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Good morning — in the Briefing today:
The DOE cancels $3.7 billion in funding. Microsoft sticks with its emissions reduction goals. MasterCard CSO Ellen Jackowski talks with Joel Makower and Solitaire Townsend, in the latest episode of the Two Steps Forward podcast. Weather update: |
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As the hurricane season gets underway in the Atlantic, a massive cloud of dust from the Sahara is traveling west and expected to affect the skies over Florida this week. (The NASA photo above, of a dust cloud over the Cabo Verde Islands in the eastern Atlantic, is from a similar occurrence in 2024.) |
— Richard Martin |
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Decarbonization |
DOE cancels $3.7 billion in industrial decarbonization funds |
The U.S. Department of Energy plans to cut $3.7 billion in Office of Clean Energy Demonstrations awards, a move that impacts 24 procurement contracts and carbon capture projects planned by companies including Amazon, Diageo, ExxonMobil, Kohler, Kraft Heinz and Microsoft. The canceled projects were targeted by the Trump administration for financial review under an executive order. The DoE is examining close to 180 clean-energy grants and awards worth approximately $15 billion.
A blow to carbon capture
The cancellations come at a time when carbon capture projects are accelerating.
Several big carbon-capture projects are among those affected, including ExxonMobil’s plan to build a facility that would capture up to 2 million metric tons of carbon dioxide annually from Calpine’s natural gas plant near Houston. Calpine and ExxonMobil were expecting a combined $602 million.
Low-carbon cement Two low-carbon cement startups are among those that will lose funding.
Threat to carbon capture’s growth spurt. |
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Strengthen your climate risk strategy |
To protect your company’s assets and put your money to work, you need to factor the financial impacts of climate change into your strategy.
Learn how to unlock a deeper understanding of your exposure to the physical risks of climate change – so you can make informed decisions for the future. |
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Decarbonization |
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Microsoft remains “pragmatically optimistic” it will meet its commitment, made five years ago, to become carbon negative by 2030, despite reporting a 23 percent rise in its total greenhouse gas emissions since that time, said Chief Sustainability Officer Melanie Nakagawa. Company officials describe that increase as “modest” compared with its 168 percent increase in energy use and 71 percent growth in revenue over the same time period, in the foreword to Microsoft’s 2025 environmental sustainability report.
In 2020 Microsoft pledged to cut its emissions in half by 2030, compared with 2020. The company also said it would remove more carbon dioxide than it emits by the same time frame. Sustainability investments Microsoft is spending billions on sustainability initiatives including buying low-carbon steel, concrete and construction materials. It has allocated more than $793 million for new climate technologies and is the largest single buyer of carbon removal credits, accounting for more than 30 million metric tons. More to come
The company’s biggest supply chain partners must transition to 100 percent carbon-free energy by 2030. So far, 89 facilities have done so, cutting 232,000 metric tons of carbon dioxide equivalent in 2024. Microsoft’s decarbonization update. |
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Strategy |
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Financial services is high on the list of the most fascinating and challenging sectors for sustainability. Mastercard Chief Sustainability Officer Ellen Jackowski helped pioneer approaches to using payment systems to inform and enable change at a mass scale. In today's episode of the Two Steps Forward podcast, Jackowski talks about her company's role in effecting systemic shifts with Trellis Group co-founder Joel Makower and his co-host Solitaire Townsend, a sustainability consultant. Key topics
How to enable a broad ecosystem approach, involving partners, stakeholders and sectors "Frictionless" tools like carbon calculators and seamless payment systems to inform consumer choices Listen to the whole conversation: Two Steps Forward is available on Spotify, Apple Podcasts, Amazon Music and other platforms — and, of course, via Trellis. |
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Mitigate the costs of climate change |
By understanding the financial risks of climate change to your assets and operations, you can create a more resilient business strategy and make your money work harder.
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Webcast Sponsored |
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June 5, 10 A.M. ET |
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Director, Environmental Sustainability |
AstraZeneca |
Gaithersburg, MD |
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Senior Biodiversity Advisor |
EBRD |
London, UK |
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For 25 years as GreenBiz, we served sustainability leaders through events, community and media. We’re proud to continue that work under our new name, Trellis.
The same team of journalists and climate experts bring you concise takeaways, expert action steps and the latest sustainability trends straight to your inbox, now in a new, digestible format. |
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440 25th St., Oakland, CA 94612 |
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