Current conditions: Two tropical waves are moving westward across the Atlantic, with atmospheric conditions primed to develop into a storm in the Caribbean • Douala, Cameroon’s largest city and economic capital, notched its highest October temperature since records began in the 1800s, at nearly 95 degrees Fahrenheit • In Spain, average temperatures have eclipsed 86 degrees every day of this month so far.
THE TOP FIVE
1. Energy Secretary Chris Wright may be on the outs with Donald Trump
On Friday afternoon, Politico published an explosive story suggesting that Secretary of Energy Chris Wright had strained his relationship with President Donald Trump by taking too deliberative an approach and consulting industry before slashing clean energy programs. The report, based on conversations with 10 anonymous sources, teased the possibility that Wright could end up departing the agency. “It just seems so messy right now,” one of the sources said in reference to the relationship. “I don’t know how much longer he’s got.” The frustration, the story indicated, was mutual. The former chief executive of the fracking giant Liberty Energy, Wright reportedly “has been dissatisfied for some time with taking direction from the White House and the strictures of government after years of running his own company,” a dynamic that mirrors issues former Exxon Mobil Corp. CEO Rex Tillerson faced as Secretary of State in Trump’s first administration.
When I reached out to an insider with knowledge of the agency, the source told me the story was months behind and no longer reflected the current relationship between Wright and the White House. Other Republicans certainly don’t see Wright’s approach to cutting clean energy programs as too cautious. In an interview with another Politico reporter, Josh Siegel, Utah Senator John Curtis said Wright “does have concerns about too many renewables going onto the market. I don’t. With time my approach has proven right and it will again, in that the government needs to play a productive role in providing affordable, reliable, clean energy.” Meanwhile, more than a third of Americans say their electricity bills are a “major” source of stress, according to a new Associated Press poll.
2. Fed revokes policy requiring banks to plan for climate risks
The Federal Reserve and the Federal Deposit Insurance Corporation last week rescinded a policy requiring the nation’s biggest banks and lenders to factor risks from climate change into longterm planning, The New York Times reported Friday. The Federal Reserve Board staff had called the Biden-era policy “distracting” and “not necessary,” and regulators now said the existing rules that banks “consider and appropriately address all material financial risks” were enough. Critics said the rule change was a cynical ploy to boost fossil fuel production and blamed the FDIC board, whose appointees include White House budget director Russell Vought, for putting the U.S. economy at risk of higher costs as warming worsens.
3. Michigan EV battery factory lays off more than 100 workers
Auto parts manufacturer Dana Incorporated laid off more than 100 employees from its electric vehicle battery factory in Auburn Hills, Michigan, last week, as the Trump administration’s funding cuts begin to take effect in the broader economy. The pink slips came abruptly. “It’s hard. It’s hard. I’m a single mom of four. So this unexpected layoff is even harder,” one worker, Kassandra Pojok, told the local broadcaster Fox 2. “There are a lot of single parents, a lot of people who are wondering, ‘How are we going to pay our rent?’ We have one check, not even a full check left. We were told not to work our last day.”
The job cuts come in the wake of the Heatmap’s Jeva Lange called “a multi-front blitz on EVs.” The president’s landmark tax law, the One Big Beautiful Bill Act, terminated the country’s main federal tax credit for electric vehicles last month. The dramatically shortened deadline led to a surge in EV purchases in the last three months before the tax credit disappeared. “This decision is the result of the unexpected and immediate reduction in customer orders driven by lower demand for electric vehicles, which has rendered continued operations at the plant no longer viable,” Dana Incorporated said in a statement. The factory closure marked “the third time in two months that clean energy manufacturing jobs in Michigan have been put on hold or canceled,” according to the advocacy group Climate Power.
4. Council on Foreign Relations leader: Critical minerals are ‘America’s most dangerous dependence’
As regular readers of this newsletter know, China is ratcheting up export restrictions on critical minerals such as rare earths. On Friday, the president of the Council on Foreign Relations warned that minerals are “America’s most dangerous dependence.” In a blog post on the influential think tank’s website, Michael Froman warned that China could restrict global access to critical mineral products, including rare earth magnets, and bring much economic activity to a screeching halt.” As the most recent export controls show, “China is willing and able to exploit this strategic vulnerability,” he wrote. “It has already proven its willingness to use export controls as a tool of economic coercion.”
To accelerate domestic production in the U.S., the Trump administration has taken ownership stakes in mining projects, speeded up permitting, and started stockpiling minerals for the military. By gutting the electric vehicle tax credit, however, the administration eliminated one of the most significant sources of demand for mineral production, Heatmap’s Matthew Zeitlin wrote earlier this year, calling it the “paradox” of Trump’s mining policy. As I reported on Friday for Heatmap, overseas mining projects in developing countries don’t always work out; just look at what chaos the coup of Madagascar has created for Denver-based Energy Fuels’ mine in the African nation. But the U.S. can’t go it alone on metals. “While it might be important for the United States to develop some production capacity here at home, it doesn’t have to play catch up entirely on its own,” Froman wrote. “It should work with allies and partners to bring mining and production facilities online more quickly.”
5. Chinese wind turbine maker: The West needs China for cheap energy
The West can’t lower its energy costs without working with Chinese companies, according to an executive from one of China’s biggest wind turbine manufacturers. While Kai Wu, the vice president of Goldwind, said it was “fully understandable” that foreign governments want to strengthen local supply chains, China’s cost advantage in turbine manufacturing had grown “huge,” at about “40%, at least” compared to Western rivals, he said in an interview with the Financial Times. “I always ask them: are you ready to sacrifice the cost of energy? Everybody wants to have the best salary and the lowest workload, but it’s not reality.”
The provocative statements came as fellow Chinese turbine manufacturer Ming Yang announced plans for a factory in Scotland as part of a push into Europe. It’s coming as China’s own market matures. As I reported in this newsletter in July, Chinese solar installations plunged 85% when the country removed incentives for more panel deployments. With the rate of deployment decreasing, Chinese manufacturers are looking overseas for new markets, as Matthew reported last week. In spite of these trends, China’s power production from coal and gas dropped 5% in September, according to the Centre for Research on Energy and Clean Air’s Lauri Myllivirta, contributing to a 1.2% drop for the first nine months of the year.
THE KICKER
Sixty years after the Thames was declared biologically dead due to years of pollution, the Zoological Society of London has found that the river is revived. Hundreds of wildlife species have returned to London’s central waterway, including seahorses, eels, seals, and shark species with charmingly English names like tope, starry smooth hound, and spurdog sharks.
