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Climate

Vermont’s ‘Climate Superfund’ Bill Just Became Law

On holding Big Oil to account, SAF subsidies, and Tornado Alley

Vermont’s ‘Climate Superfund’ Bill Just Became Law
Heatmap Illustration/Getty Images

Current conditions: Severe thunderstorms are slamming Houston • Earth could experience another solar storm this weekend • It’s about 78 degrees Fahrenheit and partly cloudy in New York City, where former President Donald Trump has been found guilty on 34 felony counts.

THE TOP FIVE

1. Vermont’s ‘Climate Superfund’ bill becomes law

Vermont has become the first state to pass a law holding big fossil fuel companies financially responsible for climate change damages caused by the emissions from their products. The state’s Republican governor, Phil Scott, neither signed nor vetoed bill S.259, aka the “Climate Superfund Act,” therefore allowing it to become law. In a rather terse note to Senate Secretary John Bloomer about the move, Scott warned of a lack of state funds to take on Big Oil, but said he understands “the desire to seek funding to mitigate the effects of climate change that has hurt our state.”

As Heatmap’s Emily Pontecorvo previously reported, the bill will kick off a multiyear process that, in the most optimistic case, could bring money into the state by 2028. The first step is for the state Treasurer to assess the cost to Vermont, specifically, of emissions from the extraction and combustion of fossil fuels from 1995 to 2024, globally. Regulators will then request compensation from responsible parties in proportion to the emissions each company contributed. The state will identify responsible parties by focusing only on the biggest emitters, companies whose products generated at least a billion tons of emissions during that time. The money will go toward implementing a state “resilience and implementation strategy” to be mapped out in the next two years.

2. Data suggests few ethanol producers will qualify for SAF subsidies

New analysis from Reuters suggests almost no U.S. ethanol will be eligible for President Biden’s sustainable aviation fuel (SAF) subsidies, because very few corn farmers currently use all three of the “climate smart agriculture” practices outlined by the Treasury Department and IRS. The administration’s guidance, finalized at the end of April, said that SAF refiners would be eligible for a credit of $1.25 per gallon if their fuel reduces greenhouse gas emissions by 50% compared to traditional jet fuel, and up to $1.75 per gallon if emissions cuts go beyond 50%. But corn producers will only be eligible if they use cover cropping, avoid tilling, and use efficient fertilizer application to keep carbon in the soil. “I have not had a single ethanol producer member contact me and say, we’re going to meet the climate-smart agriculture requirements,” Brian Jennings, CEO of the lobby group American Coalition for Ethanol, told Reuters. A spokesperson for the U.S. Department of Agriculture (USDA) said the rule will encourage farmers to adopt these practices. Biden once said that farmers would provide 95% of SAF.

3. Jeep unveils its first North American EV

Last night Jeep officially introduced its first North American electric vehicle, the Wagoneer S. The 600-horsepower vehicle has over 300 miles of range, can go from 0 to 60 mph in 3.4 seconds, and can charge from 20% to 80% in 23 minutes using a DC fast charger. The vehicle will “test the appetite of Jeep customers for a fully electric model,” wrote Peter Valdes-Dapena at CNN. The Wagoneer S will cost about $72,000 and go on sale in the U.S. and Canada this fall, before hitting markets worldwide. Take a look:

Jeep/Stellantis

Jeep/Stellantis

4. Deaths reported in India’s heat wave

At least 29 people have reportedly died in India due to the extreme heat wave baking the country. Local media outlets said 10 people died of heat stroke in the eastern state of Odisha and 19 were killed in Bihar. One weather station in the capital New Delhi recorded 127.22 degrees Fahrenheit on Wednesday. That reading may have been faulty, officials said, but the mercury will hover around 110 degrees for at least another week and electricity demand is soaring as people crank up their air conditioners. Making matters worse, the city is experiencing a water shortage, with reports of desperate residents chasing after water tankers. A heat wave has gripped much of South Asia since April, and researchers say human-caused climate change is making the heat wave about 30 times more likely.

