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Gov. Gavin Newsom Photo: Jane Tyska/Digital First Media/East Bay Times via Getty Images

Gov. Gavin Newsom signed a $15 billion climate package on Thursday as California wildfires threaten more sequoias at Sequoia National Park.

Why it matters: The package is the largest such investment in California history as drought conditions have worsened across the state and led to numerous wildfires. More than 1.9 million acres have burned across the state this year, according to the California Department of Forestry and Fire Protection, including over 220,000 in the Caldor fire last month.

The big picture: The climate package directs money to build wildfire and forest resilience and support immediate drought response and long-term water resilience.

  • The package also directly protects communities across the state from multi-faceted climate risks, including extreme heat and sea level rise.
  • The $15 billion package is the final piece of the state's $262.5 billion operating budget, per KPIX-TV. The spending also includes $1.2 billion for water recycling projects, grants to help communities plan for climate change and more.
  • “California is doubling down on our nation-leading policies to confront the climate crisis head-on while protecting the hardest-hit communities,” Newsom said.

Go deeper

Dan Primack, author of Pro Rata
Oct 26, 2021 - Economy & Business

Scoop: Sequoia Capital just blew up the VC fund model

Illustration: Aïda Amer/Axios

Sequoia Capital, one of the world's oldest and most successful venture capital firms, is forming a single fund to hold all of its U.S. and European investments, including stakes in publicly-traded companies, Axios has learned.

Why it matters: Venture capital is the money of innovation, but the industry itself rarely innovates. This is a radical exception.

Ben Geman, author of Generate
Oct 27, 2021 - Economy & Business

The green venture capital surge

Data: PitchBook; Chart: Will Chase/Axios

Climate tech startups raised nearly $13 billion in the third quarter across over 200 deals, making 2021 a record VC year already with months to go, per new PitchBook analysis.

Driving the news: Electric transportation received the most investment. Third-quarter deals include the U.S. electric vehicle company Rivian's $2.5 billion fundraise and Chinese battery firm Svolt's $1.6 billion haul.

Climate reckoning for oil and gas CEOs

Illustration: Aïda Amer/Axios

Top executives from ExxonMobil, BP, Chevron and Shell will face a reckoning on Capitol Hill Thursday, as they're grilled on evidence that their companies knew for years that their products were driving climate change but chose to downplay or deny it.

Why it matters: The hearing before the House Oversight Committee will be the first time these executives have been brought together to provide sworn testimony regarding what they knew about the ties between their company's products and climate change, and when they knew it.