President Biden sent a letter to Federal Trade Commission chair Lina Khan Wednesday asking the agency to determine whether “illegal conduct” by large oil and gas companies is pushing up gasoline prices.
Why it matters: It's unlikely that the letter will bring down gas prices anytime soon, though an FTC investigation could clarify how such companies determine prices.
A new International Energy Agency report shows rising investment in energy efficiency and gains in the efficiency of the global economy, but both lag levels needed for a sustainable climate path.
Why it matters: Boosting efficiency is vital to meeting climate goals.
Axios has removed the article published here on Nov. 17, 2021, because it fell short of our editorial standards. Axios incorrectly stated that we contacted Global Plasma Solutions for comment before publication. We wrongly relied upon a source who is a former employee of a competitor of GPS and is now an adviser to that same competitor. We apologize to GPS and to our readers.
The pace and severity of climate change are simply outrunning humans' efforts to contain it.
The big picture: Severe flooding hit Canada and the Pacific Northwest before the ink was even dry on the climate agreements reached last week at the COP26 summit. And the extreme weather caused by climate change will continue to worsen, even if every one of those new commitments is met.
Flooding from the deadly Pacific Northwest storm is so severe, it can be seen from space, according to images captured by NASA on Tuesday.
The big picture: At least one person has died and Canada's largest port was cut off by flood waters after the intense "atmospheric river event" slammed the region, bringing with it record-shattering rainfall and damaging winds, and triggering evacuations. Thousands of people were still without power on Wednesday morning.
TerraPower, the Bill Gates-founded nuclear power venture, announced Tuesday plans to replace a Wyoming coal-fired power station with a $4 billion advanced reactor demonstration project.
Why it matters: Roughly half of the project's funding will come from the U.S. government, including $1.5 billion from the infrastructure bill that President Biden signed into law this week, per an emailed statement from Energy Secretary Jennifer Granholm.
Let's leave to history to see whether the COP26 deal to "phase down" coal instead of "phase out" makes any real-world difference, but what's clear is that any meaningful "phasing" at all is hard.
Why it matters: Coal is the most carbon-intensive fuel. Any pathway to meeting the Paris Agreement goals will require huge reductions in global demand that are nowhere in evidence yet.
The global oil market remains tight but "a reprieve from the price rally could be on the horizon" as U.S. production rises, the International Energy Agency said on Tuesday.
Why it matters: Its latest monthly analysis comes as elevated oil — and hence gasoline — prices are another political headache for President Biden amid broader inflation.
This year is almost certain to go down among the 10 hottest in temperature records that date back to 1880, per the National Oceanic and Atmospheric Administration.
Driving the news: Its latest monthly climate report finds the January-October average global surface temperature was the sixth-warmest in those records.
Edelman, the world's largest PR firm, is vowing to make climate change a bedrock focus even as it rejects activist pressure to sever ties with Big Oil.
Driving the news: The company on Monday unveiled new principles and plans, along with new hires to guide the efforts.
The pandemic may be on the wane, but the appetite for homes where residents can each have their own space — and enjoy time indoors — will be a lingering legacy.
Why it matters: Builders, architects and interior designers are all adjusting to a new reality in which we spend more waking hours at home and don't take for granted that household members will leave every day for work or school.
An intense "atmospheric river event" has resulted in extensive flooding and wind damage across parts of the Pacific Northwest, per the National Weather Service.
The latest: The extreme storm has triggered record-shattering rainfall in several cities in British Columbia, namely Hope, which had more than 11 inches of rain between Saturday and Monday.
