OPEC+ is jolting oil markets this week with plans to cut output — and the ripples could reach all the way to the U.S. midterm elections.
Driving the news: The coalition of OPEC, Russia and allied producers on Wednesday announced cuts of 2 million barrels per day in Vienna starting in November 2022.
Form Energy, a Massachusetts-based developer of long duration battery storage using iron, raised $450 million in Series E funding led by TPG Rise.
Why it marters: Long duration storage — a battery that can last for days or even weeks, instead of hours — is key to decarbonizing the electric grid, because it supports inherently intermittent renewables like wind and solar. Particularly at utility scale.
People who buy electric vehicles (EVs) really like them, according to U.S. vehicle registration data, which shows most EV owners tend to buy an EV for their next car, too.
Why it matters: The data reveals a growing embrace of electric cars as automakers and the federal government pour billions of dollars into EV and battery production.
Affordable housing in the U.S. typically diminishes after a disaster, and experts expect parts of southwest Florida will see the same following Hurricane Ian.
The big picture: It's a pattern that exacerbates inequities in relief and recovery efforts — and leaves thousands with nowhere to go.
The death toll from Hurricane Ian has risen to 84, days after it pummeled Florida's western coast as a major storm before barreling through the Carolinas, according to AP.
The latest: More than 344,000 customers were without power in Florida on Tuesday night as affected states continued with recovery efforts in the aftermath of last week's hurricane. That's down from almost 414,000 customers the day before.
More than two weeks after Hurricane Fiona swept across Puerto Rico and caused severe flooding, mudslides and loss of running water, Puerto Ricans are still picking up the pieces, and many are making clear what changes they want to see — starting with the local government.
State of play: President Biden announced Monday a new $60 million investment for flood protections on the island, where over 100,000 Puerto Ricans remain without power. But grassroots groups say they've had to fill in gaping holes in the government’s response and recovery effort.
Australia's government announced a "zero extinctions" drive Tuesday that'll see at least 30% of the country's land mass reserved for conservation in order to protect threatened animals and plants.
Why it matters: "Australia is the mammal extinction capital of the world," said Australian Environment Minister Tanya Plibersek in a statement announcing the 10-year plan to save threatened species including the iconic koala.
