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Economy

The Federal Reserve.
Economy

The Fed Announcement Is a Sneaky Bust for Renewables Developers

The central bank cut rates again, but that’s not the headline news.

Climate

AM Briefing: Clinging to Coal

On a new IEA report, EV batteries, and some good news about emissions

Yellow
Ideas

How Covid Shaped Climate Policy

Five years from the emergence of the disease, the world — and the climate — is still grappling with its effects.

Climate

The Long-Awaited LNG Study Is Out

And the predictable battle lines are already being drawn.

Green
Money.

The Age of Electrons Has Arrived, but Maybe Not for the Right Reasons

A new report finds that utilities are spending more than fossil fuel companies to keep up with data center electricity demand.

Green
Tropical Cyclone Chido’s Horrifying Destruction

AM Briefing: An Island in Ruins

On Mayotte’s death toll, the last days of the Biden administration, and subsidence

Yellow
Climate

AM Briefing: Power On, Power Off

On ExxonMobil’s behind the meter plans, a lawsuit in Washington, and Ontario’s warning to Trump.

A Threat From Canada
<p>Heatmap Illustration/Getty Images</p>

Current conditions:The wind chill could reach -20 degrees Fahrenheit in Chicago today • Red flag warnings have finally expired in Malibu • Governor Kathy Hochul has declared a state of emergency for Western and Central New York due to “near whiteout conditions” from a lake effect snowstorm.

THE TOP FIVE

1. ExxonMobil to invest in natural gas power plants for data centers

ExxonMobil announced Wednesday that it plans to “generate low-carbon electricity for data centers in the United States” by building natural gas-fueled power plants outfitted with carbon capture and storage technology to supply “behind-the-meter” electricity, unconnected from the grid. Staying off the grid will help the company avoid making costly transmission upgrades, meaning the generation capacity “can be installed at a pace that other alternatives, including U.S. nuclear power, cannot match,” Exxon said. Matthew Zeitlin explains in Heatmap that the move comes as the power industry “has reached an inflection point thanks to new demand from data centers to power artificial intelligence, electrification of transportation and heating, and new manufacturing investment,” with ExxonMobil joining Chevron in exploring behind-the-meter options for natural gas.

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Technology

One Big Climate Investor Is Bullish About 2025. Another Sees Disaster Brewing.

Obvious Ventures’ Andrew Beebe and Generate Capital’s Scott Jacobs reflect on the past, present, and future of climate tech.

Differing trends and clean energy.
<p>Heatmap Illustration/Getty Images</p>

Climate tech investors have a lot to take stock of at the end of 2024. The macroeconomic environment is shaky and investment in the space is down, but there’s plenty of cash reserves lying in wait. Artificial intelligence and its attendant data center power demand may or may not be the downfall of a future clean electric grid. And in case you missed it, Donald Trump was elected once more, this time drawing the world’s most successful — and notorious — climate tech CEO into his fold.

This week I spoke with two veterans of the industry about all these trends and more — Andrew Beebe, managing director of the venture capital firm Obvious Ventures, which has over $1 billion in assets under management, and Scott Jacobs, co-founder and CEO of the comparably huge sustainable infrastructure investment firm Generate Capital, which has raised over $10 billion to date. And while Beebe sounded jazzed about the year to come, Jacobs struck a more downbeat note as he delved into the difficult realities that climate companies are facing.

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