Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Executive director of the International Energy Agency, Faith Birol (center). Photo: Riccardo De Luca/Anadolu Agency/Getty Images

A fascinating battle is flaring over the International Energy Agency's multi-decade projections of changes in the global energy mix.

Why it matters: There's a metaphysical question at the core of it — whether IEA's closely watched reports reflect policy and investment trends, or shape them.

  • If it's the latter as some critics contend, IEA could be inadvertently hindering efforts to greatly speed up the low-carbon transformation.
  • But several experts have pushed back hard against that idea.

Driving the news: This month a group of prominent scientists, investors, advocates and others wrote to IEA pushing for a revamp of the annual World Energy Outlook (WEO), which provides various scenarios for the energy future through 2040.

  • They want IEA to make even clearer that the "new policies scenario" (NPS), which models current and announced national policies and shows fossil fuels retain a huge share, will lead to warming way beyond targets in the Paris agreement.
  • They also want revisions to the WEO's climate-friendly "sustainable development scenario" to demonstrate "the full range of ambition of the Paris goals and make this the central reference of the WEO." This should include a "reasonable probability (66%) of limiting warming to 1.5ºC."
  • Signers of the letter, first reported by the Financial Times, include former top UN climate official Christiana Figueres, climate scientist James Hansen, officials with investment houses Hermes and Allianz, and dozens of others.

Threat level: The letter argues that the NPS, which shows fossil fuels meeting 74% of global energy demand in 2040, helps to shape reality. It states...

"We recognize that it has always been your intent to warn policymakers of the insufficiency of the NPS, but given the central role it plays in the WEO, most users interpret this scenario as the guiding one."

The other side: IEA responded by emphasizing its efforts to hasten the transition to a cleaner energy mix and defended the WEO's modeling of climate stabilization scenarios.

  • They're cautioning against taking the wrong message from the NPS, noting it's a "mirror reflecting policies."
  • It is "not a normative scenario or an outcome that we would like to see," IEA said in an email last week, adding, "we have consistently used this scenario to highlight the need for much stronger policy action."
  • IEA executive director Fatih Birol posted an open letter Friday responding to the criticisms.

What they're saying: Here's some of the pushback against the letter...

  • Colorado School of Mines professor Morgan Bazilian, responding to the FT story, called the discussion "utterly confused" via Twitter. He said it represents a "fundamental misunderstanding" of modeling and the IEA's role, and a "misallocation of blame."
  • Former WEO team member Hannah Daly said via Twitter, "As a former WEO team member I can’t express how frustrating it is to see WEO scenarios so badly misrepresented in this letter. That it goes so far as to blame WEO for policy inaction is utterly wrong."

But, but, but: Others say that IEA isn't just a messenger and argue that their outlooks shape corporate decisions.

  • Stephen Kretzmann of the advocacy group Oil Change International makes that case in this Twitter exchange with Jason Bordoff, who heads a Columbia University energy think tank and agrees with critics of the letter. Kretzmann says fossil fuel companies use the reports to "pretend and persuade policymakers that the future in which they get more profit and retain power is inevitable."
  • Bloomberg columnist Liam Denning, in a part of a wide-ranging piece yesterday, leaned in that direction too. He cautioned that IEA can't be blamed for how its scenarios get used and abused, but then writes that the WEO is nonetheless used as a roadmap.
  • "If its scenarios point a certain way, then investments will be made accordingly in such things as power plants, pipelines and oil and gas fields, facts on the ground with multi-decade lifespans," Denning writes.

Go deeper

Inflation threatens Latinos' buying power

Expand chart
Data: Hispanic Index of Consumer Sentiment; Chart: Jacque Schrag/Axios

Latinos in the U.S. are less optimistic about the economy than they were a year ago as inflation threatens to cut into their buying power.

Why it matters: Latinos have been economic growth drivers for the past decade, opening new businesses at faster rates than other groups and increasing their homeownership rates. The group's overall output would make them the seventh-largest GDP in the world if they were a country.

29 mins ago - Politics & Policy

First look: Frontline Dems seek cover with bipartisan police bill

Rep. Josh Gottheimer. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Moderate Frontline Democrats facing tough reelection fights are teaming up with House Republicans on a bill that would effectively help fund the police, according to a copy of the bill text obtained by Axios.

Why it matters: One of Republicans' core and most effective campaign attacks to date is their messaging around progressive rhetoric to "defund the police." Moderate Democrats have long tried to dodge that narrative, acknowledging its political peril despite their support for broader police reform.

Omicron pushes COVID deaths toward 2,000 per day

Expand chart
Data: N.Y. Times; Cartogram: Kavya Beheraj/Axios

The U.S. Omicron wave may be peaking, but now COVID deaths are climbing as cases continue to soar in most of the country.

The big picture: Omicron's stranglehold in the U.S. started about a month ago. Its death toll — while almost certain to be smaller than previous waves of the pandemic — is only now starting to take hold, and deaths will likely continue to rise for several weeks.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!