You’re out of free articles.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Sign In or Create an Account.
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
Welcome to Heatmap
Thank you for registering with Heatmap. Climate change is one of the greatest challenges of our lives, a force reshaping our economy, our politics, and our culture. We hope to be your trusted, friendly, and insightful guide to that transformation. Please enjoy your free articles. You can check your profile here .
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Subscribe to get unlimited Access
Hey, you are out of free articles but you are only a few clicks away from full access. Subscribe below and take advantage of our introductory offer.
subscribe to get Unlimited access
Offer for a Heatmap News Unlimited Access subscription; please note that your subscription will renew automatically unless you cancel prior to renewal. Cancellation takes effect at the end of your current billing period. We will let you know in advance of any price changes. Taxes may apply. Offer terms are subject to change.
Create Your Account
Please Enter Your Password
Forgot your password?
Please enter the email address you use for your account so we can send you a link to reset your password:

When Joe Biden was still running for reelection to the presidency, he often repeated the line that voters should keep him in the White House to “finish the job.” Though she would be loath to describe her mission that way, that is more or less what Biden’s vice president, Kamala Harris, has proposed since she took on the nomination — or perhaps more precisely, that she will keep doing the job, though the job may never be finished.
Donald Trump, on the other hand, wants to quit the job, burn down the workplace, and steamroll the rubble. At least, that’s how it can appear on some issues, climate change perhaps more than any other. There are few policy areas where this election presents such a stark difference in which path the candidates propose to take.
Let’s begin by considering Harris — a fairly ordinary Democrat when it comes to climate, in that she has committed herself to strong climate action but has not put it at the top of her policy agenda. Her truncated presidential campaign reflected that emphasis, which might have given climate activists some reason to be disappointed if what they were looking for was someone who would place their issue at the center of her campaign. Unlike abortion and economics, climate was absent from Harris’ TV ads and usually mentioned only in passing on the stump.
But by now, most advocates are savvy enough to understand that campaigning and governing are not the same thing. The commitments a president makes during the campaign matter, but structural factors matter more as the policymaking process unfolds. Where is the center of gravity in their party on the issue, and what demands will the party’s coalition make? Who are the personnel staffing key agencies, and what are their priorities? How do existing laws and programs position the administration if there is no new legislation? What other forces are trying to move climate policy in either direction?
Taking all those factors into consideration, the most likely outcome of a Harris presidency is that her administration would maintain the trajectory Joe Biden established (even if there is plenty of room for her to expand on Biden’s climate accomplishments). Subsidies from the Inflation Reduction Act and the Bipartisan Infrastructure Law will keep flowing. More loans will bolster innovative green tech. Many of the Biden administration appointees who currently work on energy and climate will probably stay in their jobs, or at the very least be replaced by officials with a similar outlook.
In other words, while Biden has been the most aggressive president in history on climate change, Harris would come in a close second if she does little more than continue Biden’s policies. And she hasn’t promised much more than that — during the campaign, Harris proposed no new large-scale climate initiatives.
If nothing else, that was realistic, since the prospects for a sweeping new climate bill on the scale of the IRA getting through Congress would be slight. That’s especially true if one or both houses are controlled by Republicans, a distinct possibility no matter who becomes president.
If that president is Donald Trump, on the other hand, and Republicans control Congress, the IRA and other laws that fund climate programs would be under threat. Even if the GOP does have full control, however, it doesn’t mean the entire IRA is headed for repeal. Much of the money from recent climate legislation has gone to districts represented by Republicans, who will resist a wholesale dismantling of the law, and even oil companies support some provisions from a simple desire to minimize regulatory uncertainty.
Nevertheless, a Congress determined to roll back Biden-era climate legislation will have plenty of targets to aim at, and it’s a near certainty that at least some of the provisions in the bills Biden signed would be undone. Trump would almost certainly withdraw again from the Paris climate agreement (Biden recommitted to it after Trump rejected it in his first term), move to increase fossil fuel production on federal land, stymie enforcement of environmental laws, and be a loud and consistent voice for rejecting climate science and increasing emissions.
