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The 25 Worst Countries for Women

Source: ALEXANDER BEE / iStock Editorial via Getty Images

Saudi Arabia has long been criticized globally for its treatment of girls and women. In recent years, reforms, including allowing women to drive cars  and easing restrictions on women’s employment among others, have led to measurable improvements. While terms such as “allowing women” are themselves patriarchal and sexist, progress in gender issues in the Islamic kingdom needs to be acknowledged. But Saudi Arabia has actually never been the worst place in the world for girls and women. 

Propped up by its vast oil reserves, the country enjoys peace and prosperity while others in the region and elsewhere boil in poverty and conflict – the leading causes of gender-based violence. (Here are 29 countries currently at war.)

To find the 25 worst countries for women, 24/7 Wall St. reviewed the Women, Peace, and Security Index 2021/22 published by Georgetown Institute for Women, Peace and Security and Peace Research Institute Oslo, 2021. Countries are ranked by their index score between 0 and 1, where scores closer to zero denote countries that are worse for women and closer to one better for women. The index ranks 170 countries using 11 indicators, including education, financial and legal bias, gender-based norms, safety, and more. Full methodology can be found in the full report. Population and gross domestic product per capita are from the World Bank.

The eruption of the COVID-19 pandemic in 2020 exacerbated already widening disparities among countries in terms of gender equality, the most recent GIWPS’s report found. “This reflects a worsening of inequalities in the status of women, as countries at the top continue to improve while those at the bottom get worse, mirroring global trends in wealth and income inequality,” Jeni Klugman, managing director of the institute, wrote in the latest WPS Index report, which provides insight into the progress of women’s empowerment across the globe.  

Indeed, even an affluent country like the United States, which ranks 21st best among the 170 countries reviewed, has significant disparities between states. The levels of inclusion, justice, and security of women in Massachusetts is four times greater than those for women in Louisiana. Often, these levels mirror wealth, same as across the world’s countries as women in wealthier nations, such as Germany and the United Kingdom, are vastly better off than they are in Sierra Leone or Somalia. (These are the poorest countries in the world.)

Out of the 25 worst countries for women and girls, 17 are in Africa and four are in Central or South Asia. Unsurprisingly, war-ravaged Yemen, Iraq, Syria, and Afghanistan are among the worst countries for women and girls. In 13 of the 25 countries, women spend less than four years in school throughout life, in large part because they tend to marry and give childbirth at a young age. In most of these countries, fewer than one in five women have their own bank accounts.

Here are the worst countries for women.

Click here to see our detailed methodology.

Putin losing his energy war with Europe as well as ground war in Ukraine

Source: Adam Berry / Getty Images News via Getty Images

(A native of England, veteran journalist Matthew Diebel has worked at NBC News, Time, USA Today and News Corp., among other organizations.)

On Sunday evening of Presidents’ Day weekend, I went to a Ukraine fundraiser at a local community center. It was extremely moving, with a Ukrainian family on stage telling how they had fled the Russians twice — in 2014 during the invasion of the Donbas region and then about this time last year when Vladimir Putin’s forces hit Kharkiv, the nation’s second-largest city. The family’s story, plus a moving video, brought many, including me, to tears.

It is, of course, seemingly impossible to find any redeeming aspect to this horrific war. True, Ukraine’s brave defense and courageous counterattacks are beyond admirable. And then there is the determination and unity of Western countries — as evidenced by President Joe Biden’s cloak-and-dagger surprise visit to Kyiv on Monday — to help oppose Russian aggression. Additionally, increasing amounts of weaponry and ammunition are arriving to help the gritty Ukrainian forces both defend against and repel Putin’s hordes.

And then, in my email inbox, I saw these two headlines: “EU climate czar: Putin’s war accelerated green transition” and “Putin is staring at defeat in his gas war with Europe.”…

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Every Major Automaker’s Plan to Go Electric

Source: Ford Motor Co.

President Joe Biden visited in 2021 a General Motors factory in Detroit, touting tax incentives for the purchase of electric vehicles. As Biden, a longtime car enthusiast, was driving GM’s new 1,000-horsepower GMC Hummer electric pickup truck around the factory lot, he told a crowd of journalists, “These suckers are something else!”

Indeed, though electric cars have been around for more than a century, it was not until energy storage technology advanced enough in recent decades that they became “something else.”

