Sign In or Create an Account.

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

Economy

Why Renewables Aren’t Expanding Fast Enough

On green energy investment, Biden’s Greenhouse Gas Reduction Fund, and heavy batteries

Why Renewables Aren’t Expanding Fast Enough
Heatmap Illustration/Getty Images

Current conditions: In Chile, Santiago’s 11-day heatwave has ended • Storm Kathleen could bring gale-force winds to the UK • New York City is littered with downed trees after a strong storm.

THE TOP FIVE

1. Biden administration unleashes $20 billion for green banks

Vice President Kamala Harris and EPA administrator Michael Regan are in Charlotte, North Carolina, this morning to announce the award of $20 billion dollars for climate mitigation and adaptation projects. This is the official launch of the Greenhouse Gas Reduction Fund, a $27 billion program that was part of the Inflation Reduction Act — in fact, it is the single largest and most flexible program in the IRA, reported Heatmap’s Emily Pontecorvo. The money will go to eight organizations and help “create a national clean financing network for clean energy and climate solutions.” The general idea is to funnel the money into green lending programs, colloquially known as “green banks,” that will offer low-cost loans and other financing options for consumers, community organizations, businesses, and local governments. Projects financed through the fund could do everything from residential electrification, to green public transit, to solar on schools, to storm water management.

2. Report finds the world isn’t expanding renewable capacity fast enough

A big report out today finds that even though the world is breaking records for new renewable energy installations, we’re not adding enough capacity to limit the global temperature increase to below 1.5 degrees Celsius. The findings, which come from Paris-based think tank REN21, show renewable capacity additions shot up by 36% last year, to about 473 gigawatts (GW). This is a record-breaking increase, but well below the 1,000 GW of new capacity needed each year to meet climate commitments. “We aren’t even reaching 50% of what’s needed annually,” said Rana Adib, REN21's executive secretary. “Governments have committed, but this needs to be followed by action.” The problem is that energy demand is increasing, and the current rate of renewables expansion isn’t keeping pace due to a lack of investment in grid infrastructure. Global investment in renewables needs to total at least $1.3 trillion every year through 2030 – last year it sat at $623 billion. “We have the technology,” Adib said. “But we need the political will.” The report calls for phasing out fossil fuel subsidies and prioritizing financing the energy transition in developing countries.

3. Forest loss declines in Brazil and Colombia, but climbs elsewhere

Tropical forest loss in Brazil and Colombia declined significantly last year compared to 2022, according to the World Resources Institute’s Global Forest Review. Brazil’s forest loss dropped by 36% to its lowest level since 2015; Colombia’s plummeted by 49%. Both trends coincide with new leadership, showing that political will can create meaningful change. But “the frontiers of forest loss are shifting,” WRI said. The progress was offset by increases in forest loss elsewhere, especially Bolivia, Laos, and Nicaragua.

World Resources Institute

Bolivia’s losses came mainly from fires that were initially set by humans but that grew out of control in exceptionally hot and dry conditions. Agriculture expansion is another major driver of losses. Overall, tropical forest loss last year hit 3.7 million hectares, which is like losing 10 soccer fields per minute. This deforestation resulted in 2.4 gigatonnes of carbon dioxide being released into the atmosphere. For comparison, that’s about half the total annual emissions produced by the entire United States. The report also looks at tree cover outside the tropics, and finds that Canada’s devastating wildfires increased global tree cover loss by 24%.

World Resources Institute

4. Majority of recent CO2 emissions came from 57 big producers

About 80% of carbon dioxide emissions produced since 2016 came from a mix of 57 countries and businesses, according to a new analysis from London-based think tank InfluenceMap. Most fossil fuel companies (and especially state-owned ones) have ramped up production in the years since the Paris Agreement was signed. The top three emitters between 2016 and 2022 were Saudi Aramco, Russia’s Gazprom, and Coal India. “We’e seeing an increase in concentration in terms of a smaller number of producers being linked to an even larger portion of global fossil CO2 emissions,” InfluenceMap’s program manager Daan Van Acker told Axios.

