A comprehensive new United Nations report finds plans for future oil, gas and coal production by the top 20 largest energy-producing countries would boost emissions and lead climate change to blow past Paris targets, Andrew writes.

Why it matters: The "production gap" identifies the distance between levels that would hit Paris Agreement goals and what is actually planned by major energy-producing countries.

• The analysis breaks down energy policies and projections for the U.S., Australia, Canada, Saudi Arabia, China and the other nations that make up the world's top 20 energy producers.

What they're saying: "Governments are literally doubling down on fossil fuel production," said UN Secretary-General António Guterres in a statement.

• "We cannot address climate catastrophe without tackling its root cause: fossil fuel dependence."

The big picture: The report contains stark warnings about trends and plans for carbon-heavy energy sources.

• Overall, it finds that key nations are imperiling the prospect of a "well-managed and equitable energy transition," with plans to churn out more than twice the amount of fossil fuels in 2030 compared with what's consistent with Paris goals.

Although most major energy producers have committed to lofty goals like reaching net zero emissions by 2050, none have pledged to cut fossil fuel production enough to meet the target of holding temperatures to 1.5°C above preindustrial levels, the report said.

Of note: The production gap report is coauthored by environmental think tanks, including E3G, Climate Analytics and the Stockholm Environment Institute (SEI).

The intrigue: The report was timed for the run-up to COP28 in Dubai, which begins Nov. 30. At this summit, countries are expected to commit to new goals for boosting renewable energy sources.

• A push for fossil fuel phaseout language in any agreement is likely to be a point of contention.
• It also comes during the planet's hottest year-to-date on record, which has featured a spate of deadly extreme events, from rapidly intensifying hurricanes to flash floods and heat waves.

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The startup Equatic and Canadian developer Deep Sky are partnering to demo seawater-based carbon removal that also makes hydrogen, Ben writes.

Why it matters: It shows expanding efforts to bring nascent ways of pulling carbon dioxide from the atmosphere closer to commercial readiness.

Driving the news: Deep Sky is buying a small Equatic plant for use at a Quebec site that's piloting tech from multiple firms.

• The Equatic pilot will have 365 tons of annual removal capacity.
• But they hope to demonstrate potential for greater than 100,000-ton-scale commercial deployments.

How it works: Equatic's tech passes electrical current obtained via renewables — in this case hydropower — through seawater.

• This electrolysis process splits water into hydrogen and oxygen.
• Then atmospheric air is passed through the water, trapping CO2 in minerals and as dissolved substances naturally found in the oceans, Equatic says.
• "The CO2-depleted seawater is 'refilled' by bubbling air through it — the process thereby removes CO2 directly from the atmosphere," a primer states.

Of note: The company says their process restores the water's natural alkaline balance, and that removal can be carefully tracked.

Catch up fast: Equatic has raised over $30 million, has pilots in L.A. and Singapore, and a preliminary removal deal with Boeing.

• Deep Sky, whose backers include Quebec's sovereign wealth fund, was founded in September 2022.
• It announced a $10 million seed round in May. An ongoing Series A raise is targeting $50 million-$75 million.

The bottom line: Scaling removal is hardly a given, but more entrepreneurs — and deep pockets — are getting involved.

• "Equatic's unique electrolysis process enables the oceans to play a major part in averting climate catastrophe," Deep Sky CEO Damien Steel said in a statement.

Asset management behemoth BlackRock is pouring $550 million into one of oil giant Occidental's direct air capture (DAC) projects, Ben writes.

Why it matters: It's BlackRock's first direct investment in the emerging method for removing CO2 already in the atmosphere.

🗞️ Driving the news: BlackRock is backing the "Stratos" DAC plant that Oxy's building in Ector County, Texas.

• It's forming a joint venture with Oxy subsidiary 1PointFive that will own the plant designed to capture 500,000 metric tons of CO2 per year.
• The project is roughly 30% built and slated to start operating in 2025, Tuesday's announcement states.

🏃🏽‍♀️ Catch up fast: Oxy is also a partner in one of two DAC "hubs" the Energy Department plans to fund with $1.2 billion combined.

The bottom line: It's a long road to major commercial scale, especially at volumes large enough to be a real weapon against climate change.

• But lots of fat wallets — public and private — are starting to open for DAC.

Texas voters easily approved a ballot measure that, among other things, steers billions of dollars in public financing to building natural gas-fired power plants, Ben writes.

The big picture: Backers of the new fund — which would provide grants and loans — called it a way to boost grid reliability during weather extremes.

Oil and gas companies, as well as manufacturing interests, supported the measure.

The other side: Environmentalists opposed the ballot question, calling it a way to prolong fossil fuel reliance, and criticized the absence of language explicitly mentioning gas.

What we're watching: How it affects evolution of Texas' energy mix — or doesn't.

"[W]e are skeptical that the energy fund would materially hinder Texas' current position as the largest market of new solar and wind deployment in the U.S.," ClearView Energy Partners said in a note.

For all the buzz (albeit somewhat faded) around climate-friendly alt-proteins, U.S. consumption of the real thing has kept rising.

The big picture: This chart comes via Axios' Jennifer A. Kingson, who has a great dispatch from a Denver gathering of "reducetarians" — people trying to cut meat intake without the pressure of going full veggie or vegan.

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☀️ The Energy Department's data analysis sees U.S. solar power generation exceeding hydropower for the first time on an annual basis in 2024, Ben writes.

• Why it matters: The Energy Information Administration projection is a testament to solar's explosive growth for 10-plus years, and more ahead, while hydro has been mostly flat for decades.
• Go deeper: EIA primer ... Bloomberg coverage.

⛽ Per-capita gasoline consumption in the U.S. will fall to its lowest level in two decades next year, EIA predicts in a separate report.

• The big picture: Remote work, more efficient cars, high gas prices and "persistently high" inflation have cut per-capita demand, EIA's latest monthly outlook notes.