This much is clear: As climate change has made wildfires more frequent and destructive, the issue of who pays for their costs has come to a head.
My story with @alexrajbhandari.bsky.social on the all-out offensive to rewrite who pays for wildfires: www.bloomberg.com/news/feature... 5/5
The breadth of the company’s campaign underscores the massive threat wildfires have become for PacifiCorp and utilities across the American west. In fact, it's one of the thorniest issues facing Buffett’s successor Greg Abel as he begins his reign as Berkshire CEO. 4/5
One utility in particular, the Berkshire Hathaway-owned PacifiCorp, has embarked on an all-out effort to curb the firm’s wildfire liabilities — both present and future. 3/5
To protect their finances, they’re seeking to offload the increased cost of doing business on electric ratepayers, wildfire victims, insurers and states – with some success. 2/5
From California to Texas, electric utilities are struggling to manage mounting fire risk in a warming climate. They are spending more than ever before on lawsuits and settlements, as well as on preventative measures, such as undergrounding lines. 1/5
Story with @michellema.bsky.social
www.bloomberg.com/news/feature...
PacifiCorp, a utility owned by Berkshire Hathaway, has been facing mounting liabilities since the 2020 Labor Day fires in Oregon. It's fighting back in an all-out battle in courts and state capitols.
One of the thorniest issues for Warren Buffett's successor Greg Abel is the increasing risk of wildfires across the Western US amid climate change.
Scoop: The Climate Prediction Center is being folded into other agencies overseen by the National Weather Service
The change follows moves by the Trump administration to dismantle climate science programs
By @weathersullivan.bsky.social & @laurenthal.bsky.social
www.bloomberg.com/news/article...
Anyone used to be able to freely order print copies of FEMA preparedness material. When FEMA secretly closed the division behind that material, the backlog of copies were destroyed.
"Talk about a waste of taxpayer dollars," said former FEMA chief Deanne Criswell
www.bloomberg.com/news/article...
Why wasn't AI more helpful in predicting this week's giant snowstorm for New York and much of the Northeast? As one scientist put it, "there’s no perfect model yet -- that's the problem." Gift link 🔗
www.bloomberg.com/news/article...
Another day, another rollback. The EPA on Friday rolled back rules limiting mercury & other toxic air pollution from power plants, the latest in a series of moves by Trump designed to boost the nation’s shrinking coal sector.
Story @bloomberg.com, gift link: www.bloomberg.com/news/article...
Today, the US EPA scrapped a key scientific determination — that greenhouse gases are harmful — that supports a swath of federal climate policies curbing emissions.
It marks President Donald Trump’s most consequential retreat yet from the fight against climate change.
More at @bloomberg.com:
When facing fire risk, US power companies use data, technology and human judgment to weigh whether to turn off transmission lines.
"Don't be afraid to break some eggs," former Biden-era Energy Secretary Jennifer Granholm said to the next Democratic administration at the BloombergNEF Summit in SF:
www.bloomberg.com/news/article...
In addition to the UNFCCC and IPCC exits, Treasury just announced it's withdrawing from the global Green Climate Fund, calling it a "radical" organization
A year after the LA wildfires, the price tag for the costliest blazes in US history is still climbing. Who pays is uncertain.
Our story on how risk and damage have spread beyond burned neighborhoods and the fight to limit losses and shift liability: www.bloomberg.com/features/202...
Not sure what presents to give your love ones this holiday season? @oliviarudgard.bsky.social and I have you covered with a green gift guide that includes climate-friendly choices. Enjoy, and happy holidays!
www.bloomberg.com/news/article...
Cajun Navy groups may raise a few million dollars in a good year, collectively. As President Trump weighs major changes to FEMA - like shutting it down - some leaders say they wouldn't be able to replace it. Or simply aren't interested.
As one put it: "We don't want to end up sucking like them."
When Greg Abel takes over the reins of Berkshire Hathaway next year, he will oversee a $1 trillion conglomerate with a whooping $382 billion war chest.
In a reversal from this morning, FEMA puts whistleblowers back on leave after reinstating them
Gift link: www.bloomberg.com/news/article...
Landmark move: New York City's comptroller @bradlander.bsky.social, with hundreds of billions under his control, recommends dropping investment giant Blackrock because they won't reckon with climate change.
www.bloomberg.com/news/article...
PG&E, National Grid and other big utilities are using AI models to pick out relatively cheap, targeted fixes that cut the risk of sparking a deadly fire -- think individual poles to replace and trees to trim back. Story w/ @joewertz.bsky.social (gift link) www.bloomberg.com/news/article...
Scoop: Tesla co-founder JB Straubel's battery recycling firm Redwood Materials laid off dozens of staff, as the company shifts its focus to energy storage and critical minerals. This comes a month after Redwood raised $350 million for an over $6 billion valuation. www.bloomberg.com/news/article...
New: California Governor Gavin Newsom seized the mantle of US climate leadership at COP30 in Brazil in the face of Trump hostility to climate action. Here's the data on how the world's fourth-largest economy is decarbonizing and slashing emissions. Free link.
www.bloomberg.com/news/article...
Two of the world’s biggest data center developers have projects in Nvidia's hometown that may sit empty for years because the local utility isn’t ready to supply electricity.
We called the developers and utility in question to find out why: www.bloomberg.com/news/article...
Battery recycling firm Redwood Materials has begun producing critical minerals at its $3.5 bn South Carolina facility, amid a chill in the US EV market. CEO JB Straubel told me most of its customers today are outside of the EV sector.
More on the company's pivot: www.bloomberg.com/news/article...
Most people don't have high expectations from COP30. But with the US govt intent on wrecking climate policies at home and abroad, things could get testy.
For a preview, tune into a conversation later today with Bloomberg's crack team on the ground at COP30. www.bloomberg.com/sessions/202...
Arbor Energy was founded as a carbon removal company that uses waste biomass to create electricity and remove CO2 from the atmosphere. Now, the company is pivoting to generating carbon-free electricity with natural gas, supported by a $55M Series A.
Our story: www.bloomberg.com/news/article...
