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On a crucial — and underappreciated — phrase in the Global Stocktake.

Now it is over. Early on Wednesday morning, negotiators in Dubai reached an agreement at the 28th Conference of the Parties to the UN Framework Convention on Climate Change, the global meeting otherwise known as COP28.
Their final text for the Global Stocktake — a kind of report card on humanity’s progress on its Paris Agreement goals — is contradictory and half-hearted. Instead of blunt language instructing countries to “phase out fossil fuels,” it instead provides a range of options that could let countries achieve “deep, rapid, and sustained reductions in greenhouse gas emissions.” One of these possibilities is the tripling of global renewable capacity; another is a call for “transitioning away from fossil fuels.”
So far, this language — this call for leaving fossil fuels — has attracted the most attention by far. Simon Stiell, the UN’s top climate official, said that it marked “the beginning of the end” of the fossil-fuel era, while the climate journalist and activist Bill McKibben has argued that the phrase can become a useful tool for activists, who can now beat it across the head of the Biden administration.
But a separate phrase in the agreement caught my attention. Immediately after calling for transitioning away from fossil fuels, the text makes a different point: that the world must accelerate the development of “zero- and low-emission technologies, including, inter alia, renewables, nuclear, abatement and removal technologies such as carbon capture and utilization and storage, particularly in hard-to-abate sectors, and low-carbon hydrogen production.”
This language may rankle some readers because it seems to give pride of place to carbon capture and storage technology, or CCS, which would allow fossil fuel-burning plants to catch emissions before they enter the atmosphere. (It also seems to conflate CCS with carbon removal technology, even though they are different.) But I believe that the overarching demand — the call for accelerating climate-friendly technologies — represents a crucial insight, one that I could not stop thinking about at the COP itself, and one that is linked to any realistic demand to phase out fossil fuels. Here is that insight: The world will only be able to decarbonize when it develops abundant energy technologies that emit little carbon and that are price-competitive if not cheaper than their fossil-fueled alternatives.
Just as COP28 began, the Rhodium Group, an energy research firm, published a new study looking at how carbon pollution will rise and fall through the end of the century. Unlike other such studies — which ask either how the planet will fare if no new climate policy passes, or what the world must do to avoid 1.5 degrees Celsius of warming — this new study tried to look at what was likely to happen. Given what we know about how countries’ emissions rise and fall with their economies, and when and how they tend to pass climate policy, how much warming can we expect by the end of the century?
As the report’s authors put it, the study was aimed not at policymakers, but at policy takers — the officials, executives, engineers, and local leaders who are starting to plan for the world of 2100.
Here’s the good news: Global greenhouse gas emissions are likely to peak this decade, the report found. Sometime during the 2020s, humanity’s emissions of carbon dioxide, methane, and other climate pollution will reach an all-time high and begin to fall. (Right now, we emit the equivalent of 50.6 billion tons of the stuff every year.) This will represent a world-historic turning point in our species’ effort to govern the global climate system, and it will probably happen before Morocco, Portugal, and Spain host the 2030 World Cup.
And that is roughly where the good news ends. Because unlike in rosy net-zero studies where humanity’s carbon emissions peak and then rapidly fall to zero, the report does not project any near-term pollution plunge. Instead, global emissions waver and plateau through the 2030s and 2040s, falling in some years, rising slightly in others, cutting an unmistakably downward trend while failing to get anywhere close to zero. By 2060, annual emissions will have fallen to 39 gigatons, only 22% below today’s levels.
And — worse news, now — that is as low as emissions will ever get this century, the report projects. Driven by explosive economic growth in Southeast Asia and sub-Saharan Africa, global emissions begin to rise — slowly but inexorably — starting in the 2060s. They keep rising in the 2070s, 2080s, and 2090s. By the year 2090, emissions will have reached 44 gigatons, only 13% below today’s levels and roughly where emissions stood in 2003.
How Greenhouse Gas Emissions Could Fall — Then Rise — in the 21st Century

In other words, after a century of work to fight climate change, humanity will find itself roughly where it began. But now, with several thousand additional gigatons of emissions in the atmosphere, the planet will be about 2.8 degrees Celsius warmer (or about 5 degrees Fahrenheit). At its high end estimate, temperatures could rise as much as 4 degrees Celsius, or more than 7 degrees Fahrenheit.
