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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.

RENEWABLES REACH RECORD: Global Electricity Review 2024, an annual report on the state of the energy transition by think tank Ember, brings good news. Projections show that the world is extremely close to peak emissions in the power sector—meaning that in 2024, fossil fuel generation is expected to drop, with larger declines projected in subsequent years.

BUT, FOSSIL FUELS ARE PUTTING UP A FIGHT: As a result, we can look forward to emissions reductions from the power sector, the single largest source of greenhouse gases. The world is now generating record amounts of energy from renewable sources, especially solar and wind, which are powering a larger proportion of the grid in spite of growing demand. In 2023, renewables made up more than 30 percent of the global electricity mix—a recording-breaking statistic. But 2023 also saw a rise in drought conditions, which led to a sharp decline in hydropower generation, which plunged to a five-year low. The shortfall in hydropower triggered a troubling surge in coal generation, resulting in a se in global power sector emissions.

OKRs in the News

🚗 1.0 – Electrify Transportation

• Biden Sets Sights on SAF: The Biden administration announced rules for the sustainable jet fuel tax credits in the Inflation Reduction Act. Since some types of SAF can be produced with corn and other farmed products, the rules were a win for climate-friendly agricultural practices (Washington Post).

• Sustainable Shipping: The largest electric container ship built to date, expected to save 3,900kg (more than four tons) of fuel for every 100 nautical miles sailed, began regular trips between two cities in China (South China Morning Post).

• China Steps Up EVs: China continues to race ahead on sales and production of electric vehicles. A new generation of larger and more technologically advanced EV models will present even stiffer competition in the global market (New York Times).

💡 2.0 – Decarbonize the Grid

• Upgrading the Grid: To keep pace with growing global demand for electricity, the world’s power grids will need upgraded, high-voltage transmission lines. The White House and U.S. Department of Energy announced measures to accelerate development of the new lines, including streamlined permitting, new funding, and programs to leverage cutting-edge tech which will help optimize the performance of our grid (NRDC).

• Goodbye, Gas-Fired Ovens: The future of New York City pizza is in electric ovens. As of April, a citywide ordinance now requires wood- and coal-fired ovens to have expensive upgrades to reduce emissions. As a result, New York pizza makers are being pushed to make the switch to electric (New York Times).

• Solar Survives the Sunset: Giant batteries are helping Californians rely on solar energy even after the sun goes down. On a recent April evening, batteries supplied more than one-fifth of California’s electricity (New York Times).

🐄 3.0 – Fix Food

• World Bank Aims to Fix Food: A new World Bank paper argues that wealthy countries should divert their spending from red meat and dairy products to more sustainable alternatives (poultry, fruit, vegetables), calling it “one of the most cost-effective ways to save the planet from climate change,” (Politico).

• Ban on Lab-Grown Meat: Florida Governor Ron DeSantis banned lab-grown meat for distribution in the state (BBC) and Alabama Governor Kay Ivey followed suit (WIRED).

• Food Waste Gone Wild: The 2024 UN Food Waste Index reports that over one trillion dollars worth of food gets thrown away every year. The report emphasizes that food waste results from systemic inefficiencies and demands policy action for change (Vox).

🌳 4.0 – Protect Nature

• As Nature Declines, Disease Rises: A new international analysis found that negative trends around the globe, such as biodiversity loss and pollution, will increase risk of contracting infectious diseases (Conservation International).

• Florida Connects Nature: The Florida Wildlife Corridor, while still a work in progress, aims to connect parks, open land, and ranches into a broad swath of protected land. A new report says the Corridor could be a keystone for Florida’s fight against the most destructive consequences of climate change (Inside Climate News).

• Conservation at Scale: Owyhee Canyonlands, the “largest conservation opportunity left in the continental U.S.,” is under threat from expanding suburbs and new mine construction. Environmentalists are urging President Biden to use the Antiquities Act to conserve it (Inside Climate News).

• Seas Rising in the South: The U.S. South is facing some of the most rapid sea level rises on Earth. For example, the average sea level in Charleston, South Carolina, has risen by 7 inches since 2010 (Washington Post).

🧱 5.0 – Clean Up Industry

• Clean Hydrogen: Clean hydrogen could be decisive in reducing emissions in hard-to-abate sectors such as steel. Along with cutting-edge tech development, forward-looking policies—notably the Inflation Reduction Act’s clean hydrogen production tax credit—will help to scale it (Forbes).

