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Originally published by Union of Concerned Scientists, The Equation.
By Julie McNamara, senior energy analyst with the Climate & Energy program at the Union of Concerned Scientists

In April 2021, President Biden committed the United States to reducing its greenhouse gas emissions 50 to 52 percent below 2005 levels by 2030, in line with science-informed targets, in line with the collective hunt to keep global warming below 2 degrees C, in line with the fight, the fight, the global fight to beat back the worst of climate impacts we could see.

Ever since, the scramble has been on for our nation to advance the charge.

Because while President Biden’s commitment to robust climate action is critical to setting the forward course, words alone will not guarantee progress. Wish as we might, we will not whoopsie-pie our way into the Great Decarbonized Place.

We need actual action.

We need actual policy, actual progress, actual change, commensurate with the level of action these climate targets require. And they will require a lot, as new modeling makes clear:

Credit: Rhodium Group, Pathways to Paris (October 2021)

Precisely because the present emissions gap is so great, we cannot solely lean on the incredible progress enabled by leading states, localities, businesses, and individuals. To truly bend the curve, we need federal action, too.

And that is what makes the repeated and escalating broadsides to the climate integrity of the Build Back Better Act — foremost among them attacks on the Clean Electricity Performance Program (CEPP) — so infuriating.

Because no matter what words are spun, what justifications are launched, we will still need to make up the gap. So for every measure of weakening Congress allows, for every degree of ambition our lawmakers abandon, it will simply make the hard task harder, placing a heavier burden on all the other efforts we need to make.

The Build Back Better Act as a chance for change

There was never going to be one legislative package to resolve the path to 2030 and beyond — not least because action will be required across all facets of government, not just Congress. But the Build Back Better Act (also referred to as the budget reconciliation package) was set up to advance climate action — along with so much else — at a level of ambition not previously seen, finally showing Congress going beyond its long-favored realm of tinkering at the edges to enact climate policies that would actually drive path-shifting, curve-bending change.

This is the type of ambition we’ve been waiting for; this is the type of ambition we need.

And this is the type of ambition that fossil fuel interests cannot abide.

So here we are now, staring down significant and multifaceted attacks to the very heart of that ambition, primarily through threats to the CEPP — which would spur the power sector to swiftly transition to clean sources — but also from additional threats to broader programmatic budgets and ambitions.

While compromise is par for the course, legislators cannot capitulate when it comes to including policies that enable major change. So for every cut, for every slash, they must answer: If not this, then what? Because we need major change.

Meeting 2030 targets hinges on power sector transition

To get climate action on track, emissions reductions will need to be drawn from all parts of the economy, all the way from cars on the road to buildings and homes. The Build Back Better Act includes multiple major policies to advance these efforts.

But for the race to 2030 targets, foremost among all the rest is achieving swift, deep reductions from the nation’s electric power sector. This is the foundation upon which so much else of our climate progress will be built, because the end goal for much of what runs on fossil fuels in our economy today is for it to run on electricity tomorrow — and that electricity must be clean.

We need policy interventions to support that.

Because while the nation’s power sector has been undergoing a significant transition away from heavily polluting coal, progress has been uneven and far too much of what has come online to fill the gaps has been still-polluting gas. The country is still hovering at 60 percent fossil fuels in its electricity mix, and coal generation is projected to increasenot decrease, this year.

To address this, policies can do two things: boost the good, and limit the bad.

We need both. We need both because while the former is vital to clean energy deployment, it studiously avoids antagonizing the fossil fuel-fired status quo, and history makes clear that fossil fuel interests will not voluntarily undertake this mission on their own.

This is the reason that the threat of the CEPP falling out of the Build Back Better Act is so significant. It’s not that there aren’t multiple additional policies that will help to spur clean electricity deployment in the bill—there are, and they are incredible, from updated and broadened tax incentives to support for transitioning fossil fuel assets — it’s that the CEPP includes targets, and the CEPP includes sticks.

Without the CEPP, renewables would still be cheap, but they might not be evenly — or sufficiently — deployed, and too many utilities are at risk of sticking too tightly to coal and gas. And that could lead to a non-trivial erosion of the emissions reduction potential of the legislation, as estimated by multiple recent analyses.

So if the CEPP falls out, what comes next?

Within the Build Back Better Act, Congress can approximate the same power sector intent from other types of programs that similarly support both sides of this transition, i.e., toward renewables and away from polluting fossil fuels. It can also look elsewhere to achieve deeper cuts in other sectors.

