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They’re often people of color, young, and from the Northeast.

We are living in the Age of the Big Yikes.
Climate change is widely accepted as both real and happening now. Many Americans hear news about global warming at least once a week and though projections aren’t as dire as they once were, they’re still extremely not great. Half of Americans have been “personally affected” by climate change, and of those, 54% say they have experienced a “reduced quality of life due to weather extremes,” a recent survey of 1,000 U.S. adults by Heatmap and Benenson Strategy Group found. Overall, two-thirds of Americans (65%) worry about what climate change will mean for them personally — a common anxiety that the Los Angeles Times has deemed “a normal response to an abnormal situation.”
A smaller but still substantial subset of Americans — around 15% — further self-identifies as having mental health problems stemming from the effects of climate change, including “anxiety and stress” about current and future events, PTSD, depression, substance abuse, and loneliness and isolation, the Heatmap Climate Poll shows. The distress, perhaps somewhat surprisingly, isn’t strongly determined by education level, income, or even ideology: A full quarter of those who say they have mental health problems due to climate change are Republicans (25%, compared to 31% of Democrats and 34% of independents).
The effects of climate change on mental health have historically been studied with a focus on young people, and it’s true that younger adults in Heatmap’s survey were also the ones more likely to describe mental health problems from climate effects. But what else can we learn about those who suffer mental and emotional ramifications from our changing world?
Unsurprisingly, and consistent with prior research, young adults are overwhelmingly the ones most anxious about climate change. Nearly half of 18-to-34-year-olds who’ve experienced climate change firsthand described having mental health problems as a result — a response that was much smaller in the 65+ population (10%). However, of that small number of people in the 65+ population who have reported suffering mental health problems due to climate change, there was a universal (100%) experience of having “anxiety and stress over future effects of climate change,” Heatmap found. Ninety percent also had anxiety and stress over the current effects.
Among young people who self-reported having mental health issues around climate change, “stress and anxiety” about current (69%) and future (66%) climate events was the most often cited mental health impact. Over half also cited depression (53%) and loneliness and isolation (46%).
Despite the “unbearable whiteness” of the conversation around climate anxiety, Heatmap’s polling was consistent with earlier surveys that found people of color are more likely to be alarmed about global warming than white people. White Americans were actually the least likely to report having experienced climate change-related mental health problems, at 28%, compared to African-Americans and Hispanics (36% each) and Asian American and Pacific Islanders (33%). Though white Americans reported the highest instances of depression (60% compared to 36% among all people of color), minority groups lead self-reports of anxiety and stress over the present (71% to white Americans’ 64%); anxiety and stress over the future (65% to white Americans’ 61%); and loneliness and isolation (45% to white Americans’ 35%).
That result isn’t as surprising when you look at who has been personally affected by climate change: just 44% of white people say they have been, compared to more than half of African-Americans (55%), one in six Hispanics (60%), and three-quarters of Asian American and Pacific Islanders (75%). Of the people who said climate change caused them mental health problems, the lowest rate (28%) was among white Americans.
Heatmap also asked all the respondents if climate change makes them worried about their children’s future. Though this question included answers from non-parents and people planning never to have children (and thus could be skewed by the fact that white respondents were also the least likely to have children under 18 living at home), 78% of people of color voiced general concerns about the future of their children due to climate change compared to 64% of white Americans.
Particularly of note was that nearly all (94%) of Asian American and Pacific Islanders described themselves as worrying about their children’s future due to climate change, despite having roughly the same number of children living at home as white Americans (34% to white American's 31%). There were also high levels of concern among Hispanics, at 81%, and African-Americans, at 70%, though those respondents were somewhat more likely to be parents or guardians than white Americans.
Mothers were significantly more likely to suffer from the mental health effects of climate change (49%) compared to dads (33%).
Fathers, on the other hand — and hilariously — were likely to say they've experienced climate-related property damage (51% to moms’ 39%).
It might seem intuitive that people living under the wildfire-orange skies of California or on the eroding coastlines of Florida would be the most concerned about climate change, but that certainly isn’t the rule. The Northeastern United States is technically among the “safest” places in the country with regards to meteorological upheavals — just 11% of respondents in the region described themselves as having been “very affected” by climate change. Nevertheless, of the people self-reporting mental health problems related to climate, 40% were in the Northeast compared to 22% in the West.
