Biden Brings World Leaders Together At Climate Summit
What a difference an administration makes! Almost 200 countries ratified the Paris climate accord at COP21 in 2015, agreeing to limit the planet’s temperature increase to well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C. Afterward, President Donald Trump withdrew from the Paris agreement. On Friday, US President Joe Biden hosted a virtual climate summit titled the “Virtual Meeting of the Major Major Economies Forum on Energy and Climate.”
Biden spoke about the “urgency of this moment” and the need for a collective “plan to contribute to the climate ambition the world so urgently needs.”
The Power of Story to Make the Climate Crisis Relevant
Former President Donald Trump denied that the climate crisis was a reality, attacked the value of clean energy, and fired scientists in federal departments in favor of installing political friends. Taking a completely different approach, President Biden has acknowledged scientific consensus that the climate crisis poses an existential threat and implored leaders during Friday’s climate summit to take action.
During opening remarks, the President affirmed his promise that the US “would return immediately to the world stage and address the climate crisis.” With some of the most powerful economic forces in the world surrounding him, Biden expressed hope in a “silver lining” — one that would restrict global temperatures from rising to catastrophic levels through “real and incredible economic opportunities to create jobs and lift up the standard of living of people around the world.” The public opening to the Forum was a counterpoint to the otherwise private talks.
Always forthright, Biden told his audience that countries representing the Major Economies Forum account for 80% of global emissions.
The backdrop stage set was specially designed with virtual solar panel arrays as the global leaders were visible on thumbnail screens. Biden called upon the power of story and described the “damage and destruction” in the US and the destructive flooding in Europe. He zoomed in on the experience of seeing California firefighters battling powerful, widespread, and deadly wildfires more than ever before due to rising temperatures and unrelenting drought. He spoke how natural disasters like numerous hurricanes have wreaked havoc on US regions from the Gulf Coast to the Northeast.
Pledges to Do More to Mitigate the Effects of the Climate Crisis
The Biden administration has pledged to cut emissions 50% to 52% below 2005 levels by 2030 and is working to pass historic investments — to modernize what can become a more climate-resilient infrastructure and to build a clean energy future. In doing so, the administration hopes to create millions of jobs and usher in new industries of the future.
To reach such levels, Biden said the US would:
- have a power sector free of carbon by 2035;
- sell 50% of total cars as electric by 2050;
- align efforts with the work of forums like Clean Energy Ministerial and Mission Innovation (which the US will chair next year);
- focus on ocean initiatives in advance of the Our Ocean Conference in February;
- convene a leaders-level gathering to take stock of the collective progress the countries in attendance make; and,
- work with the European Union and other partners to launch a Global Methane Pledge to reduce global methane emissions by at least 30% below 2020 levels by 2030.
Specifically, Biden’s prodding at the Forum for participants to join a global pledge of cutting methane (aka “natural gas”) was deconstructed recently by CleanTechnica‘s Joe Wachunas. “Burning methane is currently responsible for nearly 25% of all carbon emissions in the US, and its use is growing,” Wachunas began. “Methane is also deeply embedded in many of our homes, and this will make it a challenge to extricate. We aren’t anywhere near hitting peak natural gas usage on our current trajectory.”
Methane is one of the most potent agents of climate damage, bursting by the ton from countless uncapped oil and gas rigs, leaky natural gas pipelines, and other oil and gas facilities. Although methane has a shorter lifetime in the atmosphere than carbon dioxide, it is, per unit, more than 20× as potent at warming the planet. During the Forum, Biden pointed to US efforts to plug leaks and cap abandoned wells as “big steps domestically to tackle these emissions.”
“Swift & Bold Action” Necessary beyond the Collegiality of the Climate Summit
It will take substantive effort to push through legislation to put into place the types of emissions levels that Biden outlined. China and India aren’t any better than the US, either, having yet to announce their new targets.
An area of contention at the Forum was pressure for the largest economies to assist less wealthy countries to transition to cleaner energy and to make sense of the changes to their countries that the climate crisis has created. In April, the Biden administration pledged to deliver $5.7 billion annually to these countries by 2024. During today’s Forum, Biden increased that amount by pointing to a “collective goal of mobilizing $100 billion a year.”
During a letter sent earlier this month to the climate summit’s invited guests, Biden offered the opportunity for “a focused, private discussion” to address the “profound generational challenge” posed by the climate crisis. Not to be deterred by the enormous task, Biden affirmed that the world’s largest economies possessed an “extraordinary opportunity to create a more prosperous and sustainable economy benefitting all.” Ever the negotiator and compromiser, Biden used the imperative of strengthening climate efforts so that action might be “swift and bold enough” to make a lasting impact that would “benefit […] both present and future generations.”
The invitation to Argentinian President Fernandez was posted on that country’s website.
Final Thoughts about the Climate Summit & What’s Ahead
From October 31 to November 1, the United Nations conference in Glasgow — the COP26 summit — will bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Nearly 200 nations are expected to announce more ambitious emissions-cutting targets than they had previously set in order to keep the world from overheating.
