Good morning. Today's Smart Brevity count: 1,259 words, 4.7 minutes.
🎶And at this moment in 1974, the brilliant Stevie Wonder was atop the Billboard singles charts with today's intro tune...
Good morning. Today's Smart Brevity count: 1,259 words, 4.7 minutes.
🎶And at this moment in 1974, the brilliant Stevie Wonder was atop the Billboard singles charts with today's intro tune...
Photo illustration: Sarah Grillo/Axios. Photo: Win McNamee/Getty Images
Joe Biden this week pledged again to immediately rejoin the Paris agreement, but meeting his ambitions for the U.S on the world stage will be much tricker.
Driving the news: The Trump administration's withdrawal from the 2015 pact became official Wednesday, but that's super-easy for Biden to reverse (if he's indeed won).
Why it matters: Biden would face big challenges and complex decisions after announcing the U.S. is back on the climate diplomacy circuit.
What's next: Under the nuts and bolts of Paris, in which nations submit their own nonbinding CO2 targets, Biden would be expected to update the Obama-era pledge.
The intrigue: This good E&E News story ($) points out that "world leaders likely expect an impressive new climate commitment" from Biden.
But given the long odds of moving a big climate bill through Congress, Biden's diplomatic leverage will depend on showing other policies will breathe life into the new pledge.
What they're saying: Pershing cautioned against assuming there would no avenues for working with a GOP-controlled Senate.
Yes, but: Overall, Biden's climate agenda would need to rest heavily on executive actions (again, if he's indeed won and Republicans keep the Senate).
After dropping in the post-election chaos earlier this week, stocks of a bunch of solar energy companies jumped yesterday. The chart above provides a snapshot of companies in different segments in the solar market.
The big picture: This Bloomberg piece explores how investors in the clean energy sector more broadly are weighing the prospect of the election boosting efforts to move away from fossil fuels:
"The S&P Global Clean Energy Index, made up of 30 companies from around the world, surged toward a record on Thursday, bouncing back from losses a day earlier, as Biden’s path to victory in the presidential race appeared clearer, while Republicans’ ability to maintain control of the Senate looked less certain," it reports.
President Trump has removed Neil Chatterjee as chairman of the Federal Energy Regulatory Commission and replaced him with James Danly, the other sitting GOP member of the panel.
The intrigue: Chatterjee remains on the commission, but there's immediate speculation — including from Chatterjee himself — that his stance on climate change may have cost him the gavel.
Why it matters: FERC is a powerful body with jurisdiction around electricity markets, interstate natural gas and power transmission, liquefied natural gas (LNG) facilities and more.
The big picture: Chatterjee, a former aide to Senate Majority Leader Mitch McConnell, has recently helped boost the commission's work on climate.
The intrigue: The White House declined to comment on why it removed Chatterjee as chairman, a role he's held for multiple years under Trump.
What they're saying: Chatterjee told Axios that he was not provided a reason for the decision.
Illustration: Rebecca Zisser/Axios
Shell is closing down its refinery in Convent, Louisiana, after failing to find a buyer for the plant that processes over 200,000 barrels of oil per day, the company said Thursday.
Driving the news: Shell said the move is partly a result of its long-term plans to transition its portfolio to lower-carbon sources as it aims for "net-zero" emissions by 2050.
Why it matters: Most signs of Big Oil's climate plans have involved acquisitions and venture deals around renewables, batteries and other tech.
Yes, but: All that said I don't want to overstate the climate angle in what's mostly a market story as the industry grapples with COVID-19.
What's next: The shutdown process at the plant, which employs 675 people, will begin later this month, Shell said.
Want more evidence that the stock market hive mind is really psyched about electric vehicles? Consider this: The Chinese EV company Nio now has a market capitalization higher than General Motors!
Why it matters: Nio's nearly $58 billion market value, compared to GM's $53B, is based on potential, certainly not market share. As Business Insider (where I first saw the crossed streams) points out...
"Nio has cumulatively delivered just 63,343 of its current model line up of 3 electric vehicles, with the first vehicle going on sale in 2018. General Motors sold 2.9 million cars and trucks in 2019 alone."
The big picture: GM, of course, is betting big on electric vehicles too, with a $20 billion, five-year investment program, and Thursday brought more news on that front. Via the Cleveland Business Journal:
"General Motors Co. said it’s beginning to hire 1,100 employees at its Lordstown, Ohio plant that will make Ultium batteries for the automaker’s upcoming electric car models."