This is especially notable because while people in the Northeast might have a reputation for being more high strung than other parts of the U.S., the region actually features the lowest levels of general anxiety, behind the Midwest, South, and West, according to
a pre-pandemic U.S. Census Bureau study. (The Northeast surpassed the Midwest by fall 2020, though that could potentially be attributed to the region being hard-hit by COVID-19).
The higher rate of self-reported mental health problems could be political: the Northeast is the most liberal region in the U.S., and residents are perhaps more inclined to trust scientific warnings about climate change and/or read news about the severity of the crisis, resulting in higher levels of concern.
It’s revealing to look at specifically what kinds of mental health problems Northeasterners describe, too. Most (82%) who were experiencing mental health problems specified having anxiety and stress from current climate change effects — a rate almost 10 points higher than the next-most-anxious region, the South.
“Depression” was the most commonly cited mental health impact in the West (66%) and Midwest (69%), the
Heatmap poll found. Suburbanites also specifically experienced “anxiety and stress” from current climate change in high numbers, at 74% compared to rural Americans’ 66% and urbanites’ 58%.
Climate-linked mental health problems more broadly occur at the highest rates in rural communities, which are also uniquely vulnerable to weather-related impacts. Among those who said they have mental health problems stemming from climate change, 36% lived in rural locations, compared to 29% in the suburbs and 27% in urban environments.
Anxiety only scratches the surface of the mental health issues that result from climate change, Heatmap also found.
Nearly a third of Americans (30%) who reported experiencing climate change said it resulted in mental health problems. While 63% of that group further specified that meant suffering from anxiety and stress, 49% also reported depression, 22% reported post-traumatic stress disorder, and 18% reported taking to coping mechanisms like substance abuse.
The fourth National Climate Assessment, a congressionally mandated report by the U.S. Global Change Research Program published in 2018,
warns that these responses are normal and will continue to result from climate disasters going forward. People who experience a flood or the risk of flood, for example, “report higher levels of depression and anxiety, and these impacts can persist several years after the event.” Droughts commonly result in “increased use of alcohol and tobacco.” High temperatures can “lead to an increase in aggressive behaviors, including homicide.” Children displaced by climate-related disasters experience a “heavy burden” on their mental health. Separately, a 2018 study published in Nature predicted up to 40,000 additional suicides in the United States and Mexico by 2050 due to higher temperatures.
“Climate anxiety” (sometimes interchangeably called “eco-anxiety”) is not technically classified as a medical condition by the all-powerful DSM-5, the diagnostic manual used by mental health professionals in the United States — which makes sense, because “the last thing we want is to pathologize this moral emotion, which stems from an accurate understanding of the severity of our planetary health crisis,” Britt Wray writes in her 2022 book Generation Dread: Finding Purpose in an Age of Climate Crisis. Many in the medical community agree; as one psychotherapist and researcher told the BBC on the subject in 2019, “I’d kind of wonder why somebody wasn’t feeling anxious.”
Within reason, a certain amount of climate anxiety can be a good thing. (It will perhaps be productive to track climate “worry” in the coming years to see if, or as, it changes as guarded climate optimism grows in popularity). But experiencing climate change can also produce mental health problems that, like physical health problems, need to be anticipated and treated as weather-related crises increase, intensify, and expand. That is particularly true as it pertains to underserved communities, whose mental health struggles already frequently go unrecognized or untreated.
The overriding takeaway, though, is that it is wrong to look at climate change as only a danger to property and physical safety, the two human impacts that dominate headlines. Even if just 15% of Americans who experience climate change personally end up with self-described mental health problems as a result, that would potentially mean almost 18 million Americans will be suffering from the mental effects of climate change by 2050.
As Gary Belkin, the former deputy health commissioner for New York City and founder of the Billion Minds Institute, wrote for Psychiatric News in 2021, “We are all psychologically unprepared to face the accelerating existential crisis of climate and ecological change that will further deepen other destructive fault lines in our society ... We must sound that alarm and put our own house in order.”
