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☆ India makes clean energy push at G20 with global biofuel alliance
▼ + stars: | 2023-09-09 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

A general view of the venue for the G20 summit in New Delhi, India, September 9, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - India announced on Saturday the launch of a global biofuel alliance at a G20 summit in New Delhi to boost the use of cleaner fuels. "We are launching the Global Biofuel Alliance. The push for a biofuels alliance mirrors the International Solar Alliance launched by New Delhi and Paris in 2015 to bring clean and affordable solar energy within the reach of all. The alliance will help by encouraging global biofuels trade, developing concrete policies on lesson-sharing and promoting provision of technical support for national biofuels programmes worldwide, Oil Minister Hardeep Singh Puri said in July.

Persons: Amit Dave, Narendra Modi, Hardeep Singh Puri, Nidhi Verma, Shivam Patel, Jacqueline Wong, Kim Coghill Organizations: REUTERS, Global, Alliance, India, Solar Alliance, New, International Energy Agency, Oil, Thomson Locations: New Delhi, India, DELHI, United States, Brazil, Paris

☆ The popular clothing brand Everlane slashed its carbon emissions by 22% with help from a high-tech startup. Companies all over the world are racing to do the same.
▼ + stars: | 2023-09-08 | by ( Érica Carnevalli | ) www.businessinsider.com time to read: +10 min

In 2021, the clothing brand teamed up with the carbon-accounting startup Watershed to track carbon emissions, mostly from Everlane's supply chain, using data collection. Everlane is one of several companies using carbon-accounting startups to track emissions and put a dollar amount on their carbon footprints. Investment by venture-capital firms in carbon-accounting startups surged from $60 million in 2020 to $767 million in 2022, according to PitchBook. But it's challenging to precisely monitor this since companies' emissions are not the same, and they often overlap. The startup works with small, midsize, and enterprise companies, including Virgin Atlantic.

Persons: Everlane, Katina, Maria Fujihara, Fujihara, Amelia Penniman, Benchimol, Lauren Gifford, Gifford, DoorDash, Michael Thornton, Thornton Organizations: Service, Fortune Business, Sinai Technologies, Bayer, Siemens, SINAI Technologies, Investment, BlackRock, Walmart, Greenhouse Gas Management Institute, US Environmental Protection Agency, International Energy Agency, Carbon Analytics, Greenhouse, Greenhouse Gas Management, Securities and Exchange Commission, Carbon Solutions, Colorado State University, Virgin Atlantic Locations: Sequoia, Airbnb, Sinai

The continent is rich in the commodities needed for the green energy transition and has abundant solar power, but many governments are also burdened with cripplingly high debts. "Eighty percent of the infrastructure Africa needs by 2050 has not yet been built," Gamboa said at the IMPACT conference. "They've come to a recognition that it is good development to leapfrog and go into the clean energy transition now." "We cannot and will not run away from doing fossil fuel-based investing because the development needs of the continent are so huge," the AFC's Gupta said. "The world still needs energy security, the world still needs energy source diversity.

Persons: John Muchucha, it's, Andrew Steer, Freddy, we've, Tom Mitchell, Sanjeev Gupta, Gupta, Cristina Gamboa, " Gamboa, ActionAid, Gloria Dickie, Jane Wardell, Sharon Singleton Organizations: REUTERS, Earth, Reuters IMPACT, International Institute for Environment, Development, London, African Finance Corporation, International Energy Agency, IMPACT, AFC, Thomson Locations: Africa, Nairobi, Kenya, London, Horn of Africa, Malawi, Mozambique, Madagascar, Sharm el, Sheikh, Lagos, Global South, Paris

☆ Ryanair CEO pied in the face by climate activists in Brussels
▼ + stars: | 2023-09-07 | by ( Lauren Kent | ) edition.cnn.com time to read: +2 min

London CNN —The CEO of Ryanair, Michael O’Leary, was pied in the face during a Thursday visit to Brussels in a stunt by climate activists. Ryanair says it has so far collected 1.8 million signatures on its online petition from members of the public. The incident was captured on video, and the activists can be heard shouting: “Welcome in Belgium. O'Leary stands in front of a lifesize cardboard version of Ursula von der Leyen, the EU Commission president. After being pied, the head of Europe’s largest airline carried on talking to the media outside the EU building, saying, “We’re here to discuss the petition.

