1/ The world needs to invest $2.7 trillion a year to achieve net zero emissions by 2050 and keep temperatures from rising above 1.5 degrees Celsius this century, according to a new report by Wood Mackenzie. While governments’ existing net zero pledges cover 88% of annual global emissions, no major country is currently on track to even meet their emissions targets by 2030 – let alone 2050 – likely putting the world on track to warm by 2.5C by 2050. Staying below 1.5C, however, is still possible but requires wind and solar to become the world’s main source of power twice as fast while decreasing dependency on fossil fuels from the current 80% to 50%. Demand for fossil fuels are expected to peak around 2030 and fall roughly 25% by 2050 from 2019 levels. (Axios / Reuters / Recharge News / Wood Mackenzie / NBC News)

2/ A federal judge ruled – again – that the Deferred Action for Childhood Arrivals program is illegal. Last year, the Biden administration attempted to preserve the program, which protects nearly 600,000 undocumented immigrants who were brought to the U.S. as children from deportations, by codifying the policy into a federal regulation. The judge, however, didn’t order an immediate end to the program and current beneficiaries will be able to keep and renew their protection, but no new applications will be allowed. The Biden administration is expected to appeal the decision to the U.S. Court of Appeals for the Fifth Circuit and the case is likely to end up in the Supreme Court. (Associated Press / ABC News / Washington Post / New York Times / CNN / Bloomberg)

3/ Kevin McCarthy dared his Republican colleagues to make good on their threats to remove him as speaker, saying “If you want to file the motion, file the fucking motion.” The House has passed one of 12 required appropriations bills ahead of a Sept. 30 government funding deadline. Meanwhile, the House Freedom Caucus has opposed a continuing resolution to keep the government temporarily funded unless it includes their policy demands. Members...