Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

Three pieces of analysis suggest trouble for the growth of low-carbon energy sectors, as we continue gauging the ongoing effects from the coronavirus pandemic.

State of play: Several industry groups and analysts issued a memorandum tallying the early stages of U.S. job losses in the sector at 3% already. Meanwhile, an intergovernmental agency warns that COVID-19 could hinder oil industry efforts on climate and a group of business leaders said 84% of their members have delayed projects.

1) A BW Research Partnership report concludes that over 106,000 workers lost jobs last month across several broad categories: efficiency, renewable power, alternative fuels, storage and grid tech, and electric cars.

  • Types of jobs lost include electricians, panel installers, wind industry technicians, manufacturing workers and more, with the efficiency sector taking the biggest hit.

Why it matters: The BW analysis provides a wide-angle look at the various reports emerging of how the economic contraction and movement restrictions are affecting these sectors.

  • The 106,400 jobs lost across these sectors in March represents an immediate 3% drop in employment, but there's more to come, according to BW.
  • "Unfortunately, this only captures the initial impacts of the COVID-19 crisis and does not include many temporarily furloughed or underemployed workers; job losses in clean energy will continue to grow into the coming months."

What's next: They estimate that the sectors identified could lose a combined half a million jobs in the months ahead absent new support.

  • The report comes as the renewables sector has been urging lawmakers — without success so far — for help as part of the wider economic response to COVID-19.
  • They're seeking relief from deadlines to take advantage of tax incentives, and the ability to quickly monetize those credits.

More broadly, there's a push in multiple regions, including the EU, to have economic rescue packages boost low-carbon energy. It comes as the sector is taking a hit worldwide.

  • For instance, the consultancy Wood Mackenzie's revised projections this week note that "2020 solar installations have been revised down by 18% from pre-coronavirus levels from 129.5 GW to 106.4 GW."

2) The International Energy Agency's monthly oil market report sounds the alarm about the diversification efforts of the world's largest oil-and-gas companies.

  • "Global capital expenditure by exploration and production companies in 2020 is forecast to drop by about 32% versus 2019 to $335 billion, the lowest level for 13 years," the Paris-based agency noted.
  • "This reduction of financial resources also undermines the ability of the oil industry to develop some of the technologies needed for clean energy transitions around the world."

3) The trade group Advanced Energy Economy released a survey about the effects of COVID-19 on their members.

  • It finds that "84% of companies have had to stop or delay projects," while nearly half have had "customers or clients cancel or delay projects through force majeure."

What's next: They estimate that the sectors identified could lose a combined half a million jobs in the months ahead absent new support.

Data: BW Research; Chart: Naema Ahmed/Axios

California has seen the steepest initial job losses in the broadly defined "clean energy" sector, per BW analysis of unemployment claims filed in March.

Go deeper: More than 100,000 clean energy workers lost their jobs in March (L.A. Times)

Go deeper

Dion Rabouin, author of Markets
48 mins ago - Economy & Business

The European Central Bank and the market's moment of truth

ECB president Christine Lagarde; Photo: Chip Somodevilla/Getty Images

The biggest event for markets this week will be Thursday's meeting of the European Central Bank's governing council and the press conference following it from ECB president Christine Lagarde.

Why it matters: With interest rates jumping around the globe, investors are looking to central bank heads to see if they will follow the lead of Fed chair Jerome Powell, who says rising rates are nothing to worry about, or Bank of Japan governor Haruhiko Kuroda, who has drawn a line in the sand on rates.

Mike Allen, author of AM
1 hour ago - Politics & Policy

Manchin's next power play

Photo: "Axios on HBO"

Sen. Joe Manchin (D-W.Va.), America's ultimate swing voter, told me on "Axios on HBO" that he'll insist Republicans have more of a voice on President Biden's next big package than they did on the COVID stimulus.

The big picture: Manchin said he'll push for tax hikes to pay for Biden's upcoming infrastructure and climate proposal, and will use his Energy Committee chairmanship to force the GOP to confront climate reality.

Why picking a jury for the Derek Chauvin trial is so hard

Illustration: Eniola Odetunde/Axios

The tough task of selecting a jury for former MPD officer Derek Chauvin's trial for the killing of George Floyd is set to begin Monday.

The state of play: "This case may be the most highly publicized criminal trial in a long time. ... That means that it's harder to find people who really have an open mind," Richard Frase, University of Minnesota Law School professor of criminal law, told Axios.