Water and freezing damage have emerged as one of small businesses' biggest risks, with water damage tying with burglary and theft as the most common sources of small-business insurance claims, according to report from The Hartford. An analysis of over 1 million insurance policies found that water and freezing damage accounted for 20% of small-business claims this year, compared with 15% in 2015, the report says. Meanwhile, fire damage remained the costliest claim type, The Hartford says.

The UN Environment Program's seventh Global Environment Outlook report warns that environmental crises -- climate change, biodiversity loss, pollution and land degradation -- are accelerating and deeply interconnected. The assessment, authored by 287 scientists, presents stark evidence of the economic and social toll these crises are taking, including trillions of dollars in annual losses and millions of early deaths, and calls for coordinated action across governments, businesses and communities.

The Battery Park City Authority is advancing a $1.7 billion resilience project in New York City that will feature a state-of-the-art coastal protection system. The project features integrated flood risk management, reconstructed bulkheads, improved stormwater systems and enhanced public spaces along the waterfront. Designed to withstand 2.5 feet of projected sea level rise and extreme weather, the completed infrastructure aims to remove Battery Park City from FEMA's flood zone.

Texas oilfields are emerging as early test beds for geothermal systems that use drilling and fracking techniques to store energy underground and generate electricity on demand. With crews, rigs and expertise already in place, geothermal developers such as Sage Geosystems and Fervo Energy are finding willing partners among oil and gas workers, executives and state lawmakers. Industry advocates are framing geothermal energy as "inexhaustible" rather than "renewable" to win support from Republican officials and sidestep polarized climate debates.

Utility-scale battery costs declined by 40% in 2024 and will likely continue to fall -- which is great news for solar, reports Ember. That's because the trend is making it more affordable to store solar power for use later and giving the energy source a leg up on fossil fuels. "Solar is no longer just cheap daytime electricity, now it's anytime dispatchable electricity," says Ember's Kostantsa Rangelova.

ExxonMobil's low-carbon strategy has taken another hit, with the oil and gas major confirming plans to cut spending for related projects by one-third. The move is expected to generate $5 billion in earnings and cash flow by 2039 and aligns with its plan to scale oil and gas exploration and production.

The Mutirao Decision, adopted at the recent COP30 summit in Brazil, marks a step forward in recognizing local governments within the COP framework but falls short of fully institutionalizing the participation of subnational actors, maintaining their status as observers rather than formal negotiators, writes local government sustainability advocate Yunus Arikan. "Many cities, states and regions are already delivering climate action by transitioning away from fossil fuels, adapting to the impacts of climate change and supporting vulnerable communities every day. Their actions are living proof of implementation," Arikan says.