Russia's war on Ukraine could speed or slow the global transition to clean energy, with pressures already apparent in both directions, Ben writes.

Why it matters: Global CO2 emissions are at record highs, and need to plunge to keep the Paris Agreement goals within reach.

The invasion began as UN-convened scientists published a landmark report on the quickening pace and growing severity of climate change.

Zoom in: Here are ways the crisis could accelerate climate action.

1. European leaders are doubling down. The European Commission hopes to end reliance on Russian fossil fuels by 2027 and plans to release a proposal in May.

Diversifying gas suppliers is a near-term priority, but the wider effort unveiled in broad strokes last week is also heavy on renewables, hydrogen, energy efficiency and more.

2. Clean energy as a weapon. The White House, many Democrats and environmentalists are pushing to translate Russian aggression into stronger deployment policies.

One thing to watch is the fate of the stalled push for legislation to greatly expand clean energy and electric car incentives.

3. High gasoline prices. With prices at record levels (albeit not when you adjust for inflation), electric cars could start to look more attractive for the plug-curious.

Yes, but: The crisis is also creating new obstacles.

1. There's a bandwidth problem. Climate has been pushed from the spotlight by the biggest war in Europe since World War II, on top of COVID and inflation.

2. Oil and gas have fresh political mojo. The industry and Republicans say high prices and Europe's reliance on Russia make a case for more U.S. leasing and LNG export approvals.

• But that could lock in new fossil infrastructure for decades (here's a reminder that LNG is complicated on the climate front).
• The White House backs more near-term oil production and LNG shipments, even as it pushes clean energy as a lasting fix.

3. Europe is burning more coal right now. Bloomberg reports that coal use at European power plants earlier this month was up 51% from a year ago amid high natural gas prices and efforts to isolate Vladimir Putin.

4. Russia is a key supplier of clean energy materials. Think nickel, copper and other minerals used in EVs and other clean tech.

The recent nickel price surge "has analysts and investors raising hard questions about automakers’ ambitious electric-vehicle programs," CNBC reports.

The big picture: Nobody really knows. Remember when COVID brought speculation that oil demand may have peaked forever? It's projected to surpass pre-pandemic levels this year.

"I have no idea how this kind of meta-crisis shakes up the U.S. energy landscape...if it kind of reverts back to 'drill, baby drill' or 'boy, it's time to get out of hydrocarbons,'" said Nikos Tsafos of the Center for Strategic and International Studies.

Andrew contributed reporting.

Carbon Collective, a San Francisco-based investment advisory, is launching a 401(k) service to give workers at small companies a way to fund climate solutions via their retirement savings, Andrew writes.

Why it matters: The Carbon Collective aims to expand the relatively limited environmental, social and governance (ESG) options available to many employees at small companies of fewer than 300 people.

Driving the news: There has been a growing demand for ESG investment options in 401(k) plans and IRAs, with companies like Vanguard and BlackRock providing numerous low-cost options, including ESG index funds.

• However, questions are being raised about the stocks that make their way into these funds, and whether they align with a fund's purpose.

Zoom in: Carbon Collective aims to avoid the greenwashing of the ESG world in part by publishing an annual climate index detailing companies it views as advancing climate solutions.

• The latest version has 169 companies and takes inspiration from climate solutions listed by the nonprofit Project Drawdown and a comprehensive International Energy Agency report.
• The index's top five companies by market capitalization are Tesla, NextEra Energy, Applied Materials, Zoom Communications and ABB, according to a statement.

Details: The 401(k) product, which companies can choose to have administered by Vested or Ubiquity, adds a second layer of services to what Carbon Collective already provides, on top of individual investment products.

What they're saying: “People want to invest in building a world they actually want to retire into,” said Carbon Collective co-founder Zach Stein, in a statement to Axios.

Breaking: A suite of House Democrats are urging President Biden to revive efforts to salvage major clean energy investment legislation by resuming talks on his stalled domestic spending and tax package, Ben and Andrew write.

Driving the news: "The more than $555 billion in climate investments in the House-passed Build Back Better Act can serve as the building block to restart negotiations," over 80 House members tell Biden a letter this morning.

Between the lines: The letter, led by Reps. Sean Casten (Ill.), Jamaal Bowman (N.Y.) and Nikema Williams (Ga.), includes signatures from the progressive and moderate sides of the House Democratic ranks.

• It signals wide-ranging interest in moving clean energy legislation this year amid strong chances Republicans will retake the House and perhaps the Senate in the midterm elections.
• "Inaction now will mean irreversible consequences for our future generations," the letter warns.

Yes, but: The more critical action remains in the Senate, where it's unclear if there is anything approaching decent prospects for the White House to reach a deal with Sen. Joe Manchin (D-W.Va), a pivotal vote in the evenly divided chamber.

One reason the Russian invasion has shaken oil markets so much is that the country is a huge exporter, Ben writes.

Russian exports are falling even in the absence of direct petro sanctions, which is causing even more market tightness.

A coalition of investors and activists today unveiled a new system to judge corporate lobbying on climate change, Ben writes.

Driving the news: The "Global Standard on Responsible Climate Lobbying" is developed by the Swedish pension plan AP7, BNP Paribas Asset Management and the Church of England Pensions Board alongside sustainable investing advocates.

It's designed to provide a "rigorous framework to assess whether a company’s lobbying is governed and delivered in line with attainment of the Paris Agreement’s goals."

Why it matters: It signals the growth of efforts to create more cogent and rigorous ways to assess corporate behavior.

Recent years have brought fresh initiatives to weigh the integrity of companies' emissions-cutting pledges, climate-related disclosures and more.

Zoom in: The 14 "framework indicators" of company lobbying include whether companies commit to "align" lobbying with the Paris Agreement's ambitious temperature goal; board-level oversight of lobbying; detailed disclosures of work with trade groups and coalitions and how much they're paid; and much more.

Threat level: Investor networks backing the framework have over $130 trillion in combined assets under management, the backers said. Companies falling short of the standards could see new shareholder resolutions on the topic, they said.

Reuters has more.

Coal: "China plans a massive increase in coal mining, a move that will dramatically reduce its reliance on imports and deal a blow to its near-term climate actions." (Bloomberg)

Reactors: "Europe’s first nuclear power plant to open in 15 years began production in Finland on Saturday, at a crucial moment for energy supply following Russia’s invasion of Ukraine." (The Guardian)

Electric vehicles: "Ford Motor Co. said it plans to roll out seven new electric cars in Europe by 2024, including four electric commercial vehicles." (MarketWatch)