Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Economy

AM Briefing: Solar Milestone

A quick COP recap, solar hits a record, and a new high-speed train

AM Briefing: Solar Milestone
Heatmap Illustration/Getty Images

Current conditions: Parts of the Great Plains and Upper Midwest could see record high temperatures today • Australia is in the grips of a ferocious heatwave • The Greek village of Metamorfosi has voted to relocate its residents to the nearby town of Palamas following devastating September floods. A thunderstorm warning is in effect today for Palamas.

THE TOP FIVE

1. A quick COP recap

It’s a “rest day” at COP28, which means there probably won’t be a ton of news coming out of Dubai. But now’s a good time to reflect on what’s happened so far, and what to expect as the conference enters its second half.

Key accomplishments:

  • Loss and damage fund: On day one of COP28, world leaders reached a landmark deal to set up a fund aimed at helping vulnerable nations deal with the costly effects of climate change. The early accomplishment set an optimistic tone for the summit. The Guardian notes that wealthy countries have so far pledged $700 million to the fund, which is “far short of what is needed.”
  • Methane cuts: About 50 oil and gas companies pledged to slash their methane leaks by 2030. Critics cry greenwashing.
  • Renewables pledge: At least 120 countries backed a pledge to triple global renewable energy capacity by 2030.
  • Support for phasing out oil and gas: The number of countries pledging to end oil and gas extraction and exploration grew to 24 after Spain, Kenya, and Samoa joined the Beyond Oil & Gas Alliance.
  • Global cooling pledge: 63 countries including the U.S. and Canada have pledged to reduce their cooling-related emissions by at least 68% by 2050.

Still to come:

  • Global stocktake: Talks begin “in earnest” tomorrow about the key document that will set out the world’s climate goals for the coming years, and determine how they’ll be accomplished. The most contentious issue is whether the stocktake will include a call for a phase out of fossil fuels. A new draft of the global stocktake is expected Friday morning.

2. U.S. solar capacity to hit record high in 2023

The U.S. added 6.5 gigawatts (GW) of new solar capacity in the third quarter of 2023, up 35% year-over-year, according to a new report published this morning from the Solar Energy Industries Association (SEIA) and Wood Mackenzie. The report projects that in 2023 the U.S. will add a total of 33 GW of solar capacity, a 55% increase compared to new capacity in 2022. Growth is expected to slow slightly next year as the industry runs up against economic headwinds, but the dip will be temporary. By 2028, U.S. solar capacity is expected to reach 377 GW, up from 161 GW now, and solar is “still expected to be the largest source of generating capacity on the U.S. grid by 2050,” Electrek reports. The authors urge the industry to “continue to innovate to maximize the value that solar brings to an increasingly complex grid.”

solar chartSEI/Wood Mackenzie

3. Vivek Ramaswamy calls climate agenda a ‘substitute for modern religion’ in GOP debate

“The woke climate agenda” emerged as a villain at the fourth GOP debate on Wednesday night, reports Heatmap’s Jeva Lange. The topic first lurched on stage in the form of Republicans’ favorite three-letter boogeyman, ESG. Florida Governor Ron DeSantis called ESG investing an attempt to use “economic power to impose a left-wing agenda on this country.” Former U.N. Ambassador Nikki Haley alleged that DeSantis is beholden to Chinese companies like “JinkoSolar,” which he supposedly gave “$2 million in subsidies.” And in his closing remarks, Vivek Ramaswamy really let loose: “We should not be bending the knee to this new religion! That’s what it is, a substitute for a modern religion! We are flogging ourselves! And losing our modern way of life! Bowing to this new god of climate! And that will end on my watch!”

Get Heatmap AM in your inbox every morning:

* indicates required

  • 4. Biden awards $3 billion grant for Vegas-Los Angeles high-speed train line

    The Biden administration has awarded a $3 billion federal grant to Brightline West to develop an all electric high-speed rail line connecting Las Vegas to the outskirts of Los Angeles. The funding is an “almost unheard of infusion of federal money for a private project,” The Washington Post explains. The project is expected to cost $12 billion in total and be completed in just four years, in time for the 2028 Olympic Games in L.A. Trains will travel at 186 miles per hour and transport commuters in about 2 hours – roughly half the driving time. “This is a historic moment that will serve as a foundation for a new industry, and a remarkable project that will serve as the blueprint for how we can repeat this model throughout the country,” Wes Edens, the founder and chairman of Brightline, said in a statement.