On the campaign trail, Trump continues to promise that he will “terminate the Green New Scam” and claims that global warming is a myth “because we’re actually cooling.” Increasing domestic fossil fuel production is so important to him that he proclaimed it reason enough, along with border security, for him to become “a dictator” for a day upon taking office. On that first day, he has said, “I want to close the border, and I want to drill, drill, drill.”
But it’s more than the quantity of drilling, especially since America is already producing more oil and gas than any country ever has. Earlier this year, Trump told oil executives they should raise $1 billion for him, which, given the tax and regulatory benefits he plans to bestow on them, would be a bargain. While fossil fuel industry contributions haven’t reached that billion-dollar line, the industry’s help for Trump has been substantial.
In a Trump administration, most of the action would be in federal agencies. As Bloomberg recently reported, climate deniers with ties to Trump are “laying the groundwork to bring back coal-fired power plants, gut science at the Environmental Protection Agency and neuter the modeling used in the federal government’s national climate assessment and other reports” should he win. Though Trump has sought to distance himself from Project 2025, it provides the most detailed elaboration of current Republican thinking on climate policy; among other things, it suggests rolling back green subsidies, shuttering the Department of Energy office distributing loans for clean technology, scaling back regulations meant to limit emissions, and weakening enforcement of environmental laws.
The most critical goal of the project, which Trump embraces wholeheartedly, is to turn thousands of civil servants into political appointees so they can be fired at will and replaced with more loyal cronies. Those who work on climate-related issues, whether scientists or administrators or weather forecasters, would probably be high on the list.
And we can’t ignore a factor that will help shape climate policy no matter who wins: the Supreme Court. When it has been discussed during this campaign, the subject has usually been the 2022 Dobbs decision to overturn Roe v. Wade. But the court’s recent decisions on the legal architecture of government regulation could have an effect just as momentous for climate policy as Dobbs has had on abortion.
In the Loper Bright Enterprises v. Raimondo decision, the court ended “Chevron deference,” essentially seizing for itself the responsibility to guide implementation of laws that had previously rested with federal agencies. The effect on future climate policy will likely be enormous. We are at the front end of a wave of lawsuits by fossil fuel companies and polluters of all kinds looking to the court’s conservative majority to neuter environmental regulations. There’s no telling just how far the conservative majority will go, but there isn’t much reason for optimism in the short run. And the court’s direction could be determined by who gets to make the next couple of appointments; everything from a new liberal majority to a 7-2 or 8-1 conservative supermajority is possible in the coming years.
While neither Kamala Harris nor Donald Trump put climate change at the center of their campaigns, the climate kept intruding, whether in the form of wildfires or heatwaves or hurricanes. Just as those disasters are likely to worsen, the policy fights over climate in the next four years will intensify. When we look back, 2024 may or may not turn out to have been the most important election of our lifetimes. But either way it turns out, the consequences will be profound.
Log in
To continue reading, log in to your account.
Create a Free Account
To unlock more free articles, please create a free account.
Current conditions: Tropical Depression Two strengthened into Tropical Storm Bertha yesterday, recycling the name of the 1996 Atlantic hurricane season’s first major storm • Floods from the monsoon season killed at least four people in Vietnam and left as many missing • Lightning in Utah sparked the state’s latest wildfire, the Meeks Fire, near the Strawberry Reservoir.
President Donald Trump’s on-again, off-again feud with America’s northern neighbor is, as of Monday, back on again. The White House imposed 50% tariffs on most Canadian goods, accusing the nation’s geographically nearest ally and closest cultural bedfellow of unfairly discriminating against American automotives, alcohol, and dairy products. The move threatens to unleash what the Associated Press called “a new wave of economic chaos, with risks of higher inflation and further fraying of relations between two nations that had been closely woven together before Trump’s return” to office.