“Glasgow,” President Biden told his audience at the Forum, “is not our final destination.” Instead, countries around the world must “continue strengthening our ambition and our actions next year and throughout the decisive decade to keep us at one point — below 1.5 degrees and to keep that within reach.”
Participants at Friday’s climate summit included:
President Alberto Fernandez, Argentine Republic
Prime Minister Scott Morrison, Commonwealth of Australia
Prime Minister Sheikh Hasina, People’s Republic of Bangladesh
President Ursula von der Leyen, European Commission
President Charles Michel, European Council
President Joko Widodo, Republic of Indonesia
Prime Minister Mario Draghi, Italian Republic
Prime Minister Yoshihide Suga, Japan
President Moon Jae-in, Republic of Korea
President Andrés Manuel López Obrador, United Mexican States
Prime Minister Boris Johnson, United Kingdom of Great Britain and Northern Ireland
Secretary-General António Guterres, United Nations
Special Envoy of the President and China Special Envoy for Climate Change Xie Zhenhua, People’s Republic of China
Parliamentary State Secretary at the Ministry for Environment, Nature Conservation and Nuclear Safety Rita Schwarzelühr-Sutter, Federal Republic of Germany
Union Cabinet Minister of Labour and Employment, Environment, Forest and Climate Change Bhupender Yadav, India
Special Presidential Envoy for Climate Change Ruslan Edelgeriyev, Russian Federation
Image screenshot taken from YouTube during Presidential welcome remarks
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Environment
Shares of Paccar – Peterbilt and Kenworth owner – soar after Trump’s heavy truck tariffs
A Peterbilt 579 truck equipped with Aurora’s self-driving system is seen at the company’s terminal in Palmer, south of Dallas, Texas, September 23, 2021.
Tina Bellon | Reuters
Shares of Paccar jumped Friday after President Donald Trump announced that he will impose a 25% tariff on imported heavy trucks beginning Oct. 1.
Paccar was last up more than 6% premarket.
Trump said in a social media post Thursday that “large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions.”
PCAR 5-day chart
Paccar is the owner of Peterbilt and Kenworth. It manufactures more than 90% of its U.S. trucks domestically but they cost $8,000 to $10,000 more than competitors in Mexico, Bank of America told clients in a Friday note.
Trump’s announcement “likely addresses this issue and places PCAR in the driver seat,” BofA analyst Michael Feniger said.
British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
Nurphoto | Nurphoto | Getty Images
Five months ago, British energy major BP was firmly in the spotlight as a prime takeover candidate. Now, not so much.
Shares of the London-listed oil giant have climbed more than 32% since early April, outperforming many of its U.S. and European rivals.
The improving sentiment can be attributed to a range of factors, including BP’s fundamental strategic reset, a leadership shake-up, progress on its cost-cutting program and a string of recent oil discoveries.
It marks a stark contrast to earlier in the year, when BP found itself to be the subject of intense takeover speculation, with British rival Shell, UAE oil giant ADNOC and U.S. majors Exxon Mobil and Chevron all among the names touted as possible suitors.
BP CEO Murray Auchincloss insisted the company was focused on growth when asked about any approaches, saying last month: “That’s what is going to drive the share price up for shareholders.”
Shell, for its part, swiftly denied reports in late June that early-stage talks were taking place to acquire BP. The company said at the time that it had “no intention” of making a blockbuster offer for its embattled rival.
Allen Good, equity analyst at Morningstar, said he was unsure of the merit of the takeover speculation from the outset, even while the company was in turmoil and trading at a steep discount to its peers.
“Shares have since done better,” Good told CNBC. “And I think probably the most recent catalyst was the selection of the new chair, who is coming from CRH and has previous experience with meaningful turnarounds and being successful.”
Shares of BP since April 11.
Following a green strategy U-turn earlier in the year, BP announced in July the appointment of Albert Manifold as its new chairman. The former boss of building materials producer CRH has since joined the firm’s board and will formally become chair from Oct. 1.
A BP spokesperson was not immediately available to comment when contacted by CNBC.
Oil discoveries and Elliott’s arrival
BP’s share price gain has coincided with some notable rating and price target upgrades. Berenberg, for instance, recently upgraded BP to buy from hold and raised its price target to £5.00 ($6.73), from £3.85, citing the firm’s significantly stronger second-quarter results.
In early August, BP reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June — comfortably beating analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.
Speaking to CNBC’s “Squawk Box Europe” shortly after these results, BP’s Auchincloss highlighted the growth potential of the company’s recent oil and gas discoveries, adding that he was “very optimistic” about the discovery in the Bumerangue block in Brazil’s Santos Basin, just over 400 kilometers (248.5 miles) from Rio de Janeiro.
The discovery marked the firm’s 10th since the start of the year and is regarded as a potentially significant boost as BP continues to double down on hydrocarbons.
Russ Mould, investment director at AJ Bell, said BP’s resilience in the face of skepticism “is interesting and can be a telling sign,” particularly as the share price rise comes despite what he described as “relentlessly negative commentary” on both the company and the oil price.
“Elliott’s arrival on the share register remains a factor, too, as the activist presses for disposals, improved cash flow, deleveraging and improved cash returns to shareholders, a clarion call to which BP appears to be listening,” Mould told CNBC by email.
