Billions in public sector pension funds head to fossil fuels

FINANCE: Private equity firms have invested more than $1 trillion of public sector pension funds into the energy sector since 2010, a new analysis finds, with much of it going to fossil fuel projects that will have big climate impacts and uncertain returns. (The Guardian)

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CLEAN ENERGY:

• A report lists the country’s 10 clean energy projects most at risk of being canceled, with Idaho’s Lava Ridge wind project topping the list. (Heatmap)
• Michigan’s manufacturing history and highly trained workforce make it well positioned to benefit from a new shift to domestic production of electric vehicles and clean energy technologies. (Canary Media)

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POLITICS:

• At last night’s debate, Republican vice presidential candidate JD Vance didn’t clearly say whether he believes in human-caused climate change, while Democrat Tim Walz said “climate change is real” and an “all-above energy policy” would help tackle it. (Grist)
• Despite ongoing critiques from Sen. JD Vance, the Inflation Reduction Act has benefited Ohio residents, including in his hometown of Middletown, with new clean energy investments. (New York Times)

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WIND:

• In a major milestone, the U.S. Bureau of Ocean Energy Management approves New Jersey’s first offshore wind project, though opponents have vowed to keep fighting the development. (Associated Press)
• The U.S. is installing more distributed wind projects each year thanks to increased federal incentives, a national lab study finds. (Utility Dive)

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GRID:

• A Bank of America analysis projects the U.S. could need as much as 300 GW of new capacity by 2035 to meet rising power demand, mostly in a few key grid regions. (Utility Dive)
• Nearly 50,000 utility workers from around the U.S. push through flooded and mud-and-tree-blocked roads to restore power to communities across southern Appalachia. (E&E News, New York Times)

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SOLAR:

• Advocates file a lawsuit seeking to block the federal Bureau of Land Management’s Western solar plan, saying utility-scale development under it could harm national scenic and historic trails. (E&E News, subscription)
• U.S. Sen. Ben Ray Lujan introduces legislation that would extend federal grants and loans to community solar programs. (NM Political Report)

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ELECTRIFICATION:

• Massachusetts regulators order National Grid to create a seasonal discounted rate for households with heat pumps, months after approving a similar plan by another utility. (Energy News Network)
• Two of the world’s largest building materials companies invest $75 million in a Massachusetts company that makes cement using an electric current instead of emissions-intensive fossil-fueled kilns. (Canary Media)

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