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Data: FactSet; Chart: Axios Visuals

NextEra Energy, the world’s largest solar and wind power generator, has surpassed ExxonMobil in market value, jumping from a $32 billion valuation in October 2010 to more than $145 billion on Wednesday.

Why it matters: The crash in Exxon shares reflects a similar crash in oil — in price and standing — over the past decade and investors' increasing bets on renewable energy.

  • Once the world's most valuable company, ExxonMobil has lost more than half its value since the start of the year.
  • Its market cap has dwindled from a peak of more than $500 billion in 2007.

But, but, but: NextEra isn't all wind, solar, sunshine and lollipops. The Florida-based utility and power producer relies on coal, oil and nuclear energy and describes itself as "one of the largest generators from natural gas in the U.S."

Of note: Exxon also was passed in market value by Chevron for the first time in the history of the companies. However, at $142 billion, Chevron is still worth less than NextEra.

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Ben Geman, author of Generate
Oct 23, 2020 - Energy & Environment

Japan expected to aim to go carbon-neutral by 2050

Data: IEA; Chart: Andrew Witherspoon/Axios

Japan's newly elected Prime Minister Yoshihide Suga is slated to announce a target next week of making the nation carbon-neutral by 2050, per reports in Nikkei, Reuters and elsewhere.

Why it matters: Japan is one of the world's largest carbon emitters, per International Energy Agency data, though far smaller than China, the U.S. and India.

Amy Coney Barrett's immediate impact

Illustration: Eniola Odetunde/Axios

In her first week on the job, Amy Coney Barrett may be deciding which votes to count in the presidential election. By her third week, she’ll be deciding the fate of the Affordable Care Act.

Where it stands: The Senate votes on Barrett’s nomination tomorrow. If she’s confirmed, Chief Justice John Roberts is expected to swear her in at the Supreme Court within hours, an administration official tells Axios.

Texas Democrats beg Biden to spend now

Photo: Ron Jenkins/Getty Images

The Biden campaign is rebuffing persistent pleas from Texas Democrats to spend at least $10 million in the Lone Star state, several people familiar with the talks tell Axios.

Why it matters: If Texas — which has 38 electoral votes and is steadily getting more blue, but hasn't backed a Democrat for president since 1976 — flipped to the Biden column, it would be game over. But the RealClearPolitics polling average stubbornly hovers at +2.6 for Trump — and Team Biden appears more focused on closer targets.