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On a $6 billion federal investment, solar geoengineering rules, and restoring nature

Current conditions: Hong Kong recorded its highest March temperature in 140 years • Miami’s Ultra Music Festival was evacuated due to severe weather • Tornadoes are possible today across east Texas and through the Lower Mississippi Valley.
As expected, the Biden administration today announced that 33 projects have been selected to receive a slice of $6 billion in government funding to speed up the decarbonization of America’s industrial sector. The projects cover some of the most energy-intensive industries, like cement, chemicals, steel, and food production. The Office of Clean Energy Demonstrations (OCED) expects the projects to cut the equivalent of more than 14 million metric tons of carbon dioxide (CO2) emissions each year, which is equivalent to the annual emissions of 3 million gasoline-powered cars. The initiatives are also expected to help create a lot of new jobs, and about 80% of the projects are located in disadvantaged communities. Some project examples here:
A group of nonprofits is working on an open-source data set that lists every residential electrification incentive in the country. The ambitious project is called the National Open Data for Electrification (NODE) Collective, and it’s being organized by the North Carolina Clean Energy Technology Center, Eli Technologies, the Building Decarbonization Coalition, Rewiring America, and RMI, but they’re looking for additional collaborators and stakeholders as they build up the data set for eventual launch. “Government-funded rebates, tax credits, and other purchasing incentives can be a key driver of consumer adoption of pollution-free technologies like heat pumps, yet navigating fragmented and outdated data can be a confusing and frustrating process,” Andre Meurer, head of product at the Building Decarbonization Coalition, said in a press release. The NODE Collective is expected to cover more than 2,000 incentives on offer, from heat pumps and induction stovetops to home battery storage and electric panel upgrades, and the list will be maintained so nothing is out of date.
A group of environmental law professors and policy experts are urging the National Oceanic and Atmospheric Administration (NOAA) to tighten the rules around weather modification in the U.S. so they apply more stringently to private solar geoengineering projects. NOAA’s existing rule “requires only a heads-up before experiments to modify the weather,” E&E News explained. In a petition filed this month, the experts requested NOAA update its rule in three ways: First, they want anyone applying to use solar geoengineering (which involves spraying aerosols into the sky to bring down temperatures) to report details of their project that can help gauge potential risks and impacts. Second, the petitioners want to see more reporting requirements for international geoengineering projects that could affect U.S. citizens. And third, they want NOAA to come up with a more comprehensive strategy to study and regulate solar geoengineering activities.
One of the European Union’s biggest environmental policies is in trouble. The nature restoration law would require countries to restore nature on 20% of their land and sea by 2030 in an effort to “help achieve the EU’s climate and biodiversity objectives and enhance food security.” More than 80% of Europe's natural habitats are classed as in poor condition. A vote on the law was canceled today after Hungary withdrew support, putting the regulation in jeopardy. The bloc’s green policies have come under increased scrutiny in recent months ahead of EU Parliament elections in June, especially after months of disruptive protests by farmers. However a poll published today found that more than half of European voters see fighting climate change as a priority.
The EPA last week imposed its largest fine yet to a company accused of attempting to smuggle greenhouse gases into the U.S. Resonac America must pay $416,003 and destroy 1,693 pounds of hydrofluorocarbons (HFCs) it tried to import illegally on four occasions. HFCs are used as refrigerants but are being phased out because they are “super climate pollutants” with far greater warming potential than carbon dioxide. The U.S. still allows imports of HFCs but only when companies apply for “allowances” – and those allowances are getting smaller each year, with the goal of reducing the country’s HFC consumption and production by 85% by 2036. As the phase-down continues, the EPA wants to discourage the development of an HFC black market by showing zero tolerance on illegal imports. Recently a California man was charged with bringing HFCs in from Mexico.
Brazil has seen a surge in proposed laws requiring water be provided at large events after an extreme heatwave during a Taylor Swift concert last year. The influx has been nicknamed the “ Taylor Swift effect.”