Persons: Michael O’Leary, O’Leary, “, Michael O'Leary, O'Leary, Ursula von der Leyen, ”, — Organizations: London CNN, Ryanair, European Commission, EU Commission, EU, RTL, Reuters, International Energy Agency, Twitter Locations: Brussels, Belgium, Ukraine

☆ Africa’s Vast Solar and Mineral Resources at Risk of Being Left Untapped, IEA Warns
▼ + stars: | 2023-09-06 | by ( Will Horner | ) www.wsj.com time to read: +6 min

Energy investment in Africa needs to more than double by the end of the decade if the continent is to meet its energy and climate goals. “Energy investment on our continent has fallen short,” wrote William Ruto, president of Kenya, in the report’s foreword. Photo: Lucien Kahozi/Bloomberg NewsAll of these are pushing up the cost of capital which makes many African energy projects financially unviable despite ample local resources and proven technologies such as wind or solar power, the report said. PREVIEWCurrently, 600 million people across Africa lack access to electricity and almost one billion have no access to clean cooking fuels. African nations are seeking redress for the effects of climate change they experience despite contributing little to carbon emissions, the main driver of global warming.

Persons: ”, Fatih Birol, simon maina, William Ruto, Lucien Kahozi, Will Horner, william.horner@wsj.com Organizations: International Energy Agency, African Development Bank, IEA, Agence France, West, “ Energy, Democratic, Bloomberg, Sustainable Business, Africa Climate Locations: Africa, Paris, ” Africa, China, Kenya, Democratic Republic of Congo, Ukraine, Nairobi

☆ A key global oil price zoomed past $90 a barrel for the first time in 2023 — and analysts say it could keep inflation high
▼ + stars: | 2023-09-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Saudi Arabia and Russia said they will extend oil supply cuts of 1.3 million barrels a day through December 2023. Analysts think inflation could stay at higher levels for longer due to the higher oil prices. US West Texas Intermediate, or WTI, crude oil futures also hit a 10-month high. Higher oil prices are bad news for the world's central banks, which have been trying to tame high inflation since last year. Energy is a key input for economic activities, so higher oil prices generally lead to inflation.

Persons: Brent, Jorge Leon, Leon, Naeem Aslam, Aslam Organizations: Service, West Texas, Organization of, Petroleum, Rystad Energy, Energy, Zaye, International Energy Agency, IEA Locations: Saudi Arabia, Russia, Wall, Silicon, OPEC

The India-led International Solar Alliance launched the Green Hydrogen Innovation Centre earlier this year, and India itself approved $2.3 billion for the production, use and export of green hydrogen. Global cooperation on green hydrogen manufacturing and supply is expected to be discussed by G-20 leaders at this week's summit in New Delhi. WHAT IS GREEN HYDROGEN? Boshell said just replacing this so-called gray hydrogen — hydrogen produced from fossil fuels — would ensure a long-term market for green hydrogen. And then we can add additional demand and applications of green hydrogen as a fuel for industries, shipping and aviation,” he said.

Persons: Francisco Boshell, Robert Howarth, Boshell, ” Organizations: Solar Alliance, Hydrogen Innovation, International Renewable Energy Agency, Energy, Commission, Cornell University, Action, International Energy Agency, AP Locations: BENGALURU, India, New Delhi, Abu Dhabi, Ithaca , New York

☆ How today's data centers marry clean tech with reliability
▼ + stars: | 2023-09-04 | by ( Sponsor Post | Created Insider Studios With Schneider Electric | ) www.businessinsider.com time to read: +8 min

Last summer, two data centers in London experienced heatwave-linked failures, with the incident affecting clinical IT systems at a number of hospitals. Data centers have become "a very important aspect of running entire business models, and even our day-to-day lives. Losing the information processed by data centers would be detrimental not only to companies and individuals, but also governments and society as a whole. This puts the firms that develop and operate data centers in a tricky position, not least because today's facilities are resource hungry. Companies can deploy a range of innovations to put these metrics at the core of tomorrow's data centers.

