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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.”

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    Carbon Removal

    Tensions Mount at Greenhouse Gas Protocol as Scientist Resigns in Protest

    The move by University of Pennsylvania researcher Danny Cullenward intensifies a debate over integrity at the carbon accounting organization.

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    A well-known scientist has resigned from the independent oversight board of the Greenhouse Gas Protocol, renewing questions about the integrity of one of the world’s most important arbiters of carbon emissions standards.

    Danny Cullenward, who is also an economist and lawyer, notified the organization’s leadership on Monday that he no longer has “any confidence in the Protocol’s governance structure,” according to his resignation letter, which he posted publicly. He had previously tried to sound alarms about the organization and its lack of transparency in a paper he published in April.

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    Rivian Did It

    The U.S. electric vehicle maker’s make-or-break model, the R2, is finally here — and it’s pretty fun to drive.

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    The attainable Rivian is here, and not a moment too soon.

    It’s been nearly a decade since the U.S.-based startup revealed its prestige R1T pickup truck and R1S SUV, earning plenty of “the next Tesla” hype and becoming lots of people’s favorite electric car brand. But with those R1 vehicles starting around $70,000 — and with nicer versions hitting six digits — lots of would-be drivers have been waiting for R2, the scaled-down vehicle first announced in 2024 and meant to take Rivian to the masses.

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    Great Tokamak Mountains

    On Chinese nuclear, Mongolian uranium, and screwworm spreading

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    Heatmap Illustration/Getty Images

    Current conditions: China has triggered emergency warnings across six provinces as heavy rainfall floods the countryside • A magnitude 7.8 earthquake struck the Philippines, leaving at least 32 dead and more than 100 injured in building collapses • Temperatures in Albuquerque, New Mexico, are rising near 100 degrees Fahrenheit.


    THE TOP FIVE

    1. Tennessee becomes the first state to officially regulate fusion energy

    On Tuesday, Tennessee is set to become the first state in the nation with its own regulatory framework for nuclear fusion plants. You may be wondering, why Tennessee? The two-word answer: Oak Ridge. The Volunteer State has operated as a hub for nuclear energy research and development for more than 60 years, feeding off both the Oak Ridge National Laboratory and the Tennessee Valley Authority’s capacity to help commercialize new technologies. Now state regulators are establishing the first dedicated rulebook for building future fusion plants. “Tennessee has been named the top state in the nation for nuclear energy industry growth, and for good reason,” David Salyers, the commissioner of the Tennessee Department of Environment and Conservation, said in a statement. “This latest step supercharges our reputation as the global hub for nuclear innovation and positions us as the most responsive state to new advanced nuclear companies clamoring to call Tennessee home.”

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