Alaska, America’s worst state for business, pins hopes on a post-oil boom in carbon offsets
An oil pipeline stretches across the landscape outside Prudhoe Bay in North Slope Borough, Alaska, May 25, 2019.
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Alaska can be a rugged and unforgiving place, and that’s not just its landscape. Its economy is prone to big booms and wrenching busts. Lately, it has seen more busts.
More than any other state, Alaska is dependent on oil. As much as 85% of the state’s unrestricted general fund revenue comes from oil production, according to state estimates. In some years, it has been well over 90%. But oil production has been in long-term decline in the state, which was once America’s No. 1 producer of crude but has been surpassed by several shale oil boom states, including Texas, New Mexico and North Dakota. Alaska’s crude production in 2022 was roughly equal to that of Oklahoma, and it hit the lowest level since 1976, according to Energy Department data.
This trend helps explain why Alaska‘s economy performed worse than any other state last year, according to the Commerce Department, shrinking by 2.4%. And it explains why the Last Frontier finished dead last in CNBC’s 2023 America’s Top States for Business rankings.
In addition to a last-place finish in the Economy category, Alaska ranks 49th in the Infrastructure, Education, and Access to Capital categories. It finished 48th in Cost of Doing Business. This is the seventh time since 2007 that Alaska has finished at the bottom, and the third time in the last five studies.
Alaska’s carbon turnaround plan for the future
Alaska isn’t giving up on crude. Recent approvals such as the controversial Willow Project have led state officials to forecast an increase in production in the years ahead. But Gov. Mike Dunleavy and the state legislature have a plan that they hope will reverse Alaska’s fortunes once and for all, by making the state less susceptible to gyrations in the oil market.
“Alaska was built on a promise that we would be north of the future. That we would be visionary,” Dunleavy, a Republican, said at a news conference May 23.
Dunleavy was marking the signing of SB 48, legislation that officially puts the state in the carbon business.
“Just like oil, just like gas, just like our timber, this is a commodity that can be monetized now,” he said.
The Tongass National Forest on Prince of Wales Island, Alaska, July 2, 2021.
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Under the new law, Alaska will be able to sell so-called “carbon offset credits,” capitalizing on the state’s vast public forest lands. Companies that emit carbon will be able to buy the credits, effectively paying the state to preserve and protect its forests, thereby canceling out, or offsetting, those emissions.
What the state doesn’t spend on maintaining its forests, it can keep as revenue.
Alaska Natural Resources Commissioner John Boyle, who is working on the rules to implement the program, said in an interview with CNBC that the market for the new credits could be huge as companies discover the limits of carbon reduction technology.
“Across America, and in the rest of the world, you see a number of companies that have set very aggressive net zero (emission) targets for themselves,” he said. “Ultimately, in order for a lot of these companies to be able to hit the targets that they’ve set for themselves, they’re going to need to look for other options for offsets.”
The emissions offset market is growing
Carbon offset programs are already gaining popularity around the world. The California Air Resources Board operates an extensive offset program that the state says is an essential part of its program to reduce greenhouse gas emissions.
When Dunleavy unveiled the legislation in January, he noted that Alaska’s Native Corporations have generated $370 million in revenue selling offset credits since 2019.
The state has not offered any estimates of how much revenue its program could generate, but Boyle said it could begin making money soon.
“I don’t think it’s unfair to say that the state fully anticipates seeing revenue within a relatively short period of time, likely within the next 12 to 18 months,” Boyle said. “We fully expect to see some new revenues coming in as companies acquire our leases and do other things to prepare themselves to develop carbon offset projects.”
Carbon credits are controversial
Alaska is all in on the plan. The bill passed the state Senate unanimously; only two members of the House voted against it.
But outside Alaska, there is no shortage of skepticism.
“Multiple lines of evidence suggest that Alaska’s forest carbon offsets program could produce carbon credits that don’t represent real climate benefits,” wrote Freya Chay and Grayson Badgley of the climate research group CarbonPlan in a commentary published in May.
They note that while the program promises to protect Alaska’s forests and the climate benefits they provide, it also promises not to reduce timber harvests. The researchers said the credits appear to be structured to “simply reward a landowner for doing what they already planned on doing.”