Persons: Pankaj Sharma, Schneider, we're, it's, Sharma Organizations: Facebook, Secure, Ofcom, US, McKinsey, EU, International Energy Agency, Pact, European Commission . Companies, Amazon Web Services, Google, IBM, Companies, Schneider Electric, Insider Studios Locations: London, Paris, Europe

☆ Feel-good war on short flights misses the mark
▼ + stars: | 2023-09-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

REUTERS/Bryan Woolston Acquire Licensing RightsBRUSSELS, Sept 4 (Reuters Breakingviews) - Short flights within Europe are frequent flyers on wish lists of things to ban. But not all short flights are alike, and banning commercial hops makes less sense than targeting private jets. Limiting private jet travel would make a bigger difference, with fewer broad-based disruptions. Reuters GraphicsFollow @rebeccawire on XCONTEXT NEWSCountries such as France, Spain, Belgium and Germany have enacted or are considering measures to reduce or ban short flights. More than half of 2022 private jet travel was for distances of less than 750 km.

Persons: Bryan Woolston, Marjan, Davy, Stephen Furlong, George Hay, Oliver Taslic Organizations: Airbus, LaGuardia, REUTERS, Bryan Woolston Acquire, Rights, Reuters, Greenpeace, International Energy Agency, KLM, Institute for Policy Studies, Air, Brussels Airlines, European Commission . Aviation, Thomson Locations: New York City , New York, U.S, Rights BRUSSELS, Europe, Germany, Spain, France, Africa, Belgium

☆ Missing metals hit green economy pressure point
▼ + stars: | 2023-09-01 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

On Thursday, copper producer Aurubis said it had discovered large discrepancies in inventory levels at its Hamburg recycling centre, which strips out used copper and precious metals from discarded computer circuit boards. The 3 billion euro company’s initial assessment of the incident, which comes after a separate theft case in June, suggests missing metals may lead to a hit of at least 100 million euros. That’s about one-fifth of its previously projected annual pre-tax profit of 450 million euros to 550 million euros for the financial year ending in September. And it will expand to roughly 30.1 million tons by 2031, according to McKinsey. But the consultancy reckons global demand will reach 36.6 million tons at the start of the next decade, leaving a gap of more than 6 million tons per year.

Persons: Trafigura, Aurubis, Liam Proud, Streisand Neto, Oliver Taslic Organizations: Reuters, International Energy Agency, McKinsey, Thomson Locations: Hamburg, European

☆ Artificial Intelligence Steps In to Lower Carbon Footprint of Buildings
▼ + stars: | 2023-08-31 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

Artificial intelligence is starting to help buildings go greener. Developers and construction companies have pursued more-efficient energy use in buildings over the past couple of decades. “We want to make every building out there as smart as it can be,” said Ramya Ravichandar, JLL Technologies’s vice president, technology platforms—smart and sustainable buildings. For instance, software and hardware that automatically manages lights, heating and cooling can help buildings cut 20% or more of their yearly energy use. “The main message overall is we’re not going to save the planet with software, and AI is software,” Smithies said.

Persons: JLL, “, ”, Ramya Ravichandar, ” Ravichandar, Thomas Kiessling, ” Kiessling, Greg Smithies, ” Smithies, Dieter Holger Organizations: International Energy Agency, Energy, Environmental, Envio Systems, Royal London Asset Management, JLL, London Asset Management, Siemens Smart Infrastructure, Siemens, Sustainable Business, Venture, Fifth, dieter.holger Locations: Turntide, Sunnyvale, Calif, Berlin, Birmingham, England

Thermal coal insurance rates rose more than 20% last year, it said, above the 7.3% rise in the benchmark Marsh Global Insurance Market Index. Insurance companies can be active in both primary insurance and reinsurance and have differing commitments on ESG for different parts of their business. "Establishing a mutual fund for the coal industry is a matter for the coal industry," a spokesperson for the Australian Department of Treasury said. "I'm talking about going beyond your normal UK-based markets and looking into Asia for funders and insurance cover," she added. Coal prices hit record highs in September last year as European countries scrambled to replace Russian gas, sending coal miners' profits soaring.

