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Climate

The Case of the Missing Climate Money

On the World Bank’s bad record keeping, Trump’s town hall, and sustainable aviation fuel

The Case of the Missing Climate Money
Heatmap Illustration/Getty Images

Current conditions: Parts of southwest France are flooded after heavy rains • Sydney’s Bondi Beach is closed because lumps of toxic tar are washing ashore • A winter storm warning is in effect for parts of Montana.

THE TOP FIVE

1. Report: Large chunk of World Bank climate funds unaccounted for

Nearly 40% of the climate finance funds that have been distributed by the World Bank over the last seven years are unaccounted for due to poor record keeping, according to a new report from Oxfam International. That’s up to $41 billion that is untraceable. “There is no clear public record showing where this money went or how it was used, which makes any assessment of its impacts impossible,” the report said. “It also remains unclear whether these funds were even spent on climate-related initiatives intended to help low- and middle-income countries protect people from the impacts of the climate crisis and invest in clean energy.”

The World Bank is the largest multilateral provider of climate finance, and has a goal of directing 45% of its total financing toward climate projects by 2025. The report noted that climate finance will be a key issue at the upcoming COP29, where countries will put forward a new global climate finance goal. “The lack of traceable spending could undermine trust in global climate finance efforts at this critical juncture,” Oxfam said.

2. Trump pressed on climate change during Univision town hall

During a town hall event hosted by Univision last night, Republican presidential candidate Donald Trump was asked by a veteran construction worker – who had seen first-hand “the devastating impacts of climate change” – if he still believed global warming was a “hoax.” In his response, Trump claimed to be an environmentalist, saying he’d won “many awards over the years” for the way he’d constructed his buildings, “the way I used the water, the sand, the mixing of the sand.” But, he said, “we can’t destroy our country” for the sake of saving the climate. He said the U.S. is competing against China, which “doesn’t spend anything on climate change.” According to the International Energy Agency, last year China alone accounted for one-third of the world’s clean energy investments.

Needless to say, Trump didn’t really answer the question about whether he thought climate change was real, but he did cast doubt on sea level rise and claimed “the real global warming we have to worry about is nuclear.”

I’ll just take this opportunity to remind you that Heatmap’s Jeva Lange put together an exhaustive fact-check on Trump’s climate and weather claims going back to 2001.

3. SCOTUS says Biden’s power plant rules can stay — for now

The Supreme Court yesterday allowed the Environmental Protection Agency to move forward with its rule restricting climate pollution from power plants, meaning that one of the Biden administration’s key climate policies can stay in place. For now. The high court’s decision will allow the EPA to defend the rule in a lower court over the next 10 months. Whether the Biden administration’s new attempt at regulating climate pollution will survive depends on the outcome of next month’s election. The Trump campaign has said that it will overturn the EPA’s new climate rules. Should Harris win, the rule will still have to survive the lower court challenge. That case is scheduled to be heard in front of the D.C. Circuit Court of Appeals this term.

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  • 4. DOE announces loans for sustainable aviation fuel

    The Department of Energy yesterday announced its first two loans for sustainable aviation fuel. The roughly $3 billion in funding will go to two companies:

    • Montana Renewables – which makes biofuels from vegetable oils and discarded animal fats – would use the money to expand its facilities and produce 315 million gallons of biofuels per year. Canary Media noted this is “nearly eight times the country’s total SAF production capacity” last year.
    • Gevo – which makes biofuels from corn ethanol – would put the funding toward building a new refinery called Net-Zero 1 in South Dakota. Each year the facility would produce up to 60 million galls of SAF, and Gevo plans to capture the carbon produced and transport it to storage via the yet-to-be-constructed Summit Carbon Solutions pipeline.

    “As the aviation sector aims to meet its decarbonization goals, SAF will become increasingly vital,” the DOE said in a statement. “SAF is the only viable near-term option to decarbonize the airline industry.”

    5. Canadian court to rule on youth climate lawsuit

    A Canadian court’s ruling on a climate lawsuit today could influence similar cases in Canada and other countries. Seven young people are suing the Ontario government over its emissions targets, which they say are inadequate and violate their human rights. If the case heads to Canada’s Supreme Court, and the plaintiffs win, that would “dramatically open the door to new litigation,” constitutional law expert Emmett Macfarlane told Reuters. “That would be explosive. It would have immediate ramifications for all governments.”

