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Climate

Exxon Triumphs Over Activists

On shareholder proposals, ex-Tesla employees, and extra-hot days.

Sunrise over a field.

Thursday

Heatmap Illustration/Getty Images

Current conditions: More than 400,000 households are currently without power in storm-battered Texas and the southern Plains • Southeast Louisiana tied a century-old temperature record on Memorial Day, recording a high of 98 degrees Fahrenheit in Baton Rouge • India may have broken its own heat record with a preliminary reading of about 126 degrees Fahrenheit near New Delhi.

THE TOP FIVE

1. Exxon board members clinch reelection

ExxonMobil Chairman Darren Woods and Lead Director Joseph Hooley easily won reelection at the company’s annual general meeting on Wednesday, neutralizing a threatened shareholder uprising over its climate policies. Several major pension funds said ahead of the meeting that they would vote to remove most of Exxon’s board after the company sued activist shareholders pushing for stronger emissions reduction targets. Though most of its petrochemical peers have similar targets, the company argued that the activists’ true goal was to “interfere with ExxonMobil’s business and to promote their own interests over those of ExxonMobil’s shareholders.”

The resistance effort “amounted to a test of whether top fund firms would rally to defend the small shareholders whose resolutions have put topics like the environment and workforce diversity at the center of many corporate annual meetings,” Reuters said. “Wednesday’s results suggested the answer was no.” All 12 of Exxon’s director nominees received between 87% and 98% support at the meeting, the company reported. The activists, meanwhile, withdrew their proposal in February, but Exxon is still pursuing the matter in court.

2. EV charging companies hire former Tesla employees

The U.S. electric vehicle sector is snapping up Tesla employees who were laid off when the company gutted its charging team last month. Atlanta-based charging provider EnviroSpark Energy Solutions has hired a dozen of them, E&E News reported, while other charging companies have landed high-profile hires let go by Tesla or are in talks to do so. “It does present an awesome opportunity for other charging operators like us to fill in the gap,” David Jankowsky, CEO of Francis Energy, told E&E News. There is still some trepidation, however, over how Tesla’s tribulations could affect the broader industry’s future. Despite its poor recent performance, Tesla still dominates the U.S. EV market, so a dip in consumer confidence could have negative ripple effects on EV uptake.

3. Rich countries meet $100 billion aid target two years late

The Organisation for Economic Cooperation and Development announced Wednesday that the world’s rich countries had met their goal of delivering $100 billion in annual climate finance to poorer countries in 2022 — two years after their self-imposed deadline, the group said. The 2020 target was first set at the 2009 United Nations climate change conference in Copenhagen, and the delay in meeting it had strained recent climate talks. Developed countries came up with $115.9 billion in climate finance in 2022, OECD data shows, an increase of 30% from 2021. That’s the biggest year-on-year jump so far. “Exceeding this annual commitment materially by more than 15% is an important and symbolic achievement which goes some way towards making up for the two-year delay, which should help build trust,” OECD Secretary-General Mathias Cormann said in a statement.

Climate advocates warned, however, that achieving this aim is not an end point in itself. Transitioning to clean energy and adapting to new climate realities are both expensive processes. “While domestic finance, strong policies and private finance are important, for these countries, international public finance needs to play a lynchpin role,” Melanie Robinson, global climate, economics and finance director at the World Resources Institute, said in a statement. Discussions about setting a new climate finance goal will be a centerpiece of COP29 in Azerbaijan.

4. An IRA rebate roll-out

New York will be the first state to launch home energy rebates created by the Inflation Reduction Act, the Biden administration announced Thursday. The initial phase of New York’s $158 million rebate program will be aimed at single-family homes and multifamily properties with up to four units, while later phases will expand to larger buildings and retailers. It will provide up to $14,000 per housing unit for upgrades such as better insulation, heat pumps, and heat pump water heaters. A separate, $159 million IRA home efficiency rebate program is expected to follow. Massachusetts, Michigan and Rhode Island have all applied for the funding to establish their own home energy rebate programs under the IRA — a process that’s turned out to be messier than some had hoped, according to Heatmap’s Emily Pontecorvo.

5. Study: Extra-hot days are on the rise

The average American experienced 20 more extra-hot days over the past year than would have been expected without climate change, a new scientific analysis found. Globally, the average person experienced 26 more extra-hot days due to climate change, while in a few countries, that number exceeded 120, according to the report by Climate Central, the Red Cross Red Crescent Climate Centre, and World Weather Attribution. The researchers considered temperatures abnormal when they exceeded 90% of a location’s daily readings recorded between 1991 and 2020. Americans experienced 39 such days in total over the last 12 months. Almost 80% of the world’s population experienced 31 or more.

Manila residents swelter during a May heat wave. Manila residents swelter during a May heat wave. Ezra Acayan/Getty Images

THE KICKER

The National Weather Service issued its first-ever warning for hail the size of a DVD — that is, a diameter of approximately 5 inches — in northern Texas on Tuesday.

Yellow

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Electric Vehicles

Maybe Don’t Rent an EV in Europe

There are lots of reasons why that might seem like a good idea, but I urge you to learn from my mistakes.

A gas can with stickers on it.
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All I wanted was to drive an electric car to the solar eclipse. But after the third consecutive charging port RFID reader wouldn’t accept my credit card and finding that the employees inside the attached Spanish hotel restaurant mostly didn’t speak English, I began to feel as though, just maybe, this hadn’t been my best idea.

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On steel, uranium, and roof tiles

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THE TOP FIVE

1. Trump administration orders Arizona, California, and Nevada to cut water use

With water levels in reservoirs across the American West at record lows, the Trump administration has directed Arizona, California, and Nevada to cut back on how much water they use from the Colorado River over the next two years. On Friday, the Department of the Interior imposed the reductions via a series of documents detailing a two-year and a 10-year plan to salvage the supplies from the drought-stricken river fed by snowmelt from Colorado’s stretch of the Rocky Mountains. As climate change has shifted snow patterns, levels on the river have dropped. Yet the seven states that depend on the water — the aforementioned three in the Lower Basin, and Colorado, New Mexico, Utah, and Wyoming in the Upper Basin — could not come to agreement among themselves on how to divvy up the dwindling supply. Instead, the Interior Department came up with a proposal that forced the Lower Basin states to pare back first. As you may recall, Arizona’s Democratic governor called the cuts “draconian” when the administration released its proposal in early August. The plan, which imposes short-term cuts while leaving a larger split for later, sets the stage for what E&E News predicted would be “a behemoth legal fight.”

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Adaptation

A Chat With Massachusetts’ First Heat Resilience Officer

The only other U.S. state to have a chief heat officer? Arizona.

A Massachusetts thermostat.
Heatmap Illustration/Getty Images

The past three months will go down in the books as the hottest meteorological summer on record in Boston — but that is not a record that’s likely to stand long. At 3.5 degrees Fahrenheit of warming since 1970, Massachusetts has outpaced the national average by half a degree; by 2050, researchers expect the state will see more than two-dozen 90-plus-degree days every year. According to a 2023 climate report, that could result in as many as 400 excess deaths in the Commonwealth annually.

Now it’s someone’s job to do something about it. In mid-August, Massachusetts Governor Maura Healey announced the appointment of the state’s first heat resilience officer, making the Commonwealth only the second state in the country to have such a position — after the much more obvious choice, Arizona. (Healey is up for reelection this year, but the race is largely expected to be uncompetitive.) The inaugural role has gone to Katie Schlick, who most recently headed the resilience portfolio at the U.S. Climate Alliance and previously served as a special assistant to Ali Zaidi, the White House’s national climate advisor under Joe Biden.

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