Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

A Shell oil rig off the coast of Brazil. Photo: Scott Heppell/AFP/Getty Images

ExxonMobil's pledge Tuesday to put $1 million into carbon tax lobbying is the latest of several industry moves lately — including Exxon and Chevron joining the wider Oil and Gas Climate Initiative and more low-carbon energy investments by some big players.

Reality check: With the big UN report highlighting the unprecedented global energy transition needed to limit the extent of global warming — something far more seismic than the changes occurring today — now is a good time to explore what further steps the industry could take in the near(ish) term.

What to watch: Among other topics, we are keeping an eye on the following questions:

  • Lobbying and advocacy: Will more U.S. companies — including Chevron — be willing to join Exxon and several European majors pushing for U.S. carbon pricing?
  • Low-CO2 energy: Europe-based majors — Shell, BP, Total and Equinor — have been making a series of moves in the renewable power and electric vehicle charging space. "All of us know we have to help renewables push coal out of the power sector," BP CEO Bob Dudley said at a London conference today. As Bloomberg NEF discusses here, will U.S. counterparts eventually follow?
  • Scale: Consider last year's pledge by Shell, one of the more aggressive players, to spend $1 billion–$2 billion annually on its new energies division through 2020. That's a very small fraction over their overall budget, so keep an eye out for whether the majors increase their scale.
  • Lobbying and advocacy, part 2: Another sign that the majors are getting more serious about climate would be if they put pressure on powerful K Street trade groups to reverse opposition to climate regulations.
  • States: As Axios' Amy Harder writes here, Shell is sitting out the Washington State ballot fight over a CO2 tax, while BP and other oil companies are opposing the proposed tax. Let's see how the industry plays things in similar fights that could surface in other states in the future.

Meanwhile, another important dynamic is the disconnect over the role of natural gas in the future.

  • This Reuters piece gets into how the industry is bullish on expanding demand for natural gas for decades. As one executive puts it, it's not a transition fuel but a "destination fuel."

Yes, but: The new UN analysis of what's likely needed to hold the global temperature rise to 1.5ºC above preindustrial levels shows that steep reductions in fossil fuels are needed.

  • That includes natural gas, even though it emits less CO2 when burned than coal or oil.
  • Check out this UN comparison of "pathways" for staying within 1.5ºC (or this explainer from Carbon Brief).
  • In a nutshell, steep cuts in the share of gas in the global energy mix will be needed by mid-century absent major deployment of carbon-trapping technologies.

Go deeper

3 hours ago - Health

FDA authorizes mix-and-match for COVID booster shots

Photo: Francine Orr/Los Angeles Times via Getty Images

The Food and Drugs Administration (FDA) on Wednesday gave its approval for Americans to get booster shots that are different from the COVID vaccine they initially received.

Why it matters: The recommendation from the FDA, which also authorized booster shots for people who received Moderna and Johnson & Johnson vaccines on Wednesday, paves the way for an expansion of booster shots.

GOP congressman forfeits committee seats after indictment

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) on Wednesday stepped down from his committee assignments after being indicted for lying to federal investigators amid a probe into illegal campaign donations.

What they're saying: In a letter to House Speaker Nancy Pelosi, Fortenberry said he is "grateful for the outpouring of support from my friends and colleagues as we work against the injustice confronting me."

Rahm Emanuel questioned on murder of Laquan McDonald in confirmation hearing

Rahm Emanuel during a Senate Foreign Relations Committee confirmation hearing on Oct. 20. Photo: Sarah Silbiger/Bloomberg via Getty Images

Former Chicago Mayor Rahm Emanuel spoke about the murder of Laquan McDonald during his Senate confirmation hearing Wednesday to become the U.S. ambassador to Japan, saying that "there's not a day or a week that has gone by in the last seven years I haven't thought about this."

Catch up quick: McDonald was a Black teenager who was fatally shot 16 times by Chicago police during Emanuel's tenure as the city's mayor. The 2014 shooting triggered massive protests, both because of its nature and the fact that the officers' body-cam footage was concealed for years.