Welcome back, climate leaders. I shared a few updates on the newsletter on Saturday. Thanks to all for your feedback and words of encouragement.

1. First takeaway: less is more. I’ve trimmed down the daily newsletter so it’s easier to digest over a morning coffee.

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In today’s edition:

• 🚎 EV charging joint venture between major automakers

• 🇰🇷 South Korean firms stand to be major benefactor of the IRA

• 💰 More IRA impact: clean energy markets and investors responding

Read time: 5 minutes

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EV CHARGING

Fast chargers expanding quickly

7 global automakers have joined forces to establish an extensive electric vehicle (EV) charging network across the United States.

Driving the news: BMW Group, General Motors, Honda, Hyundai, Kia, Stellantis, and the Mercedes-Benz Group join forces in a new joint venture aimed at deploying EV chargers across North America.

• By tapping into federal subsidies and investing over $1 billion collectively, they plan to roll out 30,000 high-powered DC fast-chargers in major cities and highways from 2024 onwards.

• The collaboration will offer two plug options: the Combined Charging System (CCS) and Tesla's North American Charging Standard (NACS).

• The coalition does exclude automaker giants Volkswagen, Ford, and Toyota.

Why it’s happening: The joint venture plans to leverage both public and private funds to build a robust EV charging network.

• By including the CCS plug, the project qualifies for a staggering $7.5 billion in federal funding available under the bipartisan infrastructure law passed in 2021.

• The joint venture will also directly rival Tesla’s growing network of carmakers adopting their charging standard.

Why it matters: The initiative will expand EV charging infrastructure in the US, while also simplifying the charging process.

• A plug & charge technology will be used, eliminating the need for apps or credit cards when paying for charging sessions.

• Charging locations will offer amenities such as canopies with restrooms, food service, and nearby retail options, as well as some with premium amenities.

What’s next: The demand for EV charging is projected to surge, and an expansive, reliable infrastructure is needed to make it go smoothly.

• Estimates suggest that the U.S. will require approximately 182,000 publicly accessible DC fast chargers by 2030 to support up to 42 million electric vehicles.

• There are approximately 55,000 EV charging stations in the country right now.

🔥 Hot take: Range anxiety and EV infrastructure availability (and reliability) are the biggest blockers to widespread EV adoption. The $7b in subsidies made available through the IRA are leading to at least tripling the EV chargers available.

HOT TOPICS

1. ⚡️ Energy: The the largest US public utility is slowly increasing its investment in renewables. While over 50% of its electricity mix is carbon-free, it primarily relies on dams and nuclear plants built decades ago to support 10 million customers.

2. 🔋 Batteries: South Korean firms stand to receive a significant portion of U.S. manufacturing investments for clean energy. Korea's strength lies in battery manufacturing, with companies like Samsung and LG leading the way.

3. 🧪 Forever chemicals: Synthetic biology startup Allonnia secured an additional $30 million in funding to develop biological organisms for breaking down forever chemicals like PFAS.

4. 💰 IRA: The one-year-old Inflation Reduction Act is driving the US transition to renewable energy, boosting domestic manufacturing, and making climate-friendly purchases more affordable through tax credits.

5. 🥵 Heatwave: Cities around the world are implementing innovative strategies to combat extreme heat.

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CHART OF THE DAY

The IRA has fostered long-term certainty, driving growth of clean energy markets. Investors prioritize utility-scale solar, energy storage, and commercial solar, but express concerns about supply chain disruptions and trade restrictions affecting decarbonization efforts.

ACCLIMATE RECS

• The world needs a new way to talk about heat

• Ban private jets? Or give private jets to all?

• Listen: Electrify Everything: What Does The Pace of Progress Look Like?

• Why does the internet love tree law so much?

• When will the Southwest become unlivable?

POLL TIME

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