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Illustration: Sarah Grillo/Axios

A Moody's Investors Service report says midcentury "net-zero" emissions targets now common among countries and financial firms will have tangible effects on polluting industries.

Why it matters: Yes, that seems obvious! But these efforts are heavy on aspiration and often lack teeth, though some countries are putting targets into law.

"The spate of targets and the push on climate risk disclosure is "expected to raise credit risk and reduce the availability, and increase the cost, of capital for carbon-intensive activities," Moody's says.

The big picture: "[W]e expect pressure to inexorably rise for major producers and users of hydrocarbons to adjust business strategies to implement credible transition plans," it notes.

What we don't know: "The full implications for this decade of such initiatives will only become clear with the detail, breadth and speed of implementation steps taken under the net zero initiatives," Moody's notes.

  • A big thing to watch is government policy and financial sector actions resulting from interim targets.
  • Countries including the U.S. have recently set steep 2030 emissions-cutting targets.

Go deeper

Biden official: 2020-2030 is the "decisive decade" for climate change action

Axios screenshot

Melanie Nakagawa, special assistant to the president and senior director for climate and energy, said that the 2020 decade is the "decisive decade" to make meaningful climate change action.

Why it matters: "Collectively, if commitments, policies and action can deliver a 7.6% emissions reduction every year between 2020 and 2030, we can limit global warming to 1.5 degrees Celsius," per the UN Environment program. "While there will still be climate impacts at 1.5 degrees Celsius, this is the level scientists say is associated with less devastating impacts than higher levels of global warming."

2 hours ago - Health

Biden reaches agreements with Uber and Lyft to give free rides to vaccine sites

A coronavirus vaccination site in Miami on May 10. Photo: Joe Raedle/Getty Images

The Biden administration has reached agreements with ride-sharing companies Uber and Lyft to offer free rides to coronavirus vaccination sites through July 4, the White House announced Tuesday.

Why it matters: The free rides, starting in the next two weeks, are part of the Biden administration's push to administer at least one vaccine dose to 70% of U.S. adults by Independence Day.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

Biden officials green-light nation's first big offshore wind project

Illustration: Aïda Amer/Axios. Photo by Brendan Smialowski/AFP via Getty Images

The Biden administration today gave final approval to Vineyard Wind, a project off the Massachusetts coast slated to be the country's first large-scale offshore wind farm.

Why it matters: While the green light for the long-proposed project was expected, it marks a key step in White House plans to help spur development of a suite of coastal projects off New York, New Jersey and other states.