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Economy

What to Expect From Solar and Battery Storage This Year

On 2024 power projects, pension funds, and the king’s car

What to Expect From Solar and Battery Storage This Year
Heatmap Illustration/Getty Images

Current conditions: Rush hour commutes in the Midwest could be snarled by snow today • The whole of England and Wales is under a weather warning for heavy rain and floods • February temperatures in parts of the Atlantic Ocean are nearing highs normally seen in July.

THE TOP FIVE

1. Solar and battery storage expected to set records in 2024 for new electricity generating capacity

The vast majority – 81% – of new utility-scale electricity generating capacity expected to come online this year will be in the form of solar and battery storage, according to the U.S. Energy Information Administration (EIA). The agency’s latest Preliminary Monthly Electric Generator Inventory shows projects with 62.8 gigawatts (GW) of new capacity are in the pipeline, a 55% increase over the 40.4 GW added last year. More than half of that will be solar, and about a quarter will be battery storage. “We expect U.S. battery storage capacity to nearly double in 2024,” the report said. Electrek also noted that “2024 will see the least new natural gas capacity added in 25 years.”

EIA

2. House passes bill to reverse Biden’s LNG pause

The Republican-controlled House voted yesterday to pass a bill reversing President Biden’s pause on approvals of liquified natural gas (LNG) exports. The vote was 224-200, with nine democrats voting in favor. While the bill is unlikely to get the green light in the Senate, its passage “could embolden House Republicans to include language easing the pause in future government funding legislation,” Bloomberg said. This particular bill would end the Department of Energy’s (DoE) power to approve exports, handing it instead to the independent Federal Energy Regulatory Commission. Biden paused approval of new export terminals recently until the DoE can study their environmental impact, earning praise from activists who claim LNG may be worse for the climate than coal, but scorn from many Republicans who say the move compromises energy security.

3. Major climate investor group loses key asset managers

The world’s largest group aimed at leveraging investor power to pressure corporations to prioritize climate change lost some of its biggest members this week. JPMorgan Asset Management and State Street Global Advisors (SSGA) said yesterday they are leaving the Climate Action 100+ (CA100) group, and BlackRock Inc. said it will no longer be affiliated. CA100 partners with more than 700 investors – which collectively manage about $70 trillion in assets – to pressure oil giants, shipping firms, airlines, and other big companies “that are critical to the net-zero emissions transition.” It initially focused on encouraging companies to make climate disclosures but recently decided to go further and start pushing them to actively reduce their greenhouse gas emissions. It seems this was a step too far. The departures remove nearly $14 trillion in assets from the climate group, and follow intense political pressure from Republicans targeting ESG investing. “I wouldn’t be surprised if we see more defections,” Lance Dial, a Boston-based partner at law firm K&L Gates LLP, told Bloomberg.

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  • 4. New York state pension fund divests from fossil fuel firms

    In more news from the financial world, America’s third-largest state pension fund is scaling back its investment in some oil and gas companies. The New York State Common Retirement Fund, which holds about $260 billion in assets, will divest about $27 million from seven firms including Exxon Mobil Corp. following a review of the companies’ preparedness to shift to a low-carbon economy. The move is “a compromise measure” between the fund and environmentalists who want to see full divestment, Reuters said. “The decision could deal another blow to Exxon’s reputation,” reported Inside Climate News, but the fund will still maintain $500 million worth of Exxon shares.

    5. U.N. might create expert group to study solar geoengineering

    Switzerland wants the United Nations to create a group of experts dedicated to studying solar geoengineering, according to Climate Home News. The panel would “examine risks and opportunities” of solar radiation management (SRM) techniques, which are “hypothetical technologies that could, in theory, counteract temperature rise by reflecting more sunlight away from the Earth’s surface,” as Carbon Brief explained. Reactions from scientists are mixed, with some suggesting more research is warranted, but others concerned about “the risks of opening a Pandora’s box.” Governments will vote on the proposal next week.

    THE KICKER

    The Royal Family’s first-ever electric vehicle, King Charles III’s 2018 Jaguar I-Pace, is up for auction and could go for up to $88,000. The king once called the car “silent but deadly.”

    Yellow

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    Adaptation

    Get Ready for a Smoky Summer

    It’s already been an historic year for wildfires. Even if your community doesn’t burn, you might still be in for hazy air.

    Forecasting smoke.
    Heatmap Illustration/Getty Images

    The nation will mark an unhappy anniversary next week: the worst day for wildfire pollution exposure in U.S. history. On June 7, 2023, the skies over the Acela Corridor turned a sickly mustard yellow due to smoke pouring south from fires in northern Quebec; New York City recorded its unhealthiest ever score on the Air Quality Index at 484, more than 300 points above what’s considered healthy. In the years since, we’ve come to better understand the dangers of such “smoke events.” A study published earlier this year by researchers at UCLA was the first to estimate deaths specifically from long-term exposure to wildfire smoke, finding that it kills more than 24,000 people in the U.S. every year — more people than murderers.

    The 2026 wildfire season is already one for the books. Fires had burned 2.4 million acres in the U.S. as of Monday, nearly double the 10-year average for the start of June. And the months ahead don’t look good — about 17% of the country is already in extreme drought, and an all-but-certain El Niño will bring warmer, drier conditions to the already volatile Northwest and suppress or delay monsoon precipitation elsewhere.

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    Blue
    AM Briefing

    Schoolhouse Hot Rocks

    On offshore wind's defense, Three Mile Island, and virtual power plants

    The Capitol.
    Heatmap Illustration/Getty Images

    Current conditions: Heavy hail storms across Belgium, France, and Italy have injured at least 30 people • Powerful winds are churning up dust storms that are blanketing broad swaths of Delhi, India’s capital region • The United Nations just warned that El Niño weather patterns have an 80% chance of returning by September, threatening to supercharge weather extremes.


    THE TOP FIVE

    1. New York sues the Trump administration over shady offshore wind deals

    New York Attorney General Letitia James led a group of Northeast states in a lawsuit against the Trump administration to pay TotalEnergies nearly $1 billion to abandon its two offshore wind leases in the United States. The lawsuit comes on the heels of reporting by Heatmap’s Emily Pontecorvo that found, contrary to the administration’s announcements, the U.S. government’s agreement with Total didn’t actually require any new investments in fossil fuels, as the administration strongly implied, and that the payment may not have actually met the requirements to be drawn from a federal coffer designed to fund legal settlements. “After repeatedly losing in court, this administration cooked up a sham deal to pay a foreign energy company hundreds of millions of taxpayer dollars to abandon offshore wind and invest in oil and gas instead,” James said in a press release. “We are fighting back to stop this illegal agreement that threatens to erase over a thousand union jobs and cheat millions of New Yorkers out of clean, affordable energy.” New Jersey, Connecticut, Maine, Massachusetts, Rhode Island, and Vermont joined the litigation.

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    Blue
    Politics

    Exclusive: Americans Now Overwhelmingly Oppose New Data Centers Near Them

    A new Heatmap Pro poll shows a rapid shift in public opinion since last fall.

    Data center protesters.
    Heatmap Illustration/Getty Images

    Americans have changed their minds about data centers. Decisively.

    At least seven in 10 Americans would now oppose a data center being built near their home, according to a new Heatmap Pro poll, a record low that reveals a staggering shift in public opinion against the facilities powering the artificial intelligence boom.

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