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In a virtual launch on December 16, UC Santa Barbara’s 2035 Initiative unveiled a detailed roadmap for a seemingly obvious target of climate action: cleaning up the industrial sector.

Titled The Clean Heat Climate Opportunity, the new report maps out a pathway for electrifying low- and medium-temperature industrial heat — the kind used in making everything from paper and plastics to beer and frozen pizza. And the findings are clear: This shift could slash U.S. climate pollution by as much as 26 percent in key sectors while unlocking nearly half a trillion dollars in public health benefits by 2050.

“To hit our climate goals, it’s not just cars and buildings that need to go electric — it’s also big factories,” said Leah C. Stokes, one of the report’s principal investigators and an Associate Professor at UCSB. “Most of what we eat, drink, and use every day gets made with heat from burning fossil fuels. Fortunately, we can swap out dirty technologies with clean alternatives like electric heat pumps that can cut pollution, improve air quality, and modernize U.S. manufacturing.”

As stated early on in the presentation, industrial operations account for roughly a quarter of America’s greenhouse gas emissions, and the U.S. is second only to China as the world’s largest emitter. 

Enter the 2035 Initiative, UCSB’s own “think-and-do tank,” which blends engineering models, public policy research, and on-the-ground engagement to accelerate climate solutions. This particular project was co-led as principal investigators by Stokes and Professor Eric Masanet, who holds the Mellichamp Chair in Sustainability Science for Emerging Technologies.

“The industrial sector is complex, which often makes smart policy hard to design,” Masanet said. “Our engineering models cut through that complexity to pinpoint opportunities that are both realistic and actionable in real-world plants.”

According to the report, electrifying heat processes in three energy-intensive sectors — chemicals, pulp and paper, and food and beverage — could cut cumulative emissions by 930 to 1,320 million metric tons of CO₂-equivalent through 2050. That’s up to 26 percent of the climate pollution from major facilities in these sectors.

And there is financial incentive. The analysis estimates $288 billion to $475 billion in avoided public health costs from reduced air pollutants like nitrogen oxides and fine particulate matter. These emissions are linked to respiratory illness, heart disease, and cancer.

“These programs are the future of our country,” said Senator Martin Heinrich (D-NM), who spoke during the launch event alongside Senator Sheldon Whitehouse (D-RI). “People want hot showers and cold beer — same approach to the industrial sector.” Heinrich expanded that to mean that we can get the same output with a cleaner, and more cost-effective, setup. 

Whitehouse didn’t mince words about the stakes. “Don’t buy the lie that clean energy is expensive,” he said. “The Trump administration lies about the cost.”

The report lands at a time when federal climate policy is being sharply reversed. Since returning to office, President Trump has cut billions from key clean energy programs, including the $7 billion “Solar for All” initiative aimed at low-income households, and canceled hundreds of Department of Energy awards that had supported battery production, hydrogen hubs, and EV manufacturing. The administration has also paused new approvals for wind energy — including offshore — while ramping up fossil fuel development on federal lands. Lawsuits challenging these moves are now playing out in courts across the country.

“States can unlock progress on industrial electrification today,” said Stokes. “Making electric heat technologies more affordable lets more facilities swap out dirty fossil fuel boilers for clean electric options.”

Energy efficiency upgrades, meanwhile, are a no-brainer according to the duo. Measures like steam system optimization and process controls can shrink electricity demand while boosting savings for businesses.

This work is part of a growing portfolio at the 2035 Initiative, which is also developing global climate opinion maps, working on grid resilience for vulnerable communities, and tracking climate concern in small island nations.

Though headquartered on UCSB’s campus, the Initiative’s work aims to reach Washington, D.C. “This roadmap is meant to show policymakers where the low-hanging fruit is,” Stokes said. “There are facilities across the country that should start looking at swapping out their fossil fuels ASAP because it might save them money.”

For more information, visit this link. 

Christmas lunch is over, all the presents are unwrapped. Now comes the hard part: paying for it all.