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  • 5. Study: Tornado Alley is moving east

    A new analysis of research recently published by the American Meteorological Society’s Journal of Applied Meteorology and Climatology finds that between 1951 and 2020, tornadoes have trended both eastward and “away from the warm season, especially the summer, and toward the cold season.” This means more tornadoes are forming outside Tornado Alley and in densely populated southeastern and midwestern states. “We truly aren’t in Kansas anymore,” quipped Heatmap’s Jeva Lange. The analysis indicates that, between 1951 and 2020, the frequency of winter tornadoes has increased by a staggering 102%. This shift could potentially increase the destruction and disruption of tornadoes that catch people off guard over the holidays or simply unawares. The authors offered a bit of real estate advice: avoid Jackson, Mississippi, which saw one of the greatest increases in tornadoes of any city in the United States, and exhale if you’ve recently purchased property in Cleburne, Texas, which saw one of the greatest decreases.

    THE KICKER

    A large new study published in the journal Science finds that existing oil and gas projects are sufficient to meet global energy demand through 2050, and urges governments to stop issuing permits for new fossil fuel exploration.

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    Carbon Removal

    The Sorry State of Carbon Removal

    A new scientific report on the state of the industry shows a growing gap between what we can do and what we need to do.

    Carbon capture.
    Heatmap Illustration/Getty Images

    The gap between the world’s current capacity to remove carbon dioxide from the atmosphere and the amount we’ll need to remove to materially address climate change is so large, it's hard to fathom crossing it. Now, a new report warns that the chasm is widening.

    The third State of Carbon Dioxide Removal report, published on Tuesday, finds that while carbon removal research and deployment has advanced significantly in the past two years, it is still not growing quickly enough to reach the scale required to support the Paris Agreement temperature limits. Carbon emissions, meanwhile, have continued to rise globally, raising the amount of carbon removal required in turn.

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    China’s Nuclear Milestone

    On Anthropic’s IPO, home energy rebates, and French rare earths

    A nuclear power plant.
    Heatmap Illustration/China National Nuclear Corporation

    Current conditions: The most powerful storm to hit Western Australia in 49 years has deluged the capital of Perth • Temperatures in the Arizonan metropolis of Phoenix are climbing to 103 degrees Fahrenheit today, and will stay around that level all week • South Georgia Island, a British overseas territory near Antarctica in the Atlantic, is bracing for heavy snow.


    THE TOP FIVE

    1. Anthropic prepares to go public

    Anthropic, the artificial intelligence giant behind the chatbot Claude, filed the first documents to the Securities and Exchange Commission to make its stock market debut. The company submitted a confidential S-1, meaning that — unlike the recent SpaceX filing — the details aren’t yet publicly available. By doing so, Anthropic has “the option to go public after the SEC completes its review,” the company wrote Monday in a blog post. The number of shares to be offered and the price “have not yet been set.” The IPO could have big energy implications. Unlike some hyperscalers, who have pushed back against the public blowback to data centers, Anthropic vowed three months ago to pay to offset electricity price hikes from its server farms, as I previously wrote. Coupled with the news yesterday morning that Iran had broken off negotiations with the U.S. to end the conflict blocking the Strait of Hormuz, Monday offered clear evidence of what Heatmap’s Robinson Meyer described as the electricity economy “having its moment.”

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    Blue
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    Affordability Politics Took On New York’s Climate Law — and Won

    Rob gets into the latest state-level policy developments with Heatmap’s own Emily Pontecorvo.

    Kathy Hochul.
    Heatmap Illustration/Getty Images

    When New York passed its first major climate law in 2019, climate advocates hailed the work as a milestone: The Empire State vowed to cut its carbon emissions by 40% by 2030, as compared to their 1990 levels, giving it some of the world’s most ambitious subnational climate policy. But last week, Governor Kathy Hochul and the state legislature moved to rewrite key provisions in that law, weakening deadlines and redefining its emissions math.

    What happened? And would New York have ever been able to hit its 2030 goal? On this episode of Shift Key, Rob is joined by Emily Pontecorvo, a founding staff writer at Heatmap. They discuss how New York has changed its targets, why it has altered its approach to natural gas, and whether state-level climate goals can survive an age of affordability politics.

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