The rapid global growth in EVs and other low-emission passenger vehicles has hit an inflection point as the world’s largest automakers have begun planning for a world where battery-powered electric drivetrains replace dirtier internal combustion engines.

To find the EV ambitions of the world’s largest automakers, 24/7 Wall St. reviewed several sources, including the International Energy Agency’ Electric Vehicles and company and media reports. We ranked the 23 car companies found on the Fortune Global 500 by their 2022 EV sales, using data from EV-volumes.com – the electric vehicle sales database. 

The countries with auto companies that have sold the most passenger electric vehicles domestically and worldwide last year are China, with more than 2 million units sold, the United States, with nearly 2 million units, led by Tesla’s 1.3 million deliveries, and Germany, with about 960,000 EV sales in 2022. (Also see, the most efficient cars on the market.)

China, whose large cities are choking in smog, wants one out of every five new-vehicle purchases to be electric cars by the end of 2025. Germany’s big three automakers – Mercedes-Benz, Volkswagen, and BMW – have committed to converting all, most, or half of their global sales, respectively, to electric vehicles by 2025 or 2030. U.S.-based automaker Ford wants a third of its global sales coming from EVs by 2026, while General Motors has a goal of building 30 EV models by 2025. Tesla CEO Elon Musk has established an audacious goal of selling 20 million EVs in 2030. Last year, 23 of the world’s largest car companies sold nearly 6.1 million passenger EVs.

But not all electric vehicles offer the same energy efficiencies. The weight of electric passenger cars can range from about 1,000 pounds for a European smart car to a staggering 4.5 tons for the new behemoth GMC Hummer EV, more than double the weight of Tesla’s Model Y and more than two times the weight of the Nissan Leaf. (These are America’s favorite pickup trucks.)

Heavier EVs require more energy to power and contain larger batteries with bigger carbon footprints thanks to the additional natural resource inputs required to make them, such as cobalt, most of which is extracted from Chinese-owned mines in the Democratic Republic of Congo. EVs are also less green in parts of the world where coal is the primary source for the generation of electricity.

In other words, while private EV ownership is an improvement over gasoline-powered cars, it is not a panacea for fixing the problem of global warming.

Here are the latest annual sales of electric cars by the world’s top manufacturers.

Click here to see our detailed methodology.

Biden’s surprise World Bank pick portends dramatic climate finance shakeup

Source: ablokhin / Getty Images

President Joe Biden’s surprise pick of former Mastercard CEO Ajay Banga to run the World Bank portends a dramatic shakeup in climate financing for poorer nations to come and marks the second major climate advancement of the Biden presidency.

Following the early success of the Inflation Reduction Act in spurring billions in new climate investing in the U.S. last year, Banga’s appointment puts an Indian-American in charge of the institution responsible for economic reform in third-world countries. His background at Mastercard $MA , PepsiCo $PEP , Nestle and on several global policy committees such as the World Economic Forum puts a seasoned business leader with international experience in charge of the bank’s $86 billion lending portfolio.

Banga also has a unique relationship with Vice President Kamala Harris, having worked on immigration issues with her, which could come into play at some point for those looking for political intrigue. For now, and barring any surprise skeletons in his closet, he should be able to get through the month-long confirmation process and take over in time for the bank’s spring meetings in April in Washington.

Callaway Climate Insights put forth last week after current World Bank President David Malpass said he would resign that Biden could shake things up with a pick of an international banking presence from Asia, Africa or Latin America to showcase U.S commitment to helping poorer countries fight global warming. While we expected a banker from one of those regions, a business leader with both India and U.S. experience more than ticks the box for a major shakeup.

While other candidates may still emerge, the U.S. traditionally nominates the World Bank president, who is then confirmed by the bank’s board of executive directors. In placing Banga in front of them, Biden and team have set the stage for a new era of climate investment in poorer nations that is badly overdue.

Thursday’s subscriber-only insights

Lucid shares fall back to earth after earnings report

. . . . Lucid shares (LCID) tanked as much as 17% Thursday after the electric vehicle maker missed on revenue and said it only built 7,000 EVs last year, about a third of original estimates. It only delivered 4,000 of its vehicles, which feature the high-priced Lucid Air.