In its announcement, the Trump administration said the new tariffs would “apply to all covered goods regardless of whether a good originates under the U.S.-Mexico-Canada Agreement,” referring to the Trump-negotiated North American free trade agreement, which the U.S. opted this month not to renew. This struck my colleague Robinson Meyer as ominous. “If the White House now thinks it can levy taxes despite that pact,” he wrote in yesterday’s Heatmap Daily newsletter, “then the risks for Ford, General Motors, and their suppliers have increased.”
Perhaps the only thing growing faster than voters’ antipathy toward data centers is the market’s desire for more of them. Demand for data centers is ballooning at such a rapid clip that BloombergNEF just raised its total forecast for 2035 by a jaw-dropping 83%. The latest data outlining the best-case scenario from the energy consultancy, released Tuesday morning, shows the total installed capacity of U.S. data centers reaching 194 gigawatts in the next nine years. The surge reflects how quickly new server farms are flowing into the project pipeline. In a bid to hedge against the continued expansion, BNEF created a new scenario based on the implied power demand of forecast shipments of microchips for AI computers up to 2033. This scenario implies an even greater need for power: 229 gigawatts of demand from data centers in just the next seven years. And that doesn’t count the continued growth of demand from data centers carrying out non-AI functions, such as traditional cloud computing workloads. This comes as the latest Heatmap Pro polling shows that seven in 10 Americans now oppose data centers in their backyard, a marked shift from last September, when the same survey showed voters evenly split in support and opposition.
That ballooning demand is already showing up in power markets. Of the $16.4 billion in charges from PJM Interconnection’s most recent capacity auction, $6.3 billion — some 38% — stems from data centers. That’s what Joseph Bowring, president of PJM’s independent market monitor Monitoring Analytics, told Utility Dive last week. In the last four base capacity auctions the nation’s largest grid operator held, 46% of capacity charges were driven by data centers. “PJM is continuing to act like it’s business as usual,” Bowring told the trade publication Friday. “You have to open your eyes and recognize that it is really a paradigm shift, and failing to do that imposes costs on other customers.”

On a logical level, it’s a simple supply and demand problem. The supply of electricity is not growing as quickly as demand, all while the Trump administration eliminates subsidies that once buoyed investments in new supply. As a result, corporate electricity deals look poised to increase in price. But not for every generating source. New estimates from LevelTen, a marketplace for power purchase agreements, found that solar PPAs were 5% cheaper in the second quarter of this year compared to the first quarter. In a piece by my colleague Matthew Zeitlin, LevelTen attributed the decline to an especially steep drop in prices in California’s electricity market. Excluding CAISO, solar PPA prices nationwide dropped slightly less than 2%. While hyperscalers are still buying solar, LevelTen found that commercial and industrial buyers are pulling back, creating a “continued softening in the market’s buy-side.” “We saw a lot less corporate energy buyers in the space in 2025 — 40% less — and that is just due to the increase of hyperscalers and data centers getting projects and snapping them up quickly,” Sarah Wolf, LevelTen’s director of North American transactions, told Matthew.
Sign up to receive Heatmap AM in your inbox every morning:
Ah, Germany. The land of the Autobahn. Diesel-powered industry. The purring engines of BMWs, Porsches, and Mercedes-Benzes. The nation’s automotive might makes its latest milestone particularly important: Electric vehicles just outsold gas and diesel cars for the first time. New data from the Federal Motor Transport Authority shows that Germans registered 84,057 new electric vehicles in June, a more than 78% year-over-year increase. Traditional hybrids, meanwhile, saw 83,315 registrations, followed by gasoline-powered cars with 60,796, diesel with 33,862, and plug-in hybrids with 32,212. “The automotive history books will need a new page sooner rather than later, after electric cars outsold every other fuel type in Germany for the first time,” InsideEVs reporter Iulian Dnistran wrote. “It’s a huge shift in Europe’s biggest car market, which has traditionally been associated with diesel-powered cars that could travel hundreds of miles at highway speeds without breaking a sweat.” The Tesla Model Y was by far the best-selling EV in Germany, with nearly twice as many registrations as the No. 2 vehicle, the Volkswagen ID.3.
