Axios

New York's $226 billion pension fund has set a 2040 goal to neutralize its carbon emissions and may divest from oil and gas companies in order to achieve it, the state's comptroller announced Wednesday.

Why it matters: The proposal, from America's third-largest public pension fund, is one of the more significant moves in the divestment battle that's been building over the last several years.

The UN is out with its latest analysis of the gap between global emissions trends and "least-cost pathways" to meet the Paris climate deal's ambitious temperature-limiting goals.

Why it matters: The gap remains very large, despite the emissions cuts (occurring for tragic reasons) due to the pandemic curtailing so much activity and travel.

Greenhouse gas emissions from power plants and tailpipes get lots of attention, but a new analysis offers a proposal to cut emissions from another huge source — heavy industry.

Why it matters: The Rhodium Group estimates that industry will overtake transportation as the largest source of U.S. emissions sometime in the middle of this decade (you can see the biggest sources above).

Two huge oil companies charting different paths through the industry's uneven movement toward lower-carbon sources are both coming under fresh — but different — forms of pressure and scrutiny.

Driving the news: The Financial Times scooped yesterday that several clean energy executives have left Shell "amid a split over how far and fast the oil giant should shift towards greener fuels."

President-elect Joe Biden plans to nominate former Iowa Gov. Tom Vilsack as his agriculture secretary, giving him a role in Biden's climate agenda if confirmed to the job he also held under Barack Obama.

Why it matters: The Agriculture Department is relevant here for several reasons, including that Biden's platform calls for investing in practices that increase CO2 storage in soil and removing "regulatory roadblocks."

Joe Biden's team had previously announced that John Kerry will be on the National Security Council as its first dedicated climate official, but hadn't disclosed much about the logistics of the position. We now know a little more about how John Kerry's role as Joe Biden's special climate envoy will work — and the advice is pouring in.

How it works: Kerry's work will be under the purview of the State Department, Biden's transition team confirmed and a Politico piece reported yesterday.

Toyota yesterday offered a spare outline of an electric SUV it's developing for European markets.

Why it matters: It's slated to be the first vehicle made using Toyota's new e-TNGA platform.

Exxon has paused plans to develop a major carbon storage project in Wyoming as the pandemic curtails industry spending plans, according to Bloomberg.

Why it matters: Experts, including the UN's climate science panel, say CO2 trapping and removal tech will need to play a role in holding warming in check.

QuantumScape, a battery startup whose backers include VW and Bill Gates, announced it has made a major breakthrough in developing solid-state technology.

Why it matters: Effective solid-state batteries are something of a holy grail thanks to the promise of more energy density, durability and safety than existing battery tech.