks from oil and gas infrastructure is both technologically doable and cost-effective. “It’s not complicated technology,” Kerry said. “It’s mostly plumbing.”
But for an issue that’s so easy to address, the scourge on methane has sucked up a lot of oxygen in the climate conversation over the past five years, especially in the U.S. Writing about “the quickest way to slow warming” has become a tired cliché for climate journalists, me included. Ever since scientists at the Environmental Defense Fund reported that methane emissions from oil and gas production were being severely undercounted in 2018, attention to methane by environmental groups, researchers, the U.S. government, and even the oil and gas industry has steadily risen. But so have methane emissions, according to some estimates.
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The Obama administration first tried to regulate emissions from existing wells and tighten standards for new wells in 2016. Then the industry sued. Trump rolled back the rules. The Biden administration tried again in 2021, proposing new rules during COP26 in Glasgow and spearheading the Global Methane Pledge. One year later, during COP27, the Biden administration issued yet another proposal to “update, strengthen, and expand on” the original. Now that the rules are finalized, some won’t even go into effect for another two years so that states have time to develop plans to adhere to the regulations on existing wells.
It does look like this moment is different — that this could be a real turning point. Engineers have made great advances in methane detection technology. Satellites, drones, and handheld detectors have turned up “super-emitters,” astoundingly large leaks from oil and gas operations all over the world that would have otherwise gone unnoticed and unaddressed.
During the Friday morning press briefing, billionaire philanthropist Michael Bloomberg, who is putting $40 million toward the new watchdog effort to hold companies accountable, promised this would not be “just another announcement.” He pointed to his Beyond Coal campaign, which successfully shut down 70% of U.S. coal plants over the past five years. Inger Andersen, executive director of the United Nations Environment Program, said there will finally be transparency. “Without transparency, all we have is pledges,” she said.
So the world may finally be moving in concert to address methane, this lowest hanging fruit, this bare minimum, this fastest way to slow warming. Well, la-di-da. Now that there’s some consensus on methane, will there be more room to talk about the harder stuff? Like, the root cause of climate change? Like, ending the use of oil and gas, and — god help us — coal?
The U.S. committed today to finally phasing out the dirtiest fossil fuel, but other countries — notably India — are still digging in their heels. Andersen mentioned a report the UNEP released in November, which found that the majority of oil and gas producers plan to increase their production between now and 2030, and some until 2050.
“The addiction to fossil fuels still has its claws deep in many nations,” the report says. “Governments are planning to produce, and the world is planning to consume, over double the amount of fossil fuels in 2030 than is consistent with the pathway to limiting global temperature rise to 1.5°C. These plans throw the global energy transition into question. They throw humanity’s future into question.”
Yes, cutting methane emissions from oil and gas operations will stave off worse climate impacts, buying the world some time as it tackles the much harder challenge of phasing out fossil fuels. But it also gives fossil fuel companies a new defensive weapon as we enter this next stage of climate action. They will be able to say their products are cleaner — perhaps even that we should thank them for helping the world avoid 0.2 degrees C of warming while their plans “throw humanity’s future into question.” To make progress beyond methane, we’ll need to get from pledges to action a lot more quickly.
This story has been updated.
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CleanCounts is announcing new hourly matching credits, among other “enhancements.”
Renewable energy certificates, or RECS — the credits that companies buy in order to make claims that their operations “run on renewable energy” — are getting more sophisticated.
CleanCounts, a nonprofit that runs one of the biggest registries for RECs in North America, announced on Wednesday that it now has the capability to issue certificates tied to the exact hour the renewable energy was produced, opening the door to more reality-based clean energy claims. For companies that want to match their renewable energy purchases to the hours when their factories and stores are actually consuming power, “that was a critical piece of infrastructure that was missing,” Benjamin Gerber, the CEO of CleanCounts, told me.
The company also announced “additional enhancements” to its registry that will enable a wider range of new REC products, from certificates tied to “pollinator-friendly solar,” to projects owned by indigenous Tribes, to “low-impact hydropower” projects that mitigate harm to fish. Gerber said he thinks having a system to track and verify these benefits will help companies tell a different story about the infrastructure they are building, and in so doing help turn the tide of public support.