“Although this could be a win for the State budget, it would be a loss for the climate — and for the credibility of the voluntary carbon market,” they wrote.
Boyle argues that the funding from the offset credits will allow the state to manage its forests more effectively and efficiently. That way, he said, the state will eventually have larger forests — with more trees to capture carbon, and more timber left over to harvest.
“That gives you a margin by which, if you choose, you can do some selective timber harvesting, as long as you maintain a level that is appropriate with the baseline that’s been established,” he said.
Carbon credits are just the beginning of Alaska’s plan to transform its economy. Dunleavy has also proposed creating a “carbon sequestration” program, where the state would capture its carbon emissions — or accept shipments of carbon captured elsewhere — and inject them into underground storage beneath Alaska’s huge expanses of open land.
“There’s a real ability here to move the needle in managing the world’s carbon and storing it for geologically significant periods of time,” Boyle said.
They believe that there is also an ability to diversify Alaska’s economy and make it competitive again, while helping the planet at the same time.
It’s that time of the year once again, with Amazon’s Prime Day officially kicking off with plenty of amazing Green Deals and beyond – with several even continuing from earlier July 4th events. The savings train has officially rolled into the station, and this year we’re getting four days of deals that are dropping prices to some of the lowest of the year, alongside many of our favorite eco-friendly tech brands also offering direct parallel sales too. You’ll find price cuts on EVs, power stations, electric tools, ENERGY STAR-certified appliances, and much more below, curated together in this one-stop shopping hub. Don’t miss your chance to electrify your life at the best prices while they last during this event. We will be regularly updating this hub over the course of the event, so check back later if nothing catches your eye yet.
July Prime Day 2025 Green Deals
Prime Day Power Station Green Deals
- Get $2,448 in savings on EcoFlow’s DELTA Pro 3 bundle with a 400W panel and transfer switch at new $2,849 low, more from $1,249
- EcoFlow’s Prime 4-day flash sale takes 59% off four units, like the DELTA Max station with an alternator charger at $1,049 low, more
- Anker’s new modular SOLIX F3000 3,072Wh LiFePO4 station gets up to $2,599 increased savings from a new $1,599 low
Prime Day EV Green Deals
- Segway’s Xafari and Xyber e-bikes with Apple Find My, proximity locking, more are starting from a new $2,000 low (Reg. $2,400+)
- Segway e-scooters up to 46% off during Prime Day, with the ZT3 Pro all-terrain smart model at a new $850 low (Reg. $1,100+), more
- For the first time, save $500 on Ford’s Mustang and Bronco e-bikes starting from $3,500 (Reg. $4,000+)
- Rad Power Bikes’ new Radster Trail and Road e-bikes back at $1,999 lows, more
- Tenways takes $600 off e-bike bundles + additional $200 when buying two – all starting from $1,499
- Aventon offers first savings on new Pace 4 cruiser e-bike with theft-deterring smart features at $1,699
- Aventon’s Aventure 2 All-Terrain e-bike at $1,599 annual low in sale, more
- Velotric’s low-cost Fold 1 Lite e-bike even more budget-friendly at a new $599 low (Reg. $1,099)
- Velotric offers up to $720 savings and free bundled gear starting from $599
- Affordably carry cargo with Heybike’s single or dual-battery Hauler e-bike starting from a $999 low (Reg. $1,499+)
- Get an affordable space-saving commuter in Heybike’s Mars 2.0 folding e-bike starting from $900 (Reg. $1,499)
Prime Day Garden and Lawncare Green Deals
Prime Day Appliance and Device Green Deals
***All prices subject to change at any time…cash in while you can!
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Rivian flew us out to Lake Tahoe to show off the crazy capabilities of its new quad-motor powertrain on both its R1T pickup truck and R1S SUV. Rivian’s original R1S and R1T were quad-motor vehicles, but as of the second generation of the R1 platform, only dual and tri-motor variants existed. So why quad? Why now?
First of all, let’s get the specs out of the way. The new Rivian Quad is a beast, all the way from its $120,000 price tag to its over 1,000 horsepower and 1200 lb-ft torque.
