This week’s Current Climate, which every Saturday brings you the latest news about the business of sustainability. Sign up to get it in your inbox every week.
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Last week, the European Union’s Copernicus Climate Change confirmed that 2023 was the hottest year on record, thanks to unprecedented warming from June onward. The agency reported that each month from June to December was “warmer than the corresponding month in any previous year.” In particular, july and August were the two warmest months on record and December of last year was the warmest December ever recorded. The agency also estimates that based on current trends, 2024 is likely to be even hotter than 2023 and set new records. The warming climate has led to an uptick in climate-related disasters like storms, wildfires, drought and floods. It’s additionally caused health concerns, both from the extreme heat and from related issues like air pollution.
The Big Read
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EPA Proposes Fees On Excess Methane Emissions From Oil And Gas Sector
The Environmental Protection Agency announced Friday a proposal that will issue fees to oil and gas producers on emissions that exceed specified levels, charging $900 per metric ton for “wasteful emissions” in 2024 and targeting methane emissions, which are responsible for about a third of greenhouse gas warming today.
Sustainability Deals Of The Week
Battery Production: The European Union gave the green light to a $986 million measure to support Northvolt’s initiative to build a battery production plant for electric vehicles in Germany.
Water Management: Cloud-based water management company 120Water announced that it has raised a $43 million investment led by Edison Partners.
Direct Air Capture: Carbon removal company Deep Sky announced it will be deploying Skyrenu’s carbon removal technology in Canada, developing a unit aimed at removing 50 tonnes of carbon dioxide from the atmosphere per year.
ESG Software: ESG and risk management software provider Sphera announced it is acquiring supply chain sustainability software company SupplyShift.
The Big Transportation Story
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Biden Doles Out $623 Million For Public EV Chargers And Hydrogen Stations
The Biden Administration is accelerating its push to get U.S. drivers to shift to electric vehicles by releasing more than $600 million to build thousands of new public chargers and to open hydrogen fuel stations for cars, trucks and buses. Some $623 million of federal grants, created by the 2021 Bipartisan Infrastructure Law, will add 7,500 new EV chargers, Transportation Secretary Pete Buttigieg told reporters. Including hydrogen station projects in California, Colorado and Texas, the grants cover 47 projects in 22 states, Puerto Rico and tribal communities.
Other Sustainability News
John Kerry is leaving his position as U.S. climate envoy in the coming months, after three years on the job.
The International Energy Agency reports that the world added 50% more renewable energy capacity in 2023 compared to 2022, and is potentially on track to hit the goal of tripling global capacity by 2030.
Volvo announced delays in production due to attacks in the Red Sea by Yemen’s Houthis against international shipping vessels—joining Tesla and other major companies faced with disruptions.
Waymo, the first company to operate a public robotaxi service, is preparing for another big step: carrying passengers on highways in autonomous vehicles.
What Else We’re Reading This Week
Tesla Boosts Pay for US Factory Workers That the UAW Wants to Unionize (Bloomberg)
EU investigators to inspect China’s BYD, Geely and SAIC in EV probe (Reuters)
A Record 1.2 Million EVs Were Sold in the U.S. in 2023 (Kelley Blue Book)
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