Current Climate: 2022 May Have Been The Peak Year For Carbon Emissions From Power Plants

This week’s Current Climate , which every Saturday brings you the latest news

This week's Current Climate, which every Saturday brings you the latest news about the business of sustainability. Sign up to get it in your inbox every week.

Energy think tank Ember issued its fourth annual report on global electricity production earlier this week. The report found that wind and solar generation have reached an all-time high of 12% of global electricity production. The report found that clean electricity sources, comprising both renewable and nuclear power, totaled 39% of total global electricity production. The report also suggests that climate emissions may have peaked in 2022 and may begin to decline, though that said, emissions did reach an all-time high in 2022. In terms of fossil fuel generation, the report found that coal power grew only by 1.1% and gas power generation fell about 0.2%, the second decline in three years.

Overall, the report predicts that clean power generation will exceed growth in electricity demand in 2023, which would be the first non-recession year in which this is the case. The report also predicts that fossil fuel generation will slightly decline in 2023 as more clean sources of energy come online.

"2022 will be remembered as a turning point in the world's transition to clean power," the report's authors wrote. "Russia's invasion of Ukraine made many governments rethink their plans amid spiking fossil fuel prices and security concerns about relying on fossil fuel imports. It also accelerated electrification: more heat pumps, more electric vehicles, more electrolysers. These will drive reductions in emissions for other sectors, and will put more pressure to build clean power more quickly."

A typical semiconductor fab uses 10 million gallons of water a day, and in the process of making chips it contaminates that water with chemicals and other toxic materials. That's a big cost for the factory and an environmental problem. In cleaning up industrial wastewater, and allowing it to be recycled for use, Boston-based Gradiant has built a fast-growing business. The company says it reached a $1 billion valuation and is on track for $200 million in revenue this year, double what it earned in 2022.

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Global temperatures are set to soar to record levels in the next five years and exceed the key climate threshold of 1.5°C for the first time, according to the World Meteorological Organization.

According to a new study, over half of the world's largest lakes have seen a decline in lake water storage due to climate change and unsustainable human consumption, putting the world's already low amount of available freshwater at risk.

A new study finds that in the United Kingdom, gas stoves may be exposing millions of people to levels of indoor air pollution that breach national and international regulations.

Plant-Based Meat: Prime Roots, which makes deli meat alternatives from plants, announced it raised a $30 million series B round, bringing its total venture backing to $50 million.

Rare Earth Magnets: Texas-based Noveon Magnetics, which produces rare earth magnets for a variety of low-carbon applications, announced it has raised a $75 million series B round led by NGP and Aventurine Partners.

The EPA, as we mentioned last week, plans to crack down on emissions from coal and gas power plants, in part by encouraging the use of green hydrogen. But new tax rules being proposed by the Treasury Department under the Inflation Reduction Act may threaten these plans if implemented by causing delays in the availability of green hydrogen.

Can the World Make an Electric Car Battery Without China? (The New York Times)

Colorado Just Uncorked Billions in Free Climate Money (Heatmap)

‘SuperLab’ Will Test U.S. Power Grid against Climate Disasters (Scientific American)

Elon Musk's relentless promotion of Tesla electric vehicles has made him the central figure in the shift to non-polluting autos since the company came out of stealth mode in 2006.But he also has a penchant for saying things, especially on Twitter, that have landed him and the company in hot water time and again. This week he told investors he has no plans to give up the CEO job at the carmaker, which likely cheered some fans. Shortly afterward, he rejected accusations of anti-Semitism for conspiratorial comments he made about George Soros and said he's willing to accept public blowback for such remarks—even if they hurt his companies.

The revelation that George Soros' investment management firm sold off its entire Tesla stake last quarter may have kicked off Musk's otherwise unprompted attack against his fellow billionaire. But the firm is one of many that sold off loads of Tesla shares last quarter, cashing in on the stock's nearly 70% rise following its dismal 2022 performance, according to regulatory filings.

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Current Climate: 2022 May Have Been The Peak Year For Carbon Emissions From Power Plants