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☆ Electrification could overwhelm energy grids. Startups are betting on AI to make sure that doesn't happen
▼ + stars: | 2024-03-25 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +10 min

Today's energy grids are unable to keep up with the intense demand being heaped upon them. Globally, energy projects struggle to overcome permitting hurdles. Making smart grids a realityData was transmitted across a national energy grid for the first time in 2016. Startups selling them are hoping to alleviate pressure from physical grid infrastructure and allow operators to do more with the infrastructure they have. Victoria McIvor, an advisor to energy startups who was formerly an investor at the European climatetech firm World Fund, imagines a future where energy tariffs dictate when energy-intensive appliances run.

Persons: Rajesh Swaminathan, it's, Andrés Dancausa, Dancausa, Swaminathan, Victoria McIvor, Timothy Barat, Barat, Duncan Turner, SOSV, Turner, McIvor Organizations: Infrastructure, Service, International Energy Agency, Paris, Investors, Khosla Ventures, US Department of Energy, Fund, Octopus Energy, Continuum Industries, Software Locations: Europe, Ukraine, Portuguese, Amsterdam, California, London, VCs, Scottish

☆ Republican lawmakers say green transition 'cheerleader' IEA has strayed from mandate
▼ + stars: | 2024-03-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Nick Oxford | ReutersSenior U.S. lawmakers believe the International Energy Agency has "strayed from its core mission" of safeguarding energy security and has emerged as a "cheerleader" for the green transition. "We would argue that in recent years the IEA has been undermining energy security by discouraging sufficient investment in energy supplies — specifically, oil, natural gas, and coal. Consequently, the IEA must conduct its energy security mission in an objective manner. "It should disturb you that biased parties are exploiting the IEA's forecasts and other products to advocate for policies that undermine energy security." The IEA on Thursday confirmed receipt of the letter to CNBC and stressed that its mandate remains maintaining energy security and accelerating clean energy transitions.

Persons: Nick Oxford, Republican Sen, John Barrasso, Cathy McMorris Rodgers, Fatih Birol Organizations: Midland , Texas U.S, Reuters Senior U.S, International Energy Agency, Republican, U.S ., Energy, Natural Resources, U.S . House, Commerce, IEA, U.S, CNBC, U.S . Congress, Organization of, Petroleum, OPEC, Congress Locations: Midland , Texas, Wyoming, Saudi Arabia

☆ India’s Adani Green Energy Limited is building world’s biggest clean energy plant five times the size of Paris
▼ + stars: | 2024-03-19 | by ( Diksha Madhok | ) edition.cnn.com time to read: +8 min

Its clean energy unit AGEL is building the sprawling solar and wind power plant in the western Indian state of Gujarat at a cost of about $20 billion. But the tycoon has since bounced back and the group is now pouring billions into the clean energy sector. It plans to invest $100 billion into energy transition over the next decade, with 70% of the investments ear-marked for clean energy. A worker walking past rows of solar panels at the Khavda Renewable Energy Park. “[Gautam] Adani continues to walk both sides of the street,” said Tim Buckley, director of Sydney-based think tank Climate Energy Finance.

Persons: can’t, ” Sagar Adani, Adani, He’s, Gautam Adani, Punit Paranjpe, AGEL, ”, haven’t, Hindenburg’s, Gautam, Narendra Modi, Modi, Tim Buckley, ” Buckley, Paranjpe, “, that’s, ” Adani Organizations: New, New Delhi CNN —, CNN, Adani Green Energy, Adani, Khavda, Energy, Hindenburg, AGEL, Getty, International Energy Agency, Sydney, Climate Energy Finance Locations: New Delhi, Paris, Switzerland, India, Gujarat, Indian, Mundra, AFP, Pakistan, American, China, Europe, London, Africa, Australia

☆ Saudi Aramco CEO says energy transition is failing, world should give up 'fantasy' of phasing out oil
▼ + stars: | 2024-03-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Amin Nasser, chief executive officer of Saudi Aramco, speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Monday, March 18, 2024. HOUSTON — Saudi Aramco CEO Amin Nasser said Monday that the energy transition is failing and policymakers should give up the "fantasy" of phasing out oil and gas, as demand for fossil fuels is expected to continue to grow in the coming years. "In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities," Nasser said during a panel interview at the CERAWeek energy conference in Houston, Texas. The Paris-based International Energy Agency forecast last year that peak oil, gas and coal demand would come in 2030. Nasser suggested that the IEA is focusing on demand in the U.S. and Europe and needs to focus on the developing world as well.