This temperature rise will be caused by legacy emissions from polluters like the United States and China, but as the century goes on, it will increasingly come from Asian and African countries such as Vietnam, Indonesia, Nigeria, Kenya, and others. Why? It’s not like these countries, say, reject renewables or electric vehicles: In fact, Rhodium anticipates that renewables will have grown up to 22-fold by the end of the century.
Instead, emissions rise because fossil fuels are cheap and globally abundant — they remain one of the easiest ways to power an explosively growing society — and because of the growth of the so-called hard-to-abate sectors in these countries are slated to grow just as quickly as the economies themselves. Indonesia, Nigeria, and Vietnam will demand many megatons of new steel, cement, and chemicals to furnish their growing societies; right now, the only economical way to make those materials requires releasing immense amounts of carbon pollution into the atmosphere.
Let’s be clear: Rhodium’s report is a projection, not a prophecy. It should not provoke despair, I think, but determination. Many of the so-called hard-to-abate activities, such as steel or petrochemical making, should more aptly be called activities-that-we-haven’t-tried-very-hard-to-abate yet; people will likely find a way to do them by the middle of the century. (When I asked Bill Gates what he thought about the Rhodium Group’s findings, he replied that predicting the carbon intensity of certain activities in 2060 was all but impossible: We might have safe, cheap, and abundant nuclear fission by then, or even nuclear fusion.)
Yet it heralds a shift in climate geopolitics that, while it has not yet happened, is not so far away. Since the modern era of global climate politics began in 1990, most carbon emissions have come from just a handful of countries: China, the United States, and the 37 other rich, developed democracies that make up the Organization for Economic Cooperation and Development, or OECD. These countries have emitted 55% of climate pollution since 1990, while the rest of the world — the remaining low- and middle-income countries — have emitted only 45%.
But from now to 2100, that relationship is set to reverse. Through the end of the century, China and the OECD countries emit only 40% of total global emissions, according to Rhodium’s projections. The rest of the world, meanwhile, will emit 60% of global emissions.
In other words, decarbonization will soon become a challenge for middle-income countries. These countries will not be able to spend extra to buy climate-friendly technologies, but they are simply too populous for rich countries to subsidize. At the same time, these countries lack an existing fleet of fossil-fuel-consuming equipment, so they will not need to transition away from fossil fuels in the first place. Unlike in the United States, where we will have to shut down our oil-and-gas economy as we build a new one to replace it, Kenya or Indonesia can more or less build a climate-friendly middle-class economy de novo, much in the same way that in the 2000s countries “leapfrogged” landline telephones and adopted cell phones. Yet countries will only be able to leapfrog the fossil-fuel era if the climate equivalent of cell phones exist: if climate-friendly technologies are plentiful, useful, and price-competitive.
That’s not all it will take, of course. The world will have to phase down the production and consumption of fossil fuels, because the existence of climate-friendly technologies will not guarantee their use. Humanity may also have to create and enforce a strong moral taboo around burning fossil fuels, much in the same way that it has created a taboo around, say, child labor. But none of that can happen unless climate-friendly alternatives exist: Otherwise countries will ensure that they gain access to the energy that their development requires.
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Rob and Jesse catch up with Mark Fitzgerald, CEO of the closed-loop geothermal startup Eavor.
Over the past decade, the oil and gas industry has sharpened its drilling skills, extracting fossil fuels at greater depths — and with more precision — than ever before. What if there was a way to tap those advances to generate zero-carbon energy?
The Canadian company Eavor (pronounced “ever”) says it can do so. Its closed-loop geothermal system is already producing heat at competitive prices in Europe, and it says it will soon be able to drill deep enough to fuel the electricity system, too. It just opened a first-of-its-kind demonstration facility in Germany, which is successfully heating and powering the small hamlet of Geretsreid, Bavaria.
On this week’s episode of Shift Key, Rob and Jesse chat with Mark Fitzgerald, the president and CEO of Eavor, about how its new technology works, how it differs from other forms of advanced geothermal, and why Europe is a good test bed for heat-generating projects. We also chat about what Mark, who previously ran Petronas Canada, learned in his 35 years in the oil industry.
Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap, and Jesse Jenkins, a professor of energy systems engineering at Princeton University.
Subscribe to “Shift Key” and find this episode on Apple Podcasts, Spotify, Amazon, or wherever you get your podcasts.
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Here is an excerpt from our conversation:
Jesse Jenkins: So at the surface, this is a very limited footprint, right? It’s a fairly small power plant, and then underground, you’ve got this kilometer-scale heat exchanger effectively that you’ve built without fracturing, but with a lot of drilling involved, right? So the key, I think, for making that work is to continually advance the economics of drilling.
What is Eavor’s strategy there for bringing down the cost of drilling these closed loops so that they become cost competitive despite the large amount of total miles drilled that you have to — or kilometers drilled that you have to put down?
Mark Fitzgerald: That’s a great point, Jesse, and I would reinforce that drilling technology, or drilling efficiency, has been something that’s been talked about and understood across the globe for a hundred-plus years. So we are not creating a new method of drilling. We are not looking for something that hasn’t been already done across any of the unconventional players in North America, any of the big drilling or service companies or operators around the globe.
What we are doing is changing the trajectory, and changing the application of that drilling methodology to create the underground radiator, as you would talk about. My background — I spent 36 years in oil and gas, a great proportion of that in the unconventional space before I had this amazing opportunity to join Eavor. And so I understand how, through sound engineering, sound geoscience, proper modeling, that cost compression will occur. One of the best examples that I point to is, we completed six laterals — so six of these horizontal wells, or these forks, at a time, connected them in Geretsreid, our first facility in Germany. The fourth and fifth laterals were done at 50% of the cost of the first two. And so already, in moving from lateral one to lateral six, we’ve seen a reduction of 50% in the cost structure.
The second is that in terms of pace of drilling, the faster you drill the lower costs you incur. The pace of drilling for us on those fifth and six laterals was three times what it was on lateral one and two.
Mentioned:
Previously on Shift Key: Why Geothermal Is So Hot Right Now
Jesse’s upshift; Rob’s downshift.
This episode of Shift Key is sponsored by …
Heatmap Pro brings all of our research, reporting, and insights down to the local level. The software platform tracks all local opposition to clean energy and data centers, forecasts community sentiment, and guides data-driven engagement campaigns. Book a demo today to see the premier intelligence platform for project permitting and community engagement.
Music for Shift Key is by Adam Kromelow.
The tension between the two GOP energy philosophies — one admitting renewables, the other firmly rejecting — could tank a permitting reform deal.
The fate of a House GOP permitting deal stands on a knife’s edge.
During a dramatic vote on the House floor Tuesday, far-right Republicans and opponents of the offshore wind industry joined with Democrats in a nearly-successful attempt to defeat a procedural vote on the SPEED Act, a bill to streamline implementation of the National Environmental Policy Act.
Speaking with reporters off the House floor, GOP lawmakers said that the bill — which has the backing of both the oil and gas sector and some large trade groups that represent renewables companies — faced opposition from a handful of Republicans over language that would block the federal government from rescinding previously-issued permits for energy projects. The tactic is one Trump has used repeatedly to stymie offshore wind projects. Republican hardliners feared that a future version of the deal would take that language further, restricting the president’s power to stall solar and wind permit applications through extralegal bureaucratic delays.
The vote to consider SPEED ultimately passed with a margin of 215 to 209 votes, with two Republicans — Representatives Anna Paulina Luna and Christopher Smith — voting no. Though the bill is alive for now, the outcome casts a pall over the prospects for any permitting deal this Congress because, as Heatmap’s reporting has made clear, there is little shot of a grand deal on NEPA reform without exactly the sort of executive power restrictions Republican objectors feared.
That the bill nearly came up short also illustrates a shift in the GOP’s thinking on energy policy that has gone largely unnoticed. Vestiges of the party remain committed to the philosophy of “all of the above,” but the new generation of lawmakers is more likely to be anti-renewables at all costs. Combined with today’s hyper-partisan environment and narrow majorities in both chambers, that tension makes legislating on energy almost impossible.
Republicans used to approach energy policy in a laissez faire, let-a-thousand-flowers bloom fashion. This fuel-type agnosticism characterized Republicans’ approach to energy policy under the first Trump administration, as well as during the Biden era. Former House Speaker Kevin McCarthy repeated the “all of the above” mantra to nudge his party closer to anything resembling a climate policy, and subscribed to the idea that any permitting deal would have to benefit all types of energy projects.