But it would be a heavy lift. And all the more so if other major initiatives in the Build Back Better Act fall out, from critical environmental justice initiatives to the robust clean energy tax incentives to the methane fee, which the fossil fuel industry is doing everything in its power to unwind.

And otherwise? It’s on to other actors, and a heavier burden for each.

If not this, then what?

No matter what happens with the Build Back Better Act, to reach the 2030 climate targets set by President Biden, the country will need to bring every lever to bear, from states, localities, and businesses to the federal government, Congress and the administration both, and the country will need to look to every economic sector for gains, and the country will need to sustain these efforts throughout the years to come. Any less in one area means more required by the rest.

Recent modeling by Rhodium Group supports this finding, making clear that a forward path exists even if the CEPP falls out. But it would require even more progress by leading states, and rapid action by the Environmental Protection Agency and other federal agencies across multiple sectors, from standards limiting new, unmitigated gas-fired power plants to near-term coverage of refineries and other major emitters.

Much as fossil fuel interests might wish it, undermining one major tool for climate action doesn’t make the problem go away — it just forces taking other, often more difficult, ways.

We do not have time for craven capitulation to inaction. It’s time to make the leap.

Featured image courtesy of NASA. When launched, the TROPICS satellites will work together to provide near-hourly microwave observations of a storm’s precipitation, temperature, and humidity. The mission is expected to help scientists understand the factors driving tropical cyclone intensification and to improve forecasting models. Credits: NASA

 

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Polestar shows off 5 GT charging capabilities, replenishing 10-80% in just ten minutes [Video]

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Polestar shows off 5 GT charging capabilities, replenishing 10-80% in just ten minutes [Video]

Polestar is showcasing the charging capabilities of the upcoming Polestar 5 sports sedan using a prototype model and StoreDot’s Extreme Fast Charging (XFC) technology. This is the first EV to test StoreDot’s ultra-fast charging technology, and the initial tests are quite promising.

When it arrives, the Polestar 5 will be—you guessed it—the fifth model in the Geely-owned automaker’s EV portfolio. The all-electric sports sedan’s inception stems from the Precept concept, and Polestar continues to be one of the few automakers that actually evolves its concepts into production vehicles.

The production prototype version of the Polestar 5 debuted in late 2021, equipped with carriage doors and a “Smart Zone” grille that houses many of the sensors for the EV’s ADAS. In July 2023, a camouflaged prototype of the 5 appeared publicly at the Goodwood Festival of Speed, touting 884 horsepower and Polestar’s 800V architecture that will enable ultra-fast charging speeds.

By November 2023, we learned that EV battery specialist StoreDot would trial its new 100in5 battery technology in the Polestar 5, giving the 4-door GT charging capabilities of garnering 100 miles of range in just 5 minutes.

These fast-charging cells have since become the nucleus of StoreDot’s I-BEAM XFC concept design, which is targeting mass production later this year. Before the Polestar 5 and fast-charging architecture hit the market, however, both Polestar and StoreDot are showing off those capabilities, and they’re quite impressive.

  • Polestar 5 charging
  • Polestar 5 charging

Polestar 5 prototype surpasses 370 kW charging rate

Per Polestar, the first verification prototype of the 5 GT successfully demonstrated the promised charging rates enabled by StoreDot’s XFC technology, charging from 10-80% in just ten minutes. The companies shared that the 5 held a consistent charge rate during the session, starting at 310 kW before surpassing 370 kW.

By comparison to the current market, those are some of the higher charge rates achieved by a BEV and offer encouraging results for a future in which drivers can park, recharge, and get back on the road more similarly to the time it would take to stop and refill an ICE vehicle at a gas station. Polestar CEO Thomas Ingenlath shared a similar sentiment:

Time is one of life’s greatest luxuries, and as a manufacturer of luxury electric performance cars, we need to take the next step to address one of the biggest barriers to EV ownership – charging anxiety. With this new technology, on longer journeys when drivers do stop they’ll be able to spend less time charging and be back on the road faster than before. In fact, that stop time will be more akin to what they experience with a petrol car today.

The Polestar 5 prototype houses a specially commissioned 77 kWh pack, with charging speeds bolstered by StoreDot’s silicon-dominant cells. However, the automaker says the battery pack has the capability to be increased to at least 100 kWh, enabling the BEV to recoup 200 miles of range in a ten-minute charge.

When the Precept became the Polestar 5, the automaker aimed to reach the market in 2024. However, the company’s current focus is on the two SUVs that will precede the GT – the Polestar 3 and 4. While we await the Polestar 5’s arrival on the market, you can check out its prototype’s charging capabilities in the video below:

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Tesla (TSLA) surges on reports China is approving Full Self-Driving deployment

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Tesla (TSLA) surges on reports China is approving Full Self-Driving deployment

Tesla’s stock (TSLA) is surging this morning on several reports that China is going to approve the automaker’s deployment of its Full Self-Driving package in the country.