Persons: Amin Nasser, Nasser Organizations: P Global, International Energy Agency Locations: Saudi Aramco, Houston , Texas, HOUSTON, Paris, U.S, Europe

☆ Oil prices rise on tighter supply, geopolitical risks
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14. Lower interest rates would stimulate demand in the U.S., supporting oil prices.

Persons: firming, Benjamin Netanyahu, Olaf Scholz, Tony Sycamore, Sycamore Organizations: Brent, U.S . West Texas, ANZ, U.S, U.S . Federal, IG, International Energy Agency Locations: Kasnodar, East, U.S ., U.S, Red, Brent

☆ Crude oil showing signs of a breakout as it tops $80. What traders say happens next
▼ + stars: | 2024-03-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

U.S. crude oil futures might be showing signs of a break out after topping $80 this week, though some analysts caution against reading too much into the move. The move higher came after the International Energy Agency forecast a crude supply deficit this year and Ukraine attacked several oil refineries in Russia. U.S. crude performed the same pattern this week, wiping out and closing above last week's intraday high of $80.67. U.S. crude has also held above its 200-day moving average of $78.13 a barrel almost all month, he said. As the market enters a supply deficit this year, Riyadh could start rolling barrels back on the market, Melek said.

Persons: Matt Maley, Miller, Tom Fitzpatrick, R.J, O'Brien, WTI, Brent, Fitzpatrick, Maley, Malley, Bart Melek, Melek, We're, Carter Worth, It's, it's, Worth Organizations: West Texas Intermediate, International Energy Agency, SPDR, Energy, TD Securities, U.S, Worth Locations: Ukraine, Russia, Saudi Arabia, Saudi, Riyadh, U.S, United States

☆ Oil dips on profit taking after price crosses $85
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: +2 min

Brent crude oil futures for May fell 41 cents, or 0.5%, to $85.01 a barrel at 1234 GMT, after crossing $85 a barrel for the first time since November on Thursday. The International Energy Agency on Thursday raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping. World oil demand will rise by 1.3 million bpd in 2024, the IEA said in its latest report, up 110,000 bpd from last month. Also supporting oil prices, Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday, causing a fire at Rosneft's biggest refinery in one of the most serious attacks against Russia's energy sector in recent months. Lower interest rates cut consumer borrowing costs, which can boost economic growth and demand for oil.

Organizations: Brent, . West Texas, International Energy Agency, Rosneft's, Energy Information Administration, Federal Reserve Locations: Ukraine, United States

☆ U.S. crude rises above $80 as oil supply deficit forecast for 2024
▼ + stars: | 2024-03-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, CaliforniaThe West Texas Intermediate contract for April rose 86 cents, or 1.08%, to $80.58 a barrel. Crude oil futures rose on Thursday, adding to the previous session's gains as the International Energy Agency now forecasts a supply deficit for 2024. The move came after the IEA forecast a slight supply deficit for the year rather than a surplus, as the organization assumes OPEC+ will keep its production cuts in place through 2024. Oil prices rose more than 2% Wednesday after Ukrainian drone attacks this week on Russian oil refineries. U.S. crude has gained 12% in 2024, while the global benchmark has gained 9.8%.

Persons: Brent Organizations: U.S, Los Angeles , California The West Texas Intermediate, International Energy Agency, IEA Locations: Los Angeles, Los Angeles , California, OPEC

☆ Oil rises slightly ahead of demand estimates
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: +1 min

Working oil pumpjacks on the outskirts of Maricopa in Kern County, California, on Sept. 21, 2023. Oil prices rose in early Asian trading, but price moves were limited as the market waited for monthly reports from oil agencies. "Crude oil traded in a tight range as traders await demand estimates from the monthly reports by three key oil agencies," analysts from ANZ said in a note. "While we believe the estimates will be largely unchanged, any upside surprise will ease demand concerns," ANZ said, referring to the Organization of Petroleum Exporting Countries, the International Energy Agency, and the Energy Information Administration. Prices had been mostly unchanged on Monday as oil supply concerns tied to ongoing fighting in the Middle East eased.

Persons: Brent, Israel Organizations: ANZ, Organization of Petroleum, International Energy Agency, Energy Information Administration Locations: Maricopa, Kern County , California, U.S, Gaza

☆ Oil extends last week's losses ahead of key inflation, crude data
▼ + stars: | 2024-03-11 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Working oil pumpjacks on the outskirts of Maricopa in Kern County, California, on September 21, 2023. Oil prices ticked lower on Monday, extending losses from last week as traders wait for a new round of inflation data. Most investors are expecting the Fed to cut rates in June. Lower rates typically stimulate economic growth, which fuels crude demand. OPEC and the IEA will also release their monthly oil market reports on Tuesday and Thursday this week.