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On Guterres naming a villain, how Masayoshi Son ‘overdid it,’ and Vance’s Venezuela trader
Current conditions: A major Atlantic storm called Storm Charles is bearing down on Portugal, which closed schools, canceled all non-essential services, and called off the second day of the WebSummit in Lisbon • A potential nor’easter is threatening New York City with heavy rain and flooding • Jackson, Mississippi — where Democrat Scott Colom declared victory last night to become the state’s first Black senator in nearly 150 years — is set to reach a warm, sunny, 71 degrees Fahrenheit today before dropping off by nearly 20 degrees overnight.
When the Intergovernmental Panel on Climate Change released its landmark report on the closing window to keep global warming within the range set by the Paris Agreement in 2018, António Guterres was just a year into the job as the United Nations’ secretary-general. The left-wing former Portuguese prime minister quickly developed a knack for delivering speeches that contained exactly the kind of rousing soundbites that blared in headlines across the world. That year, he proclaimed climate change “the defining issue of our time – and we are at a defining moment.” As emissions continued to grow, he ratcheted up his language. In 2022, he warned of a world in “great peril.” In 2023, he lamented that “humanity has opened the gates of Hell.” In his likely final speech before the annual global climate summit as the UN chief, Guterres raged against a world still on “the path to mutually assured destruction.”As “heat records keep shattering,” he said, “fossil fuel interests keep making a killing — while killing our planet.”
Meanwhile, at the summit formally known as the 31st Conference of the Parties to the UN Framework Convention on Climate Change, advocates are pushing for nuclear power to be explicitly acknowledged as clean in any official communiques that emerge from the negotiations. The key theme of this year’s event is Turkey’s goal of getting the world to increase the share of end-use energy that comes from electricity from 21% to 35% by 2035. Groups such as the Clean Air Task Force are pushing for the COP31 to name nuclear power as a resource to reach that goal, NucNet reported.
Exxon Mobil filed a confidential legal challenge to the European Union’s carbon capture rules in what the Financial Times called “the latest attempt by the U.S. energy group to row back Brussels’ flagship green regulations.” In a memo, the European Commission told its trade authorities it was preparing a response to the Texas giant’s argument that requiring the company to build out infrastructure to capture and store carbon dioxide emissions violates its rights against discrimination and expropriation under a 1994 investor protection treaty. The EU left the treaty last year, but is still bound by it.
Europe operates just 5.2% of the world’s operational carbon capture capacity as of this year, according to data from the International Energy Agency, putting the continent in a distant third place behind North America and South America. But that figure is on track to top 30% by 2035, easily leapfrogging into the No. 2 spot.

Last year, Japanese billionaire Masayoshi Son reserved a big portion of the U.S. market for gas turbines in hopes of making his SoftBank Group a top power equipment supplier for the data center boom. But reserving 13 gigawatts of turbines — equivalent to more than six Hoover Dams — drove a $3.7 billion loss in the company’s earnings.
“Like an overeager miner who tries to corner the market for picks and shovels in a gold rush,” The Wall Street Journal wrote in a scoop on the earnings hit, “Son’s SoftBank Group ordered so many turbines that even after fully supplying the world’s largest gas power plant, it was left with reservations for far more than it could possibly use.” It’s a sign, my colleague Robinson Meyer wrote last night, that “data centers may have already peaked as an economic and energy trend.”
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Add this to Democrats’ list of potential investigations into conflicts of interests in the Trump administration’s energy deals. A week before the U.S. invaded Venezuela, a plane linked to John Addison, a gasoline trader at the commodities giant Vitol and a friend and early financier of JD Vance’s political career, spent time on the tarmac of Bozeman Yellowstone International Airport alongside the vice president’s jet. Just two days after the capture of Nicolás Maduro, Addison received a call from Secretary of Energy Chris Wright with what Reuters described as “an irresponsible offer.” In a blockbuster investigation, the newswire reported that Vance told Wright to trust Addison despite the fact that he “wasn’t the obvious choice to receive such a call from” the Department of Energy chief. Typically such outreach would go to the company’s regional chief executive, not a senior trader. “And his specialty was buying and selling U.S. gasoline, not Latin American crude oil,” Reuters wrote.
Offshore wind may be out to sea in the U.S. But Britain and Japan just signed a new Offshore Wind Industrial Compact in a bid to increase cooperation on supply chains for all kinds of seaward turbines. The pact encourages joint investments between British developers such as the state-backed Great British Energy and Japanese financiers, offshoreWIND.biz reported.
