| | | | | | | Presented By Chevron | | | | Axios Generate | | By Ben Geman and Andrew Freedman ·Oct 04, 2021 | | ☀️ Welcome back! Today's Smart Brevity count is 1,246 words, 5 minutes. 📊 Data point of the day: ~ 900 million tonnes, the CO2 emissions from hydrogen production using fossil fuels last year, per new IEA analysis that also sees "encouraging signs" of cleaner methods. 🚨 Situational awareness: "India is the latest country to face a severe power crisis that threatens to undermine its recovery from the pandemic, with authorities warning that power plants have run perilously low on coal." (Financial Times) 🎶 With a h/t to @Albumism, Sunday marked the 1995 release of P.M. Dawn's "Jesus Wept," so that innovative act has today's intro tune... | | | | | | 1 big thing: Dems sense now or never moment on climate legislation |  | | | Illustration: Sarah Grillo/Axios | | | | Democrats and advocates pushing for big climate investments in reconciliation legislation will likely need to scale down their ambitions even as they emphasize the global stakes of the fluid Capitol Hill talks, Ben writes. The big picture: Democrats and the White House face the tricky task of crafting a social spending and clean energy plan that will be significantly smaller than progressives have envisioned. - Democrats will likely need to cut significantly the $3.5 trillion plan crafted in the House as Sen. Joe Manchin (D-W.Va.) calls for a $1.5 trillion ceiling.
- But how that affects climate initiatives compared to other areas like child care and health is unknown for now.
What we're watching: The complex talks in the next days and weeks will make clearer whether the smaller reconciliation plan will remain largely as wide-ranging as envisioned but at smaller levels for each initiative, seek to jettison some major priorities, or some combination thereof. - Rep. Alexandria Ocasio-Cortez (D-N.Y.) broadly told CBS' "Face the Nation" on Sunday that fully funding programs for shorter time periods could be a way of reaching a compromise on the reconciliation bill. But she also said climate provisions are "not something we can kick down the line."
- Rep. Pramila Jayapal, the Congressional Progressive Caucus chair, told CNN Sunday: "I think that the clean electricity standards really do need to be in there for a 10-year period because it takes time to cut carbon emissions."
Why it matters: A key date to watch is Oct. 31, the opening of the big United Nations climate summit in Glasgow, Scotland, where the U.S. hopes to push other countries to expand their efforts — something harder to pull off without a big domestic package approved. - Democrats' razor-thin margins also mean Republicans have a strong chance of reclaiming one or both chambers of Congress in the midterms, which is also fueling Democrats' and activists' do-or-die concerns.
What they're saying: "When we especially talk about the crisis of climate change, and the need to transform our energy system away from fossil fuel, the $6 trillion that I had originally proposed was probably too little, $3.5 trillion should be a minimum," Sen. Bernie Sanders said on ABC's "This Week" Sunday. But he added: "I accept there's going to have to be give and take." |     | | | | | | 2. California oil spill may close beaches for months |  | | | Oil and sea water collect in a tide pool in Newport Beach, Calif. on Oct. 3, 2021. Photo: Michael Heiman/Getty Images | | | | One of the largest oil spills in recent California history has contaminated a swath of popular beaches south of Long Beach, including Huntington Beach, Andrew writes. Driving the news: The spill of as many as 126,000 gallons of crude oil, which is thought to have emanated from a leaking pipeline about 4.5 miles off the coast of Huntington Beach, was detected Saturday. The latest: Oil began washing up on beaches by early Sunday, and closures may expand and last for months. - As of Sunday evening, 3,150 gallons of oil have been recovered from the spill area, the Coast Guard said.
- The pipeline from which it leaked has been shut off, Martyn Willsher, CEO of Houston-based Amplify Energy Corp., which owns the pipeline, told the AP.
- The leaking pipeline connects to oil production and drilling platforms, the AP reports, both of which are in federal waters.
- The full scope of wildlife impacts is not yet fully known.