🧹 6.0 – Remove Carbon

• Pioneering Direct Air Capture: Based outside Reykjavik, Iceland, Mammoth, the world’s largest direct air capture plant, signals a significant advancement in carbon capture technology. With the capacity to permanently remove up to 36,000 metric tons of carbon dioxide annually, Mammoth’s construction in just 18 months underscores the industry’s potential for scalability and efficiency (E&E News).

• Biggest Deal on Carbon Removal: Microsoft signed the largest-ever carbon removal deal, clocking in at 3.3 million tons. The tech giant will begin receiving carbon removal certificates in 2029, when its partner plant, Stockholm Exergi, is fully operational (ESG Today).

• Limits to Carbon Removal Capacity: A new study warns that current plans to remove carbon dioxide from the atmosphere are insufficient to limit global warming to 1.5°C above pre-industrial levels. The study, published in Nature Climate Change, identifies a “CDR gap” between national climate plans and what would be needed to meet the 1.5°C target (Carbon Brief).

🏛️ 7.0 – Win Politics and Policy

• Biden Tariffs: President Biden’s announcement of a 100 percent tariff on Chinese-made electric vehicles marks a big escalation of trade tensions between the U.S. and China. The new policy aims to protect U.S. manufacturers but could also stifle progress on EV adoption (The Guardian).

• Streamlining Permitting: The Biden administration released rules to speed the permitting process for clean energy projects. Environmental reviews can now be expedited for projects with a demonstrated, long-term environmental benefit. Accelerating the permitting process for transmission lines, electric vehicle stations, and solar farms will be a key to decarbonization and reaching net zero in time (New York Times).

• China Dominates in Clean Tech, but the U.S. is Beginning to Catch Up: In a new report, the International Energy Agency finds that China accounted for 75 percent of global clean technology manufacturing in 2023, down from 85 percent in 2022. The major factor? The Inflation Reduction Act boosted investment in the United States (International Energy Agency).

• FERC Directs Shift Toward Renewables: The Federal Energy Regulatory Commission’s landmark grid rule requires U.S. grid operators to plan new transmission infrastructure for increased renewable energy delivery and resilience against extreme weather, marking a significant move toward a low-carbon future (E&E News).

• Permitting Talks Live!: Senate Energy and Natural Resources Chair Joe Manchin affirmed that discussions on permitting reform are ongoing. His statement contrasts with recent doubts raised by Majority Leader Chuck Schumer, who is skeptical of rushing legislation without considering all impacts, especially to the environment (E&E News).

🏃 8.0 – Turn Movements into Action

• Microsoft Backs $10 Billion of Renewables: Microsoft agreed to fund $10 billion in renewable electricity projects to support the company’s increased electrical requirements from cloud computing and artificial intelligence (Financial Times).

• Investigating Corporate Green Claims: Even as large corporate brands invest millions of dollars into carbon credits, their climate impact is in doubt. An investigation by the BBC finds that many of these carbon emission offset projects have serious issues (BBC).

⚡ 9.0 – Innovate!

• Hydrogen Takes Off in Germany: Backed by federal investment, Germany’s steel belt is transitioning to the production of green hydrogen (New York Times).

• Waste + Bacteria = SAF: A new biofuel developed from bacteria in rabbit droppings may be the secret to decarbonizing the industrial and aviation sectors (Wall Street Journal).

• The Top 25 Climate Technologies, Explained: With innovation surging across the climate tech sector, this blog post examines the top 25 climate technologies for reducing carbon emissions, with helpful jargon-free overviews (Dave Margulis On Climate).

💰 10.0 – Invest!

• Banking Regulations May Stem Clean Energy: As the international community debates changes to banking regulations, known as Basel III endgame, renewable energy developers warn that the proposal to raise the amount of cash banks need to keep on hand will cut investment into the clean energy sector, stifling innovation and deployment (CNBC).

• Weather Volatility Prompts New Market: Companies and investors are taking note of the increased intensity and frequency of climate-induced natural disasters and extreme weather patterns. As a result, the market for “weather derivatives” has exploded, with  trade volume jumping more than 260 percent in 2023 (Bloomberg).

• A Guide to Early-Stage Climate Technology: Many of the world’s most pressing climate challenges already have solutions. The critical step today is to scale these innovations to commercial levels. A new white paper offers a guide to prepare early-stage climate startups to reach project scale (Stanford Law School).

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