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The White House Council of Economic Advisers (CEA) has prepared a detailed analysis arguing that big new investments in climate-friendly energy and infrastructure are crucial to U.S. competitiveness and to avoid increasing damage to the economy.
Why it matters: The forthcoming report is the most detailed White House effort yet to explain the economic case for its clean energy R&D and deployment proposals.
President Biden has nominated Monica Medina to become assistant secretary at the State Department's Bureau of Oceans and International Environmental and Scientific Affairs, the White House announced Thursday.
Why it matters: Medina, the wife of White House Chief of Staff Ron Klain, previously worked at the National Oceanic and Atmospheric Administration.
Wall Street got a front seat at President Biden's climate summit.
Why it matters: Banks, as financing gateways for other businesses, could help set the tone for the rest of corporate America. They're facing pressure — from world leaders, the United Nations, activists, you name it — to play their biggest role yet in greening the global economy.
The White House released an international finance strategy Thursday that aims to help other nations fight climate change.
The big picture: A major part of the wide-ranging plan, released as the White House climate summit takes place, calls for Congress to approve big increases in U.S. financing to help other nations curb emissions and adapt to warming.
The state of play: One major theme has already emerged: Investing in a zero-carbon future has moved from being a contrarian strategy with virtue-signaling upside, to being the central investing thesis for most giant financial institutions.
Climate activist Greta Thunberg released a video Thursday denouncing world leaders for the "hypothetical targets" announced at President Biden's virtual climate summit this week.
Why it matters: The virtual summit came hours before Thunberg urged U.S. lawmakers "to listen to and act on the science" in testimony before a House Oversight Committee panel.
Multiple world leaders announced new targets for reducing greenhouse gases during President Biden's virtual climate summit, which featured more than 40 heads of state and other world and business leaders.
Why it matters: The goal of the summit is to spur more ambitious emissions reductions through non-binding commitments, bringing the world in line with the global warming goals of the Paris Climate Agreement.
The chart above shows one reason cutting global emissions is so hard: the persistence of coal, especially in China, where demand for the most carbon-intensive fuel grew even during the pandemic.
The big picture: The International Energy Agency, in a report this week, said it sees global coal demand increasing by 4.5% in 2021 after last year's decline.