Traditionally, a REC represents a megawatt-hour of electricity that has been generated by a renewable energy source such as wind, solar, geothermal, or moving water. The generator records every megawatt-hour it produces with a registry like CleanCounts, which issues certificates; companies then buy these certificates, either in advance under power purchase agreements or after the fact in the spot market. The registry then “retires” the certificates once the REC buyer chooses to “use” it to make a clean energy claim. Registries ensure that nobody is counting the same megawatt-hour more than once.
Today, a lot of corporations simply match their annual energy consumption with certificates. If they anticipate consuming 100 megawatts, they might buy 100 megawatts of solar RECs — even if their factories operate at night — and then claim they “run on 100% renewable energy.” Critics argue these types of claims mislead the public and tip the scales toward the cheapest renewable sources — i.e. solar and wind — rather than those that can generate energy in the off-hours, such as batteries, geothermal, and nuclear. Many clean energy advocates want to see companies move toward making more specific claims about the number of hours they run on renewable energy.
Google got behind this idea several years ago, pledging to match its consumption with clean energy on a 24/7 basis. CleanCounts piloted a method with Google to issue the company hourly RECs, but to do so it had to basically reverse engineer the certificates, embedding data regarding the time the energy was produced after the fact. That made it complicated to true up a company’s energy consumption data with its REC purchases and say, “we covered X number of hours with clean energy.”
Now, CleanCounts will be able to specifically issue a credit for “1 megawatt-hour produced Wednesday, September 16, at 9:00 a.m.,” for example, making it far easier for companies to adopt an hourly matching strategy.
“Instead of breaking it apart, they're basically issuing it as an already granularized tradable certificate,” Alex Piper, the head of policy at EnergyTag, a nonprofit that advocates for hourly matching, told me. “Which is what is new and exciting, and opens the door for more liquid transactions and a broader and more impactful marketplace.”
Hourly matching is not exactly popular in the corporate sustainability world. A lot of companies and sustainability consultants argue that accounting for their energy on an hourly basis will be too complicated, too expensive, and ultimately crater the corporate clean energy market. Corporations are in a showdown with EnergyTag and other proponents of hourly matching to convince the Greenhouse Gas Protocol, a nonprofit that sets standards for corporate carbon accounting, of their case.
The new CleanCounts product solves at least one of those challenges, making hourly clean energy procurement much simpler.
That might also reap benefits in the form of consumer trust. New polling from EnergyTag and YouGov found that Americans tend to agree that companies shouldn’t claim to use solar at night. When asked, “When should a company count as a clean energy user?” 45% of respondents selected “only when their clean energy supply matches the hours they actually use electricity,” while 22% chose “when their clean energy averages out over the year (i.e. daytime solar covering nighttime usage.)” Just under a third of the 1,292 respondents selected “don’t know.”
Even if companies start buying hourly RECs, however, another challenge will be figuring out how to tell their customers, most of whom have no idea what a REC is. For years, companies have simply advertised that they are 100% renewable. What will it take to convince customers that actually, “We use clean energy about half the time we operate” is a more laudable claim?
Current conditions: Severe storms are drenching a broad swath of the Midwest with heavy rain from Des Moines to Fort Wayne • Intense downpours put all 76 of Thailand’s provinces, or changwat, on a five-day flooding alert, ending on Sunday • Tropical Storm Dujuan has strengthened in the Pacific en route to Japan.

The Trump administration has narrowed the federal government’s interpretation of the Endangered Species Act to only consider intentional targeting of protected animals illegal. The move, part of what The New York Times called “a seismic shift” in the application of one of the nation’s bedrock conservation laws, would essentially free energy companies from the need to, for example, invest in infrastructure to keep migratory birds from making deadly landings in ponds of oil and gas slurry. Killing endangered animals “almost always happens incidentally, in the course of economic activity,” the newspaper noted. It’s unclear whether the legal change would also apply to one of the industries President Donald Trump most frequently antagonizes for its accidental killing of birds: the wind industry.
When President Donald Trump announced an energy truce between Ukraine and Russia, he promised that a halt to attacks on pipelines and refineries would lower prices on diesel worldwide, insisting the Iran War wasn’t to blame. But half of Russia’s six top diesel-producing refineries were forced to significantly cut back or completely stop production this month due to damage from Ukrainian drone attacks, according to a Reuters analysis published Wednesday. Russian President Vladimir Putin, meanwhile, is making a $135 billion bet on Arctic oil that OilPrice.com suggested “could save his Ukraine war.”