Putting on my Mesopotamian metal merchant hat again: Copper prices are back up. The price of the metal needed for virtually all electrical infrastructure rose 1.3% to just under $14,000 per metric ton, according to Mining.com. The price ultimately hovered at the red metal’s record set in early June. The spike stems from data showing rising tightness in the Chinese market, namely a hike in the premium buyers will pay in Shanghai for shipments of the metal. The price hiked further after a series of storms halted production in Chile for a few days.
While the West dithers on hydrogen, China is making huge strides. It already may be too late to catch up to Beijing on manufacturing the key machinery needed to produce the zero-carbon fuel. The latest data point, via Hydrogen Insight: China just shipped its largest electrolyzer order yet to Europe, via Romania.
A new report from LevelTen Energy shows that advance purchase prices are down for solar but up for wind.
The renewables market is in a state of flux. On the one hand, the tax credits that were a key pillar of wind and solar project financing have started to expire, while the race to be up and running in time to claim those that remain is on.
At the same time the renewables industry is getting whacked by federal tax policy, it’s also getting a shot in the arm from hyperscalers and data center developers, many of whom are hungry for power that can be deployed quickly to the grid and complies with their clean energy pledges.
“There’s a massive onslaught of demand, not enough supply to meet that demand and then Trump’s administration effort to slow down certain types of supply,” Jon Powers, the president of solar and storage developer CleanCapital, told me, describing how data center buyers are snapping up whatever power they can.
So what does this mean for pricing in the market? LevelTen, a marketplace for power purchase agreements, looked at the data and, in a report released Tuesday, found that solar PPAs were almost 5% cheaper in the second quarter of this year compared to the first quarter.
LevelTen attributed this decline in part to an especially steep drop in prices in CAISO, the California electricity market; excluding CAISO, solar PPA prices dropped slightly less than 2%. And while those hyperscalers are still buying, LevelTen found, other commercial and industrial customers are pulling back — what the analysts described as a “continued softening in the market’s buy-side.”
“We saw a lot less corporate energy buyers in the space in 2025 — 40% less — and that is just due to the increase of hyperscalers and data centers getting projects and snapping them up quickly,” Sarah Wolf, LevelTen’s director of North American transactions, told me.
To explain California specifically, Wolf said that the market there tends to be more volatile than in the rest of the country due to the expense and regulatory hurdles to development. With fewer new projects coming online, especially as compared to a larger, more light-touch market like Texas, individual project pricing can swing average prices more.
The tax credit cliff is “creating this very competitive atmosphere, where buyers are feeling like — in order to safe harbor their equipment, to keep on the development timelines that they have — they need to get a PPA in place,” Wolf said. “They’re looking competitively for a buyer. That’s driving some pricing down.” The same holds for renewables developers, who have wanted to get a PPA in place as quickly as possible, giving leverage to buyers who can demand lower prices.
The other factor driving down prices LevelTen identified was potential revisions to standards issued by the Greenhouse Gas Protocol, which are currently the subject of a long and fraught overhaul process.
“We have many buyers who are fully leaning in and want to contract now,” Wolf said. “And we have buyers who are in a kind of a ’wait and see’ — they want to better understand what that’s going to be, so there’s not a risk that they might have to unwind something.”
As for wind, PPA prices have actually risen, according to LevelTen’s data — up 5.5% on the quarter and 17.5% on the year. “We’re also seeing wind just being less competitive than solar,” Wolf added.
The report attributed this to tariffs, gas prices pushing up delivery costs, and the “ongoing federal permitting bottleneck that has largely ground new-build wind development to a standstill.” That means specifically the Department of Defense’s efforts to hold up wind projects on potentially spurious national security grounds.
This has meant a “fast-dwindling pipeline of viable wind assets,” LevelTen’s report says, “and price premiums for fully permitted projects available for offtake.”
