Texas lands in top 10 states expected to be most financially affected by weather events

new report

Texas is expensive when it comes to weather events, a new report finds. Photo via Getty Images

Texas — home to everything from tornadoes to hurricanes — cracks the top 10 of a new report ranking states based on impact from weather-related events.

SmartAsset's new report factored in a myriad of data from the Federal Emergency Management Agency to identify which states face the most financial risk due to various weather events. In the report, the states were ranked by the total expected annual financial losses per person. Texas ranked at No. 10.

"With a variety of environmental events affecting the wide stretch of the United States, each state is subject to its own risks," reads the report. "Particularly, tornadoes, wildfires, hurricanes, flooding, landslides, lightning and drought, among other events, can cause damage to buildings, agriculture and individuals alike. When considering insurance, residents and business owners in each state should account for historic and projected losses due to environmental events in their financial plans."

In Texas, the total expected annual loss per person is estimated as $283.15. The report broke down each weather event as follows:

Coastal flooding: $1.49
Drought: $3.48
Earthquake: $1.71
Heat wave: $8.16
Hurricane: $89.22
Riverine flooding: $66.05
Strong wind: $5.37
Tornado: $71.04
Wildfire: $8.26
Winter weather: $1.96

Louisiana ranked as No. 1 on the list with $555.55 per person. The state with the lowest expected loss per person from weather events was Ohio with only $63.89 estimated per person.

Buckle up for the 2024 Houston Auto Show this week, which will prominently feature EV tech. Photo via Houston Auto Show/Facebook

Electric vehicles to take center stage at annual Houston event

vroom, vroom

Houston Auto Show, which is a long running event for auto enthusiasts, will feature its largest electronic vehicle representation to date this year.

The event will feature an EV Pavillion and Evolve Houston’s electronic showroom at the January 24 to 28 event at NRG Center. Attendees will have the opportunity to learn about what it means to go the EV route from environmental impact, performance, cost effectiveness, and other factors.

This year, vehicles like Nissan's Ariya Platinum+ AWD, Chevrolet’s Bolt EV, Ford’s F-150 Lightning and others will be on display at the EV Pavillion. CenterPoint Energy, Reliant, and the University of Houston were part of Evolve's 2023 showroom.

A recent study from SmartAsset ranked states with the most electric vehicle chargers by looking at the closest equivalent to a trip to the gas station, in terms of “refueling” – per capita. Texas is behind other similarly-sized states.

“Houston maintains some of the lowest population density and longest commute distances of major U.S. cities, and we have an immense amount of business and goods that flow through Houston,” Casey Brown, executive director and president of EVOLVE, previously told EnergyCapital. “We see a landscape that can uniquely achieve larger financial and environmental benefits of EV technologies. One way that we share these benefits is being the Presenting Sponsor of the Houston Auto Show.”

Houston Automobile Dealers Association Executive Vice President and event organizer RoShelle Salinas has noted there has been an uptick in EV demand for these events since the first one debuted at the 2020 show.

Evolve Houston, which was founded in 2018 through Houston’s Climate Action Plan, is one of the organizations leading the way in the EV space, as the company still aims for its goal to have half of the vehicles in the city be electric by 2030. Evolve assists and funds those looking to make the transition to electric with the Grant Tracker, which aims to make it easier to find funding opportunities, and assist with current grants available to organizations and individuals that are committed to a goal of zero emissions. The tracker serves as a tool to assist with purchasing an EV and charging equipment.

The Biden administration recently announced it is awarding $623 million in grants to help build an electric vehicle charging network across the nation. Grants will fund 47 EV charging stations and related projects in 22 states and Puerto Rico, including 7,500 EV charging ports according to officials. Texas is expected to see a chunk of that funding. Last year, the city of Houston approved $281,000 funding for the expansion of free electric vehicle rideshare services in communities that are considered underserved by utilizing services like RYDE and Evolve Houston.

“Evolve Houston has been a sponsor for 2 years and their display has been a great addition to the show because it is not only educational, but there is also a chance for people to test drive vehicles,” Salinas says.

Here are three things to know in Houston energy transition news. Photo via Getty Images

Texas EV climate disappoints, a new renewable exec, and more Houston energy transition things to know

take note

Editor's note: Start your week off strong with three quick things to catch up on in Houston's energy transition: a roundup of events not to miss, a Houston energy executive to know, and more.