    THE KICKER

    The University of California, San Diego, is the first major public university to require all its undergraduate students to complete a climate change course.

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    Climate Tech

    Lunar Energy Raises $232 Million to Scale Virtual Power Plants

    The startup — founded by the former head of Tesla Energy — is trying to solve a fundamental coordination problem on the grid.

    A Lunar Energy module.
    Heatmap Illustration/Lunar Energy

    The concept of virtual power plants has been kicking around for decades. Coordinating a network of distributed energy resources — think solar panels, batteries, and smart appliances — to operate like a single power plant upends our notion of what grid-scale electricity generation can look like, not to mention the role individual consumers can play. But the idea only began taking slow, stuttering steps from theory to practice once homeowners started pairing rooftop solar with home batteries in the past decade.

    Now, enthusiasm is accelerating as extreme weather, electricity load growth, and increased renewables penetration are straining the grid and interconnection queue. And the money is starting to pour in. Today, home battery manufacturer and VPP software company Lunar Energy announced $232 million in new funding — a $102 million Series D round, plus a previously unannounced $130 million Series C — to help deploy its integrated hardware and software systems across the U.S.

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    Adaptation

    Why Driverless Cars Still Can’t Handle Snow

    Black ice is dangerous, even for the robots.

    A robotaxi in the snow.
    Heatmap Illustration/Getty Images

    If all the snow and ice over the past week has you fed up, you might consider moving to San Francisco, Los Angeles, Phoenix, Austin, or Atlanta. These five cities receive little to no measurable snow in a given year; subtropical Atlanta technically gets the most — maybe a couple of inches per winter, though often none. Even this weekend’s bomb cyclone, which dumped 7 inches across parts of northeastern Georgia, left the Atlanta suburbs with too little accumulation even to make a snowman.

    San Francisco and the aforementioned Sun Belt cities are also the five pilot locations of the all-electric autonomous-vehicle company Waymo. That’s no coincidence. “There is no commercial [automated driving] service operating in winter conditions or freezing rain,” Steven Waslander, a University of Toronto robotics professor who leads WinTOR, a research program aimed at extending the seasonality of self-driving cars, told me. “We don’t have it completely solved.”

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    AM Briefing

    Courting a Win

    On the FREEDOM Act, Siemens’ bet, and space data centers

    Doug Burgum.
    Heatmap Illustration/Getty Images

    Current conditions: After a brief reprieve of temperatures hovering around freezing, the Northeast is bracing for a return to Arctic air and potential snow squalls at the end of the week • Cyclone Fytia’s death toll more than doubled to seven people in Madagascar as flooding continues • Temperatures in Mongolia are plunging below 0 degrees Fahrenheit for the rest of the workweek.

    THE TOP FIVE

    1. Interior Secretary suggests Supreme Court could step in to kill offshore wind

    Secretary of the Interior Doug Burgum suggested the Supreme Court could step in to overturn the Trump administration’s unbroken string of losses in all five cases where offshore wind developers challenged its attempts to halt construction on turbines. “I believe President Trump wants to kill the wind industry in America,” Fox Business News host Stuart Varney asked during Burgum’s appearance on Tuesday morning. “How are you going to do that when the courts are blocking it?” Burgum dismissed the rulings by what he called “court judges” who “were all at the district level,” and said “there’s always the possibility to keep moving that up through the chain.” Burgum — who, as my colleague Robinson Meyer noted last month, has been thrust into an ideological crisis over Trump’s actions toward Greenland — went on to reiterate the claims made in a Department of Defense report in December that sought to justify the halt to all construction on offshore turbines on the grounds that their operation could “create radar interference that could represent a tremendous threat off our highly populated northeast coast.” The issue isn’t new. The Obama administration put together a task force in 2011 to examine the problem of “radar clutter” from wind turbines. The Department of Energy found that there were ways to mitigate the issue, and promoted the development of next-generation radar that could see past turbines.

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