The Heatmap Climate Poll of 1,000 American adults was conducted via online panels by Benenson Strategy Group from Feb. 15 to 20, 2023. The survey included interviews with Americans in all 50 states and Washington, D.C. The margin of sampling error is plus or minus 3.02 percentage points. You can read more about the topline results here.
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On ‘precariously low’ oil stockpiles, China’s ammonia milestone, and a PFAS destroyer
Current conditions: The wildfires in France and Europe are slowing, but three firefighters have died and the looming heat wave could bring yet more disaster • New York and New Jersey are facing flash floods as a storm system makes its way across the Northeast United States • Days of thunderstorms are causing floods across Vientiane, Laos’ sprawling capital.
Last month, I toured Commonwealth Fusion Systems’ headquarters in small-town central Massachusetts. The place was abuzz in activity. On the factory floor side, workers were assembling the magnets needed to ultimately form the torus-shaped reactor — think a giant doughnut with an interior that curves like the core of an apple — called the tokamak. On the actual reactor side, SPARC — the prototype that CFS expects will make history next year as the first private enterprise and only tokamak to ever generate more energy that it took to start the fusion reaction — was starting to look like a functional machine from my view on a second-story walkway overlooking the sterile assembly room. The old joke that fusion is the energy source of tomorrow — and always will be — certainly didn’t ring as funny now. I’ll tell you who isn’t laughing: All the new investors that just poured another $1 billion into CFS. The company announced its latest funding round early this morning, which brings the startup’s total fundraising since its launch as a spinout from the Massachusetts Institute of Technology in 2018 to $4 billion. CFS now accounts for 30% of all the private capital that has flowed into fusion. What distinguishes this round, my colleague Katie Brigham wrote, is that the money is coming from a bunch of institutional investors, such as pension funds and sovereign wealth funds, rather than venture capitalists. On a call with reporters this week, CFS’s newly-named chief financial officer, Lorence Kim, said it’s the first-time institutional investors comprised the majority of the new funding. When I asked the company’s spokeswoman for a percentage estimate breaking down the new versus old investors in this round, she declined to comment. Kim cautioned that the funding isn’t the kind of capital you raise before launching on a stock market. But his hire is notable. The former Goldman Sachs banker famously helped take the pharmaceutical giant Moderna public and held the top financial role through the start of the Covid-19 pandemic.
Meanwhile, a federal Superfund site at a facility in Kentucky once used to enrich uranium for atomic bombs is being transformed into a data center. On Wednesday, the Department of Energy announced a deal between investment giant Brookfield, utility behemoth NextEra Energy, and three local power providers to redevelop portions of the Paducah site into a $100 billion data center campus. “By transforming former DOE sites into engines of innovation and economic growth, we can revitalize communities with increased tax revenue and thousands of jobs, while also strengthening America’s energy security,” Secretary of Energy Chris Wright said in a press release.
The Federal Reserve held the country’s benchmark interest rate steady at Wednesday’s meeting of the U.S. central bank’s top brass. But three bank presidents voted to increase rates as renewed fighting in Iran sent energy prices upward. The dissent “underscored officials’ fraying patience with looking past another price shock on the heels of tariff-related increases last year and with robust demand stemming from the artificial-intelligence buildout,” The Wall Street Journal reported. That is, of course, bad news for renewables and other clean energy developers who rely on cheap upfront money to build, as my colleague Matthew Zeitlin has written.
But there are potentially bigger problems afoot for American energy consumers. U.S. crude stockpiles fell sharply last week as American refineries ramped up production to seize on surging fuel prices as fighting erupted in Iran. The stocks have now reached “precariously low” levels, analysts told the Financial Times, meaning there’s far less cushion if the war worsens the supply shock.
Last month, the energy team at the liberal policy shop Third Way assembled 100 swing voters from across the country to talk about the data centers that poll after poll shows are becoming less and less popular, to put it mildly. The conclusion of the discussions was this: “America’s opposition to data centers has less to do with their feelings about artificial intelligence and more to do with their anger and distrust of large corporations and government.” The findings, shared with me exclusively in advance, showed that most participants were open to a new data center if they believed it would come with tangible benefits for their communities. While some investors, such as “Shark Tank” star Kevin O’Leary, have tried to present those offerings, “the trust isn’t there.” While Emily Becker, the director of Communications for Third Way’s Climate and Energy Program, told me she was “not surprised by how much opposition there was, what was heartening is people understood that benefits were possible. They just didn’t think they would receive them.”