Needs improvement: Texas finishes low on list of EV charging stations despite increased efforts in Houston

A SmartAsset study looked at the closest EV charging stations equivalent to a trip to the gas station — factoring in each state's population. California, with its 14,500 charging stations, has five times the EV charging stations as New York (3,327), Florida (2,913) and Texas (2,472). While California ranked No. 1 on the list, Texas found itself at No. 41.

The report used EV charger and station data for each state from the U.S. Department of Energy for 2022 and 2021. Population data is for 2022 and comes from the U.S. Census Bureau 1-Year American Community Survey. Cities were also ranked by the number of fast chargers per capita. In 2022, Texas had 1,386 fast DC chargers, 2,472 EV charging stations, and a fast charger growth year over year 53.5 percent. Read more.

Incoming: Houston recycling company names new CEO

David Hudson has been named CEO of Elemental Recycling. The company, founded in 2019, is an investment of Freestone, a portfolio company of Tailwater Capital. He succeeds Tom Samuels, former CEO and board chair of the company.

"With over two decades of proven expertise in driving strategic growth and profitability across the recycling, waste management, sustainability, and decarbonization sectors, David brings a wealth of experience that makes him the ideal leader to take the reins and guide Elemental into its next phase of innovation and growth," Samuels says in a news release. "I am excited about the possibilities that lie ahead for the company under David's leadership. His proven track record and passion for driving positive change make him the perfect steward for the next chapter of Elemental's journey." Read more.

Events not to miss

Put these Houston-area energy-related events on your calendar.

The Houston Oil and Gas Executive Leadership Summit is an meeting of executives, policymakers, academics, and other professionals with a particular interest related to energy. The event is January 25 at the DoubleTree by Hilton Hotel Houston. Register.
Future of Energy Summit is Tuesday, February 6, at AC Hotel by Marriott Houston Downtown. Register.
The De Lange Conference, taking place February 9 and 10 at Rice University's Baker Institute for Public Policy, is centered around the theme “Brave New Worlds: Who Decides? Research, Risk and Responsibility” this year. Register.

California, with its 14,500 charging stations, has more EV charging stations than New York, Florida, and Texas combined. Photo via Getty Images

Texas finishes low on list of EV charging stations despite increased efforts in Houston

by the numbers

In a new report that ranked states with the most electric vehicle chargers, Texas falls behind other similarly-sized states

The SmartAsset study looked at the closest EV charging stations equivalent to a trip to the gas station — factoring in each state's population. California, with its 14,500 charging stations, has five times the EV charging stations as New York (3,327), Florida (2,913) and Texas (2,472). While California ranked No. 1 on the list, Texas found itself at No. 41.

Interest in electric vehicles ranked low in Texas according to a 2023 study by University of Houston and Texas Southern University. The Texas Trends survey revealed just 5.1 percent of Texans currently drive an electric-powered car, truck, or SUV, while 60 percent said they were not too likely or not at all likely to consider leasing or purchasing an electric vehicle in the future.

Even though in Texas, the interest in EVs may seem low, but Houston is trying to incorporate more innovation in this area. The city of Houston approved $281,000 funding for the expansion of free electric vehicle rideshare services in communities that are considered underserved by utilizing services like RYDE and Evolve Houston in December. The funding will be dispersed to RYDE in through the nonprofit Evolve Houston. Luxury rideshare company Alto, which currently operates in Inner Loop and Greater Houston, expanded its current service areas to The Woodlands and Spring, which will include an expanded fleet of EVs.

Another study showed that Texas is among the top of the pack for states with the most electric vehicle registrations, but Houston fell behind other large metros in the state for EV friendliness. The report from StorageCafe showed that Texas had the third-most EV registrations in the county in 2021 at 112,000 vehicles. California outpaced the rest of the country with 878,000 registrations for the No.1 ranking. The report found that Houston drivers registered 27,251 EVs in 2021.

In Texas only 38 percent of the state’s electricity capacity comes from clean electricity. Photo via Getty Images

Report: Texas has promising capacity for clean electricity, but still falls behind nationally

middle of the pack

In a new report that looked at states with the cleanest electricity across the country, Texas seems to have some room for improvement.

According to the report from SmartAsset, Texas has the most clean energy capacity at 56,405 megawatts, but continues to trail states with similar geographic characteristics in overall clean energy prevalence.

Texas has the largest wind capacity to help generate clean energy with over three times more than Iowa, which is the second-biggest wind power producer. Clean electricity made up 57 percent of Iowa’s total energy capacity (22,546.4 megawatts).

However, in Texas only 38 percent of the state’s electricity capacity comes from clean electricity. Texas also has the second-largest solar capacity, which means Texas has the most means, space, and potential to accommodate cleaner electricity.