Persons: Brent Organizations: The West Texas Intermediate, International Energy Agency, Traders, Federal Reserve Locations: Maricopa, Kern County , California, China

☆ Paris has hiked parking charges on SUVs. Now cities like London are taking note
▼ + stars: | 2024-03-11 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +4 min

At a referendum in Paris last month, almost 55% voted in favor of a specific parking rate for sports utility vehicles (SUVs) for non-residents. The higher charges will apply to SUVs weighing more than 1.6 metric tons that are hybrid or have a combustion engine, as well as electric SUVs weighing over 2 metric tons. According to Jens Müller, deputy director and head of policy and research at the Clean Cities campaign group, "what happens in Paris usually doesn't stay in Paris." Its plans to introduce higher parking charges for heavier vehicles which is due to come into force next June. It's a nod to the fact that pollution isn't the only potential issue with SUVs, with space and safety also of concern.

Persons: it's, Jens Müller, Paris Mayor Anne Hidalgo, Edmund King, Belit Onay Organizations: Anadolu, Getty, Clean Cities, CNBC, Paris Mayor, International Energy Agency, Times, Lyon, Grenoble, Transport, Environment, Vias Institute Locations: Paris, France, Europe, Bordeaux, Germany, Tübingen, Hanover, 200cm, Belgium

☆ Gridcog wants to make planning commercial renewable projects easier. Check out the 13-slide pitch deck it used to raise $4.2 million.
▼ + stars: | 2024-03-04 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewA startup helping Shell, Origin Energy, and Mitie spin up renewable energy projects has just raised £3.3 million, around $4.2 million, in funding from London-based AlbionVC. Gridcog, founded in 2020 in Australia but now headquartered in London, has built a software platform for modeling and simulating renewable energy projects. It helps customers figure out where best to put solar, energy storage, and EVs, and optimize those plans for commercial and climate goals. "With energy projects, there can be hundreds or even thousands of ways of building them," said Gridcog's UK and European head Genna Boyle. Renewable energy capacity needs to double to reach net zero in the energy sector by 2050, per the International Energy Agency.

Persons: —, Genna Boyle, you've, Boyle, Gridcog, Pete Tickler, Fabian Le Gay Brereton, Tickler Organizations: Service, Shell, Origin Energy, Business, International Energy Agency, Power, Energy, Mitsubishi Heavy Industries Locations: London, Australia, New Zealand

☆ Global carbon pollution hits record high even as renewables surge
▼ + stars: | 2024-03-01 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

CNN —Global carbon pollution from energy hit a record high last year, driven partly by increased fossil fuel use in countries where droughts restricted hydropower production, according to an International Energy Agency (IEA) report published Thursday. Global emissions from energy rose by 410 million metric tons, or 1.1%, in 2023 to 37.4 billion metric tons, the IEA analysis showed. “Without this effect, emissions from the global electricity sector would have fallen in 2023,” the IEA said. In China, emissions from energy rose by 5.2%, with energy demand growing as the country recovered from COVID-19-related lockdowns, the report said. China, however, also contributed around 60% of global additions of solar, wind power and electric vehicles in 2023, the IEA said.

Organizations: CNN, International Energy Agency, Energy, European Union Locations: Paris, United States, China, COVID

☆ China's oil demand growth could halve from pre-Covid levels as property, auto sectors struggle
▼ + stars: | 2024-02-28 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

A view shows part of the state oil firm Petroleos Mexicanos (Pemex) refinery in Salamanca. The consultancy expects demand growth to be around 250,000 bpd to 350,000 bpd, less than half of what it was in 2019 — demand growth will not return to the million barrels per day seen between 2015 and 2020. China's oil demand growth this year could be half of pre-Covid 2019 levels, according to Eurasia Group, as key segments of the world's second-largest economy struggle from a slowdown. The incremental fuel demand growth in China that the oil industry has come to literally bank on over the past two decades is no more. China will lose its spot to India as the primary driver for global oil demand through 2030, the International Energy Agency said in a report.