5. Stellantis CEO: EV batteries need to be 50% lighter

EV batteries will have to lose about half their weight over the next decade in order to limit their environmental impact, the CEO of automaker Stellantis said yesterday. Speaking at the company’s Freedom of Mobility Forum, Carlos Tavares said battery packs can weigh about 1,000 pounds and require huge amounts of raw materials. This isn’t the first time Tavares has lamented bulky batteries, and the company has said it aims to reduce the weight of its own EV batteries by 50% by 2030. Last year Stellantis invested in Lytten, a company developing lithium-sulfur batteries.

THE KICKER

“They’re essentially livestock.” –Eliza Grames, an entomologist at Binghamton University, says an increase in beehives tended to by well-meaning beekeepers is producing “domesticated” honeybees that threaten North America’s native bee species.

Yellow

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
Podcast

Heatmap’s Annual Climate Insiders Survey Is Here

Rob takes Jesse through our battery of questions.

A person taking a survey.
Heatmap Illustration/Getty Images

Every year, Heatmap asks dozens of climate scientists, officials, and business leaders the same set of questions. It’s an act of temperature-taking we call our Insiders Survey — and our 2026 edition is live now.

In this week’s Shift Key episode, Rob puts Jesse through the survey wringer. What is the most exciting climate tech company? Are data centers slowing down decarbonization? And will a country attempt the global deployment of solar radiation management within the next decade? It’s a fun one! 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.

Keep reading...Show less
Green
The Insiders Survey

Climate Insiders Want to Stop Talking About ‘Climate Change’

They still want to decarbonize, but they’re over the jargon.

Climate protesters.
Heatmap Illustration/Getty Images

Where does the fight to decarbonize the global economy go from here? The past 12 months, after all, have been bleak. Donald Trump has pulled the United States out of the Paris Agreement (again) and is trying to leave a precursor United Nations climate treaty, as well. He ripped out half the Inflation Reduction Act, sidetracked the Environmental Protection Administration, and rechristened the Energy Department’s in-house bank in the name of “energy dominance.” Even nonpartisan weather research — like that conducted by the National Center for Atmospheric Research — is getting shut down by Trump’s ideologues. And in the days before we went to press, Trump invaded Venezuela with the explicit goal (he claims) of taking its oil.

Abroad, the picture hardly seems rosier. China’s new climate pledge struck many observers as underwhelming. Mark Carney, who once led the effort to decarbonize global finance, won Canada’s premiership after promising to lift parts of that country’s carbon tax — then struck a “grand bargain” with fossiliferous Alberta. Even Europe seems to dither between its climate goals, its economic security, and the need for faster growth.

Now would be a good time, we thought, for an industry-wide check-in. So we called up 55 of the most discerning and often disputatious voices in climate and clean energy — the scientists, researchers, innovators, and reformers who are already shaping our climate future. Some of them led the Biden administration’s climate policy from within the White House; others are harsh or heterodox critics of mainstream environmentalism. And a few more are on the front lines right now, tasked with responding to Trump’s policies from the halls of Congress — or the ivory minarets of academia.

We asked them all the same questions, including: Which key decarbonization technology is not ready for primetime? Who in the Trump administration has been the worst for decarbonization? And how hot is the planet set to get in 2100, really? (Among other queries.) Their answers — as summarized and tabulated by my colleagues — are available in these pages.

Keep reading...Show less
Green
The Insiders Survey

Will Data Centers Slow Decarbonization?

Plus, which is the best hyperscaler on climate — and which is the worst?

A data center and renewable energy.
Heatmap Illustration/Getty Images

The biggest story in energy right now is data centers.

After decades of slow load growth, forecasters are almost competing with each other to predict the most eye-popping figure for how much new electricity demand data centers will add to the grid. And with the existing electricity system with its backbone of natural gas, more data centers could mean higher emissions.

Keep reading...Show less