Good morning! Today's Smart Brevity count: 1,253 words, < 5 minutes.
Congrats to my colleagues Sara Fischer & Alexi McCammond, who are on this year’s Forbes’ 30 Under 30 Media List!
A major new report on global carbon dioxide emissions growth is largely bad news, but if you squint you can find some (rather small) bright spots.
Driving the news: The rate of increase decelerated this year as coal consumption dipped and economic growth slowed, but emissions still hit a record high, per new data from a research consortium called the Global Carbon Project.
Why it matters: The data released last night underscores how the emissions trajectory is nowhere close to the steep cuts scientists say are needed in the years and decades ahead to meet the goals of the Paris climate deal.
But, but, but: Here's the bright spot. Several authors of the latest annual analysis, writing in The Conversation, note a "silver lining" — the emissions growth rate is projected to be roughly two-thirds lower in 2019 than the prior two years.
The big picture: The report projects that emissions will be up 0.6% this year, compared to a 2.1% rise in 2018, according to the tally of CO2 from fossil fuels and industrial processes.
The bottom line: "[E]missions have grown by 62% since international climate negotiations began in 1990 to address the problem," The Conversation piece notes.
Illustration: Aïda Amer/Axios
Axios' Dan Primack reports ... Concerns over climate change will reduce the amount of capital available for private equity investments in fossil fuels, according to a recent survey by Coller Capital.
By the numbers: 38% of responding limited partners say they will reduce their commitments to oil and gas funds over the next five years.
What's next: Many of the respondents are planning to replace fossil fuel dollars with investments in renewable energy.
There's fresh evidence that powerful industries are slowly shifting on climate change to keep up with the times and protect their interests.
Driving the news: The Natural Gas Supply Association yesterday said it backs carbon pricing — a message partly aimed at states crafting emissions-cutting plans.
Why it matters: It's the latest sign of powerful industries and groups starting to alter their posture.
Where it stands: NGSA doesn't have plans to lobby Congress on the matter, Wiggins said.
How it works: The group's principles for states argue that pricing should replace emissions regulations.
The big picture: A carbon price, depending on where it's set, could help the fuel shove coal aside even faster, though Wiggins said their position is not about members' bottom lines.
Axios' Amy Harder contributed.
Oil markets: Via Reuters, "OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year."
Aramco IPO: Per Bloomberg, "Saudi Aramco is considering pricing its initial public offering at the top end of a marketed range, which would make it the world’s biggest-ever new listing."
Solar power: The Hill reports on an industry study about the effects of President Trump's trade restrictions.
Climate: "The European Union said Wednesday that it will likely miss its target for reducing greenhouse gases by 2030, dealing a blow to the bloc’s efforts to be a leader in the fight against climate change," the Associated Press reports.
Electric cars: Also from Reuters, "Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025, the company said on Wednesday, with a third of the expenditure focused on electric and autonomous vehicles, but analysts want to see it deliver."
A new note from the Rhodium Group helps explain why environmental groups and renewables trade associations are throwing their weight behind House Democrats' legislation to extend a suite of tax incentives.
The big picture: Compared to current policy, U.S. emissions would be 37 million to 99 million tons lower in 2030 if the wide-ranging draft bill unveiled recently were enacted, the research firm projects.
By the numbers: Here are a couple key findings from the note by Rhodium, which conducts foundation-funded work on energy tax policy...