The big picture: A host of extreme weather events amplified by climate change have battered California in recent months, from record heat to some of the largest wildfires in state history. For some residents, the spill is just another reminder of how California is ground zero for climate change. - Wildfire photographer Stuart Palley captured this in an Instagram post: "The forests of my childhood have burned, and now the beaches from youth are covered in oil."
| | | | | | | | 3. OPEC+ gathers amid higher prices |  Data: FactSet; Chart: Axios Visuals OPEC+ holds its latest monthly meeting today to discuss the ongoing easing of joint supply curbs as demand returns from the pandemic and prices have been on an upward trend, Ben writes. What's next: Via Reuters this morning, "OPEC and its allies are likely to stick to their existing agreement to add 400,000 barrels per day (bpd) of oil to the market in November, three OPEC+ sources said on Monday, despite consumer pressure for more supply to cool a red hot market." What we're watching: Whether rising oil prices — alongside the natural gas price surge and supply scramble, as well as coal supply woes in India and China — will boost or sap energy transition efforts at the UN climate summit. | | | | | | | | A message from Chevron | | Chevron believes the future of energy is lower carbon | | |  | | | | At Chevron, we've already exceeded our 2023 upstream carbon intensity reduction targets, which were set on a time frame in line with the Paris Agreement stocktake. We're on track to achieve a 35% carbon intensity reduction by 2028 vs. 2016. Learn more. | | | | | | 4. Tesla beats expectations on deliveries... |  Data: FactSet and company filings; Chart: Sara Wise/Axios Tesla delivered over 241,000 vehicles in the third quarter, a new record for the electric automaker that also beat analysts' projections, Ben writes. Why it matters: The tally came despite the global chip shortage and supply chain problems, and it's a sign of growing global demand for electric cars. Telsa, in announcing the numbers Saturday, thanked customers for their "patience as we work through global supply chain and logistics challenges." What they're saying: Wedbush Securities analyst Daniel Ives, in a note, called the numbers "eye popping" in light of the industry's supply woes. The results suggest an EV demand that "looks quite robust for Tesla heading into 4Q and 2022" and "should improve broader sentiment on the EV space as a whole." Zoom in: Sales of the Model 3 sedan and the Model Y, a small SUV, accounted for over 232,000 of the estimated 241,3o0 Q3 deliveries. Tesla doesn't provide data by country. But Future Fund portfolio manager Gary Black tells Reuters that record deliveries in China fueled Tesla's total, which is "putting to rest any notion China demand is slowing." | | | | | | | | 5. ...while Rivian shows its cards in IPO filing |  | | | Rivian R1T electric pickup truck. Photo courtesy of Rivian. | | | | The EV startup Rivian revealed fresh details about its finances and strategy in a new filing about its plan to go public, Ben writes. Why it matters: Rivian is competing in two emerging spaces — electric pickups and commercial delivery vehicles. The company, which analysts see as well-positioned among the flood of EV startups, is reportedly seeking an $80 billion IPO valuation(!). How it works: Here's what we learned in Friday's filing... - It lost $994 million in the first six months of the year and had $3.7 billion on hand as of the end of June. Rivian has raised over $10 billion from investors including Ford and Amazon.
- Rivian has over 48,000 orders for its pickup — which just hit the market — and SUV that's arriving later this year.
- The filing explains more about its deal with Amazon first announced in 2019 for up to 100,000 electric delivery vehicles by 2030. Rivian will provide its delivery vehicles exclusively to Amazon for four years, and then Amazon has first refusal rights for Rivian's vehicles for two years.
- Rivian is eyeing new business lines. It sees opportunities in "integrated hardware" for charging, generation and storage, and "software-based energy management solutions" in residential, industrial and commercial markets.
- It's creating a new climate philanthropy called Forever and putting 1% of its equity into it.
The big picture: Rivian sees a huge market for commercial vehicles beyond just the Amazon deal, citing e-commerce growth and moves by companies like DHL and UPS to electrify fleets. Passenger market tailwinds include local and national EV sales incentives and mandates, and proposed expansion of U.S. programs in infrastructure legislation. The filing also notes 17 countries have passed or are weighing plans to phase out internal combustion vehicle sales. | | | | | | | | 6. ICYMI: The present and future of extreme weather |  | | | Illustration: Annelise Capossela/Axios | | | | This year's extreme weather is a preview of even more turbulent times that will bedevil us for at least the span of a 30-year mortgage, a topic Axios explored in a weekend deep dive. Read the whole package of stories. | | | | | | | | A message from Chevron | | Chevron believes the future of energy is lower carbon | | | | | | | | At Chevron, we've already exceeded our 2023 upstream carbon intensity reduction targets, which were set on a time frame in line with the Paris Agreement stocktake. We're on track to achieve a 35% carbon intensity reduction by 2028 vs. 2016. Learn more. | | |  | | It'll help you deliver employee communications more effectively. | | | | | | Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here.
Sponsorship has no influence on editorial content. Axios, 3100 Clarendon Blvd, Suite 1300, Arlington VA 22201 | | | You received this email because you signed up for newsletters from Axios.
Change your preferences or unsubscribe here. | | | Was this email forwarded to you?
Sign up now to get Axios in your inbox. | | | | Follow Axios on social media:    | | | | | |
No comments:
Post a Comment