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Economy

A Quick Roundup of This Week’s DOE Funding News

On solar panel factories, heat pumps, and grid resilience

A Quick Roundup of This Week’s DOE Funding News
Heatmap Illustration/Getty Images

Current conditions: Japan has issued its first-ever “megaquake” caution after a temblor rattled its southern coast yesterday • The remnants of Tropical Storm Debby could bring tornadoes to the Mid-Atlantic and Northeast • India’s record heat has been mentioned at least 80 times in quarterly earnings calls.

THE TOP FIVE

1. Solar panel company Qcells secures $1.45 billion DOE loan

The Biden administration announced yesterday a conditional commitment for a loan guarantee of up to $1.45 billion for solar panel maker Qcells to support the construction of the company’s new manufacturing facility in Cartersville, Georgia. The plant would be Qcell’s second in Georgia, but the largest of its kind in the U.S., churning out solar panel components like silicon ingots and wafers, as well as finished solar panels. Its completion will “re-establish critical parts of the domestic solar supply chain and reinforce the United States’ status as a global clean energy leader,” the Department of Energy said in a statement. The plant will create 1,950 jobs, and is expected to make 3.3 gigawatts of panels each year, enough to power half a million homes. And it will be eligible for the IRA’s clean-energy tax credits.

In other government funding news this week, the DOE announced $10.2 million to advance the “cost effective and environmentally responsible” production of critical minerals and materials in the U.S., $85 million to boost domestic heat pump manufacturing, and $2.2 billion to shore up the grid.

2. Glacial dam outburst floods Alaska’s capital

Alaska’s capital of Juneau has been inundated by flooding from a glacial dam outburst this week. More than 100 homes have been damaged in the Mendenhall Valley after the Suicide Basin, which holds meltwater from Suicide Glacier, began to overflow on August 1 and sent water pouring into the Mendenhall River. Climate change is melting glaciers, putting nearby communities in danger. Recent research shows the number of glacial lakes has grown by more than 50% since 1990, and more than 15 million people globally are at risk.

Facebook/Alaska Division of Homeland Security and Emergency Management

3. Canadian nuclear fusion firm gets government backing

Canadian nuclear fusion company General Fusion this week raised about $14.6 million in a Series F funding round from two government agencies, the Business Development Bank of Canada and Canadian Nuclear Laboratories. The injection brings the company’s funding total to more than $320 million, with backers including Jeff Bezos. As Bloombergexplained, General Fusion “uses mechanically driven pistons to compress a cloud of plasma as a means to generate energy,” and the company said this money will help it move toward compressing plasmas at large scale, which is “a key milestone on our path to reach transformational results for commercialization.”

4. L.A. could soon get an air taxi network

California-based eVTOL developer Archer Aviation is planning an “air mobility network” that will bring flying electric taxis to Los Angeles as early as 2026. Customers would be able to skip the L.A. traffic by hopping into one of Archer’s Midnight aircraft and travelling in a matter of minutes to one of the company’s vertiports, which will be located near various popular destinations including LAX, USC, and perhaps the SoFi Stadium. Here’s what the network could look like:

Archer Aviation

The Midnight electric aircraft can carry four passengers at a time and travel at 150 mph. The company recently announced plans for a similar network in the San Francisco Bay Area. Stellantis is planning to help Archer ramp up production of the Midnight aircraft by covering some $370 million in labor-related costs.

5. Study reveals how past volcanic eruptions affected climate, plants

A new study published in the journal Science examines how the Earth’s plants and carbon cycle have responded in the past to climate change caused by huge releases in carbon dioxide from volcanic activity. They find that the severity of the fallout depended on how quickly the Earth could sequester the carbon and remove it from the atmosphere, but also how well plants could adapt to the resulting temperature changes. After past volcanic eruptions, some plant species evolved to survive, some migrated to cooler climates, but others were wiped out entirely. The authors found that damages to vegetation made global warming worse in the past. “This study, in my perspective, serves as a ‘wake-up call’ for the global community,” said co-author Loïc Pellissier, a professor of ecosystems and landscape evolution at ETH Zurich and the Swiss Federal Institute for Forest Snow and Landscape Research. “We are currently releasing greenhouse gases at a faster rate than any previous volcanic event. We are also the primary cause of global deforestation, which strongly reduces the ability of natural ecosystems to regulate the climate.”

THE KICKER

Satellite data suggests deforestation in Brazil’s Amazon rainforest is now at its lowest levels since 2016.

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Politics

AM Briefing: Trump and COP29

On the looming climate summit, clean energy stocks, and Hurricane Rafael

What Trump Means for COP29
Heatmap Illustration/Getty Images

Current conditions: A winter storm could bring up to 4 feet of snow to parts of Colorado and New Mexico • At least 89 people are still missing from extreme flooding in Spain • The Mountain Fire in Southern California has consumed 14,000 acres and is zero percent contained.

THE TOP FIVE

1. Climate world grapples with fallout from Trump win

The world is still reeling from the results of this week’s U.S. presidential election, and everyone is trying to get some idea of what a second Trump term means for policy – both at home and abroad. Perhaps most immediately, Trump’s election is “set to cast a pall over the UN COP29 summit next week,” said the Financial Times. Already many world leaders and business executives have said they will not attend the climate talks in Azerbaijan, where countries will aim to set a new goal for climate finance. “The U.S., as the world’s richest country and key shareholder in international financial institutions, is viewed as crucial to that goal,” the FT added.

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Politics

The 2 Climate Bulwarks Against the Next Trump Presidency​

State-level policies and “unstoppable” momentum for clean energy.

A plant growing out of a crack.
Heatmap Illustration/Getty Images

As the realities of Trump’s return to office and the likelihood of a Republican trifecta in Washington began to set in on Wednesday morning, climate and clean energy advocates mostly did not sugarcoat the result or look for a silver lining. But in press releases and interviews, reactions to the news coalesced around two key ways to think about what happens next.

Like last time Trump was elected, the onus will now fall on state and local leaders to make progress on climate change in spite of — and likely in direct conflict with — shifting federal priorities. Working to their advantage, though, much more so than last time, is global political and economic momentum behind the growth of clean energy.

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Podcast

The Inflation Reduction Act Is About to Be Tested

Rob and Jesse talk about what comes next in the shift to clean energy.

Donald Trump.
Heatmap Illustration/Getty Images

Last night, Donald Trump secured a second term in the White House. He campaigned on an aggressively pro-fossil -fuel agenda, promising to repeal the Inflation Reduction Act, Biden’s landmark 2022 climate law, and roll back Environmental Protection Agency rules governing power plant and car and truck pollution.

On this week’s episode of Shift Key, Jesse and Rob pick through the results of the election and try to figure out where climate advocates go from here. What will Trump 2.0 mean for the federal government’s climate policy? Did climate policies notch any wins at the state level on Tuesday night? And where should decarbonization advocates focus their energy in the months and years to come? Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap, and Jesse Jenkins, a professor of energy systems engineering at Princeton University.

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