Speaking of data centers and the public trust: NV Energy has accused one of the biggest developers of data centers in Nevada of attempting to illegally bypass state regulators to determine through private arbitration how and when the Berkshire Hathaway-owned utility should provide power to its operations. The lawsuit, filed Friday in Washoe County’s Second Judicial District Court, alleges that the developer, Tract, is trying to skirt the usual process by which the state Public Utilities Commission determines what share of the utility’s electricity should go to the large power user. Tract, according to the complaint, “wants NV Energy to reserve and provide enormous amounts of power for Tract's private development while shifting the infrastructure and energy costs to Nevada families, small businesses, and existing customers who did not cause them.” Sorting out those questions through arbitration would help to “keep these issues hidden” from state regulators and the public, NV Energy said, according to The Nevada Independent.
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When the Biden administration attempted to overhaul regulations on electrical transformers to make the key grid components more efficient, the proposal drew fierce bipartisan pushback amid a years-long nationwide shortage of the equipment. Ultimately, the Biden administration backed down and changed the proposal after receiving public comments. That would have seemed to provide some certainty for factories. But just two years after the final rule won acclaim from across the industry, the Trump administration is now considering revising the requirements for rules set to take effect in 2029. “We’re not aware of anyone asking for this,” Andrew deLaski, executive director of the Appliance Standards Awareness Project, told Utility Dive. The group supported the 2024 transformer rule and other stricter efficiency requirements DOE finalized during the Biden administration.
China has signaled it’s planning to take on what Bloomberg described as a bigger role in steering global negotiations over climate change. The 15th five-year plan published Monday by the Ministry of Ecology and Environment and other key agencies outlines how Beijing “will constructively lead the multilateral governance process to address climate change” and states that “China’s influence, guiding capacity, shaping power, and moral appeal in global climate governance will be significantly enhanced” through the end of the decade. Beijing is already looking to increase how much renewable energy it consumes, as I told you last week.
As you may recall, China is going all in on figuring out how to make green hydrogen work, especially now that the People’s Republic is throwing everything at the wall to diversify its domestic supply of fuels as the Iran War chokes off its regular supply of hydrocarbons. One of the trickier questions with green hydrogen is how to ship the world’s small molecules without leaks. A popular solution is to convert the hydrogen into green ammonia. On Tuesday, SPIC Green Energy announced the successful loading of 3,750 metric tons of green ammonia produced in Jilin Province onto a vessel at the Lianyungang Port in Jiangsu Province and shipped to South Korea. “The shipment represents the world’s largest single-batch delivery of green ammonia,” analyst Jian Wu wrote in his China Hydrogen Bulletin newsletter. “It marks China’s transition from technical demonstration to large-scale international commercial delivery.”
A company promising to put an expiration date on so-called forever chemicals just raised a bunch of money to bring its technology to market. Claros Technologies is developing a proprietary system that can break down the per- and polyfluoroalkyl substances, or PFAS, contaminating millions of Americans’ drinking water systems. This week, the startup closed a $55 million Series B financing round. “Over the past year, Claros has crossed the threshold from breakthrough technology to successful commercial reality,” CEO Michelle Bellanca said in a statement.
Risk-averse but deep-pocked institutional investors join the party.
When the Fusion Industry Association surveyed the sector earlier this month, it found that the industry’s 56 active companies had collectively raised more than $14.2 billion over the past five years. But an ever-larger share of that money is ending up in the hands of one startup: Commonwealth Fusion Systems.
With its latest $1 billion funding round, announced today, the MIT spinout now accounts for nearly 30% of all capital in the industry. The new financing, led by a wave of institutional investors entering the sector for the first time, will support construction of the company’s first commercial power plant in Chesterfield County, Virginia, which CEO Bob Mumgaard says is on track to come online in the early 2030s.
