Posts belonging to Category Climate change



Green Hydrogen Prices Are Set To Drop By 50% During The Next Decades

Three renewable power generation technologies

Hydrogen, the most abundant element in the universe, has been stealing the spotlight from EVs and renewables lately. From a sort of boutique car fuel a couple of decades ago, hydrogen has evolved into one of the clean energy priorities for the future. And this future may be quite bright for it as prices for its production from renewable sources of energy are set to halve. A study commissioned by the International Council on Clean Transportation has found that the average price for a kilo of hydrogen produced through electrolysis using solar or wind power will fall by about 50 percent between 2020 and 2050 in the United States and Europe.

The stuffy examines three scenarios based on whether the electrolyzer—the installation that breaks down water into hydrogen and oxygen—is connected to the grid, to a renewable electricity generator, or is grid-connected but serves as a storage facility. It also looks into three renewable power generation technologies, including utility-scale solar, onshore wind, and offshore wind.

https://oilprice.com/

The pandemic is giving e-bikes a boost

The number of E-bikes worldwide expected to hit 300m by 2023

Vanmoot, a dutch bicycle-maker, is known for sleek designs and clever advertising. In a television spot for its newest model, images of the evils of car culture—accidents, gridlock and pollution—are projected onto the skin of a luxury car, which melts, turning into one of the company’s elegant e-bikes.
Electrically assisted bicycles are not about to replace cars. But they are booming, especially in Europe, where sales rose by 23% in 2019, to 3m units. E-bikes are unlocking even saturated bicycle markets like the Netherlands, where the average person already owns 1.3 pushbikes. Last year Deloitte, a consultancy, estimated the number of e-bikes worldwide at 200m, and expected it to hit 300m by 2023.

https://www.economist.com/

Tesla’s secret batteries

The new “million mile” battery  makes EVs cost the same as gas cars

Electric car maker Tesla Inc (TSLA.O) plans to introduce a new low-cost, long-life battery in its Model 3 sedan in China later this year or early next that it expects will bring the cost of electric vehicles in line with gasoline models, and allow EV batteries to have second and third lives in the electric power grid.

For months, Tesla Chief Executive Elon Musk has been teasing investors, and rivals, with promises to reveal significant advances in battery technology during a “Battery Day” in late May.

New, low-cost batteries designed to last for a million miles of use and enable electric Teslas to sell profitably for the same price or less than a gasoline vehicle are just part of Musk’s agenda, people familiar with the plans told Reuters.

With a global fleet of more than 1 million electric vehicles that are capable of connecting to and sharing power with the grid, Tesla’s goal is to achieve the status of a power company, competing with such traditional energy providers as Pacific Gas & Electric (PCG_pa.A) and Tokyo Electric Power (9501.T), those sources said. The new “million mile” battery at the center of Tesla’s strategy was jointly developed with China’s Contemporary Amperex Technology Ltd (CATL) (300750.SZ) and deploys technology developed by Tesla in collaboration with a team of academic battery experts recruited by Musk, three people familiar with the effort said.

https://www.reuters.com/

Have Faith Vitality filed a patent for big ‘refuelable’ batteries

The battery startup Have faith Vitality has been working on lengthy-lasting batteries for years. It has equipped few crucial factors along the procedure. A patent software program the corporate submitted final week showed that it be increasing a “refuelable battery,” seemingly made with an iron-based materials.

Renewable vitality, for all its value, has one big flaw: intermittency. The solar sets, the wind is moody, and rivers equipped with vitality-generating turbines don’t continuously depart along with the slither. The answer is wide lengthy-lasting batteries that might perhaps perhaps vitality the grid when renewable vitality can’t. So it be no surprise that the marketplace for grid-scale vitality storage is determined to explode, increasing by an estimated $50 billion in earnings over the next 15 years.

Source: https://newshimalaya.com/

Trump told Saudi: Cut oil supply or lose U.S. military support

Threat to upend a 75-year strategic alliance

As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.

The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic – scoring a diplomatic victory for the White House.

Trump delivered the message to the crown prince 10 days before the announcement of production cuts. The kingdom’s de facto leader was so taken aback by the threat that he ordered his aides out of the room so he could continue the discussion in private, according to a U.S. source who was briefed on the discussion by senior administration officials.

https://www.reuters.com

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Oil Prices Hit $15

First Time In 21 Years

A gruesome combination of crumbling demand for crude and global storage filled to its brim has pushed oil prices to levels not seen in over two decades.

