Rivian’s $6.6 Billion Windfall

Current conditions: Storm Conall brought more heavy rain and flooding to sodden England • Flash floods killed at least 20 people on Indonesia’s Sumatra island • The northern Plains will be hit with an “arctic outbreak” on Thanksgiving day.

THE TOP FIVE

1. Rivian gets conditional DOE loan for $6.6 billion

The Department of Energy yesterday agreed to loan Rivian $6.6 billion to resume construction on its factory in Georgia, where the company will produce the upcoming R2 and R3 electric pickups. The loan is conditional, meaning it hasn’t been finalized just yet. “If finalized, the loan will support construction of a 9 million square foot facility to manufacture up to 400,000 mass-market electric sport utility vehicles and crossover vehicles,” the DOE said in a statement. “At full capacity, the EVs manufactured at the facility are expected to yield an annual fuel consumption savings of approximately 146 million gallons of petroleum.” Whether the loan will be completed before the incoming Trump administration takes over – or whether Trump would try to axe the loan – remains to be seen. The Biden administration set a goal for zero-emission vehicles to make up half of new U.S. car sales by 2030.

2. China’s emissions to rise in 2024

China’s CO2 emissions will rise slightly this year due to a surge in energy demand, according to new research published today from the Centre for Research on Energy and Clean Air. “The growth in energy consumption and electricity consumption is faster than in the transition pathways,” the report said. Even as China rapidly rolls out renewables and EVs, emissions will rise by 0.4% in 2024. Less than half – 44% – of the experts polled by CREA said China’s emissions have already peaked, or will peak next year. Two years ago, just 15% of experts believed that to be the case. And 36% of experts said China’s coal consumption has peaked, up from 20% who said that last year. China is the world’s biggest emitter of greenhouse gases, and coal is its main source of emissions.

3. Porsche doubles down on ICE models

Porsche this week joined a growing list of car manufacturers that are pumping the brakes on the shift to EVs. Instead of rolling out new EV models to accompany the luxury Taycan and Macan, Porsche now plans to produce new gas and hybrid models instead as it feels the effects of a slowdown in EV sales. “We are currently looking at the possibility of the originally planned all-electric vehicles having a hybrid drive or a combustion engine,” the company’s CFO said. “What is clear is that we are sticking with the combustion engine for much longer.” Earlier this year Porsche watered down its goal for 80% of sales to be electric by 2030.

4. Maine becomes 9th state to sue oil giants for climate impacts

Maine is suing oil giants Exxon, Shell, BP, Chevron, Sunoco, and the American Petroleum Institute, accusing them of knowingly deceiving the public about the role of fossil fuels in the climate crisis. It becomes the ninth state to do so. The new lawsuit claims the oil companies have long known that fossil fuels cause climate change, and that the resulting rising sea levels are especially harmful in Maine because so many of the state’s communities and industries are located near the coastline. The state wants unspecified damages from the companies as well as funds for adaptation and mitigation.

5. Study suggests primary care workers know climate change is worsening patient health, but aren’t talking about it

A recent study published in the journal BMC Primary Care examines how climate change is affecting primary care clinics serving “low-income and socially disadvantaged communities.” Surveys were sent to more than 400 staff members at clinics across 43 states. Nearly 85% of the staffers who responded reported that climate change – and especially extreme heat – is affecting their patients’ health. Many said extreme weather events were harming their clinic’s ability to provide care due to effects like power outages and staff shortages. About 16% of respondents said extreme weather contributed to loss or spoilage of vaccines. But just one-third of respondents said they’d spoken to patients about the increasing health risks associated with climate change, saying they had more important topics to discuss in the limited amount of time available during consultations. And 61% cited their own lack of knowledge about the connection between climate change and health. Interestingly, just 34% said politics or polarization were stopping them from bringing up climate change when discussing health risks.

BMC Primary Care

THE KICKER

Renewables accounted for 24% of electricity generation in the first three quarters of 2024, up from 22.8% in the same period last year.