Hi John,

The annual global climate summit, known as COP, is less than two weeks away. There is a lot of focus on whether the major climate polluter countries will up their commitments to get the world on track to avoid warming beyond 1.5C. Special Presidential Envoy for Climate John Kerry even describes the Glasgow summit as “the last best hope for the world.” Whether you agree with Sec. Kerry’s assessment or not, the stakes are certainly high. This week we’re taking a look at COP26, the technologies and policies being considered there and Third Way’s involvement in the convening. 

1. NINE DAYS AND COUNTING

 Third Way will be at the summit hosting or participating in multiple events and side meetings with US, European, and UK officials and business leaders. There has been a lot of speculation on how the machinations of Congress will impact other countries’ perception of the US and Biden Administration at COP. Our take is that punditry misses a bigger point: this is the first time since 2016 that the US government is fully committed to serious action to reduce climate pollution and rally the world to get to net-zero.

We’ve heard directly from officials of several foreign governments that this absence of US leadership has been very damaging to coordinated climate action. We’re not likely to get all of the commitments that are necessary to keep to 1.5C from this summit. What we are likely to see, however, is a new and serious realism focusing on every solution that could be helpful and steps that will accelerate action, such as annual revisions to Nationally Determined Contributions. Compared to what we’ve had, this will be significant, and shouldn’t be understated  

2. DECARB AMERICA INNOVATION BREAKTHROUGHS

This week, we released the third installment of the Decarb America Research Initiative, a joint research project between Third Way, Bipartisan Policy Center, and Clean Air Task Force. Our latest report models innovation breakthroughs in emerging energy technologies and demonstrates why clean energy innovation is essential to our net-zero future. You can read Axios’ coverage here, and the full report here.

The main takeaways from Decarb’s newest research:

• Investing in clean energy innovation for emerging technologies like advanced nuclear and carbon capture significantly reduces the price of decarbonization
• Innovation breakthroughs could save us up to $250 billion per year off the cost of decarbonization by 2050 
• A breakthrough in any one of the three technologies modeled would still save us billions of dollars 

3. IAEA: WE NEED NUCLEAR TO MEET OUR PARIS COMMITMENTS

Earlier this week, the International Atomic Energy Agency released a special report highlighting nuclear power’s essential role in meeting the commitments set forth in the Paris Agreement. In addition to making the case as to why nuclear should be included in climate and energy discussions, nine countries--Canada, China, the US, France, Japan, Poland, Russia, Finland, and the UK--provided statements in the report to support its findings.

The report outlines how nuclear power is an effective investment to both reduce carbon emissions and drive economic growth across multiple sectors. Main takeaways: 

• Because it is reliable and dispatchable, nuclear power serves as a fantastic complement to renewables. It can bolster a net-zero grid while lowering the overall cost of electricity generation.
• Nuclear can substitute for fossil fuels in heavy industries like steel, cement and chemical production, and shipping and transport, which together produce about 60% of energy related global emissions. Nuclear can provide low-carbon heat, and it can also be used in hydrogen production, which can also substitute for fossil power in heavy industries.
• As the economy rebounds from COVID-19, nuclear power can provide significant economic benefits across multiple sectors of the economy, creating new specialized industries and driving job creation around the world.

We’ve seen expanded global commitments to nuclear energy ahead of COPP 26, President Emmanuel Macron pledged to invest $1.1 billion in nuclear power by 2030 in an effort to expand France’s carbon-free power production and bolster France’s hydrogen and clean energy capacity. France also led a bloc of 10 EU countries urging the EU to count nuclear as a key low-carbon energy source. 

4. WHAT WE’RE READING

• In their new memo, Third Way Executive Vice Presidents Matt Bennett and Jim Kessler warn of electoral failure in 2022 should Democrats fail to come together to pass President Biden’s Build Back Better Agenda. Kessler and Bennett stipulate that Democrats must put aside inter-party differences and deliver on bold investments for the American people if they want voters to look favorably upon Democrats at the ballot box in 2022. Read POLITICO’s coverage here.
• Matthew Yglesias tackles the online discourse surrounding nuclear energy, dismissing the “nuke bro” archetype to explain why we mustn’t bicker on the Internet over the versatility of solar and storage technologies vs. nuclear but rather take advantage of the tremendous benefits that all low- and zero-carbon technologies have to offer. 
• The National Wildlife Federation and United Steelworkers penned an op-ed explaining why incentivizing carbon capture can boost American manufacturing while cutting carbon emissions and helping us transition to a net-zero economy.