U.S. benchmark, West Texas Intermediate, has fallen to the $15 range as global economies remain on lockdown due to the COVID-19 pandemic, crushing crude demand. To add insult to injury, global oil storage is reaching its limits. The situation is so dire, in fact, that the Department of Energy is even considering paying domestic oil producers to keep crude in the ground.

Just. this Wednesday, the International Energy Agency reported a record 19 million barrel increase in domestic crude oil supplies.

Not even OPEC has been able to provide any relief for the ailing industry. While the cartel and its global partners were able to agree upon a 9.7 million barrel per day cut, the market clearly thinks it’s not enough.

https://oilprice.com

Could Oil Really Fall To $0?

Analysts are now watching global storage capacity

The outlook for U.S. shale continues to darken with WTI testing sub-$20 territory. The supply glut could grow worse as the contraction in demand continues to deepen. On Sunday, President Trump extended the social distancing guidelines through the end of April, retreating from his plan to “open up” the economy by Easter. And before the ink was even dry on the $2 trillion stimulus, Congress has already started preparing the fourth emergency coronavirus legislation.   As of now, 193 million people in the U.S. and a staggering 2.3 billion people worldwide are living under some sort of lockdown order, according to Raymond James.

In early March, a few forecasters suggested that oil demand may be slightly negative in 2020, dipping by a mere 220,000 bpd. The call was somewhat provocative at the time. By the middle of the month, some forecasters said the demand hit could be as large as 10 million barrels per day (mb/d) in the second quarter. A few days later, another set of analysts put it at 13-14 mb/d. By last week, the IEA warned demand could fall by 20 mb/d. The negative revisions could keep on coming. Oil prices dropped sharply during midday trading on Monday. “For us, this is simply reflecting the increasing awareness that oil demand is breaking away, probably by much more than the 20% we have currently in our books for April/May,” JBC Energy said.

The market has fallen apart rather quickly. Some areas are seeing catastrophically low pricing, including prices dipping into negative territory in areas far from takeaway infrastructure. “Estimates for the demand side are being revised downwards on an almost daily basis, while on the supply side there is still no sign of any reconciliation between Saudi Arabia and Russia,” Commerzbank said in a note on Monday. Analysts are now watching global storage capacity, which could fill up in weeks or months at most. The contango for Brent between May and November has widened to a record $13.45 per barrel, a reflection of the massive short-term glut.

https://www.oilprice.com/

World’s richest man pledges $10bn to fight climate change

Amazon boss Jeff Bezos wants to mitigate global warming

The world’s richest man said the money would finance work by scientists, activists and other groups. He said: “I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change.”

Writing on his Instagram account, Mr Bezos said the fund would begin distributing money this summer. Mr Bezos has an estimated net worth of more than $130bn, so the pledge represents almost 8% of his fortune.

Some Amazon employees have urged him to do more to fight climate change. There have been walkouts and some staff have spoken publicly. Also, Mr Bezos is financing the Blue Origin space programme. Compared to some multi-billionaires, Mr Bezos had done only limited philanthropy. His biggest donation before Monday’s pledge is thought to have been $2bn in September 2018 to help homeless families and fund schools.

He has also been criticised for not signing the Giving Pledge, under which the super-rich promise to give away half of their wealth during their lifetimes.

https://www.bbc.com/

The American Dream is best achieved in Nordic countries

Look at how the United States compares to Finland on economic and well-being indicators

Finnish Prime Minister Sanna Marin is a big believer in the “American Dream,” and she thinks it’s a lot easier to achieve now in her country than in the United States.

“I feel that the American Dream can be achieved best in the Nordic countries, where every child, no matter their background or the background of their families, can become anything,” Marin told The Washington Post in an interview on the sidelines of the World Economic Forum in Switzerland last month.

“We feel that the Nordic model is a success story,” said Marin, who became prime minister in December at age 34, making her briefly the youngest world leader (she lost that title in January when 33-year-old Sebastian Kurz returned to power as Austrian chancellor).

https://washingtonpost.com/

The economic costs of air pollution

Evidence from Europe

Air pollution is a major threat to human health, with only 1 in 10 people globally living in areas where air pollution is below recommended levels. This study shows that exposure to bad air quality in turn substantially reduces economic output per worker, because it induces absenteeism at work and reduces individuals’ cognitive and physical capabilities.