In short, the best news for individual wind developers may be bad news for the industry — and the climate — as a whole.
Cement, plywood, and some electronic equipment will face 50% levies. But the real cost is much higher.
Here we go again. The United States will impose new 50% tariffs on a slew of imports from Canada, the White House announced on Monday afternoon. The trade levies — which will hit more than 500 categories of goods, from anoraks, beer, and curtains, to yarn, wool, and whey protein — will take effect in 30 days.
The new tariffs don’t seem to be wildfire-related. President Trump threatened to impose new tariffs last week after smoke from Canadian wildfires drifted south over the northern U.S. border, but administration officials have claimed to CNN that these new levies were already in motion by then.
Even so, a few aspects of the announcement stand out. Most important, at least from a generalist perspective, is the legal mechanism that President Trump is using to apply them: Section 338 of the Smoot-Hawley Tariff Act. This passage, which has never been used by a previous president to levy tariffs, allows the United States to tax trade from countries that the president says have “discriminated against” U.S. commerce.
Significant, too, is the fact the White House asserts this new kind of tariff could apply to any kind of product — even those that would normally be covered by the North American free trade pact, the U.S.-Mexico-Canada Agreement. So far, the “Big Three” automakers — whose supply chains cross the Mexican or Canadian borders half a dozen times before a car is finally assembled — have avoided major tariff danger because auto parts and other inputs fall under the USMCA’s auspices. If the White House now thinks it can levy taxes despite that pact, then the risks for Ford, General Motors, and their suppliers have increased.
Energy and critical minerals are exempt from the new tariffs, so Canadian crude oil, gasoline, diesel, natural gas, and electricity will presumably keep flowing into the United States. (That explicit carve-out might be ominous in its own right, because energy had been protected by USMCA so far, too.) By omitting energy, Trump and his officials may be calculating they can avoid major inflationary hazards from this round of tariffs.
Who knows. In any case, to my eye, these tariffs do seem like they could aggravate construction costs and possibly contribute to wider U.S. inflation. There’s already some evidence that data centers are driving a new wave of inflation, for instance, by hiking construction input and labor costs. Yet data centers use a lot of cement — and cement will now face a 50% tariff under the new regime. So too will plywood, plaster, and paperboard, as well as industrial cooling equipment, chemicals, and some circuit boards.
I could keep listing the potential economic costs here — I could point out that overall inflation risk is rising or that average U.S. gas prices rose to $4 a gallon today on the Iran war news — but I think it’s important to look at least one step beyond the hits to commerce alone.
I mentioned earlier that these tariffs are meant to punish “discrimination.” In this case, some of the “discrimination” appears to be what some Canadian provinces did to retaliate against the president’s earlier tariffs. The state-owned liquor stores in Quebec and Ontario, for instance, stopped buying U.S.-made booze after Trump slapped 25% tariffs on Canada in March 2025; those boycotts are mentioned by name in today’s proclamation. Canada, you see, is not supposed to respond to Trump’s tariffs. It is just supposed to take it — just like it’s supposed to take the constant stream of falsehoods, abuse, belittling, and invasion threat.
Over the past few years, politicians and pundits have learned to respond to Trump’s policies by appealing to U.S. self-interest — by explaining how the president’s policies are making Americans poorer. It is a sensible strategy for a morally denuded era. A recent statement from Senate Minority Leader Chuck Schumer about Canada, for example, criticized the president for hurting “our closest ally and partner … right when summer tourism season is arriving.” I get the move here — and I think, in some sense, Schumer is trying to avoid polarizing Trump’s treatment of Canada along partisan lines — but Canadians are more than their tourism dollars.
For the past several years, Trump has threatened to strip Canada of its sovereignty and its dignity. He has treated what was once a deep and secure relationship as something to be bartered and mined and dissipated. It is a mucilaginous approach to statecraft, and as recent reporting has made clear, its long-term costs will exceed any simple accounting. We Americans have been robbed of an honorable friendship. Some losses cannot be counted in dollars.