Lucid said it expects to build 10,000 to 14,000 EVs this year, though that is just a fraction of the more than 1.3 million Tesla cars built in 2022. The sell-off in shares continued a rollercoaster ride for Lucid investors this year after the stock popped 90% in late January on speculation that Saudi Arabia’s Public Investment Fund (PIF), which owns 62%, might take the company private.

If PIF ever had such intentions, no better time than now to follow through to capture a good price. Lucid Air EVs are highly prized in the auto community and the company has almost $5 billion in cash and revolving credit. It’s not big enough to go it alone but more than able to succeed under a bigger owner. Even at today’s price of between $8 and $9, it’s trading at almost four times cash.

This rollercoaster isn’t over yet. . . .

The head-scratching paradox within GOP attacks on the SEC

. . . . While Republicans bash so-called progressive climate policies, their states benefit from them most. On Wednesday, the chairman of the House Financial Services Committee, Patrick McHenry; the chairman of that panel’s Subcommittee on Oversight and Investigations, Bill Huizenga; and the ranking member of the Senate Committee on Banking, Housing and Urban Affairs, Tim Scott, sent a letter to SEC Chair Gary Gensler. In the missive, they demanded he provide more information about the SEC’s proposed rule on “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” which is aimed at nudging public companies and funders into including climate and other considerations — often called environmental, social and governance, or ESG — in their financing and operations.

The move comes after the House of Representatives shifted from Democratic to Republican control in January and alongside the moves of several GOP governors, including Florida’s Ron DeSantis, to ban ESG considerations in apportionment decisions for their state’s investments.

Says the letter to Gensler: “Congress created the SEC to carry out the mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation — not to advance progressive climate policies.”

In other words: ESG, bad; loosely regulated capitalism, good.

Except that it turns out that government efforts to combat global warming are disproportionately benefiting the red states whose political representatives are railing about “a climate agenda that is outside the scope of its mission and which will have significant economic and political consequences for the Nation and our capital markets.”

Consider, for example, Georgia, which is reveling in clean-energy investment for solar, electric vehicle and battery manufacturing, much of it spurred by incentives from Biden’s climate-focused Inflation Reduction Act. The Peach State’s experience is part of a pattern where Republican-leaning regions have claimed the lion’s share of new renewable energy and electric vehicle activity since the legislation, with GOP-held congressional districts hosting more than 80% of all utility scale wind or solar farms and battery projects currently in advanced development, according to an analysis by American Clean Power.

Why? Because companies are attracted by lower taxes, the generally lower wages paid in these states as well as a greater tendency to not unionize, factors that have long spurred auto companies and others to desert the northeast and the northern midwest.

The overall irony, though, is palpable, something pointed to by Biden when he talked about the IRA in his recent State of the Union speech. “My Republican friends who voted against it — I still get asked to fund the projects in those districts as well,” he said. “But don’t worry, I promised I’d be a president for all Americans. We’ll fund these projects and I’ll see you at the groundbreaking.”

Meanwhile, Biden no doubt hopes he may see some benefits at the ballot box.

Editor’s picks: Wild winter weather

Fire and ice across the U.S.

An unusually strong winter storm system is sweeping across the U.S. this week, bringing widespread power outages, blizzard conditions and treacherous ice accumulations. And, The Independent notes, the weather has been extreme, with temps ranging from 40 degrees below average in parts of the west and plains, to the first 100°F day of 2023 in Texas Wednesday. Nearly 1 million people were reportedly without power on Thursday morning. The National Weather Service warned of another storm system hitting California Thursday and Friday with blizzard conditions in the southern parts of the state and the Sierra. Also, heavy snow and ice from the Great Lakes to the northeast, and record-breaking high temperatures across the southeast.

Bill Gates: To fight climate change, improve global health

Climate change and global health are inextricably linked, writes Microsoft founder and philanthropist Bill Gates. “Hotter temperatures will make poverty reduction harder by increasing food insecurity and the prevalence of infectious diseases and diverting resources away from those who need them the most. It’s a vicious cycle. … To break the cycle, we need to make progress on both problems at the same time,” Gates said in an essay appearing both in the Times of India and on his blog, GatesNotes. Gates writes that he is going back to India next week, and he believes that the nation has made progress. He points to the work of researchers at the Indian Agricultural Research Institute as examples of collaboration and innovation that seek to meet both climate and health challenges.

