Good morning. We’re back after an extended July 4th holiday. With smoky skies and increased wildfire risk through much of the United States, cities have begun to rethink their Independence Day celebrates. Fireworks are out, drone shows are in.

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Record temps are just the beginning

Three days last week were likely the hottest in Earth’s history as both human and natural factors continue to drive rising temperatures.

Why it matters: Climate change can feel like an invisible threat. But with more record-setting temps and blistering heat waves, more people are experiences the consequences in their daily lives.

• July 3-5 were the hottest on record in modern history. This follows the warmest June ever recorded, accompanied by deadly heatwaves in Texas, Mexico, and India.

• Millions of people have been exposed to extremely poor air quality due to the Canada wildfires.

• Sea ice levels in Antarctica are at record lows, and the North Atlantic is experiencing exceptionally high surface temperatures.

Why it's happening: The Earth's warming trend aligns with scientific predictions, but is compounded by two simultaneous events.

• Climate change from ongoing greenhouse gas emissions driven by human activities.

• The El Nino weather pattern, which drove extreme conditions back in 2016, causing even higher temperatures.

What's next: We’re less than one month into summer with not great vibes on the horizon.

• Scientists are forecasting more extreme heat events in the coming months, with places like Phoenix eclipsing more than 122°F.

• Meteorologists are concerned about an above-average Atlantic hurricane season due to unusually warm ocean waters.

Bottom line: This summer is going to be hot. Next summer will likely be even hotter. There’s a high probability we hit the hottest year on record.

QUICK DEBRIEF

News that matters

Toyota aims to develop "solid-state" batteries for electric vehicles (EVs) by 2027, with ambitions to reduce their size and cost by 50%. This technology, which uses a solid electrolyte, has the potential to address the drawbacks of liquid lithium-ion batteries, such as weight, slow charging, and safety concerns. Read more.

The Biden-Harris administration has approved the Ocean Wind 1 project off the coast of New Jersey, marking the third major offshore wind energy project approved in the United States. The project is expected to have a capacity of 1,100 megawatts, providing clean energy to over 380,000 homes and creating more than 3,000 jobs during its development and construction phases. Read more.

Shell reverts its strategy, prioritizing oil production over green initiatives, causing resignations among renewable energy leaders. The CEO justifies the shift by citing the European energy crisis. Shell aims to meet environmental goals but prioritizes short-term profits. Read more.

North Dakota's Project Tundra aims to retrofit a coal-fired power plant with carbon capture technology. The viability of carbon capture, known as CCS or CCUS, is being tested. The high costs and electricity requirements make retrofitting old power plants less practical compared to alternative options in the market. Read more.

Over 1,500 US lobbyists simultaneously represent fossil fuel companies and organizations claiming to combat the climate crisis. These lobbyists work for diverse entities, including cities, universities, tech giants, and environmental groups. The wide range of clients, such as insurance companies and municipalities, demonstrates the contradictory interests they serve. Read more.

Green bond issuance has surpassed fossil fuel debt deals, with nearly $350 billion raised for environmentally friendly projects compared to less than $235 billion for oil, gas, and coal-related financing in the first half of this year. Read more.

Progress on electrifying the US vehicle transportation system is uneven across states. While states like California and New York are leading the way, surprising developments have emerged in other states like Colorado and Oklahoma. Read more.

Smith Island in Maryland is experiencing a surprising real estate boom despite its vulnerability to climate change. Locals view it as a sign of hope and a way to preserve their unique way of life. However, environmentalists see it as a dangerous denial of the island's long-term survival and part of a larger trend of people moving into climate-risk areas. Read more.

Wyoming and Colorado governors have signed an agreement to collaborate on developing carbon capture technologies. The Mountain West region offers a unique testbed for these technologies, with Wyoming's suitable geology and established carbon management system complemented by Colorado's expertise in DAC technology development and clean energy policies. Read more.

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CLIMATE DATA

Battery belt continues to form

The "Battery Belt," spanning from the Great Lakes to Georgia, has emerged as a key region for battery and EV production, with Michigan and the southern states leading the way. Solar manufacturing is also gravitating towards the South, particularly Alabama, Georgia, South Carolina, Ohio, and Texas.

The proximity of facilities in these regions offers transportation advantages and access to a growing pool of skilled workers. Interestingly, most of the manufacturing investments are going to communities represented by Republican lawmakers who opposed the Inflation Reduction Act (Canary Media).

ACCLIMATE RECS

Good reads, listens, etc.

The game changing tech the nuclear industry is betting on. Small modular reactors could deliver carbon-free energy to a warming world -- unless they're actually a distraction from better approaches. (HuffPost)

Your next BBQ could feature an electric grill. Electric grills exist and are rising in popularity — and according to some advocates, they’re just as good at producing delicious food as fossil-fueled alternatives. (Canary Media)

Macro market freeze chills climate tech. Venture funding down 40% in H1 2023. Was the climate tech VC frenzy a peak or is it a wave? (CTVC)

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—Rick Jarrell

“In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.” - Teddy Roosevelt