Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Electric Vehicles

Tesla Shareholders Will Vote Again on Musk’s Pay

On CEO compensation, Climework’s next move, and Dubai floods

Tesla Shareholders Will Vote Again on Musk’s Pay
Heatmap Illustration/Getty Images

Current conditions: It was 103.5 degrees Fahrenheit in Mumbai yesterday, the warmest April day recorded in a decade • Australia’s Bureau of Meteorology declared El Niño over • It will be rainy today in Washington, D.C., where negotiators will be pushing for more climate investment at the IMF and World Bank spring meetings.

THE TOP FIVE

1. Tesla asks shareholders to re-ratify Musk pay package that judge voided

Tesla shareholders will get a second chance to approve CEO Elon Musk’s pay package at the company’s upcoming June 13 annual meeting. In January, a Delaware court voided Musk’s 2018 pay deal, which was originally approved by 73% of shareholders and could have seen Musk’s stock award soar to $55 billion based on meeting financial targets (which he subsequently met). The judge said the approval process for that package had been “deeply flawed” and rife with conflicts of interests. “The company’s board is effectively asking shareholders, now armed with all of the information that was revealed about the negotiations in court, to make the court’s ruling moot,” The New York Times explained, adding that the vote will no doubt raise tensions between investors and governance experts. The company also said it will let shareholders vote on the plan to move the incorporation from Delaware to Texas.

2. Climeworks to become a carbon trader

Climeworks, the Swiss startup that became the first company to launch a commercial-scale facility that sucks carbon out of the air and buries it deep underground, is getting into carbon trading with the launch of an offshoot called Climeworks Solutions, reported Heatmap’s Emily Pontecorvo. Under the new banner, Climeworks will purchase carbon removal credits from other providers, package them into portfolios that include its own direct air capture credits, and sell the bundles to buyers looking for “high quality” carbon removal. Adrian Siegrist, the company’s vice president of climate solutions, said the credits will have “the stamp of Climeworks quality.”

There are already more than half a dozen companies promising to source only the highest quality carbon removal credits for buyers, and Climeworks is relying on its name as a trusted brand to set itself apart. Siegrist said Climeworks is already in talks with more than 50 other companies interested in working with them. “But it’s unclear where all of this carbon removal is going to come from,” Pontecorvo wrote. “The company’s direct air capture credits are already sold out through 2027.”

Get Heatmap AM directly in your inbox every morning:

* indicates required
  • 3. White House launches task force to tackle global trade emissions

    The White House yesterday announced the creation of a new Climate and Trade Task Force aimed at reining in emissions from global trade. Speaking at the Columbia Global Energy Summit in New York, White House climate adviser John Podesta said the lack of widespread standards for tracking embodied emissions from traded goods – aka the emissions that come from their production – has led to a global “race to the bottom” to set up supply chains in countries with low emissions standards. “If the global trade of goods was its own country, it would be the second-largest carbon polluter in the world after [China],” Podesta said. The new task force will focus on developing a policy toolkit on climate and trade, measuring emissions to help inform and enforce climate-smart trade policies, and supporting producers to clean up their manufacturing processes.

    4. Dubai records 2 years worth of rain in 24 hours

    A massive storm this week dropped unprecedented amounts of rain on the United Arab Emirates, turning streets into rivers and causing widespread chaos. The government described the event as the largest amount of rainfall seen in the last 75 years. In Dubai, at least 6 inches fell over 24 hours on Tuesday, which is about two years worth of rain. Flash floods inundated highways and halted flights. In neighboring Oman, flooding has killed at least 18 people. There’s some debate over how big of a role the UAE’s cloud seeding practices (which are an attempt to induce rain by dispersing tiny particles into clouds) played in worsening the storm. Bloomberg reported that the state’s National Center of Meteorology dispatched seeding planes on Monday and Tuesday.

    Christopher Pike/Getty Images

    5. Team Japan’s Paris Olympics uniforms will display carbon footprint stamp

    Team Japan unveiled its official uniforms for the upcoming Paris Olympics today, and said the clothing items would include a stamp that shows their carbon footprint. “By figuring out the carbon footprint of each item and labeling it on the products, we hope to boost transparency as well as raise awareness among athletes towards the environment,” said Makoto Ohori, manager of Asics’ apparel and equipment development. The company said it had cut the overall emissions needed to produce the uniforms by 34% since the Tokyo Games by switching to renewable energy and working with recycled and lighter material. The Paris Games aim to have half the carbon footprint of the typical Summer Olympics.

