[Aug 26-Sep 1'24] Fight fire with fire

Canada's 2023 wildfires, batteries next solar, Australian household energy and Exxon chases subsidies.

Welcome to this week’s edition of The Weekly Climate 🎉

References: [1], [2], [3], [4], [5] and [6].

Back again, hopefully, more stable in the coming weeks. Lots of news about wildfires this week. Both in Brazil, Canada as well as the latest anti-fire tech from Silicon Valley.

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‼️News you can’t miss

Here’s one important scary/bad (🙀), good (😻), interesting (😼) and fossil (💩) news item.

🙀 Canada’s 2023 wildfires emitted more than CO2 than almost any country.

😻 Batteries may be the next solar (from an investment standpoint)

😼 Australian households expected to produce more energy than they consume in 2040

💩 Exxon chases subsidies for CCS

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👩‍⚕️ Status: Climate & Science

Let’s look at how we’re doing this week!

[#methane] — Surging methane emissions, particularly from tropical wetlands and the Arctic, pose a significant threat to climate stability, potentially undermining global efforts to reduce emissions by 30% by 2030. Increased water vapor from global warming is slowing methane breakdown in the atmosphere, while natural sources are contributing more to emissions than previously thought. Urgent reductions in methane from both anthropogenic and natural sources are essential to mitigate warming, as current trends resemble historical climate shifts that led to rapid changes in the Earth's climate system. Related, the launch of methane-monitoring satellites, including Tanager-1 and MethaneSAT, aims to identify and mitigate methane leaks, a significant climate issue. These satellites will provide crucial data to help regulate emissions from oil and gas operations, with the potential to enhance understanding and enforcement of methane reduction efforts. The collaboration between various organizations underscores the importance of measuring emissions to manage and reduce their impact on climate change.

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📰 The 7 Grand Challenges

⚡️Decarbonize Electricity

Clean electricity is the one do-or-die challenge we must solve.

[#batteries] — Many investors views batteries as the next major investment opportunity akin to solar energy, emphasizing their role in balancing renewable energy grids and electrifying transport. The firm has invested over $34 billion in climate solutions and plans to focus on high-emission sectors in developed economies. KKR aims to invest $400 million to $700 million in each project, prioritizing decarbonization while ensuring returns. The company is optimistic about achieving net-zero emissions by 2050, advocating for a smarter, decentralized grid to accommodate rising electricity demand.

[#solarUS] — In the first half of 2024, the U.S. saw a nearly one-third increase in electricity generation from utility-scale solar power, despite a significant rise in overall electricity demand met largely by fossil fuels. Utility-scale solar generated 102,615 gigawatt-hours, up 30% from the previous year, while fossil fuel generation also increased. New renewable energy power plants are being built at a faster rate, with solar and battery systems dominating new capacity. However, to effectively combat climate change, the growth in carbon-free energy sources must significantly outpace fossil fuel generation over the long term.

[#householdenergy] — By 2040, Australian households are expected to produce more energy than they consume, driven by the increasing installation of rooftop solar and home batteries. The Australian Energy Market Operator (AEMO) recognizes the importance of consumer energy resources (CER) alongside large-scale renewables for maintaining power system security. The national CER Roadmap aims to support the integration of these resources, highlighting the need for coordinated rollout to enhance reliability and reduce costs for families. Urgent action is required from industry and government to capitalize on this opportunity.

🏘 Reduce impact of urban and rural areas

Lowering the impact of urban and rural areas.

[#EVtradewar] — The global trade war over China's EV industry centers on concerns of overcapacity, driven by the US and EU's fears of China's dominance in clean technology. The US has imposed high tariffs on Chinese EVs, citing unfair competition and potential security risks, while the EU is considering provisional duties to address market distortions. China's response includes appealing to the WTO and launching investigations into European products. The situation reflects broader geopolitical tensions and differing approaches between the US and EU regarding trade and climate goals.