U.S. energy companies, meanwhile, are storming into a country in America’s backyard that — unlike the Kremlin’s attempt at a blitzkrieg capture of Kyiv’s leaders in 2022 — successfully decapitated a rebellious regime and reasserted Washington’s regional dominance. I’m talking, of course, about Venezuela. Harold Hamm, the oil tycoon behind the U.S. shale boom, told the Heartlander News yesterday that his company had signed a tentative agreement to explore one of the South American nation’s oil fields. New York-based Heeney Capital is eyeing a gold mine in Venezuela, per Reuters. Bloomberg reported that the company is also looking to ship aluminum from Venezuela to the U.S. Exxon Mobil, meanwhile, is “nearing a preliminary deal” to invest in Venezuela oil, according to The Wall Street Journal.
The Federal Reserve raised the benchmark federal interest rate by a quarter point Wednesday. The U.S. central bank’s first rate change since Chairman Kevin Warsh took over in May, and its first rate hike since 2023, will bring the federal funds rate to between 3.75% and 4%. The increase could make raising capital “more difficult” for “capital-intensive renewable and clean energy industries,” my colleague Matthew Zeitlin wrote yesterday.
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Lawmakers in the House of Representatives overwhelmingly passed the first major bill to curb the costs of the AI boom with legislation Politico described as “intended to shield Americans from potential energy costs associated with data centers.” The Ratepayer Protection Act passed in a 417 to 3 vote. The bipartisan win hands the GOP a victory ahead of the November election on one of the issues firing up voters the most. The bill would require states to consider a federal standard guaranteeing that large power consumers pay for 100% of the costs of new generation and transmission upgrades, but falls short of a direct mandate.
Meanwhile, the House split along partisan lines for another bill on California’s right to regulate pollution more strictly than the federal government. The chamber voted 216 to 211 to bar California from setting strict new limits on air pollution from ships docked at the state’s ports, marking what The New York Times called “the latest salvo by Republicans against the state’s pioneering environmental policies.” The move comes after Congress last year banned Sacramento from imposing a ban on gasoline-powered vehicles by 2035.
One of the most significant nuclear stock market debuts of the past few years has hit a major hiccup. On Wednesday night, Holtec Nuclear Corporation suspended plans for an initial public offering, citing “market conditions.” Bloomberg and Reuters first reported the postponement, which I confirmed with Holtec last night. “Holtec will continue to evaluate the timing of the offering in the future,” the company told me. With plans to restart a nuclear reactor for the first time in U.S. history in the coming months, Holtec is the only company likely to bring (somewhat) new atomic electricity onto the grid before 2030. The company owns several other decommissioning nuclear plants, where it plans to build its own in-house small modular reactors.
Another major player in the burgeoning nuclear market, meanwhile, hit a major regulatory milestone. Blue Energy, a developer that bills itself as “agnostic” to reactor technologies, is instead focused on building facilities that will initially run on gas and eventually transition to reactors, with GE Vernova Hitachi Nuclear Energy’s BWRX-300 — the closest rival to Holtec’s SMR-300 — centering in those plans at the moment. On Wednesday, Blue Energy submitted its application for a construction permit to the Nuclear Regulatory Commission for its inaugural gas-to-nuclear project in Port of Victoria, Texas. The submission makes Blue Energy one of just five companies so far to ask the NRC for permission to begin building. “This is serious work done by serious people for a serious project,” Blue Energy CEO Jake Jurewicz said in a statement. “This is another huge step towards building the world’s first gas-to-nuclear power plant and proving the Blue Energy approach to build nuclear in the safest, quickest, and most scalable way possible.”
The wine-dark sea is getting more briny. As its temperatures rise faster than the global ocean surface average, the Mediterranean Sea is growing saltier. The upper 100 meters of the sea between Europe and Africa have been about 2 degrees Celsius warmer than their 1950 to 1999 average, according to a study published in Geophysical Research Letters. “For us, what was alarming was the rate at which this is changing and the depths that such significant changes reach,” Elena Terzić, a physical oceanographer at the Ruđer Bošković Institute and lead author of the study, told Bloomberg. “The warming and salinification are statistically significant down to three or four thousand meters, and the speed-up itself reaches down to about 2,500 meters.”
