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According to new research, private equity firms have invested at least $1.1 trillion into the energy sector since 2010.
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The firms that help keep oil flowing
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The energy industry is under increasing pressure from environmental groups, the courts and even its own shareholders to start shifting away from fossil fuels. As it sheds some of its dirtiest assets, they’re ending up in the hands of private equity firms.
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Solutions start in the South
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The Southern Environmental Law Center is one of the nation’s most powerful environmental defenders rooted in the South. SELC takes on the toughest challenges to protect our air, water, land, wildlife, and the people who live across the region.
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New research shows the scale of those investments. Since 2010, the private equity industry has invested at least $1.1 trillion into the energy sector — double the combined market value of three of the world’s largest energy companies, Exxon, Chevron and Royal Dutch Shell.
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Only about 12 percent of investment in the energy sector by private equity firms went into renewable power, like solar or wind, since 2010, though those investments have grown at a faster rate. You can
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read the details
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Why it matters:
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One effect of sales to private equity investors is to transfer those assets, and their emissions and other environmental hazards, away from the public eye.
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Fossil-fuel use could peak
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in just a few years, the world’s leading energy agency said this week, but the transition
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isn’t happening fast enough
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More than 30 countries
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pledge to slash methane emissions
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Watch: Inside the battle against a giant wildfire
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In the past two years, California has been hit by more large-scale fires than at any time on record. Our interactive feature takes a look at the
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military-style operation
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to fight one of them: the nearly one-million-acre Dixie fire.
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The extreme weather and rising seas caused by the climate crisis are forcing Americans to confront a heartbreaking question: How do at-risk communities decide which homes to protect and which to abandon? Listen as
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A coal-fired power plant in Inden, Germany. Global greenhouse gas emissions have been rising sharply for decades, but a turning point appears to be in sight.
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President Biden has said that this will be the year the United States takes major action on climate change. But whether that actually happens may depend on the fate of two major spending bills now pending in Congress.
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As I
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
wrote this week
</a>
with my colleague Winston Choi-Schagrin, embedded within these bills are measures that could amount to the most significant climate action ever taken by the United States. There are provisions that would convert much of the nation’s power grid to clean energy, create huge incentives for electric vehicles and provide the largest ever infusion of money to prepare communities for extreme weather.
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But the clocking is ticking. If Congress fails to pass any sort of legislation this year, it could be years before another opportunity for climate action arises — a delay that climate scientists say the planet cannot afford.
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By the numbers:
</span>
One recent analysis found that the biggest climate provisions in the legislation would get the United States about halfway toward Mr. Biden’s goal of slashing emissions 50 percent below 2005 levels by 2030.
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
<span style="font-weight:700;font-size:inherit">
Senator Kyrsten Sinema
</span>
of Arizona wants to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
cut $100 billion in proposed climate funds
</a>
from one of the spending bills at the center of Biden’s agenda, sources say.
</span>
</li>
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<h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
Join us at the Glasgow climate talks
</h2>
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
World leaders will gather in Scotland in November for COP26, the next round of international climate negotiations, and you can be there, too. Join us at The New York Times Climate Hub, in person or online, to explore one of the most urgent questions of our time: How do we adapt and thrive on a changing planet? Tickets at
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
nytclimatehub.com
</a>
.
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Continue reading the main story
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<span>
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Flames from the Windy fire rising above the Sequoia National Forest near Johnsondale, Calif., last month.
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Patrick T. Fallon/Agence France-Presse — Getty Images
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<h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
Planning for the big climate disruptions
</h2>
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</tbody>
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By
<!-- -->
<!-- -->
Christopher Flavelle
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Less food. More traffic accidents. Extreme weather hitting nuclear waste sites. Migrants rushing toward the United States, fleeing even worse calamity in their own countries.
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Under orders from President Biden, officials at every government agency have spent months considering the top climate challenges their agencies face, and how to cope with them.