- Prices for R1T start at $115,990 USD / $190,990 CAD and the R1S starts at $121,990 USD / $201,990 CAD – Deliveries begin summer 2025
- Launch Edition R1T starts at $119,990 USD / $196,990 CAD and Launch Edition R1S starts at $125,990 USD / $207,990 CAD. Rivian is reintroducing Launch Edition for the Gen 2 Quad, celebrating the configuration that first defined our commitment to all-electric performance and adventure.
- Destination and freight charge is $1,895 USD / $2 ,695 CAD
- Powertrain: Horsepower: 1,025 hp Torque: 1,198 lb.-ft.
- Performance 0 – 60 MPH 2 .5 sec R1T, 2 .6 sec R1S, ¼ Mile Time 10.5 sec, VMax 130mph
- Range: EPA-estimated up to 3 74 miles of range (Up to 400 miles in Conserve mode)
- Charge Port: NACS (North American Charging Standard)
How does one characterize this massive spec monster in the larger vehicle landscape? Before we try to get our head around that, there is more.
The Rivian R1 Quad brings back tank turn as a new feature: Kick Turn – And it is actually useful.
From our history books, we know that one of the features that the original R1 Quads touted was the ability to turn in a circle/spin on its axis by having its right side wheels spin one way and its left side wheels spin the other. While the ‘tank turn’ disappointingly never made it to the original production vehicles, Rivian hadn’t let go of the idea.
Kick Turn.
The New R1 Quads bring back the ability to turn/spin on a dime when offroading. However, this isn’t just a parlor trick. It is actually useful when negotiating tight switchbacks.
Here’s what it is like to invoke the “Kick Turn” from inside the vehicle. Unintuitively, you don’t want to turn the steering wheel. Instead, you simultaneously push both steering wheel buttons in the direction you want to turn.
The same maneuver from behind:
I was able to use and master the kick turn pretty quickly after trying it for the first time and it is sooooo fun….and useful. Rivian says that the kick turn should only be done on gravel and loose dirt. But I could see ejecting out of a parallel parking spot with this feature…or doing a U-Turn on a country road.
I imagine the wear on the tires that are already taking a beating from this super heavy vehicle doing 2.5 second 0-60s is massive. Rivian says that the standard tires are guaranteed for 30,000 miles but imagine that loses a few miles every time a kick turn is invoked.
Perhaps most devestating, the original Rivian Quads won’t get the Kick Turn functionality. As an owner who was excited about the tank turn functionality when making my buying decision, I’m not pleased. Rivian says that the controllers for the original Quad Motors aren’t tuned and accurate enough to master the move. I’m ready to sign a petition that Rivian try anyway.
Quad offers four different wheel and tire options:
- 22” Super Sport
- 22” Sport Burnished Bronze
- 20” All-Terrain Dark
- 20” Dune Satin Graphite All-Terrain
Also, there will be Launch Editions:
Rivian is reintroducing Launch Edition for the Gen 2 Quad, celebrating the configuration that first defined our commitment to all-electric performance and adventure. The new Launch Edition Quad will feature an exclusive “Launch Edition” IP badge and a suite of special features, including:
Two standard colorways:
- Launch Edition exclusive: the return of Launch Green paint with Black Mountain + Brown
Ash Wood interior - Storm Blue paint with Slate Sky + Walnut Wood interior
Additional included features: - Lifetime Rivian Autonomy Platform+
- Lifetime Connect+
- Camp Speaker
- Gen 2 Key fob
NACS native
One more nice thing about the Rivian R1 Quad is that it is the first Rivians, and one of the first non-Teslas overall, to have the NACS port standard. This allows the vehicle to charge at most Tesla chargers without adapter. The flip side however is that it will need the included CCS adapter to charge at most other network charging stations including Rivian’s own RAN charging network, at least until the networks and Rivian switch their chargers over to NACS. We had success on a V4 Supercharger near Lake Tahoe but obviously weren’t able to test the charging speed or charging curve since the vehicles we were given started at 80%.
One other nice trick is that the Quad has a control panel that allows the driver to make their own drive modes.
RAD Tuner (exclusively on Quad, coming in September): Developed by the Rivian Adventure Department, a team of engineers, software developers and designers who create and test features that push the boundaries of our vehicles.