In a media briefing, Mumgaard noted that this latest raise marks “the largest single funding round among fusion energy companies since our last large round of $1.8 billion in 2021.” It brings the total capital raised by CFS to an even $4 billion as the company races to complete construction of SPARC, its demo reactor. If all goes according to plan, it should begin operating sometime next year, proving out the physics and engineering approach underpinning ARC, the planned commercial plant.
The new financing deviates from the typical venture capital round, as it brings in a broad but unnamed mix of “large pension funds, sovereign wealth funds, infrastructure funds doing project finance, and industrial corporates.” These risk-averse investors would typically steer clear of expensive, first-of-a-kind facilities, demonstrating the degree to which CFS has succeeded in building confidence in an industry long critiqued for overpromising and underdelivering.
The company credits the trust it built to its extensive peer-reviewed research as well as its decision to build a tokamak — widely regarded as the most mature fusion reactor design. “I don’t think there’s any other company that’s been as transparent and open with their physics and how it actually works,” Katie Rae, CEO and managing partner at Engine Ventures, told me. Rae has participated in every one of CFS’s funding rounds, and while she says her firm has evaluated virtually every startup in the sector, the company remains its only fusion investment.
But even flush with institutional capital, Mumgaard is clear that the company will need billions more to fully finance ARC and the numerous reactors to follow. It’s unclear where exactly that money will come from, though he’s pushing for government involvement. Alongside the Fusion Industry Association, Mumgaard is advocating for a one-time, roughly $10 billion federal infusion of cash into the broader industry to expand public-private partnerships, build shared research infrastructure, and help finance first-of-a-kind plants in an effort to keep pace with China’s rapidly growing fusion program.
According to reporting from Politico, a Department of Energy official told CFS and other fusion companies that such a level of federal funding is “unrealistic in this environment.” But though insiders argue it’s what the industry needs to scale, Rae says CFS doesn’t depend on it. “I think it is the right kind of investment to make, but we didn’t count on it from an investor perspective,” she told me.
One obvious alternative is the public markets. The IPO window for climate tech has reopened, with geothermal giant Fervo and nuclear fission startup X-energy both completing successful public offerings in recent months. SPACs have also made a comeback, as numerous nuclear companies are opting for this faster, though riskier, path to the public markets. But CFS’s newly appointed CFO, Lorence Kim, said during the briefing that this latest round proves “that the private markets have a lot of capital to deploy toward our mission.” Whether an IPO is in the company’s near future remains an open question, though he cautioned against interpreting his hiring as any indication of “IPO prep in a specific way.”
For what it’s worth though, Kim has taken another high-profile, pre-revenue startup public before: Moderna. As CFO from 2014 to 2020, he helped the company scale its mRNA platform and lead its blockbuster $600 million IPO in late 2018 — the largest ever in the biotech industry at the time. Notably, this all happened before Moderna had an approved product or the Covid pandemic made its signature vaccine a household name, similar to where Commonwealth finds itself today.
“Moderna was in this moment in time where the science worked, and the strategy was focused on execution and scale and deploying capital in a way that could enable real impact on the world,” Kim explained. CFS is now at the same juncture, he said. “And so in the same way that Moderna industrialized mRNA and made it inevitable and made it ubiquitous, it was really clear to me that CFS could do the same for fusion.”
Of course, CFS is not alone in its confidence — other fusion companies are equally bullish on their own approach. Take Inertia Enterprises, a Lawrence Livermore National Laboratory spinout, which last week unveiled its own commercial roadmap for a laser-driven fusion reactor. The company emphasized it’s the only one to have definitively demonstrated the viability of its underlying physics in a real-world experiment, rather than through theoretical work or simulations.
Or take Helion, which has raised $1.5 billion and secured a highly ambitious power purchase agreement with Microsoft to supply electricity to the tech giant by 2028. Or Pacific Fusion, which netted a staggering $900 million Series A to be doled out in milestone-based tranches. There are dozens of others — many with hundreds of millions in funding — pursuing a range of approaches that some of the field’s brightest minds consider technically feasible.
But when I mused to Rae about how exciting it is that institutional investors now appear willing to back an industry once viewed as bordering on science fiction, she was quick to correct me.
“They’re willing to bet on Commonwealth Fusion — that’s what you mean.”