Therefore, improving air quality can yield large economic benefits. Between 2000 and 2015, fine particulate concentration across the European Union declined by 20%, and the study estimates that this boosted EU GDP by 2.4%. Air quality improvements explain 15% of GDP growth in Europe over this period.

https://www.oecd.org/

Memphis Meats Raises $161 Million In Funding

Memphis Meat Wants to Bring Cell-Based Products To Consumers

Memphis Meats, one of the leading cell-based meat, poultry and seafood companies, has just announced the close of a $161 million funding round. This breakthrough round marks the largest funding moment in the history of the cell-based meat industry, and will likely enable Memphis Meats to reach the historic milestone of bringing its products to consumers. In total, the company has raised more than $180 million. There’s no question about it: The sustainable food industry is on fire right now.

The Series B round is led by SoftBank Group, Norwest and Temasek. Also joining the round are new and existing investors including Bill Gates, Richard Branson, Threshold Ventures, Cargill, Tyson Foods, Kimbal Musk, Fifty Years and CPT Capital. This round extends the Memphis Meats coalition to Asia, which is a strategically valuable market for cell-based meat and faces significant challenges in meeting growing demand for meat.

The future of Hydrogen

Hydrogen is the most abundant element in the universe

As the world pays more and more attention to reducing emissions and mitigating climate change, analysts believe that the most abundant element in the universe—hydrogen—has the potential to become a mainstream energy technology and a key clean fuel source in the future that could help reduce greenhouse gas emissions. In some industries, including oil refining, ammonia production, and methanol production, hydrogen is already widely used.

https://oilprice.com/

Saudi Aramco becomes most valuable listed company in history

Investor demand pushes oil giant’s market value to $1.9tn

Saudi Aramco has secured its position as the most valuable listed company in history after investor appetite for the world’s biggest fossil fuel producer pushed its market value to $1.9tn (£1.4tn) on its first day of trade.

Shares in the Saudi state-backed oil company defied Aramco’s critics by climbing nearly $200bn above the $1.7tn valuation set before its market debut on Riyadh’s stock exchange.

The world’s biggest contributor to the climate crisis had been valued at more than Apple and Facebook – previously the world’s most valuable and fifth-most valuable companies respectively – combined. It is also twice the size of Amazon and Alphabet, Google’s parent company, and bigger than the next five listed oil companies put together.

The record market listing is expected to keep rising on its second day of trade on the Tadawul stock exchange on Thursday after Aramco’s share price surge was capped at 10% under rules designed to safeguard market stability.

https://theguardian.com/

Saudi Arabia Threatens To Flood Oil Markets If OPEC Members Don’t Cut Output

Individual member states ignore self-imposed production limits

Three days after oil tumbled following a Bloomberg report that Saudi Arabia was angry at its (N)OPEC co-members for not complying with production quotas, and was no longer willing to compensate for excessive production by other members of the cartel, the WSJ reports that Riyadh, furious that the price of oil refuses to rise, is threatening to boost oil production and unilaterally flood the market if “some” OPEC nations continue to defy the group’s output curbs, cartel officials say. The surprising ultimatum which reeks of what Saudi Arabia did in November 2014 when it effectively dissolved the cartel, and flooded the world with oil in hopes of putting shale producers out of business only to fail miserably as it never accounted for cheap money and the stupidity of US junk bond investors, comes one day ahead of a gathering between OPEC and non-OPEC nations including Russia on Thursday and Friday in Vienna.

Saudi Arabia, the argument goes, is contending with weak oil prices and members of the cartel who aren’t complying with the collective output cut they agreed to last summer. As a result, the Saudis are considering radical measures, including a new pact that would deepen production cuts although if there is one thing the cartel is notorious for, it is ignoring self-imposed production limits when it suits the individual member states as the Crown Prince is finding out now.

As the WSJ reports, at a technical meeting Tuesday, a Saudi delegate said his government is growing tired of indirectly benefiting the budgets of countries that are flouting the OPEC pact by overproducing oil, said a person who was present. If the noncompliance continues, “the Saudi official signaled that the kingdom would begin merely complying with its commitment—rather than overcutting to make up for laggards in the group.”

https://oilprice.com/

Saudi Aramco in race for IPO record

$1.7 trillion top value

Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi’s crown prince but putting it in the running to become the world’s biggest IPO.

Aramco cannot sell its shares directly to investors in the United States and other markets, as the initial public offering (IPO) will be restricted to Saudis and those foreign institutions permitted to invest in the kingdom’s stock market.

The oil giant said it plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.

https://www.reuters.com