If you’re in that position, you’re not alone. Personal credit and charge-card balances racking up interest hit a four-year high of A$18.4 billion in September this year – even before the Black Friday and Christmas sales.

Last year, a survey for the Australian Securities and Investments Commission (ASIC) found almost half of Australian adults with debt had struggled to make repayments in the past 12 months.

That same survey for ASIC found Millennials aged in their late 20s to early 40s were the generation most likely to experience financial hardship. Yet most were unaware of their right to apply for hardship help through their lender.

Especially at this time of year, it’s easy to rack up big bills on credit cards or buy now, pay later payments. Here’s what you need to know about starting to repay those common debts, especially if you have more than one loan.

Watch the interest on your credit card

Over recent years, credit has overtaken cash to be the second most popular way to buy things in Australia, behind only debit cards, which tend to have lower checkout fees.

If you’re able to repay the full balance each month, buying on credit is not necessarily a problem.

But more than one in three (36%) of Australians have unpaid credit card bills accruing interest, according to a Roy Morgan survey of more than 22,000 credit card holders published in November. That survey found the median amount owed with interest was $1,037. People paying off mortgages tended to owe more: $1,342.

According to Reserve Bank of Australia, average interest rates on credit cards at the end of October were up to 20.99% a year. In contrast, low-rate cards charge 13.49% per year. That’s a big difference. So choosing the right card can save you a lot in interest repayments.

One of the ways people often get into trouble is by not reading and understanding the product disclosure statement, which sets out the credit terms, then finding their credit use is stretching their budget too far.

The rise of buy now, pay later

Buy now, pay later lets you buy a product immediately, while delaying the repayments – sometimes over just a few weeks, but potentially over longer periods.

Almost a third of Australians were already using it by mid-2023.

But overseas research suggests people who use buy-now, pay-later services – especially, younger shoppers and those with lower incomes – end up spending more online than those who don’t.

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Read more:
Research suggests those who use buy-now-pay-later services end up spending more

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How to start reining in your debts

Don’t beat yourself up over your holiday spending. Anxiety, shame and feelings of failure can stop people getting help. So forgive yourself – then start taking control of your money.

Contact your bank or lender’s financial hardship team to get out of high interest loans as soon as possible. Under the law, lenders have to respond to your request for help.

Switch to a zero or low-rate card, or refinance with a lower cost personal bank loan. Then look at negotiating a suitable payment plan with the loan provider based on your income and what you have available after necessary expenses.

While paying off your debt, actively visit comparison websites and compare credit card interest rates and offers. Sometimes credit card companies offer interest-free periods if you refinance your existing credit card balance with them.

The 2024 ASIC survey found many Australians are so reluctant to apply for financial hardship assistance that they would rather sell belongings (42%) or get a second job (40%) first. Don’t avoid seeking assistance – but both of those ideas may help too.

To lighten your debt burden, sell or return any unwanted gifts or unused items.

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Read more:
Can you return gifts without a receipt or packaging? A legal expert explains

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If you feel comfortable, you can also ask your employer for extra paid hours, or to sell back some of your annual leave.

If it’s not a conflict with your main job, consider taking on a second job outside work, such as weekend, night or public holiday shifts to take advantage of penalty or overtime rates.

Talk to family and friends. Whether you ask for money or not – and that can be tricky for everyone – don’t keep your debts a secret.

Where to get more help

Free, confidential financial or personal support is available from:

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Disclaimer: This article provides general information only and is not intended as financial advice.

Dec 29, 2025 – 5.00am

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What are the prospects for the nation’s equity capital markets in 2026? The Australian Financial Review spoke to investment bankers and a fund manager to gauge their views on the pipeline for floats and the structural challenges facing public markets.

Participating in the discussion were JPMorgan’s head of equity capital markets Justin Grimmond, UBS’s head of ECM origination Charlie Daish, WAM Capital portfolio manager Oscar Oberg, Morgan Stanley’s head of ECM Luke Boeg and Citi’s asset managers and ECM chief John McLean.

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