Texas as a whole, ranked No. 22 on the list for states with the most clean energy. Washington was No.1 and California, comparable in geographic size to Texas, came in at No. 11. California had 44.3 percent of its energy capacity being from clean energy.

SmartAsset compiled its study by comparing the amount of geothermal, solar, wind and nuclear operations as a percentage of a state’s full electricity production capacity. States were ranked based on the percentage of clean energy sources used to generate the total net summer electricity production capacity. According to the report, the 2022 data comes from the U.S. Energy Information Administration.

Last year, home service management platform Thumbtack ranked cities based upon solar panel installations. Texas fared better here, and the Lone Star State split up four Californian cities in the top five of that report.

Houston ranks in the top five cities for green jobs, which pay on average 21 percent more than other jobs. Photo via Getty Images

Report: Houston recognized in the top 5 cities for green jobs

clean tech biz

Green jobs are generating more green — aka money — for workers in the Houston area.

Personal finance website SmartAsset recently ranked the Houston metro area as the fifth best place in the U.S. for green jobs, which pay an average of 21 percent more than other jobs. The SmartAsset study found that 2.23 percent of workers in the Houston area hold down jobs classified as “green.”

“Houston is known as being an energy hub, especially for oil. So this metro area ranking fifth may surprise some people. However, the green industry is pretty big around Houston, too,” says SmartAsset.

Topping the SmartAsset list is Dallas, followed by Denver; Newark, New Jersey; Oakland, California; and Houston.

The release of the SmartAsset study preceded a new report from the U.S. Department of Energy showing Texas added slightly more than 5,100 jobs in clean energy from 2021 to 2022. That’s a gain of 3.5 percent. Last year, Texas boasted a little over 396,000 jobs in the clean energy sector, the report says.

In the energy sector as a whole, Texas added the most jobs (nearly 51,000) of any state from 2021 to 2022, followed by California (almost 21,200), and Pennsylvania (nearly 15,200), according to the DOE report.

To determine the best places for green jobs, SmartAsset crunched data for the 50 largest U.S. metro areas that included the percentage of workers holding down green jobs, the average earnings for green jobs, and the average green worker’s earnings compared with the average worker’s earnings.

The U.S. Bureau of Labor Statistics supplies two definitions for green jobs:

Jobs in businesses that provide goods or provide services benefiting the environment or conserving natural resources.
Jobs in which workers’ duties involve making their employers’ processes more environmentally friendly.

The bureau lists these as the 10 highest-paying green jobs (followed by the median annual pay in 2021):

Biochemist or biophysicist, $102,270
Materials scientist, $100,090
Environmental engineer, $96,820
Atmospheric scientist, $94,570
Hydrologist, $84,030
Geoscientist, $83,680
Chemist, $79,430
Microbiologist, $79,260
Environmental scientist, $76,530
Conversation scientist, $63,750

Even though many green jobs in the U.S. are in renewable energy, that sector remains smaller than the traditional oil and gas industry, according to a recent report from career website LinkedIn. However, the growth of U.S. job postings in renewable energy (69 percent) surpassed the growth of job postings in the oil and gas industry (57) during the first three months of 2023 compared with the same period in 2022.

Globally, the growing demand for green-job skills is “outpacing the increase in supply, raising the prospect of an imminent green skills shortage,” the LinkedIn report says.

Among the sectors seeking workers with those skills are solar and wind power. Texas tallied almost 11,800 solar energy jobs and nearly 25,500 wind energy jobs in 2021, according to a DOE report.

Some observers believe Texas is positioned to become the world’s clean energy capital — and home to thousands more green jobs — with Houston poised to lead the way.

“Industry leaders believe the [Houston] region’s relatively high concentration of engineering talent, a solid base of support services for complex, large-scale offshore and onshore drilling projects, and legacy oil and gas infrastructure can be leveraged to assist in the energy transition and decarbonization,” the Federal Reserve Bank of Dallas says in a 2022 report.

Ad Placement 300x100

Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Chevron, TotalEnergies back energy storage startup's $15.8M series A

money moves

A California startup that's revolutionizing polymer cathode battery technology has announced its series A round of funding with support from Houston-based energy transition leaders.

LiNova Energy Inc. closed a $15.8 million series A round led by Catalus Capital. Saft, a subsidiary of TotalEnergies, which has its US HQ in Houston, and Houston-based Chevron Technology Ventures, also participated in the round with a coalition of other investors.