Supergiant idea for a supervolcano

This research paper, titled Yellowstone Caldera Volcanic Power Generation Facility: A new engineering approach for harvesting emission-free green volcanic energy on a national scale, proposes “a safe means to draw up the mighty energy reserve of the Yellowstone Supervolcano from within the Earth, to superheat steam for spinning turbines at sufficient speed and on a sufficient scale, in order to power the entire USA.” According to the abstract, the project could solve the problems of producing energy to meet current and future needs of the entire nation, produce renewable energy that is emission-free and even “forestall the eruption of the Yellowstone Supervolcano.” Authors: Thomas F. Arciuolo, Ultimate Interfaces Corporation; and Miad Faezipour, Purdue University, School of Engineering Technology, Electrical and Computer Engineering Technology. 

Words to live by . . . .

“While two systems of governance are engaged in a fight for global domination, our civilization is in danger of collapsing because of the inexorable advance of climate change.” — George Soros, speaking at the 2023 Munich Security Conference.

Carbon trading controversy set to grow as prices hit 100 euros for first time

Source: Drbouz / Getty Images

In today’s issue:

— As carbon prices reach record high, trading is growing worldwide. So is the controversy.
— China’s electric vehicles are coming to Germany. Could the U.S. be next?
— The dawn of the AI age is raising some fascinating new legal questions
— Constellation Energy CEO sees ‘holy grail’ opportunity in new IRA subsidies
— Elon Musk makes nice with California Gov. Gavin Newsom with new Tesla headquarters
— Plus, Europe’s energy sources aren’t as renewable as you think – a breakdown by country

Carbon prices hit a new high this week, rising above €100 ($106.33) in Europe and setting a new threshold for the price of pollution, which authorities hope will cause companies to find new ways to reduce their emissions as they get more expensive.

But the controversy over trading carbon is set to grow as well, with India launching a new exchange later this year to compete with ones in Europe, the U.S. and China. The new exchange will further, uh, muddy the debate about carbon trading in that it will not require companies to actually lower their emissions, tying them instead to national GDP growth.

The idea behind carbon trading is that by lowering the supply of contracts and pushing up the price, polluters in the industrial, oil and gas world will at some point find it cheaper to cut emissions or pay for technologies such as carbon removal and capture, which are coming down in price but are still generally over 100 euros.

While India is pitching its exchange trading system (ETS) more as a local decarbonization play than an international arbitrage opportunity, opponents of carbon trading will find rich material with which to complain that it’s more of a scheme to make money then to reduce harmful carbon dioxide emissions.

Carbon prices have risen about five-fold in the past three years, however, which for authorities is the intended direction of the strategy and for investors has proven a lucrative new bull market. Against that backdrop, and with energy markets roiled by Russia’s invasion of Ukraine, expect to see more trading opportunities in carbon in coming years, not less.

More insights below. . . .

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13 Biggest Electric Vehicle Business Failures in American History

Source: Canoo Inc.

Despite seemingly being the way of the future, the electric vehicle industry is not an easy one. Take everybody’s darling until recently, Rivian. Ford had cut its stake in the company to just 1.15%, while Amazon, which continues to hold on to its stake, had to report its first annual loss since 2014 because of Rivian’s stock performance. Rivian is not the only struggling EV automaker, and others have completely failed.

To find failed and struggling American electric vehicle companies, 24/7 Wall St. scoured financial and automotive media. We aimed to select some well-known failed EV manufacturers and some of the most struggling EV car companies based on recent news and stock performance and stock price (less than $3 per share) as of Feb. 6. The companies are listed alphabetically.

Sales of low-emission vehicles, including both all-electric and plug-in hybrid cars, doubled from 308,000 in 2020 to 608,000 in 2021, according to the U.S. Department of Energy. A report from Kelley Blue Book reveals that while overall car sales slumped by 8% in 2022, purchases of electric vehicles soared by 65%. Cox Automotive, Kelley Blue Book’s parent company, forecasts 1 million EV sales in the U.S. for the first time in 2023. The U.S. government is getting behind the EV movement, aiming to have half of all new cars sold in 2030 be electric vehicles or plug-in. 

Given growing sales and government support, many EV startups have found an eager investor pool. Yet some of these companies have struggled to get on the road due to fiscal shortfalls and internal turmoil, which often led to bankruptcies. Missed deadlines and low production often meant these companies struggled to get more financing. Shady practices by some top execs at these companies did not help the cause. (Also see, America’s favorite pickup trucks.)