    TrainBrightline West

    Map of trainBrightline West

    5. Panama Canal bottleneck could affect Christmas shipments

    Reduced capacity for container ships in the Panama Canal due to ongoing drought in the region could cause a bottleneck that turns into “the Pinch that Stole Christmas,” says Bloomberg's Tim Culpan. Daily crossings have already been reduced from 36 to 25 and will be cut further to just 18 by February. Container vessels, which carry everything from cars to Christmas toys, are being hit especially hard. “After the drought made the canal shallower, ships now have to lighten their loads,” Cuplan explains. “The result is fewer containers making the crossing per day, heightening the chance that many goods won’t make it to their destinations in time for Christmas.”

    THE KICKER

    Despite OPEC production cuts, oil prices are at their lowest level in five months thanks to investor concerns over rising supply and waning global demand.

    You’re out of free articles.

    Subscribe today to experience Heatmap’s expert analysis 
of climate change, clean energy, and sustainability.
    To continue reading
    Create a free account or sign in to unlock more free articles.
    or
    Please enter an email address
    By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
    Energy

    The EPA’s Backdoor Move to Hobble the Carbon Capture Industry

    Why killing a government climate database could essentially gut a tax credit

    Lee Zeldin.
    Heatmap Illustration/Getty Images

    The Trump administration’s bid to end an Environmental Protection Agency program may essentially block any company — even an oil firm — from accessing federal subsidies for capturing carbon or producing hydrogen fuel.

    On Friday, the Environmental Protection Agency proposed that it would stop collecting and publishing greenhouse gas emissions data from thousands of refineries, power plants, and factories across the country.

    Keep reading...Show less
    Blue
    Adaptation

    The ‘Buffer’ That Can Protect a Town from Wildfires

    Paradise, California, is snatching up high-risk properties to create a defensive perimeter and prevent the town from burning again.

    Homes as a wildfire buffer.
    Heatmap Illustration/Getty Images

    The 2018 Camp Fire was the deadliest wildfire in California’s history, wiping out 90% of the structures in the mountain town of Paradise and killing at least 85 people in a matter of hours. Investigations afterward found that Paradise’s town planners had ignored warnings of the fire risk to its residents and forgone common-sense preparations that would have saved lives. In the years since, the Camp Fire has consequently become a cautionary tale for similar communities in high-risk wildfire areas — places like Chinese Camp, a small historic landmark in the Sierra Nevada foothills that dramatically burned to the ground last week as part of the nearly 14,000-acre TCU September Lightning Complex.

    More recently, Paradise has also become a model for how a town can rebuild wisely after a wildfire. At least some of that is due to the work of Dan Efseaff, the director of the Paradise Recreation and Park District, who has launched a program to identify and acquire some of the highest-risk, hardest-to-access properties in the Camp Fire burn scar. Though he has a limited total operating budget of around $5.5 million and relies heavily on the charity of local property owners (he’s currently in the process of applying for a $15 million grant with a $5 million match for the program) Efseaff has nevertheless managed to build the beginning of a defensible buffer of managed parkland around Paradise that could potentially buy the town time in the case of a future wildfire.

    Keep reading...Show less
    Spotlight

    How the Tax Bill Is Empowering Anti-Renewables Activists

    A war of attrition is now turning in opponents’ favor.

    Massachusetts and solar panels.
    Heatmap Illustration/Library of Congress, Getty Images

    A solar developer’s defeat in Massachusetts last week reveals just how much stronger project opponents are on the battlefield after the de facto repeal of the Inflation Reduction Act.

    Last week, solar developer PureSky pulled five projects under development around the western Massachusetts town of Shutesbury. PureSky’s facilities had been in the works for years and would together represent what the developer has claimed would be one of the state’s largest solar projects thus far. In a statement, the company laid blame on “broader policy and regulatory headwinds,” including the state’s existing renewables incentives not keeping pace with rising costs and “federal policy updates,” which PureSky said were “making it harder to finance projects like those proposed near Shutesbury.”

    Keep reading...Show less
    Yellow