    THE KICKER

    “Finance is the golden thread through all climate action.”Rachel Kyte, professor in practice of climate policy at Oxford University

    Yellow

    You’re out of free articles.

    Subscribe to access Heatmap’s expert analysis of climate change, clean energy, and sustainability. Save $57 on an annual subscription, just $156 $99/year.
    To continue reading
    Create a free account or sign in to unlock more free articles.
    or
    Please enter an email address
    By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
    AM Briefing

    Lala Lashes Hawaii

    On the battery backlog, Canadian U, and Peter Thiel goes gas gaucho

    Hurricane Lala.
    Heatmap Illustration/Getty Images

    Current conditions: Floodwaters swept through eastern Iowa, swelling the White River to its highest level in 113 years • A southwest monsoon, or hagabat, has capped off several weeks of storms in the Philippines that, combined, killed nearly two dozen people • Temperatures in Madrid are lingering near 100 degrees Fahrenheit until midweek, when the Spanish capital will cool off into the high 80s; the Greek capital of Athens, meanwhile, is bracing for the exact reverse.


    THE TOP FIVE

    1. Tropical Storm Lala leaves 200,000 without electricity in Hawaii

    Tropical storms almost never hit the Hawaiian islands directly. The last time a tropical system struck the archipelago was in 2018, when Tropical Storm Olivia made landfall over Maui. It was, per CTV News, the first time a storm had come ashore like that since records began in the 1950s. The last full-blown hurricane to strike the state was in 1992, when Category 4 Iniki landed on Kauai, the chain’s northernmost island, as the strongest storm on record to hit the state. But the Big Island hadn’t seen a major storm make landfall since 1900. So Tropical Storm Lala, by some measures a Category 1 hurricane, left a mark. Nearly 200,000 homes and businesses — representing roughly 70% of the Big Island — remained without electricity on Sunday night as winds of up to 75 miles per hour and floodwaters hammered the state’s infrastructure. “Customers should prepare for extended outages lasting weeks or even months in the hardest hit rural areas of Hawaii island,” Hawaiian Electric, the utility that serves 95% of the state, told the Honolulu Star-Advertiser.

    Keep reading...Show less
    Blue
    Politics

    How a Rhode Island Mayoral Race Became a Referendum on Climate Policy

    In Providence, at least, climate change is still on the ballot.

    Providence mayoral candidates.
    Heatmap Illustration/Getty Images, Library of Congress

    Here’s some trivia for you: What was the first state to see its average temperature break the 2-degree Celsius threshold for warming above pre-industrial levels? It wasn’t Alaska, the fastest-warming state, nor was it California or Florida, states with some of the most visible impacts of the extreme weather crisis. It was not Arizona or Texas, either, though “hot” and “warming” are often conflated.

    The answer, in fact, is humble Rhode Island, which passed the international benchmark for accelerated climatic impacts back in 2019. It is perhaps less surprising, then, to learn that in the Ocean State’s largest city, Providence, climate change and how to adapt to it have become one of the central talking points in a heated mayoral race, which in the deep-blue city is likely to culminate in the September 9 primary.

    Keep reading...Show less
    Blue
    Q&A

    How an ‘Abundance’ Policy Shop Is Approaching Data Centers

    Chatting about win-win solutions with the Abundance Institute’s Ryan Norris.

    Ryan Norris.
    Heatmap Illustration

    This week’s conversation is with Ryan Norris, senior fellow for energy policy at the Abundance Institute. The libertarian-leaning institute — whose name cleverly shortens to AI — is a new-ish entity with increasing relevance in energy and tech spaces. As Norris and I discussed, it’s starting to help shape policy on data center development and the generation that’ll power it all, especially in Republican circles. Norris himself previously worked with Americans for Prosperity, a right-wing political organization. I reached out to him and asked if we could chat because I wanted to know more about the institute’s work within the energy space. He wound up saying a lot more than I expected. So let’s dive into it.

    The following conversation was lightly edited and abridged for clarity.

    Keep reading...Show less
    Yellow