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Climate

The Rising Threat of Really Big Waves

Plus: Biden's big LNG bet, Tesla's Q4 numbers, and IKEA's emissions

The Rising Threat of Really Big Waves
Heatmap Illustration/Getty Images

Current conditions: Colombia declared a natural disaster after unrelenting wildfires • Tropical Cyclone Kirrily poses a unique risk to Australia due to the storm’s “irregular shape” • Washington, D.C., could hit 70 degrees Fahrenheit in January for the first time in four years.

THE TOP FIVE

1. Report: Biden delaying approval of major LNG export terminal

The Biden administration has delayed approval of 17 new facilities for the export of liquified natural gas (LNG), according to a New York Times report. Officials are instead asking the Department of Energy to widen its review of the first of these 17 — known as Calcasieu Pass 2, or CP2 — to include effects on the global climate. Heatmap reached out to the White House and got a “no comment” in response. Such a decision, if confirmed, would be seen as a win for climate advocates who oppose the terminals due to their potential environmental toll: At least one analysis shows that, if all 17 export terminals were to be approved, the emissions related to the fuel that would flow through them would exceed the annual greenhouse gas emissions of the entire European Union. “Um, I think we all just won,” wrote Bill McKibben, who is perhaps the project’s staunchest foe.

Republicans would likely oppose the decision, and some already accuse President Biden of waging a war on affordable domestic energy. “What was never in question is that this would be a major campaign issue, no matter what Biden did,” wrote Heatmap’s Jillian Goodman. “It looks like he has cast his bet in favor of the climate crowd.”

2. Tesla reports underwhelming Q4 results

Tesla reported fourth quarter results yesterday, with earnings and revenue that missed expectations. Earnings per share came in at $0.71, slightly below Wall Street’s estimates. Revenue hit $25.17 billion, which was up 3% from a year earlier, but marked the slowest growth rate in more than three years. And CEO Elon Musk tempered expectations about the year ahead, saying sales growth would be “notably lower.” He confirmed plans to start production of a next-generation "Redwood" EV – likely to be cheaper than existing models – in 2025, but indicated this wouldn’t happen until late in the year.

The update likely did little to ease investors’ concerns about the company’s footing in the shifting EV landscape: Demand for EVs is still growing but at a slower pace than before, and competition is heating up at home and abroad. China’s BYD overtook Tesla at the end of last year as the world’s top-selling EV maker. During the earnings call, Musk took the opportunity to call for trade barriers, warning that without them, Chinese rivals “will pretty much demolish most other car companies in the world.”

3. Extreme waves bring chaos and flooding to Marshall Islands

A terrifying weather video has been making the rounds this week. Perhaps you’ve seen it? Freak waves burst through the glass doors of a restaurant on a U.S. military base in the Marshall Islands, flooding the building and sweeping people away. Here’s a quick still from the video, but it’s worth watching the whole thing to get a sense of the sheer force of the water as it slams into bodies.

storyful/worldmaverick

The Marshall Islands are “at the very front lines of climate change,” reported ABC News, and one expert told the outlet that so-called extreme waves like these could become more common as sea levels rise. A separate study earlier this month found that storm waves hitting the Americas today are 80% bigger than they were 40 years ago. “Coastal towns and vessels urgently need to prepare better defenses – especially in the Americas – to avoid damage from these extreme waves," said tropical storm expert Dr. Xiangbo Feng, who co-authored the study.

4. Dengue cases soar in South America

In October of last year, scientists from the World Health Organization warned that cases of dengue fever would “take off” in the next decade as climate change accelerates. That timeline may have been far too conservative. Already cases of the mosquito-borne illness are rising dramatically in South America, Reuters reported. Argentina recorded more than 12,500 cases last month and stores are running out of bug spray. In Brazil, cases more than doubled in the first week of January compared to last year. Hospitals in Paraguay have set up night clinics to deal with a surge in patients. Dengue is often asymptomatic but can cause terrible joint pain in some patients and more than 35,000 people die from infections each year. “Climate change has expanded the range for mosquitoes to breed,” explained Thais dos Santos from the Pan American Health Organization (PAHO). A mass vaccination program is underway in Brazil.

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  • 5. New Jersey approves 2 new offshore wind projects

    New Jersey approved two offshore wind projects yesterday, just three months after Orsted delivered a major blow to the state’s clean power ambitions by canceling two major contracts. The new projects would produce about 3,470 megawatts of electricity, power about 1.8 million homes, and bring $6.8 billion in economic benefits. But the clean energy would come at a cost for customers: The average residential bill would go up by about $7 per month, according to the New Jersey Board of Public Utilities. The operators of one of the projects promised to provide direct assistance to some low-income households to offset the increase. The wind farms are expected to start providing power to the grid by 2032.

    THE KICKER

    IKEA has updated its emissions-cutting targets for 2030. The previous goal was to reduce emissions by 15% from 2016 levels. The new goal is to cut emissions in half.

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    Politics

    Trump’s Tiny Car Dream Has Big Problems

    Adorable as they are, Japanese kei cars don’t really fit into American driving culture.

    Donald Trump holding a tiny car.
    Heatmap Illustration/Getty Images

    It’s easy to feel jaded about America’s car culture when you travel abroad. Visit other countries and you’re likely to see a variety of cool, quirky, and affordable vehicles that aren’t sold in the United States, where bloated and expensive trucks and SUVs dominate.

    Even President Trump is not immune from this feeling. He recently visited Japan and, like a study abroad student having a globalist epiphany, seems to have become obsessed with the country’s “kei” cars, the itty-bitty city autos that fill up the congested streets of Tokyo and other urban centers. Upon returning to America, Trump blasted out a social media message that led with, “I have just approved TINY CARS to be built in America,” and continued, “START BUILDING THEM NOW!!!”

    Keep reading...Show less
    AM Briefing

    Nuclear Strategy

    On MAHA vs. EPA, Congo’s cobalt curbs, and Chinese-French nuclear

    Nuclear power.
    Heatmap Illustration/Getty Images

    Current conditions: In the Pacific Northwest, parts of the Olympics and Cascades are set for two feet of rain over the next two weeks • Australian firefighters are battling blazes in Victoria, New South Wales, and Tasmania • Temperatures plunged below freezing in New York City.


    THE TOP FIVE

    1. New defense spending bill makes nuclear power a ‘strategic technology’

    The U.S. military is taking on a new role in the Trump administration’s investment strategy, with the Pentagon setting off a wave of quasi-nationalization deals that have seen the Department of Defense taking equity stakes in critical mineral projects. Now the military’s in-house lender, the Office of Strategic Capital, is making nuclear power a “strategic technology.” That’s according to the latest draft, published Sunday, of the National Defense Authorization Act making its way through Congress. The bill also gives the lender new authorities to charge and collect fees, hire specialized help, and insulate its loan agreements from legal challenges. The newly beefed up office could give the Trump administration a new tool for adding to its growing list of investments, as I previously wrote here.

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    Green
    Bruce Westerman, the Capitol, a data center, and power lines.
    Heatmap Illustration/Getty Images

    After many months of will-they-won’t-they, it seems that the dream (or nightmare, to some) of getting a permitting reform bill through Congress is squarely back on the table.

    “Permitting reform” has become a catch-all term for various ways of taking a machete to the thicket of bureaucracy bogging down infrastructure projects. Comprehensive permitting reform has been tried before but never quite succeeded. Now, a bipartisan group of lawmakers in the House are taking another stab at it with the SPEED Act, which passed the House Natural Resources Committee the week before Thanksgiving. The bill attempts to untangle just one portion of the permitting process — the National Environmental Policy Act, or NEPA.

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    Blue