Good morning, did you catch the season 2 premiere of "Axios on HBO" last night? HBO subscribers can watch it anytime online. Check it out!
I'll share that, and then hand things over to Ben Geman who will get you up to speed on other news. Today's edition: 1,083 words/< 5 min. read.
Capturing carbon dioxide emissions is probably unavoidable to address climate change, but the technology to do it is still in its infancy, expensive and not broadly understood.
Click here to see a description using multiple illustrations of the main ways CO2 can be captured.
Oil prices are reacting Monday to competing forces — fresh Saudi pledges to create stability battling with downward pressure stemming from President Trump's trade tensions with Mexico and China.
Where it stands: Prices initially slid Monday, continuing last week's steep decline, but newly published comments from the Saudi oil minister are causing prices to gain back a portion of that ground today.
What's new: Saudi Oil Minister Khalid al-Falih, in newly published comments in Arab News, said OPEC and allied producers will "do what is needed to sustain market stability."
The big picture: Prices are still under pressure. Via Bloomberg, oil has fallen roughly 20% since late April despite tensions in the Middle East.
Why it matters: While all kinds of things affect prices, including ongoing U.S. production growth, the downward movement of late shows the ripple effects of Trump's surprise decision last week to impose new tariffs on Mexican goods.
What they're saying:
Tesla CEO Elon Musk made some news in his newly posted interview with the Tesla-focused "Ride the Lightning" podcast, per reports (I haven't listened yet).
Pickup truck: Musk said the planned pickup truck will cost less than $50,ooo, InsideEVs reports.
Model Y: Musk said on the podcast that the Model Y, a small SUV that's supposed to go into production next year, will likely be produced at the company's Fremont, California, plant.
The big picture: The New York Times has a new piece today about investor skepticism toward the Silicon Valley electric automaker.
From December 2019 into the next several years, a slate of federal tax credits for solar and wind power are set to expire, allowing Congress a chance to revisit this valuable plank of clean energy policy, write Axios Expert Voices contributors Varun Sivaram and Noah Kaufman.
The big picture: Under current incentives, wind and solar power have come to produce over 8% of U.S. electricity, up from less than 1% a decade ago.
Context: Clean energy tax credits are just one element of a comprehensive climate plan. But they're among the rare policy tools that have a meaningful effect and enjoy broad support.
What’s needed: Cost-effective decarbonization requires bringing new technologies to commercial scale. 3 principles could help maximize the benefits of a new generation of tax credits...
Sivaram is CTO of ReNew Power and an adjunct senior research scholar at Columbia University’s Center for Global Energy Policy (CGEP). Kaufman is a research scholar at CGEP.
Storage: Remember that huge energy storage project slated for Utah that we covered last week? MIT Technology Review explains why there's reason for doubts about the hydrogen and compressed air storage aspects.
Offshore wind: Multiple outlets report that Massachusetts is planning to expand its procurement of offshore wind power at a time when big companies are planning major projects in the Atlantic.
Money: "Ineos is to spend $2bn building three chemicals plants in Saudi Arabia, heralding the first investment in the Middle East by the business controlled by British billionaire Jim Ratcliffe," the Financial Times reports.
People: A familiar name in environmental circles is on the move. The National Geographic Society said Kalee Kreider is stepping into the newly created role of chief of content, communications and public affairs.