Hello everyone,
This is Quartz reporter Michael Coren, bringing you the Race to Zero Emissions newsletter. Among many topics, I cover the view from Silicon Valley and the electric vehicle industry—a beat that’s been strongly informed by the work Akshat Rathi did to track advances in battery technology. The global quest to reduce emissions is one of the most important stories of our time, and I look forward to hearing from you. Later this week, we’ll get you the inside scoop on what’s happening at the COP25 climate talks in Spain.
Here’s what happened over the past week that helped or harmed the world’s chances of cutting greenhouse-gas emissions to zero.
Decreases emissions
1️⃣ Spanish power utility Iberdrola said it will close its last two coal plants by 2020. The $55 billion utility will replace them with wind and solar facilities, the final step in a 15-year transition from fossil fuels.
2️⃣ The first steel plants powered by wind and solar energy arrive in the US. Nucor says it will build a $250 million steel plant in Missouri and run it on wind energy from the Midwest. The steel industry is responsible for 7% of global greenhouse gas emissions.
3️⃣ Investors just handed BlackRock $1 billion to build wind, solar, and battery-storage projects. The record-setting sum gives the world’s biggest money manager plenty of cash to finance the shift to renewables—though trillions of dollars will be needed globally in the transition.
4️⃣ Coal plant retirements have accelerated under Trump compared to Obama. The US is expected to retire about 14 gigawatts of coal capacity this year—the third-highest on record, after 2015 and 2018.
5️⃣ Texas is leading the way on wind power as US onshore wind capacity exceeds 100 gigawatts for the first time, according to the US Energy Information Administration. Offshore could be even more valuable.
Roll with the punches
The R2Z newsletter’s fearless founder Akshat Rathi takes a last look for Quartz at how resilience in the face of climate change will be about prioritizing humans, not the things we’ve built in harm’s way: “In the long run, resilience against climate change is not primarily about the ability of our homes and cities to outlast the shifts in our atmosphere. It’s about us: Humanity’s flexibility in the face of change.” ❤
Net-zero (for now)
1️⃣ Australia wants to meet its international emissions targets under the Paris accords by carrying over credits from the Kyoto protocol. The move has been challenged by 100 countries at this week’s UN climate talks as the debate over whether nations should use offsets continues.
2️⃣ The EU just approved €3.2 billion ($3.5 billion) to make Europe competitive with Asia in the battery race. Seventeen private companies will pitch in an additional €5 billion ($5.5 billion). All that new manufacturing capacity has pushed battery prices down nearly 50% since 2016. 📉
3️⃣ In 2019, electric cars grew up: EVs sold, even as the general car market dipped (thanks Tesla Model 3!). But outside of China and Norway, where car buyers enjoy generous incentives, the market is still driven by early adopters, not mainstream consumers.
4️⃣ A buyer’s market for oil upended Moscow’s energy strategy. Once fiercely protective of its energy policy, Moscow said it is slashing production amid low prices and a glut of oil. The Financial Times argues the move moves makes Russia an unofficial 15th member of the OPEC oil cartel. 🛢
5️⃣ Floating nuclear power promises to provide a steady source of energy in remote locales. In September, Russian nuclear company Rosatom announced the arrival of the world’s first floating nuclear power plant. Is that really a good idea?
Windy windfalls
“We sit in the Saudi Arabia of wind,” said Chuck Caisley of midwestern utility Evergy, which is supplying wind power to Nucor’s new US steel mill. The Midwest used to be coal country, but the industry has seen a slew of smaller, uneconomical plants close despite rising exports. Clean power, however, has seen its star rise. “I think that increasingly there will be sustainability requirements companies will want to meet,” Caisley said to CNBC. “It reduces our environmental footprint in the area and creates jobs.”
🔼 Increases emissions
1️⃣ Shipping firms join Europe’s top ten polluters for the first time. Coal-fired power plants once dominated the list, but Irish airline Ryanair joined earlier this year and now Switzerland’s MSC, a shipping line, is Europe’s eighth-worst polluting company.
2️⃣ The annual update of carbon trends shows emissions keep rising. Scientists say emissions will rise 0.6% this year, compared to a 2.1% rise in 2018 accounting for CO2 from fossil fuels and industrial processes.
3️⃣ Brazil asked for international help to cut emissions even as deforestation has soared under Brazil’s far-right president, Jair Bolsonaro, who promised to open up the rainforest for development. Brazil’s environment minister Ricardo Salles called on rich countries to fund efforts to stop deforestation. 🌴🔥
4️⃣ Fracking in the US is sending record volumes of natural gas into the atmosphere or up in flames, according to the US Energy Information Administration.
5️⃣ Insurers can’t leave California despite drought-driven firestorms. This week California legislators banned insurance firms from canceling people’s policies in areas of the state where fires burn hottest after wildfires inflicted billions of dollars in damages.
Stats to remember
As of Dec. 8, the concentration of carbon dioxide in the atmosphere was 411.37 ppm. A year ago, the level was 408.32 ppm.
Have a great week ahead. Please send feedback and tips to mjc@qz.com.