The SPEED Act closely resembles a McCarthy-era approach to energy policy: just make everything go faster.
It is true that the bill would bind the hands of the executive in some ways, requiring them to get consent from the project developer in order to voluntarily vacate a previously-issued NEPA approval. If someone sued the government because they believed a NEPA approval was invalid and got a federal court to agree, the judge overseeing the case would be barred from immediately vacating the approval or issuing an injunction on construction. This is a big reason why the oil and gas industry supports the bill, as it’s a way to shield the sector from environmentalists filing lawsuits against fossil-based extraction and fuel transportation projects (e.g. pipelines).
But there’s a small irony in the SPEED Act spinning out over offshore wind concerns, which is that if it were enacted today, not even its supporters think it would actually stop the administration from messing with wind projects. As pro-fossil pundit Alex Epstein noted on X, the bill would only limit the president’s authority to revoke approvals under NEPA. It would do nothing to erode presidential power under any other statute, including another one of the administration’s favorite tools against offshore wind, the Outer Continental Shelf Lands Act.
I spoke with two separate energy industry attorneys who confirmed this interpretation. “It would be welcome for whatever the next administration would look like,” Peter Whitfield, a partner at Sidley Austin who works on energy projects, told me of the SPEED Act. “It might not be helpful now.” The bill’s clean energy backers are looking at the legislation as a “long range” play, he said: “They’re not looking at year one, two, three — they’re looking at years eight and after. I think that’s why there is so much enthusiasm in the renewable energy space for reform.”
Another attorney, who requested anonymity because they did not have permission from their firm, confirmed that the bill would stop the Trump administration from exploiting NEPA in the future, but said that nothing in the legislation requires agencies to move forward on energy projects.
It’s that eight-years-from-now future that seems to have the anti-renewables conservative wing in Congress worried. The House is expected to vote on the SPEED Act as soon as tomorrow, but lawmakers will first consider amendments offered by the Republicans who nearly killed the bill, including one that would explicitly bar offshore wind projects from benefiting under any of its NEPA changes.
If those amendments fail, the odds of final House passage are uncertain, although some Democrats who voted against the procedural motion may wind up voting for the final bill. If they succeed and the bill moves to the Senate, Democrats aim to add new ideas on transmission and the renewables permitting freeze that may upset frazzled Republicans even more.
“We would expect that senators wouldn’t endorse a House product,” Frank Macchiarola, chief advocacy officer for American Clean Power, told me in an interview last week. Macchiarola said the language in the House bill “goes a long way towards addressing the problem” of Trump’s war on renewables permits, but that it is “not a perfect product,” though he declined to speak on the record about what would get it closer to ideal. If I had to guess, I’d say that senators will try to provide new avenues for companies to compel an end to the review process, whether through legal challenges or other means of protest.
In other words, grab your popcorn — more drama is coming.
On EU’s EV reversal, ‘historic’ mineral deals, and India’s nuclear opening
Current conditions: Yet another powerful atmospheric river, this one dubbed Pineapple Express, is on track to throttle the Pacific Northwest this week • Bolivia is facing landslides • Western Australia is under severe risk of bushfire.
The Ford Motor Company expects to pay roughly $19.5 billion in charges, primarily from its electric vehicle business. In a press release, the automaker said it would refocus on hybrids and “efficient gas engines,” ramp up manufacturing of batteries for a standalone business, and boost truck production. The battery business aims to churn out 20 gigawatts of capacity every year starting in 2027. But the charges the company faces stem from its decision to abandon multibillion-dollar investments the carmaker made in new assembly lines for electric vehicles, demand for which slowed last year and dipped at the end of this year after the Trump administration phased out federal tax credits in September. “This is a customer-driven shift to create a stronger, more resilient and more profitable Ford,” Ford CEO Jim Farley said in a press release. “The operating reality has changed, and we are redeploying capital into higher-return growth opportunities: Ford Pro, our market-leading trucks and vans, hybrids and high margin opportunities like our new battery energy storage business.”