Persons: Philip Mostert, Seriti, Doug Gain, Gain, Ben Davis, Willis Towers Watson, Thungela, China's, Russia's, Switzerland's Chubb, Chubb, Russia's SOGAZ, Peter Bosshard, Nombasa Tsengwa, Tsengwa, Exxaro, Clara Denina, Sarah McFarlane, Nelson Banya, Elaine Hardcastle, Daniel Flynn Organizations: REUTERS, Seriti, Thungela Resources, International Energy Agency, Reuters, Marsh Global Insurance, Whitehaven Coal, Whitehaven, Allianz, Swiss, Germany's Allianz, Insuramore, Australian Department of Treasury, South, Thomson Locations: American, Mpumalanga Province, South Africa, South, Ukraine, Whitehaven, Munich, Australia, Asia, Europe

☆ How China became the king of new nuclear power, and how the U.S. is trying to stage a comeback
▼ + stars: | 2023-08-30 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

That is two and a half times more nuclear reactors under construction than any other country. China was just getting started as the United States nuclear industry began to take a back seat. Power follows demand, so the new nuclear reactors tend to be built where fast-developing economies need power to fuel their growth. For the United States to win the export business, it must prove it can put steel in the ground in the United States. "We and our close nuclear energy allies are at what I think is just the start of a fierce competition for supremacy in global nuclear energy export markets," Kotek said.

Persons: Jacopo Buongiorno, Kenneth Luongo, Luongo, John F, Kotek, they've, Buongiorno, Westinghouse, Trump, Biden Organizations: Plant, China National Nuclear Corporation, China Huaneng, Changjiang, China News Service, Getty, International Atomic Energy Agency, United, Massachusetts Institute of Technology, CNBC, Partnership for Global Security, World Nuclear Association, Chicago Tribune, Tribune, Service, IAEA, Organization for Economic Cooperation, Development, OECD, U.S . Energy Information Administration, Nuclear Energy Institute, International Energy Agency, France, Visual China, Georgia Power, Westinghouse Locations: China, Changjiang Li Autonomous County, Hainan Province, India, Turkey, United States, Georgia, Byron , Illinois, France, Russia, HUIZHOU, CHINA, Huizhou, Guangdong Province of China, Europe, Eastern Europe, U.S

☆ Exxon says world set to fail 2°C global warming cap by 2050
▼ + stars: | 2023-08-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

The largest U.S. oil producer projects the world will reach 25 billion metric tons of energy related carbon dioxide (CO2) emissions in 2050, according to its energy outlook published on Monday. That is more than twice of the 11 billion metric tons the United Nations Intergovernmental Panel on Climate Change (IPCC) say would be needed on average in its Lower 2°C scenarios. Only two of the 55 technologies needed to reach net-zero emissions by 2050 are “on track,” Exxon said citing the IEA. Overall, Exxon projects energy-related CO2 emissions will peak at more than 34 billion metric tons sometime this decade as economies and energy demand grow, and then decline to 25 billion metric tons in 2050. It expects wind and solar to provide 11% of the world’s energy supply in 2050, five times today’s contribution.

Persons: Pascal Rossignol, Exxon, Sabrina Valle, Josie Kao Organizations: IPC Petroleum France, REUTERS, Companies Exxon, HOUSTON, Exxon Mobil Corp, United Nations, Exxon, International Energy Agency, Thomson Locations: Soudron, Reims, France, U.S

That’s almost three times what Russia spent on defense in 2021, before its full-scale invasion of Ukraine in February 2022. Those figures are likely to underestimate the total spent on Russia’s war effort. He said that before the war Russia would typically splash around 3-4% of its annual gross domestic product on defense but now it could be anywhere between 8% and 10%. Russia’s exports are still greater than the value of its imports, despite a boost to the latter from the hefty military spending. Rising military spending is, on the other hand, boosting Russia’s industrial output and, with it, GDP.

Persons: London CNN —, Vladimir Putin, Putin, That’s, Richard Connolly, Janis Kluge, Irina Okladnikova, Liam Peach, it’s, Peach, Kluge, “, ”, —, Maksim Konstantinov, Alexandra Suslina, Suslina, Alexandra Prokopenko, Prokopenko, — Anna Cooban, Tim Lister, Olesya Dmitracova Organizations: London CNN, Reuters, Stockholm International Peace Research Institute, Royal United Services Institute for Defence, Security Studies, German Institute for International and Security Affairs, Capital Economics, CNN, “, ZUMA, International Monetary Fund, Carnegie Russia Eurasia Center, International Energy Agency, West Locations: “, Ukraine, Russia, Stockholm, Moscow, “ Russia, Russian, Saint Petersburg, Soviet, Berlin

☆ Building Green: New Technologies to Create Less Polluting Cement
▼ + stars: | 2023-08-24 | by ( Yusuf Khan | ) www.wsj.com time to read: +8 min

