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

Over just two weeks, Hurricanes Helene and Milton have devastated communities across the U.S., claiming hundreds of lives and causing billions of dollars in damage—and the full extent of the wreckage is still unfolding. Experts say that climate change is turning storms into hurricanes more frequently and intensifying their power. Helene was the deadliest to hit the U.S. mainland in nearly two decades. Record water temperatures, a new reality of climate change, escalated Milton from a tropical storm to a Category 5 hurricane in a day, making landfall as a Category 3.

These disasters have taken a huge emotional, physical, and financial toll. AccuWeather estimates that damage from Helene alone could reach $250 billion, most of which is uninsured. In western North Carolina, once considered a refuge from the worst effects of climate change, fewer than 1 percent of residents in the hardest-hit counties have flood insurance, likely never imagining they would need it. In South Carolina, coverage is even lower, with just 0.3 percent of properties insured. As climate change makes natural disasters of this magnitude more common, insurance companies are pushing rates substantially higher or pulling out of markets altogether in both the residential and commercial markets.

Many cities are trying to mitigate future hurricane risk through strategic plans. What we’ve learned from the reach and scale of destruction from Helene and Milton is that all communities should work to develop strategies to mitigate climate impact and also to ensure a financial lifeline for residents. It is incumbent on local, state, and federal policymakers to work together to provide not only financial assistance, but the technical expertise to create and execute these plans.

OKRs in the News

🚗 1.0 – Electrify Transportation

• What Drives EV Adoption: EV adoption in the U.S. remains slow, with EVs traveling 40% fewer miles than gasoline cars. In contrast, EVs in China travel significantly more miles than gas-powered cars due to lower electricity costs, higher gas prices, and a more extensive charging network compared to the U.S. Lower electricity prices and increased charging availability could be the impetus for speeding U.S. adoption (Axios).

• Short-Circuited Ambitions: Swedish battery maker Northvolt, once seen as Europe’s answer to Tesla, is facing a severe liquidity crisis. Due to production issues and fierce Chinese competition, Northvolt announced it is shedding 20 percent of its workforce and halting factory expansion. While founder Harald Mix has pledged new capital to stabilize the company, Northvolt’s financial troubles raise concerns about Europe’s ability to compete in the global EV market, as Chinese rivals dominate with lower prices and higher production capacity (Bloomberg).

💡 2.0 – Decarbonize the Grid

• AI’s Electric Appetite: Tech companies are scrambling to secure grid access for AI facilities, with some requesting up to a gigawatt of power—the equivalent of all of San Francisco’s energy consumption. Power shortages in certain areas and delays could push new connections into the next decade as utilities struggle to meet the rising demand from AI, manufacturing, and EV infrastructure (Wall Street Journal).

• Shocking Demand: Driven by electrification, alternative fuels, EVs, and a growing middle class in emerging economies, global electricity demand is projected to rise by as much as 75 percent by 2050, according to the U.S. Energy Information Administration. While 86 percent of new power generation in 2022 came from clean energy sources, soaring energy consumption and record oil and gas production are impeding progress toward net zero (New York Times).

• Solar Power Race: By 2031, solar power is projected to become the world’s largest source of electricity. The catch is that more than 90 percent of the polysilicon needed for solar panels now comes from China. In the view of Bloomberg opinion columnist David Fickling, this leaves the U.S. reliant on foreign technology, weakens its energy security, and diminishes its ability to lead in the global clean energy transition. U.S. vulnerability has been exacerbated by policy missteps and underinvestment in domestic solar infrastructure (Bloomberg).

• Renewables Lagging COP Commitment: In an effort to limit global temperature rise to 1.5 degrees Celsius, world leaders made a commitment at COP28 to triple renewable power capacity by 2030. Despite a record 473 GW of renewable power additions in 2023, renewable deployment must accelerate to reach the annual target of over 1,000 GW​. While progress is currently off track, it is still possible to meet the committed targets through accelerated investments in infrastructure, updated policies, and measures to strengthen supply chains and develop transition-related skills (​IRENA).

