Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Climate

Climate Finance Must Reach $1 Trillion a Year

On COP29 funding goals, congestion pricing, and the Cybertruck

Climate Finance Must Reach $1 Trillion a Year
Heatmap Illustration/Getty Images

Current conditions: Smog in India has obscured views of the towering Taj Mahal • Thousands of people have evacuated Málaga, Spain, due to extreme flooding • Most of the U.S. will experience higher-than-average temperatures through the end of the week.

THE TOP FIVE

1. Economists say poor nations need $1 trillion a year in climate finance

Developing nations will need at least $1 trillion a year in climate finance by 2030, growing to $1.3 trillion by 2035, according to new analysis from economists with the Independent High-Level Expert Group on Climate Finance. The study was released as negotiators continue to hammer out a new climate finance goal at COP29. The current funding goal – $100 billion per year – was agreed in 2009. Meanwhile, Brazil unveiled its new Nationally Determined Contribution (NDC) yesterday. The country aims to cut emissions between 59% and 67% by 2035 compared to 2005 levels and “gradually replace” the use of fossil fuels. But as Climate Home Newsreported, “the South American nation is also planning to increase oil and gas production by 36% by the same year.” The U.S. is expected to announce its new NDC at the climate summit.

2. Warming projections for 2100 remain stagnant

A new report published this morning finds that projections for temperature increases through 2100 remain stagnant for the third year in a row. The research group Climate Action Tracker found that the world is likely to warm by 2.7 degrees Celsius (4.9 degrees Fahrenheit) by the end of the century. But there’s a 50% chance the number could be lower – or higher. By 2030, temperatures are now expected to rise somewhere between 1.9 and 2.6 degrees Celsius (3.4 and 4.7 degrees Fahrenheit), a slight uptick thanks to “minimal progress” from governments in strengthening emissions targets. “Mixed signals from the political space are canceling each other out and clearly hindering progress in climate action,” the report said. “COP29 must be an enabling COP, delivering concrete outcomes to translate the pledges made last year into real-world, real-economy results.”

Climate Action Tracker

3. Hochul to revive NYC congestion pricing plan

New York Gov. Kathy Hochul will re-introduce a plan to introduce congestion pricing for vehicles traveling into Lower Manhattan, but the fees will be significantly lower than those in the original proposal: $9 compared to $15. The plan could be fast-tracked for approval by next week and could go into effect before January, The New York Timesreported, “a time frame that aims to pre-empt [President-elect Donald] Trump’s vows to kill the program.”

4. Storm Sara takes aim at Central America

The storm system churning in the Caribbean is expected to become Tropical Storm Sara today and poses a “catastrophic risk to lives and property” in Honduras, Belize, and Nicaragua. Areas in Central America with steep terrain “are especially vulnerable to flooding,” AccuWeather chief meteorologist Jon Porter said. Tropical storm and hurricane alerts have been issued for the region. The National Hurricane Center warns of dangerous flash flooding and mudslides. The storm could strengthen into a hurricane by the weekend, though its trajectory is uncertain and Floridians are advised to keep an eye on the situation.

NOAA and NHC

5. Tesla issues 6th recall for Cybertruck

Tesla issued another recall for the Cybertruck this week due to a fault with the drive inverter that “may cause it to stop producing torque. If the inverter stops producing torque, the driver loses the ability to apply torque to the vehicle using the accelerator pedal resulting in a loss of propulsion, which may increase the risk of a collision.” This is the Cybertruck’s sixth recall, and it applies to about 2,400 trucks. This particular fault can’t be fixed with a software update, so vehicles have to be serviced and the inverter replaced.

THE KICKER

Researchers have discovered the world’s largest known coral colony in the Solomon Islands. Measuring 111 feet wide, 105 feet long, and 18 feet tall, the mega coral is estimated to be at least 300 years old. Its location deep down in cool waters may help protect it from rising temperatures.

Yellow

You’re out of free articles.

Subscribe today to experience Heatmap’s expert analysis 
of climate change, clean energy, and sustainability.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Economy

The Age of Electrons Has Arrived, but Maybe Not for the Right Reasons

A new report finds that utilities are spending more than fossil fuel companies to keep up with data center electricity demand.

Money.
Heatmap Illustration/Getty Images

The transition to clean energy is largely a shift from molecules to electrons — gasoline in the tank is out, electricity stored in a battery cell is in. It follows, then, that as the transition progresses, the balance of power in the energy industry will shift from oil and gas production to electricity generation.

We may look back on 2024 as the year the scales tipped. Among the top 260 publicly listed energy companies, utilities’ capital expenditures around the globe were slightly higher this year than oil and gas spending, according to a recent analysis from Boston Consulting Group, and the authors expect the trend to grow through the end of the decade. But it wasn’t a sudden spike in EV adoption or home electrification or some other climate solution that put utility spending in the lead. It was the rise in data centers.

Keep reading...Show less
Green
Climate

AM Briefing: An Island in Ruins

On Mayotte’s death toll, the last days of the Biden administration, and subsidence

Tropical Cyclone Chido’s Horrifying Destruction
Heatmap Illustration/Getty Images

Current conditions: A rare tornado caused damage in Northern California over the weekend • Severe flooding continues in southern Thailand • It is chilly and cloudy in Washington, D.C., where lawmakers have reportedly decided not to include permitting reform in the year-end spending package after a weekend of tense talks.

THE TOP FIVE

1. Tropical Cyclone Chido brings destruction to French islands of Mayotte

Thousands of people could be dead in the small island region of Mayotte after Tropical Cyclone Chido swept through on Saturday. The islands, home to some 300,000, are French territory but located in the Indian Ocean between Madagascar and the east coast of Africa. Sources have reported apocalyptic scenes of destruction, with entire neighborhoods gone and essential infrastructure wiped out. “There is nothing left,” a local hotel owner told CNN. “It’s as if an atomic bomb fell.” The cyclone struck as a Category 4 storm, with 136-mph winds, making it the strongest storm to hit the islands in nearly 100 years. So far 14 people are confirmed to have perished, but that death toll is expected to rise. According to CNN, the worst damage is in slum regions where thousands of undocumented migrants reside.

Keep reading...Show less
Yellow
Politics

How Elon Musk Broke Bad on Climate

Why he did is anybody’s guess. But we’re all about to suffer the consequences.

Elon Musk.
Heatmap Illustration/Getty Images

Donald Trump hasn’t taken office yet, but the quarter of a billion dollars Elon Musk invested in Trump’s victory is already paying off in ways large and small. On Friday, Reuters reported that the Trump transition team is looking to scrap a National Highway Traffic Safety Administration crash-reporting requirement, “a move that could cripple the government’s ability to investigate and regulate the safety of vehicles with automated-driving systems.” Tesla finds this requirement irksome, and lo, it may soon disappear.

In the scope of Musk’s emerging sway over the Trump administration and the course of federal policy in the coming years, it’s a relatively minor story of potentially corrupt influence and the subversion of the public interest. But an even more disturbing picture of Musk’s full priority set is coming into focus.

Keep reading...Show less