Rivian drivers will have better control over their vehicle’s dynamic behavior. Through intuitive sliders, you can fine-tune ride handling while creating personalized and savable drive modes.
Start from scratch or build upon presets like “Rally” or “Sport.” There are even preset modes that were born from real-world triumphs:
Desert Rally mode was meticulously engineered during the 2023 Rebelle Rally, a grueling competition where the R1T made history as the first fully-electric vehicle to ever win
Hill Climb mode was honed at the legendary Pikes Peak International Hill Climb, where
in 2024, our R1T conquered the race as the fastest production truck to ever make the
ascent.
Oh and Rivian now lets you record Launch Mode with Launch Cam so those 2.5 second 0-60s where you beat the Ferrari off the line can now be downloaded and shared with friends on social media. The videos include real-time stats like speed and distance overlays. Unfortunately Rivian no longer includes an interior camera to capture passengers’ reactions.
Electrek’s take
At a starting price near $120K and realistically over that with some bells and whistles, the Rivian R1 Quad vehicles aren’t going to have mass appeal. In fact, I don’t think these will even be Rivian’s top sells since the $80,000 Rivian vehicles with dual motors are almost as good (and better on efficiency).
However, Rivian is really trying to build its brand ahead of the R2 launch and this vehicle is as adventurous as it gets, electric or otherwise. Think about it: This is a 7-seat, off roading monster that will beat almost any supercar off the line…and can now spin on a dime.
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Kia is entering Europe’s most competitive EV segment with the upgraded EV5. It’s slightly smaller than the Tesla Model Y, but Kia says the EV5 is “a cornerstone” to its growth strategy in Europe.
Kia EV5 lands in Europe
After launching the EV5 in China in November 2023, Kia’s electric SUV quickly became a hit. It’s already leading Kia’s comeback in the world’s largest EV market.
Although Kia has introduced the EV5 in other markets, including Australia and New Zealand, this is the first time it has revealed specs for the upgraded version specifically designed for Europe.
The upgraded EV5 is powered by an 81.4 kWh battery offering up to 329 miles of WLTP range. Unlike the Chinese version, which uses a BYD LFP Blade battery, the European version features a nickel-manganese-cobalt battery pack.
It will be available in baseline and GT-line models. All EV5 variants can recharge from 10% to 80% in as little as 30 minutes.
Both variants are offered in FWD with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque. Kia’s electric SUV also includes bi-directional charging, including vehicle-to-load (V2L) with up to 3.6 kW of power.
The exterior remains essentially unchanged from the version sold in China, featuring an upright stance similar to that of the larger EV9.
The European-spec EV5 measures 4,610 mm in length, 1,875 mm in width, and 1,675 mm in height, which is slightly smaller than the Tesla Model Y. It’s closer in size to the Hyundai IONIQ 5.
Inside, the EV5 “creates a lounge-like environment” with comfort-focused seats that include massage functions, heating, and ventilation.
The interior is centered around Kia’s new ccNC (connect car Navigation Cockpit) infotainment system. The setup includes dual 12.3″ driver clusters and infotainment screens in a panoramic display, plus a 5.3″ climate control display.
Kia will build the upgraded EV5 for Europe in Korea, unlike the Chinese version, which is produced by its joint venture Kia Yueda.
Although prices have yet to be confirmed, the EV5 will sit between the EV3 and EV6 in Kia’s lineup. Given the EV4 starts at £34,695 ($47,700) and the EV6 is priced from £39,235 ($53,200), the EV5 is expected to start at below £40,000 ($55,000) in the UK.
Sjoerd Knipping, Kia Europe’s COO, said that “The EV5 is a cornerstone of Kia’s European growth strategy.” He added that the electric SUV is “tailored to the way Europeans live, work, and drive.”
Kia has already confirmed the EV5 will be sold in other global markets, including Canada. However, it will not arrive in the US.
The company said it will launch the EV5 “exclusively for the Canadian market” in North America. It will be available with FWD and AWD powertrains, as well as two battery sizes: 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).
What do you think of Kia’s new electric SUV? Would you buy one over the Tesla Model Y or the Hyundai IONIQ 5? Let us know in the comments.
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