Activist investor Elliott went public with a stake of more than 5% in BP in late April, bolstering expectations that its involvement could pressure the company to shift back toward its core oil and gas businesses.
A fuel pump is seen connected to a car at a gas station in Krakow, Poland on June 19, 2025.
Nurphoto | Nurphoto | Getty Images
Given Shell’s reported interest in a takeover appears to have cooled, Mould said BP’s best defense to any potential suitors would be a higher share price and an improved valuation.
“Valuation, or the price paid, is the ultimate arbiter of investment return and the more they have to stump up, the less likely predators are to appear, as higher valuations limit upside potential and increase downside risks should anything unexpected go wrong,” Mould said.
Debt burden
Looking ahead, energy analysts singled out BP’s relatively high debt burden as a potential cause for concern, however.
BP’s net debt came in at $26.04 billion at the end of the second quarter, down from nearly $27 billion in the first three months of the year.
“If you get a situation where oil prices start falling, then they are certainly the most exposed in the peer group,” Morningstar’s Good said. “So, that would be something that could derail this momentum.”
Government researchers in the US and abroad believe we could help decarbonize and electrify the transportation sector with hardy, fast-growing plants that collect the metals needed to manufacture electric vehicle batteries in their roots, then harvest those metals later with a process that’s cleaner and cheaper than traditional mineral mining.
Nickel is just one example of a critical element in the production of modern EV batteries, but mining it is messy, expensive, and destructive. It used to be, anyway – a new French biotech startup says it has a better idea: extracting nickel from daisies.
Getting nickel and other useful metals from plants is made possible through a process called phytomining. But, as you’ve probably guessed, everyday plants don’t collect enough of these metals to make the extraction commercially viable. That’s where a French biotech startup called “Genomines” comes in.
Genomine’s relies on biologically engineered plants it calls “hyperaccumulators.” These plants naturally pull metals and minerals out from the soil they’re planted in through their roots, and store it in their stems and leaves, where Genomine can harvest it later.
“It’s important because we need a lot of metal, especially for the energy transition in batteries in electric vehicles,” Fabien Koutchekian, co-founder and CEO of Genomines, told Fast Company. “Not only in batteries, but [nickel is] widely used in stainless steel as part of infrastructure. The problem is that with current traditional mining methods, we will not be able to produce enough.”
Genomines predicts that hitting the 2040 goals set out by the Paris Agreement to transition all the world’s cars to electric vehicles will require six (6) times today’s global metal output and a significant number of new, potentially destructive mining operations.
That’s bad.
More farms, fewer mines
Not only are mining operations generally destructive, they often accompany (if not cause) a number of human rights issues as they get to work. “Indigenous Peoples and rural communities are paying a heavy price for the world’s scramble for energy transition minerals,” explains Veronica Cabe, Chair of Amnesty International, Philippines. “Not only did these communities undergo seriously flawed consultation processes – blighted by misrepresentations and a lack of information – they are now being forced to endure the negative impacts of these mining operations on their health, livelihoods and access to clean water.”
Genomines thinks its high-performance custom daisies could avoid this sort of environmental and cultural harm. They’ve convinced investors of that, too, to the tune of more than $45 million from a group that includes Hyundai and Jaguar and Land Rover parent company Tata.
“Our mission is to harness plant biotechnology to extract resources essential for clean energy technology via scalable processes that preserve biodiversity, soil health and human well-being,” explains Koutchekian. “Our vision is to create an entirely new industry of plant-based metals. Genomines unlocks a scalable new resource base – we can fundamentally rebalance global mineral supply chains for decades to come.”
Genomines says its methods are not only scalable, but offer a number of additional benefits over conventional mineral mining:
- Transformation of non-productive land into economic assets, operating in areas that are too low-grade to mine traditionally, but too metal rich to farm
- Quickly deployable farms, operationalizing an asset in 1-2 years versus 12-17 years for traditional nickel mines
- Cleaner more traceable extraction, while maintaining 40-50% lower equipment and operational costs as a result of biomass farming
- Scalable modularly, deploying smaller, capital-efficient assets at profitable rates, rather than relying on the large, capex-intensive mines of traditional industry
- Superior sustainability, the hyperaccumulator plants capture carbon as they grow, making the entire process not just carbon neutral, but potentially carbon negative
“Genomines’ technology leverages underutilized assets by extracting nickel from low-concentration soils that don’t compete with traditional agriculture. Coupled with a structural cost advantage, Genomines is well equipped to fundamentally change the way we extract critical metals, and do it in a significantly more sustainable manner,” says Alex Hoffmann, General Partner at VC firm Forbion and Genomines investor. “We are excited to be part of the journey and support the team to achieve its ambitious targets.”
Genomines estimates that about 30 to 40 million hectares of land across the globe contain enough nickel for their phytomining processes to prove enough nickel for the world’s EV needs, at 7-14 times the amount currently being mined. While it’s got a long way to go, the company currently employs 23 full time staff that are making real progress at their South African site, with many more soon to come.
That’s good.
SOURCES: Genomines; via Business Insider, Good Good Good, SingularityHub.
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