Mr. Wonderful isn’t the only male celebrity getting into the data center craze. New England Patriots owner Robert Kraft’s Kraft Group is now seeking to build a 900-megawatt data center campus in Sutton, Massachusetts, an historic, rural enclave roughly an hour southwest of Boston. If completed, The Boston Globe reported, it would be the fourth-largest data center in the U.S.
SoftBank’s error and Nvidia’s scandal suggest data centers may have already peaked as an economic and energy trend.
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Covering energy and climate change sometimes means seeing certain stories in a different light than others. And a particularly vivid hue illuminated The Wall Street Journal’s report today that the Japanese conglomerate SoftBank Group is taking a $3.7 billion loss on several gigawatts’ worth of natural gas turbines.
For the Journal, the big news is that SoftBank and its billionaire founder, Masayoshi Son, are failing to capitalize on the artificial intelligence boom. But at Heatmap, we’re thinking about the turbines.
The data center boom and the return of electricity load growth has depleted the world’s supply of natural gas turbines. SoftBank had purchased reservations for about 13 gigawatts of turbines, according to the Journal. That’s a staggering amount of electricity — it could meet New York City’s maximum power draw on the hottest part of a summer’s day. The conglomerate now seems set to dump reservations for about four gigawatts’ worth. Keeping a reservation, it turns out, really is harder than making it.
Most of those rotors were reportedly from GE Vernova, one of the world’s largest producers of gas turbines. GE Vernova’s order list for gas turbines has been filled for nearly two years and the waiting list now stretches into 2031. That has led data center developers, hungry to get power as soon as possible, to reach for ever dirtier forms of electricity generation, including diesel generators and even old jet engines.
On that front, SoftBank’s failure to sell the turbines to a higher bidder suggests (albeit weakly) that demand for energy-producing assets might not be as strong as the AI boom’s backers once thought. SoftBank was already set to send about 9 gigawatts of turbines to the enormous Trump-backed OpenAI data center in Pike County, Ohio. The roughly remaining four gigawatts will be released back their manufacturers. (One thing this news can’t quite tell us, alas, is what type of turbine set-up will be used in the Pike County facility, which will be the world’s largest gas-fired power plant if it is build to completion. Recent public filings have suggested the facility isn’t planning on using any turbines in the more efficient combined-cycle configuration, which would mean the plant’s carbon intensity will be worse than most other new natural gas plants. But we’d love to hear any tips on this front.)
To zoom out for a second, I’m struck by how the AI bubble has been replaced by an AI muddle. As I wrote this, news emerged that Nvidia is preparing to fire its CEO, Jensen Huang, for his affair with a Chinese woman who is alleged to be a spy. (He had at least one more affair with another Nvidia executive, according to The New York Times.) Under Huang’s leadership, Nvidia has invested in a sprawling and sometimes circular network of energy-related companies, including Emerald AI, a startup that helps data centers flex their electricity consumption, and Redwood Materials, a battery recycler and producer led by the former Tesla executive J.B. Straubel. Huang has used Nvidia’s enormous balance sheet to buy down the risk of other AI and AI-related companies, propelling the overall AI trade to become the biggest story in American markets.
Now that balance sheet is in peril: Nvidia’s stock is already down 11% over the past five days, and it has fallen another 8% in after-hours trading since news broke of Huang’s ouster. If the chip designer’s financial network began to fray — or even if the next CEO had a lower risk appetite than Huang — then its demise could impact a much larger set of firms.
Even before the Huang scandal broke, companies at the center of the AI trade were showing signs of weakness. Alphabet, Meta, and Microsoft are all down on the month. Nvidia was already lagging by about 10% on the month before its hebdomas horribilis began, too. The memory and chip makers Micron and Applied Materials are both down more than 25% in about the same period, and GE Vernova and Oklo have fallen nearly 20%. Although the data center company Coreweave rebounded on an earnings beat today, it’s still down 24% on the month and nearly 50% since May.
