🌎 Tourism hot seat

Welcome back, climate leaders.

In today’s edition:

• 🔥 European heat waves influence summer travel decisions

• 📦 Amazon plans to ditch plastic lining in packaging

• 😎 $100m for solar project design software startup.

Read time: 4 minutes

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HOT TOPICS

🔥 Europe's sweltering summer could send tourists to cooler climates

Europe's scorching summer temperatures may lead to a shift in tourist behavior, with travelers opting for cooler destinations or planning their holidays during spring or autumn to avoid the extreme heat.

Data from the European Travel Commission reveals a 10% decline in the number of people intending to travel to the Mediterranean region between June and November compared to last year. Instead, countries like the Czech Republic, Denmark, Ireland, and Bulgaria are witnessing increased interest.

Concerns about unpredictable weather conditions and extreme weather events have also risen among travelers. While the current heat hasn't resulted in significant cancellations, future vacations could be affected as heatwaves are expected to worsen due to climate change.

Italy's tourism sector may suffer, and Spanish coastal regions and tourist islands could experience high demand, while Greece hopes to alleviate overcrowding by promoting travel outside the summer season.

🌾 Collapse of Black Sea grain deal poses a massive threat to food prices

Higher food prices and increased hunger loom as the collapse of a Black Sea grain deal poses a massive threat. Russia's withdrawal from the pact, which allowed the export of grain from Ukraine, has led to a surge in wheat and corn prices on global commodities markets.

The deal was pivotal in reducing food prices globally following Russia's invasion of Ukraine. Wheat futures rose by 2.7% and corn futures increased by 0.94% due to concerns over potential food shortages.

The agreement, initially brokered by Turkey and the United Nations, ensured the safe passage of grain-carrying ships from Ukrainian ports. Ukraine's role as a major global exporter of wheat, barley, maize, rapeseed oil, and sunflower oil intensifies the impact of the deal's collapse.

Last year, economic shocks, including the war in Ukraine and the pandemic, caused acute food insecurity for 84 million people in 27 countries.

👷🏼 Workers have few protections amid historic U.S. heat wave

Amid scorching temperatures in the southern U.S., construction crews, warehouse workers, and laborers face dangerous heat conditions without adequate protection from their employers.

Over the past decade, at least 436 work-related deaths were attributed to environmental heat exposure. While federal laws don't specifically address extreme heat protection for workers, some states, including California and Colorado, have implemented labor laws with heat safety provisions.

The Biden administration intends to incorporate heat safety rules into the Occupational Safety and Health Act (OSHA), but the process is time-consuming. Without proper regulations in place, workers' safety is mainly ensured through the power of unions, which negotiate additional rest breaks and other provisions.

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POLL TIME

DEBRIEF

📈 Business & Markets

• Ditching hydropower for fossil fuels during droughts cost the US West $20 billion in 20 years, as dry conditions hamper hydropower generation and force reliance on coal and natural gas for electricity.

• Dead EV batteries are now valuable resources thanks to the Inflation Reduction Act. Automakers can benefit from subsidies by using US-recycled battery materials, challenging China's stronghold in the industry.

• Amazon aims to reduce packaging waste by replacing plastic padded mailers with recyclable alternatives. The company's priority is to minimize packaging and optimize its recyclability and carbon emissions.

🏛 Policy & Politics

• Biden allocates $20 billion from the federal "green bank" for clean energy initiatives, targeting disadvantaged communities. Funding will support programs like heat pumps, EV charging stations, and cooling centers.

• Canada's successful carbon tax implementation is attributed to its clever framing as a "price on pollution" rather than a tax, accompanied by returning the money to the people.

• Illinois corn growers oppose Biden administration's plan to speed up electric vehicle adoption. The U.S. Environmental Protection Agency's proposed auto tailpipe rules aim to improve air quality but could harm the corn industry.

🚀 Startups & Tech

• Energy Dome, an Italian startup, has secured $60 million in Series B funding to advance its unique energy storage technology. Using pressurized carbon dioxide gas, they aim to make renewable power reliable and available even during periods of low solar and wind production.

• Lithuanian startup PVcase, founded in 2018, raised $100 million in its Series B funding round. PVcase's software streamlines solar project design, and investors include Highland Europe, Energize Ventures, and Elephant VC.

• Wearable sensors on workers' arms are helping a Texas construction company monitor biometric data and prevent heat-related injuries.

🌎 Society & Impact

• Birmingham's public transit makes small progress through federal support without any state funding. Alabama, the sole state without public transit funding, has a heavy reliance on cars that leads to the highest per-capita gasoline consumption in the nation.

• The climate crisis is driving up cost of living across the western US. For example, one resident is facing rising electricity bills ($500) due to heatwaves, contaminated water ($140 for drinking), and increased grocery costs post-winter storms.

• Seniors are moving to states with the highest heat levels in the US. In Sun City, Arizona, retirees embrace the scorching temperatures, while others face increased health risks in areas prone to extreme heat.

BY THE NUMBERS

🥵 2.63°F. The amount June’s average temperatures rose above preindustrial levels

☀️ 3.5%. Total growth in total solar jobs in 2022, with gains primarily in the residential sector.

💰 $62 Trillion & 6 years. The expected total cost and payback period of switching the entire world to renewables.

ACCLIMATE RECS

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• Why solar energy and storage are booming in Colorado.

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