Roughly 7% of all carbon emissions today come from cement production, making it one of the highest-emitting industrial sectors, according to the consulting firm McKinsey. PREVIEW“Concrete is an essential building material,” said Claude Loréa, director of cement, innovation and ESG at the Global Cement and Concrete Association. About two thirds of the clinker emissions are released by the limestone when heated while the rest come from the combustion of fuels to create the heat. Increased efficiencyOne way the industry is looking to improve sustainability in cement production is by targeting efficiency gains. Cemex, one of the world’s largest cement producers, has been working with Switzerland-based Synhelion to produce clinker using solar energy rather than coal.

Persons: ”, Claude Loréa, Aidan O’Sullivan, ” O’Sullivan, Gianluca Ambrosetti, Christoph Beumelburg, Rick Fox, Fox, Partanna, Hurricane Dorian, Yusuf Khan Organizations: McKinsey, Sustainable Business, Global, Concrete Association, Carbon Re, International Energy Agency, IEA, Shell, National Basketball Association Locations: portland, Spain, Switzerland, Heidelberg, Brevik, Norway, Bergen, “, Delaware, Bahamas, Vegas, yusuf.khan

Natural gas is transferred into the SoCalGas system after being collected and purified at a Calgren collection facility in Pixley, California, U.S., October 2, 2019. Through July, the U.S. power sector emitted 495 million tonnes of CO2 from gas-fired generation, a 7.2% increase over the same period in 2022 and 26% more than produced by all of Asia's gas-fired power producers, data from think tank Ember shows. U.S. monthly gas-fired power sector emissionsU.S. gas power emissions are also 51% greater than those of Europe, where shortages of natural gas following Russia's invasion of Ukraine last year has forced power producers to scale back output. In turn, this will likely result in a rise in mid-year emissions alongside continued growth in winter month emissions tied to power generation for heating. This suggests that U.S. gas-fired power emissions may continue to climb in the years ahead, even as clean energy capacity growth continues to accelerate.

Persons: Mike Blake, Gavin Maguire, Sonali Paul Organizations: REUTERS, United, International Energy Agency, European Union, Reuters, Thomson Locations: Pixley , California, U.S, LITTLETON , Colorado, United States, Europe, Ukraine, Asia, India, Indonesia, Japan, South Korea

☆ Is nuclear energy the answer to a sustainable future? Experts are divided
▼ + stars: | 2023-08-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

Nuclear power has been touted as a proven, safe way of producing clean energy, but why isn't it more widely adopted? Schroders noted that nuclear power is not only scalable, but much cleaner — emitting just 10-15 grams of CO2 equivalent per kilowatt hour. That's the reason why nations are having a second look at nuclear power, Shellenberger said. A report by global campaigning network Greenpeace in March 2022 was of the position that besides the commonly held concern of nuclear safety, nuclear energy is too expensive and too slow to deploy compared to other renewables. Greenpeace acknowledged that "all in all, nuclear power stations score comparable with wind and solar energy."

Persons: Sean Gallup, Michael Shellenberger, Schroders, Shellenberger, we're, CNBC's, Adam Fleck, hasn't, Fleck Organizations: Getty, Greenpeace, CNBC, Governments, International Energy Agency, Soviet Union Locations: U.S, Ukraine, Fukushima, Japan

Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

With equipment idling as construction slows and dwindling exports curb manufacturing, diesel demand is likely to ebb. Rystad Energy lowered its forecast for China's diesel demand for July to December this year to 3.81 million barrels per day (bpd) from an earlier outlook of 3.9 million bpd, though the new forecast is up 3.8% from the first half of 2023. "Diesel demand is still growing, but at a lower-than-expected rate," said Lin Ye, a Beijing-based downstream analyst at Rystad, citing the ailing property sector and deteriorating trade environment. An uptick in Chinese diesel demand earlier this year, driven by resurgent road freight transport in the first quarter, has lost momentum. August diesel exports are estimated at 650,000 to 800,000 tons, down from July's estimate of 1 million tons, data compiled by consultancy Longzhong and China-based trading analysts showed.