🐄 3.0 – Fix Food

• A Date With Less Waste: In a pioneering move to reduce food waste and consumer confusion, California Gov. Gavin Newsom signed into law the nation’s first mandatory food date labeling reform. Starting in 2026, the current muddle of more than fifty different dating phrases like “Expires On” and “Freshest Before” will be replaced by two standardized labels: “BEST if Used By” for quality, and “Use By” for safety. The goal is to change consumer behavior to reduce the state’s six million tons of annual food waste and help California meet its climate goals (Californians Against Waste).

🌳 4.0 – Protect Nature

• Risky Listings Ahead: Prompted by rising home insurance costs due to extreme weather events, Zillow has added climate risk scores, interactive maps, and insurance information to its home listings, providing buyers with a comprehensive look at potential climate-related dangers such as floods and wildfires (Axios).

• Record Rainfall: Hurricane Helene and preceding storms dumped over 40 trillion gallons of rain across the southeastern U.S., with some areas getting more than 30 inches.The rain from Helene could fill the Dallas Cowboys’ stadium 51,000 times, or Lake Tahoe just once. Experts say that climate change caused 50 percent more rainfall from Helene in parts of Georgia and the Carolinas (Associated Press).

OKR Highlight

New analysis reveals that over 80 percent of countries have missed the deadline to submit plans under the UN’s biodiversity agreement, with only 25 nations meeting their commitments ahead of COP16 in Colombia. This includes just five of the 17 megadiverse countries responsible for 70 percent of global biodiversity.

COP16 is a pivotal moment for global biodiversity. Representatives from nearly 200 countries will gather to negotiate concrete actions to meet the 23 biodiversity targets for 2030 established last year. Among these goals are protecting 30 percent of the Earth for nature by the decade’s end and restoring 30 percent of the planet’s most degraded ecosystems. COP16 will also address how to finance these efforts, ensuring that ambitious commitments are backed by resources.

Objective 4.0 estimates that we can cut seven gigatons from the globe’s greenhouse gas emissions by ending deforestation, halting destructive fishing practices, and protecting more of our land and seas. This requires all countries to step up to turn these ambitious goals into concrete action. Looking ahead to COP30 in 2025, hosted in Brazil, any real hope for global net zero will require far greater ambition—and urgency—to protect nature and biodiversity.

🧱 5.0 – Clean Up Industry

• Trading Emissions, Raising Stakes: China’s emissions trading scheme, already the world’s largest carbon market, will expand by the end of this year to cover steel, aluminum, and cement, lifting its coverage of national CO2 emissions from 40 percent to 60 percent. While the scheme’s expansion could incentivize cleaner production, its focus on emissions intensity rather than total emissions limits its effectiveness in driving significant carbon reductions (CarbonBrief).

• Steel The Future: Amazon and Johnson Controls joined the Sustainable Steel Buyers Platform to secure one million tons of near-zero emissions steel annually by 2028. With the steel industry responsible for over 11 percent of global greenhouse gas emissions, this initiative aims to accelerate the adoption of cleaner steel production methods by spurring the development of new technologies (RMI).

• Thrift Shift: The U.S. apparel resale market grew seven times faster than the broader retail industry in 2023, reaching $43 billion. Demand for secondhand clothing has soared from both independent sellers and major retailers like Banana Republic, Madewell, and H&M. As vintage shopping booms, companies are incorporating secondhand items to appeal to younger, eco-conscious shoppers (New York Times).

• Green Plastic Makeover: AP Møller Holding is investing €1.5 billion in a Belgian factory to produce 300,000 tons of fossil fuel-free plastics annually by 2028. The plant could address Europe’s push for sustainable chemical production, though it faces a challenge in sourcing sufficient green methanol (Financial Times).

🧹 6.0 – Remove Carbon

• British Airways Takes Off With Carbon Capture: Marking another step toward scaling the carbon removal market, Climeworks has signed British Airways as its third airline customer to use its Direct Air Capture technology. According to CDR.fyi, British Airways has purchased 34,126 tons of CDR while Climeworks has delivered 156 tons and sold 188,203. With carbon removal seen as essential for tackling hard-to-address aviation emissions, the partnership aims to stimulate and scale the carbon removal market (Climeworks).