Ford isn’t the only one accelerating in reverse away from electric vehicles. Last week I told you about the deal the European Union struck between its center-right and far-right lawmakers to curb environmental regulations. Now the bloc has moved to scrap its 2035 target to ban sales of new combustion-engine vehicles. The move would have marked a dramatic sea change in the West’s transportation policy, all but eliminating sales of traditional gasoline-powered cars in favor of battery-propelled alternatives. It’s a sign of Brussels’ broader effort to pull back from green mandates that European President Ursula von der Leyen blames for the continent’s economic malaise.

It could have been worse. The Treasury guidance issued Friday dictating what wind and solar projects will be eligible for federal tax credits could have effectively banned developers from tapping the write-offs set to start phasing out next July. In the weeks before the Internal Revenue Service released its rules, GOP lawmakers from states with thriving wind and solar industries, including Senators John Curtis of Utah and Chuck Grassley of Iowa, publicly lobbied for laxer rules as part of what they pitched as the all-of-the-above “energy dominance” strategy on which Trump campaigned. Grassley went so far as to block two of Trump’s Treasury nominees “until I can be certain that such rules and regulations adhere to the law and congressional intent,” as Heatmap’s Matthew Zeitlin covered earlier in August.
Since the guidance came out on Friday, both Grassley and Curtis have put out positive statements backing the plan. “I appreciate the work of Secretary [Scott] Bessent and his staff in balancing various concerns and perspectives to address the President’s executive order on wind and solar projects,” Curtis said, according to E&E News. Calling renewables “an essential part of the ‘all of the above’ energy equation,” Grassley’s statement said the guidance “seems to offer a viable path forward for the wind and solar industries to continue to meet increased energy demand” and “reflects some of the concerns Congress and industry leaders have raised.”
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Virginia’s outgoing Republican Governor Glenn Youngkin vetoed more energy bills than he signed last year, killing legislation designed to increase rooftop solar and energy storage, boost utility planning requirements, and make efficiency improvements more available to low-income residents. Now that Democrat Abigail Spanberger is coming in to replace Youngkin as the next governor, those bills are coming back, the Virginia Mercury reported. In a column, lawyer and environmentalist Ivy Main called on Democrats to dream bigger. “Data center development is so far outstripping supply side solutions that if legislators aren’t more aggressive this year, next year they will find themselves further behind than ever,” Main wrote. “As more bills are filed over the coming weeks, we are likely to see plenty of bold proposals. Hopefully, legislators now understand the urgency, and will be ready to act.”
Data centers are now “swallowing American politics,” Heatmap’s Jael Holzman wrote recently. Just 44% of Americans would welcome a data center nearby, according to a poll from September by Heatmap Pro.
The 1984 Bhopal chemical disaster in India never resulted in any serious ramifications for Union Carbide, the Dow Chemical subsidiary responsible for the accident that left more than 3,700 dead from exposure to toxic gases. In 2010, India passed a law that threatened to impose full civil penalties on any private nuclear company that suffered an accident somehow. That legislation has prevented all but Russia’s state-owned nuclear company from entering the Indian market. Hoping to lure American small modular reactor companies to India, the government of Prime Minister Narendra Modi has vowed all year to overhaul the civil liability law. On Monday, Modi-aligned lawmakers proposed legislation to reform the nuclear sector and free foreign vendors from financial responsibility for anything that could potentially happen with their equipment.
The renewables industry, meanwhile, is continuing to boom on the subcontinent. The Japanese industrial giant agreed to invest $1.3 billion into renewable power in India in its latest push into green energy in South Asia, Bloomberg reported.
There’s green hydrogen, made from blasting freshwater with electricity made by renewables. There’s blue hydrogen, the version of the fuel that comes from natural gas mitigated with carbon capture equipment. Gray hydrogen is the traditional kind made with natural gas that spews pollution into the atmosphere. And then there’s pink hydrogen, made like the green kind with clean electricity except generated by a nuclear reactor. Orange is the latest color in the hydrogen rainbow, referring to the version of the gas that comes from a chemical process that accelerates production of the gas in natural formations underground. The startup Vema has announced a 10-year conditional offtake agreement with the off-grid data center power provider Verne to supply over 36,000 metric tons per year of “orange” hydrogen for server farms, Heatmap’s Katie Brigham reported.