Persons: Aly, Lin Ye, Xia Shiqing, Wood Mackenzie, Mia Geng, Andrew Hayley, Trixie Yap, Christian Schmollinger Organizations: REUTERS, Rights, Energy, International Energy Agency, IEA, Reuters, Reuters Graphics Reuters, Reuters Graphics, Thomson Locations: Huangpu, Shanghai, China, Rights BEIJING, Beijing, Asia, Longzhong, Singapore

☆ Return to Office, Ending Work From Home May Make Climate Crisis Worse
▼ + stars: | 2023-08-17 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +16 min

Whether mandatory return-to-office policies will make the climate crisis worse is an important question, especially as scientists predict that 2023 will be the hottest year on record. But determining whether working from an office is worse for the planet isn't that simple. Failing to find a balance between boosting productivity at the office and protecting the planet risks making the crisis worse. Even though the study only covered the early part of the pandemic, it illustrated how a shift away from office work can have some positive effects for the planet. "There was no clear answer to whether work from home was better or worse for the environment in general terms."

Persons: Rachel, it's, JPMorgan Chase, James Elfer, Elfer, It's, Ty Colman, Colman, Ralf Martin, Martin, teleworking, Megan Litke, We've, Litke, Efler, Operta's Colman, JPMorgan Chase —, Apple, Tony Johnson, Schneider, Johnson, That's, she's, Catherine Boudreau Organizations: Amazon, Google, JPMorgan, Fortune, Employees, Greenhouse, International Energy Agency, IEA, Imperial College Business School, American University, Energy, Target, Dell, Apple, Schneider Locations: , Maryland, Greater London, London, Washington , DC, Williams, Sonoma, North America

☆ US investor group clinches tax credit deal for $1.5 bln renewable power acquisition
▼ + stars: | 2023-08-16 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.

Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec

☆ Carbon storage is gaining favor. These are the companies investors need to know
▼ + stars: | 2023-08-15 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

Carbon capture, utilization and storage processes have been around for half a decade, but are currently gaining momentum. Some focus on modifying already-standing power as well as industrial plants that work on carbon capture. Put more succinctly, Deutsche Bank analyst James Hubbard called carbon capture "simple in theory" but "capital intensive and divisive" in reality. He also noted the company has one of the industry's largest carbon capture positions. Staphos cited the potential of its carbon capture operations as a long-term reason to be optimistic, even as its more traditional end-market, homebuilding, faces near-term pressure.

Persons: CCUS, Worley, Wood MacKenzie, Goldman Sachs, Jan Hatzius, Hatzius, James Hubbard, Goldman's Brian Singer, Baker Hughes, Goldman, Ati Modak, hasn't, Stephens, Mike Scialla, Scialla, George Staphos, Staphos, — CNBC's Michael Bloom Organizations: Big, International Energy Agency, U.S . Department of Energy, Battelle, Carbon Technologies, Occidental Petroleum, Carbon Engineering, Energy, Deutsche Bank, Wall Street, Occidental Petroleum . Energy, Baker, Occidental, of Energy, Bank of America, Weyerhaeuser, Bloom Energy, CF Industrial, Honeywell, KBR, Linde, Nutrien, Teledyne, Refinitiv Locations: Vermont, stoke, Maui, Big Tech, Texas, Louisiana, Carbon Technologies . Texas, Kleberg County, Rio Grande, Denmark, Switzerland, Union, Occidental, Boise, Pacific

☆ Yellen upbeat on US economy, says Bidenomics is driving investment, job growth
▼ + stars: | 2023-08-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +5 min

U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. Yellen said China's slowing growth, Russia's war in Ukraine and climate change could still pose risks to the U.S. economy and did not rule out a recession, but she felt upbeat. "I feel very good about U.S. prospects overall," Yellen told reporters, noting that inflation and the unemployment rate had both dropped below 4%, and that the U.S. economy was continuing to expand. "These are real Americans back at work – able to put food on the table, support their families, and save for retirement." Reporting by Andrea Shalal in Las Vegas; Editing by Diane Craft, Matthew Lewis and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Thomas Peter, Joe Biden's, Yellen, Biden, Andrea Shalal, Diane Craft, Matthew Lewis, Sonali Paul Organizations: Treasury, U.S, REUTERS, Thomas, Thomas Peter Companies Ipsos, LAS, International Brotherhood of Electrical Workers, National Conference of State Legislators, Workers, International Energy Agency, Thomson Locations: Beijing, China, Nevada, Vegas, United States, Ukraine, U.S, Las Vegas

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