Several companies on this list went public through special purpose acquisition company mergers. SPAC deals allow investors in an industry to raise capital through an initial public offering for the purpose of then merging with a private company and taking it public. But the SPAC deals that fueled the EV market in 2020 and 2021 have fizzled as investors have become more wary following years of new SPAC-backed startups failing to deliver on their promises, and as the Securities and Exchange Commission has investigated these deals. Several such companies have gone bankrupt or are struggling.

Though many large automakers often invest in the smaller startups, they also develop their own EVs. (Here are the most efficient cars on the market.)

Interestingly, EVs are not a modern phenomenon. Several automakers turned out a few EVs at the turn of the 20th century. Baker Motor Vehicle Co. rolled out its electric Baker Electric in 1899. One of its first buyers was Thomas Edison. Even Studebaker – a name now synonymous with old-fashioned, boxy autos – produced an electric car in 1902.  

Click here to see the 13 biggest electric vehicle business failures in American history.

Chick-fil-A goes ‘woke,’ third world’s coal problems, and more

Source: plherrera / iStock Unreleased via Getty Images

(A native of England, veteran journalist Matthew Diebel has worked at NBC News, Time, USA Today and News Corp., among other organizations.)

. . . . love Chick-fil-A. My son even more. He orders their food from a store on Manhattan’s Upper East Side while I like going to an outlet to experience the friendly service and eat the simple sandwiches just out of the fryer. We even buy bottles of their slightly smoky sauce to put on other food.

Meanwhile, I have to keep in mind they are closed on Sundays, something I’ve long been intrigued by. Why would a company forgo something like a seventh of its profits, a hit which 24/7 Wall Street puts at over $1 billion a year? Because founder Truett Cathy, who established the privately held chain in suburban Atlanta, Ga., in 1946, saw the day off as a “way of honoring God” and for employees to have “one day to rest and worship if they choose.”

It all sounds very Bible Belt-ish. Certainly a very different philosophy than the City That Never Sleeps vibe of New York City…

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Countries Where the Most Young People Want to Leave

Source: Salvador-Aznar / iStock Editorial via Getty Images

Freedom of movement means a person has the right to travel from place to place within the territory of a country, as well as to leave a country and/or return to it as desired.  Free movement is a core human right guaranteed by various international treaties.

But having the right to leave doesn’t often mean people are going to do it. In fact, in some countries more than half of young residents – those between 15 and 29 years of age – want to leave but, for a variety of reasons, stay home. Why people stay varies. Some remain in their home countries because of involuntary immobility – they simply don’t have the resources to migrate. This often applies to countries going through an economic crisis, like Venezuela. (These are the most corrupt countries in the world.) 

Residents of some troubled nations, young and otherwise, often want to relocate to other countries in search of work or better economic opportunities. Others move to escape conflict, persecution, or human rights violations. 

Click here to see the countries where the most young people want to leave

To identify the countries where the most young people want to leave, 24/7 Tempo reviewed the Potential Net Migration Index from the analytics and international polling company Gallup. The index measures how much a country’s population would change if everyone who wanted to move to another country actually were able to do so. In addition to the overall percentage, the index breaks out the potential population change for 15-to 29-year-olds. Population statistics for 2011 and 2021 are from the World Bank. (These are the countries on track to shrink the most this century.)

World Bank head’s exit creates climate moment for Kerry, Biden

Source: John Moore / Getty Images

There is little doubt that World Bank head David Malpass’ plan to resign from his role a year early this summer was the result of intense pressure from the Biden Administration to get rid of him. The intrigue in his resignation, announced Wednesday, is how creative the U.S. will be in replacing him.

Maplass, a Trump holdover whose term doesn’t officially expire until 2024, had been in the Democratic firing line for months, branded a climate denier after refusing to say he believed in the science that fossil fuels were destroying the planet. None other than Al Gore called for him to step down as long ago as September.

His departure creates a unique moment for U.S. climate czar John Kerry, who has called for a fresh plan from the World Bank by April on ways to increase its investments in developing countries seeking financing to fight global warming. (Read our story: John Kerry’s climate reparations dilemma has a very predictable solution.)

With the global banking community scheduled to descend on Washington D.C. in April for their spring meetings, we can expect the Biden team to work fast to get someone named who they can introduce, as another major climate step for this administration.

