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Welcome to Zeroing In by Speed & Scale, where we cut through the noise to deliver a data-driven update on progress toward net zero.

EXTREME WEATHER 86’ING YOUR FAVORITE BEVS. The production of soda, coffee, and beer are under threat by extreme weather conditions from climate change. The challenges posed by global warming to sugarcane production are well-known. Rising temperatures are also killing off pollinating insects that are vital to coffee bean harvests. Higher temperatures and drought are damaging hops, the plant that gives beer its flavor. The climate crisis is here, and it’s going to impact how you fill your cup.

Big Picture

OKRs in the News

🚗 1.0 – Electrify Transportation

• We’ve seen some serious price cuts for EVs and investors are getting weary, urging Elon Musk to start spending significantly more on ads instead. The automaker is facing turbulent times as Tesla missed Wall Street forecast for third-quarter sales

• The EV sales rate has begun to slow, in contrast to the long waiting lists of prospective buyers just a year ago. Many consumers are reluctant to make the switch, deterred by high sticker prices and the inconvenience of driving vehicles with limited range and a need for regular recharging.

• Aviation will be one of the toughest sectors to decarbonize. While flying has become more energy efficient from improved design and technology, the amount of carbon released by jet fuel, the largest component of energy use, has remained the same. Sustainable aviation fuels can reduce the carbon emitted by up to 80%, but are not widely produced and remain substantially more expensive than traditional jet fuel.

  
  

💡 2.0 – Decarbonize the Grid

• U.S. oil production reached a record 13 million barrels per day and is projected to hit 14 million barrels in 2025. Compare this to 2005, when U.S. production was only 5 million barrels a day.

• How did Uruguay cut carbon emissions? The answer is blowing in the wind. Through innovative public-private partnerships, private companies paid for the upfront construction costs of hundreds of wind turbines, while the public utility agreed to buy the power generated for decades, giving investors the necessary security to build. In a typical year, 98 percent of Uruguay’s grid is powered by green energy.

• ExxonMobil and Chevron doubled down on fossil fuels with a $59.5 billion deal for shale oil giant Pioneer and a $53 billion acquisition of Hess respectively. The deals further threaten the world’s ability to limit warming to 1.5ºC.

• By tapping into expanding government subsidies and a legal maneuver to shift environmental liability, communities are turning decaying coal plants into engines for economic growth.

OKR Highlight

OKR Highlight 3.0 – What would happen if everyone stopped eating meat tomorrow? A new video from TED-Ed explores an alternate Earth where everyone became a vegetarian overnight. They find that emissions would decrease by 63 percent, but can humans get by on veggies and legumes alone? How will increased demand for plant-based food affect its distribution? Can the agricultural industry withstand this change? Answers to these questions and more in the video.

🌳 4.0 – Protect Nature

• Climate change and extreme weather are robbing some hydro dams of water while oversupplying others—forcing managers to employ new forecasting technology and clever strategies to capitalize on what they have.

🧱 5.0 – Clean Up Industry

• After relying on a borrow-to-build model for decades, China must make difficult choices on the country’s housing market and economic future. Declining demand could limit production at steel and concrete factories, significant emitters of carbon.

🏛️ 7.0 – Win Politics and Policy

• Global climate action faces political headwinds. Pointing to China’s dominant EV battery market share and its threat to the U.S. workforce, some politicians argue that you can be pro-American labor or pro-climate action, but you cannot be both.

• But there are ways to push back: To get broad household buy-in, we must minimize the cost and hassle of green policies.

• California Democrats urge the chairman of the Securities and Exchanges Commission (SEC) to include Scope 3, supply chain disclosures in a proposed climate emissions requirements rule, in addition to Scopes 1 and 2.

🏃 8.0 – Turn Movements into Action

• Climate activists rally around President Biden, spending a whopping $80 million on ads to lift his standing on environmental issues and inform voters about the impact of legislation he has signed.

• OPEC has a booth at COP28. Coming out of Climate Week, the conclusion was clear: We need to say goodbye to fossil fuels. What does it mean for big oil to have a seat at the table in Abu Dhabi?

💰 10.0 – Invest!

• First, the bad news. The largest clean energy exchange-traded investment fund, ICLN, is down 39 percent since the IRA was signed into law. The decrease can largely be attributed to two sectors in particular; wind and solar which have struggled to generate profits.

• The good news: Climate startups are looking promising. Even as venture capital pulls back, other pools of funding, including industry-adjacent companies and state governments with progressive climate policies, are emerging to fill the void.

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