• Market With A Mission: Voluntary carbon markets (VCM) are gaining renewed attention and support from high-level government officials, corporate leaders, and investors, with U.S. Deputy Treasury Secretary Wally Adeyemo emphasizing its potential to create both economic and climate benefits while speaking at “VCM Day” at Climate Week. Adeyemo highlighted the need for improved integrity, transparency, and scalability of carbon credits to unlock private capital for impactful climate projects (Bloomberg).

• River Runs Clean: A $24.5 million deal with CarbonRun, backed by McKinsey, Google, and Meta, aims to remove over 5,000 tons of CO2 from Canadian rivers by 2029 using cost-effective river liming. This process involves adding crushed limestone to rivers, where it reacts with carbon to create bicarbonate that eventually flows into the ocean for permanent storage. The technology has the potential to scale at less than $100 per ton (Sustainability Magazine).

• Carbon Credit Crash: The Commodity Futures Trading Commission has filed fraud charges against Kenneth Newcombe, former CEO of a carbon credit project developer, for providing false and misleading information to inflate the value of carbon offset credits. This marks the first enforcement action in the voluntary carbon credit market (Commodity Futures Trading Commission).

🏛️ 7.0 – Win Politics And Policy

• Southern Migration—Climate’s New Trail: As climate disasters worsen, researchers estimate that tens of millions of Americans may migrate from high-risk areas—including Florida and Texas—over the next 30 years. This shift is expected to transform the American South, leaving behind aging populations, shrinking tax bases, and increasing demand for government services in the regions most affected by extreme weather (New York Times).

• GET Ready, California!: A bill signed into law by California Gov. Gavin Newsom requires utilities to evaluate Grid Enhancing Technologies (GETs) every two years in transmission planning. The bill, SB 1006, aims to boost cost savings, decarbonization, and grid safety, helping California’s energy system adapt to climate change (Watt Transmission).

• Grid’s $1.5 Billion Makeover: The Biden-Harris administration announced a $1.5 billion investment to improve grid reliability through four transmission projects, adding nearly a thousand miles of new lines and creating nine thousand jobs across six states. A new DOE study projects that these efforts could save the U.S. between $270 billion and $490 billion by 2050 through enhanced grid resilience and interregional planning (Department of Energy).

🏃 8.0 – Turn Movements Into Action

• Rise In ESG Adoption: A global survey by Morningstar revealed that two-thirds of asset owners now view ESG (environmental, social, and governance) factors as “more material” to their operations. As of 2024, about 42 percent of their assets incorporate ESG considerations, up from 38 percent in 2022. Despite rising anti-ESG sentiment in the U.S., 53 percent of respondents believe sustainability aligns with fiduciary obligations, and interest in ESG continues to grow, particularly in Europe (Morning Star and Bloomberg).

⚡ 9.0 – Innovate!

• Tapping Into Power: Water systems, which consume up to five percent of global electricity, could shift as much as 30 percent of their energy use during periods of peak demand, according to a Stanford-led study. As use of renewable energy continues to rise, this adjustment could reduce costs and stabilize power grids, offering a flexible alternative to expensive battery storage (Stanford Report).

• Hot Air, Cool Savings: The $3.3 billion Bankside Yards project in London is using an innovative heating and cooling system powered by renewable electricity, called an ambient loop system, which transfers excess heat between buildings to reduce energy use by 30 percent. In addition to accelerating decarbonization, this solution will eliminate the need for future retrofits (New York Times).

• Making Waves In Climate Tech: Adam Draper, head of deep-tech venture firm Boost VC, thinks oceans are the next frontier for climate innovation: “It’s not about CO2, it’s about H2O,” he said. Draper sees potential in electrifying ocean industries like aquaculture and undersea trade, critical cleantech innovations where investment currently lags (Axios).

💰 10.0 – Invest!

• Cementing A Greener Future: The Climate Investment Funds announced a $1 billion infusion to decarbonize heavy-emitting industries. It’s targeting a 20 percent reduction in emissions by 2030 and 93 percent by 2050 in cement, steel, and aluminum in developing countries (Reuters).

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