The U.S. typically chooses the World Bank head, and the Europeans choose the head of the International Monetary Fund. There is no shortage of financial celebrity candidates, from Mike Bloomberg and Chase’s Jamie Dimon to Al Gore himself (even though he said he wouldn’t accept the offer).

But there is a moment developing here where the U.S. could rock the climate finance world by nominating someone from Africa, or Latin America or Asia, where much of the financing is needed, to run the World Bank. A respected international banking leader who also represents the developing countries so badly in need of financing alternatives could change our lagging trajectory on climate mitigation.

We are constantly listening to politicians tell us we need bold strokes to fight something such as global warming. The moment has come.

What Vanguard’s ‘proxy voting choice’ program could mean for climate investing

. . . . Vanguard’s new proxy voting plan for fundholders is much simpler than the one BlackRock offered last year, although both were designed to allow shareholders of funds to voice their support for change in company policies on topics such as environment, social campaigns or corporate governance (ESG) writes Mark Hulbert. But in making it easier, the new strategy may also pull back the curtain on just how many shareholders of big asset managers really care enough about climate change to stand up and vote. For all the talk about ESG and shareholder demand, we’re now going to see just how big a deal it is. . . .

Read the full column

This week’s subscriber-only insights

Tesla to open up charging stations

. . . . The news that Tesla will open up some of its EV chargers — the nation’s largest network — to competitors is a big step forward for expanded use of electric vehicles. Less range anxiety, more choice, etc. But a close read of the announcement and follow-up analysis suggests Tesla may be getting the better part of the deal, while still maintaining a good portion of its monopoly. Read more here. . . .

The search for a Republican climate standard bearer

. . . . Climate change, Ron DeSantis, and Nikki Haley. How will this one play out in the race for the GOP presidential nomination? The all-but-declared DeSantis just slammed ESG investing as “woke” and a “scam.” While Haley did not address climate in her Wednesday morning announcement, she does have a plan, though it revolves more around carbon capture than carbon reduction. Will climate change even be a factor in the Republican race? Read more here. . . .

Carbon emissions tech deals stayed hot in 2022

. . . . Most deals fell last year as struggling markets and soaring oil prices tied to Russia’s invasion of Ukraine kept a lid on venture capital financing of new startups, but the red-hot carbon emissions technology sector managed to hold its own, according to the latest report from Pitchbook.

The number of deals rose to 734 in 2022 from 704 in 2021, the report said. Total financing dollars fell, but only 2%, to $13.8 billion from $14.1 billion. Startups in the manufacturing and chemicals space stood out, as well as battery technology and recycling technology, Pitchbook said. There was even a carbon fintech in the mix.

The enthusiasm for carbon emissions technology among investors belies the fact that there are no proven winners in the space yet, while some of the biggest U.S. companies are investing billions in lithium-ion battery technology. Whether the carbon sector shakes out, like electric vehicles or even Internet 1.0 companies before it, remains to be seen. But as of now, that’s where the hot money is. . . .

New ambassador to the Arctic

. . . . The Biden Administration this week nominated a U.S. ambassador for Arctic affairs, seeking to upgrade a role that will become critical in coming years as the Arctic ice melts and sets off a military scramble for control of the region. While former President Donald Trump infamously tried to buy Greenland, the idea of who will control this evolving region isn’t funny at all. Climate change will open new shipping routes and control opportunities for everyone from China to Russia. It’s time to get this stuff to the top of the agendas in Washington D.C. . . .

New climate newsletter

. . . . Hat tip to Chuck McCutcheon, the climate policy editor for Bloomberg who left last month to join a team creating a new Axios Pro Energy Policy newsletter, which launches today. The Axios newsletter is the latest to hit the climate space, as President Joe Biden’s $370 billion climate bill last year is sparking a wave of new investment and policy tied to climate change and climate finance. Like the renewables transition itself, the climate media is quickly evolving to meet reader demand. . . .

ESG analysis of the week

. . . . Speaking of Bloomberg, Editor Emeritus Matt Winkler is out with a new piece this week breaking down just how many millions of dollars Florida and Texas residents are losing in borrowing costs because of the anti-ESG policies of their politicians. In the piece, Winkler, who is an expert on bond markets, lays out the exact costs in extra premiums the states carry because of a lack of competition from the Wall Street banks banned by politicians. A great primer for anyone trying to make sense of what Florida Gov. Ron DeSantis did to his state this week when he banned ESG practices in every state office. . . .