The company plans to invest in domestic manufacturing for its high-heat magnets.
Our electricity system runs on magnets. Every transformer stepping voltage up or down, every inductor smoothing out electrical current, and every motor turning electricity into motion relies on the same basic physics: magnetic fields that control the flow of electrons, converting, filtering, and transporting power at every stage. But as AI and electrification push the grid to its limits, better magnetic materials can help power electronics — and our grid itself — keep up.
That’s the bet behind CorePower Magnetics, a Pittsburgh-based startup which raised a $10.5 million funding round co-led by Engine Ventures and Material Impact, announced on Thursday. The startup is developing more efficient, power-dense components such as inductors and transformers using proprietary nanocrystalline magnetic materials, whose ultra-fine grains reduce energy loss. While these materials have historically been brittle and limited to operating at temperatures below 150 degrees Celsius, CorePower says it engineered alloys that can perform above 200 degrees while maintaining durability.
That higher temperature ceiling is critical. As surging electricity demand meets our increasingly complex grid, power electronics like inductors and transformers are being pushed to handle more power, greater voltages, and higher frequencies than ever before. Magnetic material that can run hotter allows engineers to push more power through smaller components. In the context of a data center, for example, that could equate to about a 10% overall reduction in power demand, CorePower’s CEO Sam Kernion told me
“Data centers are the tip of the spear for this really big push into power electronics,” Kernion explained. “If you look more broadly, electricity demand is growing, but the grid itself is becoming a lot more complex, and data centers are just a great example of that.”
Traditionally, electricity flowed unidirectionally from large, centralized power plants to homes, businesses, and other end users. But now the system must support a wider array of both generation and demand sources. Distributed energy resources like rooftop solar panels can generate power directly where it’s consumed, while batteries (and soon electric vehicles) can both draw power and send it back to the grid. Today’s standard electrical equipment isn’t built to handle the bidirectional power flow and real-time current and voltage conversions that this new ecosystem demands.
Solid-state transformer startups such as Heron Power and DG Matrix are tackling this same challenge, using advanced semiconductor technology to convert voltage electronically while also handling functions like bidirectional power flow and alternating-to-direct current conversion. But even these newer systems still generally rely on conventional magnetic materials, which CorePower says have become a key bottleneck.
“We’re taking a car engine, and now we’re going to a jet engine in terms of how different this is,” Kernion told me regarding the demands of this new, higher performance operating environment.
CorePower is designing its advanced, medium-frequency transformers to operate across a broad range of frequencies, from 10 kilohertz to 100 kilohertz. Eventually it plans to sell these transformers to power electronics manufacturers, which will build complete, solid-state systems around the startup’s magnetic core, adding components such as semiconductors and capacitors along with their own software and control systems.
While CorePower hasn’t disclosed any customers to date, it did launch its first product last year, a standardized, low-voltage inductor that’s smaller, lighter, and more efficient than the industry standard. The device smooths out current in power conversion systems, including data center distribution equipment, EV chargers, and inverters that convert DC electricity to AC. Next, CorePower is preparing to launch its standardized transformer product.
The company’s magnet tech could ultimately find numerous applications beyond inductors and transformers. “We’re also able to supply onboard magnetic components for EVs, or uninterruptible power supplies at data centers, or inverters for renewables,” Kernion explained. “Every electron everywhere passes through a magnetic component at some point, so there’s a whole bunch of opportunity out there.”
It’s certainly a fortuitous time to be a domestic power electronics manufacturer. Last month, President Trump signed an executive order banning the import of certain foreign-made bulk power equipment, including substation transformers and grid-connected inverters. While CorePower is mainly focused on producing high-performance equipment that Kernion says can’t currently be sourced domestically or abroad, the push to shore up domestic manufacturing is providing a tailwind for another of its new business lines: amorphous ribbon, a traditional alternative to the electric steel used in conventional distribution transformers on the grid.
With this latest funding, CorePower plans to expand its team and increase manufacturing capacity at its 10,000 square foot pilot manufacturing facility in Pittsburgh, which it was able to complete thanks to a $5 million ARPA-E grant. The company is eventually looking to move into a larger, 100,000 square foot facility in the region to scale its material and component manufacturing further, though there’s no confirmed timeline for this yet.