The Full Self-Driving package is a promise that Tesla has been selling to its vehicle owners since 2016: that promise is that all new vehicles are equipped with the hardware necessary to become self-driving and it will become that through future software updates.

In the meantime, the package includes additional ADAS feature, like city-street driving where the car handles all the driving, but it needs to be supervised by the driver at all times.

However, this is only available in North America right now. That’s partly due to it having been first designed for the market and it is not completely ready to be deployed elsewhere, but also because regulations in some markets don’t yet approve of the system.

That includes the world’s largest auto market: China.

New reports claim that this is about to change. Tesla CEO Elon Musk has been on a visit to China over the last few days and met with Premier Li Qiang.

Now, Bloomberg reports Tesla was able to secure a deal to get approval for its Full Self-Driving deployment in the country:

The US carmaker was granted the approval under certain conditions, according to a person with knowledge of the matter, who asked not to be identified because details of all the criteria aren’t clear. Tesla did manage to clear two of the most important hurdles: reaching a mapping and navigation deal with Chinese tech giant Baidu Inc., and meeting requirements for how it handles data-security and privacy issues.

Tesla has had issues with data management in China for a few years. The company’s vehicles were even banned by Chinese authorities at times in certain locations due to fear of spying related to the use of cameras on Tesla’s vehicles and its data management.

Several Chinese media are reporting today that this issue has now been solved.

Combined that with a conditional approval by regulators and a deal with China’s Baidu for mapping, which was already partnering with Tesla on maps in China, Tesla appears to be on track for a deployment of FSD in China.

Electrek’s Take

This is understandably making Tesla’s stock surge because after the US, Tesla has more vehicles in China than anywhere else, and that means more potential FSD customers than anywhere else.

If it can deploy its Supervised FSD in the market, it can recognize more revenue from those who bought the package and sell more of them.

It’s unclear how many people in China have already bought FSD, but it’s not likely many because of the lack of approval for the system – although Tesla does sit on more than $3 billion in unrecognized revenue primarily due to FSD. Some of that is from Chinese customers.

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Oil prices fall as Secretary of State Blinken pushes for Gaza cease-fire

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Oil prices fall as Secretary of State Blinken pushes for Gaza cease-fire

U.S. Secretary of State Antony Blinken attends a Joint Ministerial Meeting of the GCC-U.S. Strategic Partnership to discuss the humanitarian crises faced in Gaza, in Riyadh, Saudi Arabia, April 29, 2024.

Evelyn Hockstein | Reuters

Crude oil futures fell Monday as the U.S. Secretary of State made a renewed diplomatic push in the Middle East to secure a cease-fire in Gaza and head off an Israeli offensive against Rafah.

A successful cease-fire agreement would likely further ease the geopolitical risk premium factored into oil prices on fears that the war in Gaza could trigger a broader conflict in the Middle East that disrupts crude supplies.

Here are today’s energy prices:

  • West Texas Intermediate June contract: $83.16 a barrel, down 69 cents, or 0.82%. Year to date, U.S. oil has gained 16%.
  • Brent June contract: $88.66 a barrel, down 84 cents, or 0.94%. Year to date, the global benchmark has risen nearly 15%.
  • RBOB Gasoline May contract: $2.78 per gallon, up 0.51%. Year to date, gasoline is up about 32%.
  • Natural Gas May contract: $1.94 per thousand cubic feet, up 0.78%. Year to date, gas is down about 23%.

Secretary of State Antony Blinken held talks with Arab leaders in Saudi Arabia on Monday. He will travel to Israel and Jordan on Tuesday.

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WTI vs. Brent

Israel is waiting for Hamas to respond to a cease-fire proposal in which 33 hostages would be released in exchange for Palestinian prisoners, an Israeli official told NBC News. A Hamas delegation is expected in Cairo on Monday to discuss the cease-fire proposal.

Oil Prices, Energy News and Analysis

“With little other fresh news, the possible cooling of the Gaza environment sees oil prices slip,” wrote John Evans, analyst with oil broker PVM, in a note on Monday.

Evans said heating oil and distillates are also weighing on crude oil prices as stocks of the refined products expand and demand shrinks. Natural gas is also challenging the market, with Exxon and Chevron reporting a decline in profits on Friday due partly to a collapse in prices amid a supply glut.

Don’t miss these stories from CNBC PRO:

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