Welcome back, climate leaders.

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In today’s edition:

• 📈 Renewable growth remains optimistic despite falling oil and gas prices

• ☀️ Google selling mapping data to solar companies

• 🔥 The total economic cost of the Hawaii wildfires

Read time: 5 minutes

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HOT TOPICS

📈 Energy markets: Despite dropping oil and gas prices, renewables' growth remains strong with fossil fuels projected to contribute just 25% to power generation by 2040, reveals S&P Global Commodity Insights. The Inflation Reduction Act increases expected U.S. renewable energy use to 75% in the 2040s, although achieving 90% clean energy dependence may necessitate advancing technologies like long-duration storage, advanced nuclear, and hydrogen.

🔋 EV batteries: The dominance of China's EV battery market, led by CATL and BYD, seems unassailable due to cost-effective production and robust local supply chains. The challenge for global competitors lies in devising superior, cheaper technology; else, dependence on China will persist.

💡Energy efficiency: Redaptive, the Energy-as-a-Service leader, has secured $125M funding from Deutsche Bank to accelerate efficiency and sustainability solutions like metering, HVAC, and more. This partnership boosts Redaptive's ability to help businesses reach net zero and reduce their carbon emissions.

👎🏼 Solar policy: California's new policy proposal could massively slash solar's worth for apartments, schools, and farms, potentially violating the state's climate commitments. The policy may wipe out financial incentives for shared solar system installation, limiting the accessibility of solar power for about 17 million renters and breaking a commitment to shield low-income communities from significant solar net-metering rules changes.

🏛 Small business decarbonization: The Department of Energy has earmarked $126M for 90 small businesses across 27 states, focussing on clean energy projects including decarbonization and grid reliability. These awarded businesses aim to transition tech breakthroughs into marketable products and services.

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IN OTHER NEWS

• UAW members, totaling 145,000, endorse potential strikes at GM, Ford, and Stellantis amid electric transition with 97% approval. Strike not confirmed yet. (link)

• Google aims to sell mapping data to solar product companies, aiming to earn $100 million in the first year. (link)

• Despite highest-ever US oil production, fuel prices rise due to global influences, casting shadows on Biden's green policies. (link)

• Despite an increase in spending for low-income efficiency programs, overall utility spending on such initiatives has stagnated, causing a 5.4% drop in energy savings. (link)

• Electric Era, a startup specializing in EV charging, has raised an additional $11.5M, aiming to deploy battery-supported, AI-enhanced stations following recent favorable infrastructural laws. (link)

TODAY’S DATA

$6B

Moody's estimates the economic losses from Maui's recent wildfires could be between $4-6 billion, excluding potential tourist economy effects. (Bloomberg)

ACCLIMATE RECS

• For green tech, U.S. should avoid buying critical minerals from China

• What a heat wave does to tour body

• How climate change will hit snow levels across Europe’s ski resorts

• As companies eye massive lithium deposits in California’s Salton Sea, locals anticipate a mixed bag

• Anger, sadness, guilt, hope: on the complex emotions of climate change

• Don’t forget to check out EV Universe!

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- Rick Jarrell, Founder of Acclimate