The market rout isn’t total — Anthropic seems likely to enjoy one of the largest IPOs ever in the next week (although perhaps not with quite as large a valuation as its investors once imagined). And the underlying technology of AI seems to be getting worryingly better all the time. But even though the politics of data centers and AI seem set to dominate the new Washington, I’m wondering if data centers as a mainstream economic trend might have already peaked. Americans voted for a more subdued AI boom in the midterms. Now it seems like they might get it ahead of schedule.
Lunar Energy’s latest AI-powered system aims to integrate EVs into the automated demand response mix.
In theory, it’s straightforward to assemble the smart energy home: Solar panels, home backup batteries, and electric vehicles, plus smart thermostats, heat pumps, and water heaters — all the individual pieces can be had for the homeowner who can afford the up-front cost. The challenge is getting all those pieces to talk to one another.
Bay Area-based Lunar Energy is one of the tech firms that’s been trying to crack this problem. Today, it announced an upgraded version of its artificial intelligence-powered home energy control system, which not only integrates all those separate systems but also responds tactically to energy markets. CEO Kunal Girotra told me Lunar AI saves its users money by monitoring their home 24/7 and making decisions to charge, not to charge, or discharge so that they save the most money.
“Utilities are all moving to almost-real-time changes of rates,” he said. “You need software to handle that for you. I think that the race is on for who has the best AI machine learning algorithms to save the most amount of money. And so far, we seem to have a head start.”
Lunar’s first-generation system focused on generation, storage, and control. In other words, it connected elements like a home’s rooftop solar panels with the backup battery the residents might keep in the garage, using the AI to decide when to meet the home’s real-time energy needs with solar versus grid energy versus stored power. What it didn’t have was the ability to work with electric vehicles to manage charging and use the car’s battery as a bonus source of energy.
To fix this, Lunar has built its own bidirectional EV charger — one that can charge up the battery or discharge the car’s battery for a secondary use, like backing up the home’s power supply. Girotra, formerly the head of Tesla Energy, told me the problem with that functionality to this point has been the connection point between the car and the home electrical system. Carmakers and other companies in the space didn’t have the deep experience with electrical certifications to make the process seamless, he tells me. That led to setups like the original Ford Charge Station Pro, which required several different wall-mounted electrical boxes to connect the F-150 Lightning EV to the home.
Lunar’s charger is built to connect to its customers’ existing home Lunar energy system, which includes a microgrid interconnect device they call Lunar Bridge that islands the home in case of a power outage on the grid. In that way, the power stored in the EV battery is ready to back up the home in case of a blackout without any additional work — or to be optimized as part of a fully smart home that’s making money as part of a virtual power plant.
The company’s setup allows for another fun feature: “slow” charging that’s not slow at all, but actually two or three times as fast as the Level 2 charging most EV owners use to recharge their batteries overnight. Electric cars in the U.S. can typically take on only about 11 kilowatts of AC power from one’s home because of the limitations of their on-board hardware. Because Lunar’s system is fully DC, however, Girotra said the company decided to build a DC home charger, one that — like a Tesla Supercharger or other DC fast chargers out in the world — isn’t limited by that power cap. Lunar said it could use a combination of power from the grid, home solar, or home batteries to charge an EV at up to 25 kilowatts. That’s enough to recharge an EV in three to four hours rather than six to eight.
“If the standards get high, and if everybody sees cars can get charged in three hours, then all of a sudden people are like, ‘Wow, this is how I want it,’” he said. “Especially for 25% of the users who are like me, who always are running low on charge and they don’t mind a boost every now and then.”
Some of the other improvements in the second-gen system are more incremental. An inverter that’s 40% more powerful helps Lunar get its system up to enterprise scale. That’s crucial, as the world moves toward a place where more homes and businesses employ battery backup systems. Lunar’s new batteries come in modular 5 kilowatt-hour blocks ranging from 10 kilowatt-hours to 30 kilowatt-hours in a single unit and scale up to 300 kilowatt-hours for home or small commercial use; there’s also new pad-mounted configurations with capacity up to 1 megawatt-hour.
Batteries, though, are the simple part. Everyone from EV makers like Rivian to utilities like Octopus Energy is racing to make a person’s or a business’s batteries and solar panels and electric cars work for them, using the power of AI to account for moment-to-moment changes in energy prices and supply. Lunar’s new tech makes the case that the most important element is a single brain to integrate every last smart, electrified thing in your house.