Hi everyone, welcome back to Net Zero.
2023 is “virtually certain” to be the hottest year on record, European scientists reported today. The El Niño cycle is partially to blame. But that’s not nearly enough of a push to reach the uncharted territory that global temperatures are now in. Fossil fuel consumption is still much too high, and investment in alternatives much too low, especially in developing countries. The scientific data set clear stakes for COP28, and add pressure on lawmakers from the top-emitting countries to move much faster. Today we look at a new effort in Congress to put a price on the emissions of overseas manufacturers, especially in China, that stands a decent chance of gaining bipartisan support — but may actually disincentivize some forms of climate action.
Also today: Direct air capture draws a big new investor and some intriguing tech innovation, and one winner of Prince William’s Earthshot Prize texts us about what comes next.
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