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.
More than 800,000 electric cars were solid in the United States in 2022, nearly double the number sold in 2021. This year looks to be another record breaker, with over 300,000 electric vehicles sold in the third quarter alone. Although they’re still pricey compared to gas-powered cars, the gap is shrinking: the average electric car costs $53,469–that’s about $5,000 more than a gas-powered car. But when it’s coupled with a $7,500 tax credit from the Inflation Reduction Act and the significantly reduced costs of maintenance over the vehicle lifetime, an electric vehicle can be a bargain.
The state you live in can make a difference, too. Several states provide their own incentives like tax rebates and credits for buying an electric car, and most are stackable on top of the federal tax credit. Other states are less financially friendly to electric car owners–over 30 charge an additional annual fee for them (to make up for lost gas taxes), some of which are significantly higher than their gas-powered counterparts.
So what are the best (and worst) states to buy an electric vehicle in? Check out Forbes’ full analysis here.
The Big Read
Extreme Heat-Related Cardiovascular Deaths Will Double By Midcentury At Current Emission Pace, Study Finds
A new study found if stricter laws aren’t passed to regulate greenhouse gas emissions, extreme heat-related cardiovascular deaths will double by midcentury, putting already susceptible Black and older Americans at the greatest risk.
Read more here.
Sustainability Deals Of The Week
EV Batteries: Toyota has been criticized by environmentalists for moving too slowly to electrify its lineup but the world’s biggest automaker is pouring vast resources into a battery plant under construction in North Carolina — an additional $8 billion to the factory to make packs for both EVs and plug-in hybrids. Total Investment in the facility grew to nearly $14 billion.
Hydro Power: Gamuda—a Malaysian infrastructure company cofounded by tycoon Lin Yun Ling—said Monday it has taken the lead in building a 187.5-megawatt hydroelectric plant in Sabah, Malaysia.
Green Chemicals: Houston-based Solugen, which turns corn waste into industrial chemicals in a biologically-driven process, announced that it’s partnering with agricultural giant ADM to build a new biomanufacturing facility next to ADM’s “corn complex” in Minnesota.
Hazardous Waste: Environmental service provider Veolia North America announced that it’s completed its acquisition of waste management U.S. Industrial Technologies. Veolia says this will enable it to expand its market share for management and treatment of hazardous and recyclable waste.
Industrial Motors: Infinitum, which builds high-efficiency motors for industrial applications, announced that it raised a $185 million series E round led by Just Climate.
The Big Transportation Story
Redwood Materials Gears Up To Recycle First Big Wave Of Used EV Batteries
In 2024, a quarter million aging electric vehicles will be ready for dismantling and recycling. That could be more than a 30% jump from 2023 — and Redwood Materials, which aims to be the country’s leading EV battery recycler, is ramping up its operations to prepare for the coming onslaught.
Read more here.
Other Sustainability News
A new forecast from researchers at over a dozen universities finds that global temperatures are rising much faster than previous models suggested. The study, led by climate scientist James Hansen, finds that the Earth will hit an average temperature of 1.5° Celsius above the preindustrial era within the next few years and will hit the 2°C mark before 2050.
Air quality levels in New Delhi plummeted to “severe” levels on Friday, prompting school closures in India’s capital amid fears that the level of toxic air in the city could worsen next week during the festival of Diwali.
Despite the progress being made around the world, tougher measures are now needed to curb the plastic pollution crisis, according to a new study.
Researchers have discovered that the process of water evaporation isn’t necessarily dependent on heat–light alone can be enough to do the trick, which opens up possibilities for more energy-efficient ways to accomplish tasks involving evaporation, such as desalination.
Ship traffic through the Panama Canal has slowed down due to a severe drought, which has a side effect of significantly increasing shipping costs for liquefied petroleum gas.
Researchers at MIT have discovered a way to efficiently make formates, which can be used to power fuel cells, from atmospheric carbon dioxide.
What Else We’re Reading This Week
Deep in Trump Country, Biden Plan Creates Hundreds of Green Jobs (Bloomberg)
Everyone’s Mad at Offshore Wind Developers (Heatmap)
California Says Electric Cars Now Make Up a Fifth of Auto Sales (Bloomberg)
Video Storytelling
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Jessica Irvine is a tech enthusiast specializing in gadgets. From smart home devices to cutting-edge electronics, Jessica explores the world of consumer tech, offering readers comprehensive reviews, hands-on experiences, and expert insights into the coolest and most innovative gadgets on the market.