At least one hyperscaler’s big bets seem to be paying off.
This is an edition of Heatmap Daily, an evening review of the day’s news written by our executive editor. Sign up for it here.
Good evening. Let’s start with the news. Meta and Microsoft released their most recent quarterly earnings this evening, and Wall Street was watching to figure out if their enormous AI spending plans are paying off. We were watching because those proposals are shaping one of the most important energy stories today: the data center boom and the sharp return of electricity demand.
The returns were … mixed. Meta missed analysts’ estimates, and its profit fell 14% from the same quarter a year earlier. It increased the lower bound of how much it plans to spend on capital expenditures such as data centers this year, from $125 billion to $130 billion, but left the upper bound of $145 billion unchanged.
Microsoft, meanwhile, said its AI investments are starting to pay off. Revenue at its cloud business, which uses its data center space, increased by 43%, more than analysts expected. It spent $41 billion on capital expenses in the three months ending in June.
Meta’s stock was down 7% in after-hours trading, while Microsoft is up 8%. When Heatmap surveyed climate insiders last year, they ranked Microsoft as among the most decarbonization-friendly hyperscaler and Meta as among the worst.
Permitting odds up — thanks to Shift Key?
I do not regularly follow such things, but this afternoon I was told that the Kalshi market for “Will permitting reform become law this year?” surged to 77% today after trading for days around 50%:
I have no idea why it budged today, but perhaps what moved the market was our new episode of the Shift Key podcast (Apple, Spotify). On today’s show, I spoke with Daniel Palken, a former Capitol Hill policy staffer now at Arnold Ventures, about the current state of permitting reform negotiations in Congress. While we don’t know the exact shape of a deal yet, permitting reform is likely to be the biggest new policy for clean energy that we could get by the end of the year.
Daniel is a fantastic guide to the negotiations, and if you’re curious about the policy at all, I recommend that you listen. Here are few of my takeaways from the conversation:
1. A permitting reform deal will probably have six buckets.
They are (1) changes to the National Environmental Policy Act and the judicial review process that environmental studies face after completion; (2) reforms to the transmission process; (3) changes to the Clean Water Act; (4) a deal to make it harder for presidents to yank permits from approved projects; (5) changes to the National Historic Preservation Act, and (6) “everything else,” a grab bag of smaller fixes including to geothermal energy.
2. Wonky committee politics are shaping the deal.
The National Historic Preservation Act, for instance, is an archeological law that hasn’t been in the mix for previous reform proposals. It’s up for discussion now because Senator Mike Lee of Utah chairs the Senate Energy and Natural Resources Committee — and the NHPA is the major environmental bill under his jurisdiction. Likewise, observers think that a permitting deal has a much better shot of passing during this Congress (as compared to next year) because of an expected series of changes to committee chairs.
3. It’s way, way better to hook data centers to the power grid than run them off behind-the-meter power plants — even if they run off 100% natural gas.
Any permitting reform proposal will seek to expand the transmission system. That could have big benefits for the emissions intensity of data centers. Why? I’ll let Daniel explain:
If you look at the data centers that are hooking up off grid — when they’re not using repurposed jet engines, they’re using 20% thermally efficient gas plants. Whereas if you’re hooked up to the grid, there’s really two types of gas plants that live on the grid. There’s like 60% efficient combined-cycle gas turbines, which are most of the gas power that’s generated, and then there’s peaker [plants], which have low efficiency, but are run at capacity factors of like 5% — so from an emissions perspective, they don’t matter all that much.
So even if solar and wind didn’t exist at all, and nuclear didn’t exist, and hydro didn’t exist, it would still be a much, much cleaner option [to connect data centers to the power grid]. Like we’re talking factors of three in efficiency to connect your data center to the grid if it was purely powered by gas, which is, I think, an important point to understand.
I thought that was an interesting point, and while I’d seen some of those ideas in isolation, I’d never seen them laid out in one place. (And even if grid-scale gas plants are much more efficient than behind-the-meter plants, it’s still even better to power data centers with solar, batteries, and other clean firm power plants — which is also easier when they’re hooked up to the grid.)
I’ll stop glossing the episode and just link to it one more time. Thanks for reading.