LiNova will use the funds with its polymer cathode battery to advance the energy storage landscape, according to the company. The company uses a high-energy polymer battery technology that is designed to allow material replacement of the traditional cathode that is made up of cobalt, nickel, and other materials.

The joint development agreement with Saft will have them collaborate to develop the battery technology for commercialization in Saft's key markets.

“We are proud to collaborate with LiNova in scaling up its technology, leveraging the extensive experience of Saft's research teams, our newest prototype lines, and our industrial expertise in battery cell production," Cedric Duclos, CEO of Saft, says in a news release.

CTV recently announced its $500 million Future Energy Fund III, which aims to lead on emerging mobility, energy decentralization, industrial decarbonization, and the growing circular economy. Chevron has promised to spend $10 billion on lower carbon energy investments and projects by 2028.

Houston innovation leaders secure SBA funding to start equitability-focused energy lab

trying for DEI

A group of Houston's innovation and energy leaders teamed up to establish an initiative supporting equitability in the energy transition.

Impact Hub Houston, a nonprofit incubator and ecosystem builder, partnered with Energy Tech Nexus to establish the Equitable Energy Transition Alliance and Lab to accelerate startup pilots for underserved communities. The initiative announced that it's won the 2024 U.S. Small Business Administration Growth Accelerator Fund Competition, or GAFC, Stage One award.

"We are incredibly honored to be recognized by the SBA alongside our esteemed partners at Energy Tech Nexus," Grace Rodriguez, co-founder and executive director of Impact Hub Houston, says in a news release. "This award validates our shared commitment to building a robust innovation ecosystem in Houston, especially for solutions that advance the Sustainable Development Goals at the critical intersections of industry, innovation, sustainability, and reducing inequality."

The GAFC award, which honors and supports small business research and development, provides $50,000 prize to its winners. The Houston collaboration aligns with the program's theme area of Sustainability and Biotechnology.

“This award offers us a great opportunity to amplify the innovations of Houston’s clean energy and decarbonization pioneers,” adds Juliana Garaizar, founding partner of the Energy Tech Nexus. “By combining Impact Hub Houston’s entrepreneurial resources with Energy Tech Nexus’ deep industry expertise, we can create a truly transformative force for positive change.”

Per the release, Impact Hub Houston and Energy Tech Nexus will use the funding to recruit new partners, strengthen existing alliances, and host impactful events and programs to help sustainable startups access pilots, contracts, and capital to grow.

"SBA’s Growth Accelerator Fund Competition Stage One winners join the SBA’s incredible network of entrepreneurial support organizations contributing to America’s innovative startup ecosystem, ensuring the next generation of science and technology-based innovations scale into thriving businesses," says U.S. SBA Administrator Isabel Casillas Guzman.

———

This article originally ran on InnovationMap.

Texas-based Tesla gets China's initial approval of self-driving software

global greenlight

Shares of Tesla stock rallied Monday after the electric vehicle maker's CEO, Elon Musk, paid a surprise visit to Beijing over the weekend and reportedly won tentative approval for its driving software.

Musk met with a senior government official in the Chinese capital Sunday, just as the nation’s carmakers are showing off their latest electric vehicle models at the Beijing auto show.

According to The Wall Street Journal, which cited anonymous sources familiar with the matter, Chinese officials told Tesla that Beijing has tentatively approved the automaker's plan to launch its “Full Self-Driving,” or FSD, software feature in the country.

Although it's called FSD, the software still requires human supervision. On Friday the U.S. government’s auto safety agency said it is investigating whether last year’s recall of Tesla’s Autopilot driving system did enough to make sure drivers pay attention to the road. Tesla has reported 20 more crashes involving Autopilot since the recall, according to the National Highway Traffic Safety Administration.

In afternoon trading, shares in Tesla Inc., which is based in Austin, Texas, surged to end Monday up more than 15% — its biggest one-day jump since February 2020. For the year to date, shares are still down 22%.

Tesla has been contending with its stock slide and slowing production. Last week, the company said its first-quarter net income plunged by more than half, but it touted a newer, cheaper car and a fully autonomous robotaxi as catalysts for future growth.

Wedbush analyst Dan Ives called the news about the Chinese approval a “home run” for Tesla and maintained his “Outperform” rating on the stock.

“We note Tesla has stored all data collected by its Chinese fleet in Shanghai since 2021 as required by regulators in Beijing,” Ives wrote in a note to investors. “If Musk is able to obtain approval from Beijing to transfer data collected in China abroad this would be pivotal around the acceleration of training its algorithms for its autonomous technology globally.”

View All Listings

ENERGYCAPITALHTX EMAILS ARE AWESOME