Drought Hits New York City

Current conditions: Schools are closed this week in Lahore, Pakistan, due to unprecedented pollution • An extreme red alert for torrential rain has been issued in Barcelona • A storm system in the Caribbean could strengthen into a hurricane by Wednesday.

THE TOP FIVE

1. Biodiversity summit ends without key agreements on nature protection

The COP16 biodiversity summit in Colombia came to a disappointing close over the weekend, with negotiators failing to agree on how the world can monitor and fund nature restoration. There were high hopes that the meeting would produce a roadmap for protecting large swathes of land, water, and degraded ecosystems by 2030, but rich nations blocked a proposal for a new fund to help pay for poorer nations’ efforts. “This COP was meant to be a status check on countries’ progress toward saving nature and all indicators on that status are blinking red,” said Crystal Davis, the World Resources Institute’s global director of food, land, and water. There were some bright spots, though, including the creation of a subsidiary body that will ensure Indigenous peoples have a seat at the negotiating table in future UN conservation talks, and a plan to encourage corporations that derive biotechnology products from nature to pay into a conservation fund.

2. NYC placed under ‘drought watch’

New Yorkers are being asked to conserve water after Mayor Eric Adams placed the city under a drought watch. Last month was the driest NYC October on record, The Washington Postreported. Just 0.01 inches of rain fell in Central Park, far short of the 4 inches or so that usually fall during the month. Residents have been told to take shorter showers and fix leaks, and Adams called on the city’s agencies to draw up plans to conserve water. “Mother Nature is in charge, and so we must make sure we adjust,” he said. More than half the country was under drought conditions last month.

3. FERC rejects Talen-Amazon nuclear power proposal

In case you missed it: Regulators from the Federal Energy Regulatory Commission on Friday rejected a proposal to increase the load capacity of Talen Energy’s Susquehanna nuclear facility in Pennsylvania. The proposal was part of a deal to supply more power to a nearby Amazon data center. FERC voted 2-1 to block the move, citing concerns about grid reliability and rising energy bills for the public. FERC Chairman Willie Phillips dissented, and said the decision “fails to recognize the creative approach the agreement took and fails to demonstrate flexibility to ensure the grid can reliably and affordably handle rising demand.”

4. TotalEnergies boss urges Trump to keep climate laws

The CEO of oil giant TotalEnergies called for Republican presidential candidate Donald Trump to keep existing environmental laws in place if he wins this week’s election. Patrick Pouyanné told the Financial Times that revoking climate rules enacted under President Biden would create a “wild west” situation and hurt the oil industry’s reputation. “My view is that this will not help the industry, but on the contrary it will demonize, and then the dialogue will be even more antagonized,” Pouyanné said. Trump has promised to rescind much of the Inflation Reduction Act funding. Exxon’s chief financial officer Kathy Mikells told the FT that the IRA is helping support the economy, and “that gives a lot of people a lot of incentive to stand behind the IRA.”

5. Canada to propose plan to cap oil and gas emissions

Canada, the fourth-largest oil producer in the world, will publish a proposal today to cap greenhouse gas emissions from fossil fuel energy production. Energy is Canada’s highest-polluting sector, with oil and gas accounting for a quarter of all emissions and producing “more than double the greenhouse gas pollution than all other industries combined,” according to Hermine Landry, a spokeswoman for Environment Minister Steven Guilbeault. Landry toldReuters that the cap-and-trade system would incentivize high-emitting companies to invest in projects that reduce pollution, though an earlier report from Deloitte said the cap would likely nudge companies to cut production. Canada has a goal of curbing emissions by at least 40% compared to 2005 levels by the end of the decade. Whether this new proposal comes into effect will depend largely on the outcome of the next election, set to be held in late 2025.

THE KICKER

“This car makes the kind of sound that you would expect to hear when an omniscient, all-powerful alien force swoops through the clouds in a sci-fi movie, the gut-shaking tone backing the moment when everyone realizes that humanity is about to get served.” –Tim Stevens at The Vergetries to describe the digital acceleration tone produced by Rolls-Royce’s first EV, the ultra-luxury Spectre, which starts at $420,000.

Rolls-Royce