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
I wrote about the results of that work
</a>
— climate-adaptation plans from 23 agencies, including the departments of Energy, Defense, Agriculture and Homeland Security, and what they say.
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<span style="font-weight:700;font-size:inherit">
Quotable:
</span>
“Nearly every service that the government provides will be impacted by climate change sooner or later,” said Jesse Keenan, a professor at Tulane University who focuses on climate adaptation.
</p>
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<span style="font-weight:700;font-size:inherit">
What’s next:
</span>
The phrase “now comes the hard part” is a cliché in Washington, but, in this case, it fits. Can the Biden administration, with a federal
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
work force of climate experts that is much depleted
</a>
after four years of cuts, translate these plans into actual steps that will better protect against the accelerating effects of climate change?
</p>
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<h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
Also important this week:
</h2>
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
Officials at
<span style="font-weight:700;font-size:inherit">
Britain’s environment agency
</span>
have issued a blunt warning on climate change: “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Adapt or die
</a>
.”
</span>
</li>
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
The
<span style="font-weight:700;font-size:inherit">
French government has announced a plan
</span>
to invest in
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
small nuclear reactors and green energy projects
</a>
.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
<span style="font-weight:700;font-size:inherit">
Google said it would bans ads
</span>
on its platforms, including YouTube, that make
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
false claims about climate change
</a>
.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px;vertical-align:middle">
President Biden is
<span style="font-weight:700;font-size:inherit">
restoring environmental protections
</span>
to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
major national monuments
</a>
in Utah and New England. They had been stripped by former President Donald J. Trump.
</span>
</li>
</ul>
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And finally:
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<h2 style="color:#000;font:400 25px/32.5px georgia,serif;margin:0 0 10px">
There’s an app to save fuel, and you probably have it
</h2>
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<img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F10%252F13%252Fclimate%252F00cli-newsletter-maps%252F00cli-newsletter-maps-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mairr:RQgLfQh9hpdwW0cUApflNdIFVMcHZENtP1IH6PjNVrQ" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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By
<!-- -->
<!-- -->
Winston Choi-Schagrin
</p>
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
If you have the latest version of Google Maps on your phone, you may notice something new: A little green leaf denoting the most fuel-efficient route for your trip.
</p>
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
We on the climate team wondered: How effective could this change really be?
</p>
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Given the reach of Google Maps, with more than a billion people using the app every month, the company estimates that the new feature could save more than a million tons of carbon emissions per year if everyone takes their suggested “green” route every time. That would be the equivalent of taking 200,000 cars off the roads.
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Transportation accounts for nearly a third of U.S. greenhouse gas emissions. Cars and trucks make up more than 80 percent of those emissions.
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
I spoke with Jeffrey Gonder, a group manager at the National Renewable Energy Laboratory, which provided tools and support to Google Maps for this initiative. A previous study by the energy lab found that Google Maps already directed people to the most fuel-efficient route two-thirds of the time. But that meant, one-third of the time, there was a more efficient route. For those trips, the fuel-efficient route would have used 10 percent less energy than the recommended route.
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“It’s not the end-all solution for combating global warming,” Mr. Gonder said. “But this can be a piece of the pie because it’s a relatively easy thing to do.”
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
So how exactly is Google making these calculations? Google Maps already has a large store of information around road characteristics, everything from road incline to speeds based on current traffic, all of which can factor into fuel consumption. For its calculations, the Google team drew on the energy lab’s RouteE model, which can estimate fuel use based on second-by-second speed trajectories over those various characteristics.
</p>
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<p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
It’s part of a wider sustainability push at the company. Google Flights, for example, will include carbon emissions data for flights, and shopping searches will offer suggestions for energy-efficient home appliances.
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3 years, 11 months ago - nytdirect@nytimes.com
Climate Fwd: The firms that help keep oil flowing
Secretive investment funds are putting billions into fossil fuel projects. View in browser|nytime...