Editor’s picks: Europe’s road to zero emissions; plus, the big problem with small plastics

Zoox robotaxis rolling out

Autonomous robotaxis from Amazon $AMZN subsidiary Zoox are starting to roll out on public roads in Northern California, marking a milestone for the company which, according to TechCrunch, launched eight years ago with an ambitious goal to build and operate a commercial robotaxi service with its own purpose-built vehicle. The rollout is limited to ferrying Zoox employees on a shuttle service, two-mile loop between company buildings in Foster City, Calif. Zoox has been testing its robotaxi vehicles on “semi-private” roadways in California since last year, according to the report. Zoox did not disclose the size of the shuttle fleet. Zoox co-founder and CTO Jesse Levinson said the company has built dozens of robotaxis and plans to add more of the vehicles to its permit with the California Dept. of Motor Vehicles.

A big problem with small plastics

They may be very small, but there are a lot of them: the little plastic containers so often used in household and personal care products. These so-called “small format plastic products,” usually less than two inches long, are problematic because they fall out of the recycling stream due to their small size. But now the Massachusetts Institute of Technology and the nonprofit Sustainability Consortium are working with Colgate-Palmolive $CL , Procter & Gamble $PG , the Estée Lauder Cos. $EL , L’Oreal and Haleon $HLN to develop new sorting equipment that can handle a wide range of resins and shapes and keep them in the recycling stream for materials recovery facilities, reports Resource Recycling. Jennifer Park, collective action manager at The Sustainability Consortium, told MIT News that the project is an example of pre-competitive collaboration and an interesting approach to brand sustainability goals. “They’re investing in innovations that they hope will be adopted by the recycling industry to make progress on their own sustainability goals,” Park said.

Climate risk and financial systems: Analyzing connections

New research, titled Climate Risk and Financial Systems: A Nonlinear Network Connectedness Analysis, investigates the effect of climate risk on systemic financial risks by employing the network approach. The authors say the results demonstrate that climate risk not only affects a single financial market, but also induces risk co-movement, which aggravates potential systemic financial risks. From the abstract: “More specifically, we find that while the forex and commodity markets appear to be usually more sensitive to climate-related information, the bond and stock markets play a crucial role in transmitting climate risk. In addition, the vulnerability of financial asset price fluctuations to climate risk changes substantially over time. Quantile regressions reveal the positive impact of climate risk on total connectedness across the financial system. Our study provides novel insight into how the financial system responds to climate-related information and how systemic risk dynamics materialize.” Authors: Xiaodan Mao, Changsha University of Science & Technology; Central South University; Ping Wei, Central South University; and Xiaohang Ren, University of Southampton.

Words to live by . . . .

“The richness I achieve comes from nature, the source of my inspiration.” — Claude Monet.

Every State’s Vegan Obsession, Ranked

Source: eyecrave productions / iStock via Getty Images

Veganism is a diet and culinary philosophy that excludes the consumption of all animal and animal-derived products, from fish and meat to eggs and cheese and, for some vegans, even to honey. (This doesn’t mean boring meals, as is clearly demonstrated by these 35 best vegan restaurants in America.)

It is a diet that is more popular in some parts of the country than others. If you live in a state that voted for Joe Biden in the last presidential election, for instance, there’s a good chance your state is one of the most vegan-conscious in the land.

To compile a list of the most vegan-obsessed states in America, 24/7 Tempo reviewed research conducted by Total Shape, a health and fitness resource site, analyzing Google data on the number of vegan-related search terms per 100,000 residents in each state over the past 12 months.

Click here to see every state’s vegan obsession, ranked

While the 10 most vegan-obsessed states all voted Democratic in the 2020 election, the 10 least vegan-obsessed states all voted Republican. There is no correlation, however, between a state’s size and its obsession with veganism. California and New York, two of most populous states, placed first and second, respectively, in Google searches including the word “‘vegan” and are among the five most vegan-obsessed states. However, two far smaller states – Hawaii and Nevada – join those two (along with Oregon) among the top five most vegan-obsessed places. 

Total Shape quotes dietitian-nutritionist Sharon Palmer as saying that veganism is rising among younger populations because of their exposure to various media outlets and platforms that emphasize sustainability. Nonetheless, it ranks last on our list of the 18 most popular diets in America.

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