Today: International Energy Agency scenario shifts away from previous peak-oil expectations because of slower green-tech adoption; California governor berates absent Trump at COP30; Rick Perry’s nuclear ambitions.

Welcome back: Oil and gas demand could continue to grow until the middle of the century, according to a new International Energy Agency scenario that shifts away from previous expectations of so-called peak oil demand because of slower adoption of green technologies.

The Wall Street Journal's Giulia Petroni reports that the Paris-based agency, which represents oil-consuming nations, said that under this scenario, demand for oil and natural gas would continue to grow to 2050, while coal goes into a decline before the end of this decade.

The IEA had previously scrapped this model and focused on one in which renewables and the speedy adoption of electric cars would lead the world to wean itself from oil and gas in the years ahead. But a change in policies in the U.S. toward heavier reliance on fossil fuels and the potential for a slower-than-expected take up for EVs could now alter the calculus.

Meanwhile, the share of EVs in total car sales is expected to plateau after 2035 due to insufficient policy support in some regions, with the exception of China and Europe. This slowdown is set to further drive oil demand growth into the 2030s and beyond.

The agency includes multiple scenarios in its annual report, which often serve as an influential baseline for governments and companies when mapping out energy policy and investment.

• OPEC maintained its oil-demand forecasts, expecting global demand to grow by 1.3 million barrels a day this year. (WSJ)

California Gov. Gavin Newsom described the Trump administration’s attacks on the climate industry as an “own goal” during a tour of the United Nations COP30 talks in Brazil.

Newsom is so far the most senior U.S. politician to have visited the global climate summit. He is expected to stand in the Democratic presidential race in 2028.

“This is one of the most significant own goals in economic history,” he said. “We will look back at this moment from an economic competitiveness moment and ask how in the hell we handed the keys to this next great global industry, low carbon green growth, to China. It’s jaw dropping, so I’m raising the alarm bells about that from a competitiveness perspective.”

The California governor arrived in the Amazonian city of Belém in an effort to show that some Americans are still in the fight against climate change. He said that he admired China for the strides it was taking in developing climate technology, but doesn’t want to hand Beijing the lead in that race without pushing back.

• The Trump administration is expected to unveil a proposal allowing oil drilling off California, Alaska, and the Eastern Gulf of Mexico. (WSJ)

Former Energy Secretary Rick Perry’s $17 billion startup aims to build four large nuclear reactors in the Texas Panhandle to fuel AI data centers—eventually. For now, it is sticking with good old natural gas, the WSJ's Jennifer Hiller reports.

Fermi, which was co-founded by Perry, is betting on an era of soaring electricity demand. The company went public at the beginning of October and has positioned itself at the crossroads of two crazes: the build-out of more data centers to power artificial intelligence and a potential U.S. nuclear-power resurgence.

Fermi, which hasn’t yet generated any revenue, intends to build what would become one of the world’s largest data-center campuses by 2038 at its site in Amarillo, Texas. It will be powered by 11 gigawatts of electricity, roughly the capacity of states like Alabama, Nebraska and New Mexico.

Fermi aims to complete the first of four large nuclear reactors by the end of 2032, an ambitious timeline given nuclear power’s recent history of construction and cost overruns. In the near term, Fermi bets it can quickly add infrastructure for natural gas, the workhorse of the U.S. power grid that supplies about 40% of the nation’s electricity.

A dormant nuclear plant in Iowa is set to help Google reap reliable, low-carbon energy to feed power-intensive artificial intelligence. (WSJ)

Tell me what you think: Send me your feedback and suggestions at perry.cleveland-peck@wsj.com or reply to any newsletter. If you were forwarded this newsletter, you can sign up here.

• Chevron said it is aiming to bring online a power plant that would service an AI data center in the West Texas shale patch. (WSJ)
   
• Meta to invest $600 billion in the U.S. by 2028 to expand data center network powered by renewable electricity. (ESG News)
   
• Data centers in Nvidia's hometown may sit empty for years due to the local utility's inability to supply electricity. (Bloomberg)
   
• Swedish battery-electric and autonomous-trucking company Einride said it plans to go public next year through SPAC deal. (WSJ)
   
• Economic case for climate investing remains strong, says Barclays sustainability chief. (Dow Jones Risk Journal)
   
• Corporate tech and HR departments are collaborating to manage AI’s impact on the workforce. (WSJ)
   
• China to push renewable energy use beyond the power sector over the next five years. (Reuters)
   
• Companies need a new way to measure impact. “Spheres of Influence” offers one possibility.  (Trellis)

WSJ Pro Sustainable Business gives you an inside look at how companies are tackling sustainability. Send comments to bureau chief Perry Cleveland-Peck at perry.cleveland-peck@wsj.com and reporters Clara Hudson at clara.hudson@wsj.com and Yusuf Khan at yusuf.khan@wsj.com. Follow us on LinkedIn at perrycp, clara-hudson and yusuf_khan.