Persons: Petroleos, Linda Giesecke Organizations: Eurasia Group, International Energy Agency, JPMorgan, CNBC Locations: Salamanca . State, Guanajuato, Mexico, Eurasia, China, India

☆ The 'best' investment right now: Fund manager picks stocks with almost 15% total returns
▼ + stars: | 2024-02-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Shares of oil giants and European infrastructure companies can act as a hedge against inflation while also delivering strong annual growth, according to fund manager Freddie Lait. Lait manages two funds — the Latitude Horizon Fund and the Latitude Global Fund — with more than $750 million of assets collectively and holds all three stocks in both funds. BP SHEL 1Y line The fund manager explained that with oil currently around $85 per barrel, and his assumption of $70-75 long-term, his oil and gas stock picks can generate nearly double-digit annual returns for shareholders. 'Phenomenally interesting' stock Beyond energy names, Lait said his favorite inflation-linked stock is Vinci which he described as "phenomenally interesting." The company operates a mix of toll roads and civil engineering projects with long-term inflation adjustment mechanisms.

Persons: Freddie Lait, Lait, Vinci, Goldman Sachs Organizations: Latitude Investment Management, Shell, CNBC Pro, International Energy Agency, London Gatwick, Atlantic City International, Vinci Locations: Saudi Arabia's, Aramco, Burbank, United States

☆ U.S. crude hovers near three-month high as Middle East conflict rages on
▼ + stars: | 2024-02-20 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil futures hovered near three-month highs Tuesday as the conflict in the Middle East rages on. U.S. crude gained 3% last week to settle Friday at its highest price, $79.19 a barrel, since Nov. 6. The global benchmark rose 1.5% for the week to settle at its highest price since Jan. 26. Houthi militants on Monday attacked another cargo ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel. The attack highlights the ongoing threats to commercial vessels in the Red Sea, which has forced shipping giants such as Maersk to divert cargo around the Cape of Good Hope in Africa.

Persons: Brent, Tamas Varga, PVM Organizations: The West Texas Intermediate, International Energy Agency, Monday Locations: Suez, Ismailia, Egypt, East, Israel, Lebanon, Gaza, Rafah, U.S, Iran, Red, Hope, Africa, Aden

☆ Oil down in thin trade as U.S. gears up for Presidents' Day
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. Markets are yet to see the direction of demand from China after that country returns from a week-long Lunar New Year holiday, while Presidents' Day in the United States is set to keep trade relatively muted. Higher rates keep up the cost of buying oil, providing for a bearish market trend.

Persons: Brent, Alexei Navalny, Vladimir Putin's Organizations: del, del Peru SA Talara, U.S . Federal, . West Texas, Yemen's, of, Petroleum, ANZ Research, International Energy Agency, ANZ, United Nations Security Council Locations: del Peru, Piura, Peru, U.S, United States, China, Gaza, Yemen's Iran, India, Algerian, Israel, Europe, Russia, Ukrainian, Avdiivka, Moscow

☆ Oil prices pull back as market tries to make sense of conflicting demand estimates
▼ + stars: | 2024-02-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

A flare burns excess natural gas in the Permian Basin in Loving County, Texas, U.S. November 23, 2019. Oil prices pulled back Friday as the market sorted through conflicting demand forecasts from OPEC and the International Energy Agency. The West Texas Intermediate contract for March lost 63 cents, or 0.81%, to $77.40 a barrel. April Brent futures dropped 75 cents a barrel to $82.09 a barrel, down 0.91%. The pullback comes after U.S. crude and the global benchmark rallied Thursday, brushing off a weak global demand forecast for 2024 from the IEA.

Persons: Brent Organizations: International Energy Agency, The West Texas Intermediate, IEA, Federal Reserve Locations: Loving County , Texas, U.S

☆ Why oil prices aren’t soaring despite Middle East uncertainty
▼ + stars: | 2024-02-16 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea. One factor that could be keeping the cap on oil prices is waning demand. “Global oil demand growth is losing momentum,” said the agency in its February report. While global oil demand growth is slowing, supply has stayed relatively strong, potentially putting further downward pressure on oil prices. “Higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand,” said the report.

Persons: Bell, ”, Donald Trump, Matt Egan, —, Trump, Jay Ritter, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit Organizations: CNN Business, Bell, New, New York CNN, West Texas, Brent, International Energy Agency, “, shuttering, Federal, US, United Arab Emirates, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Mortgage Bankers Association Locations: New York, Russia, Ukraine, Yemen, Red, United Kingdom, Japan, Germany, Iraq, United States, Brazil, Guyana, Canada

☆ Oil prices roughly flat as unclear demand scenario weighed
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%. OPEC on Tuesday stuck to its much steeper growth forecast at 2.25 million bpd.

Persons: Hiroyuki Kikukawa Organizations: Brent, . West Texas, Reserve, U.S . Commerce Department, Reuters, NS, Nissan Securities, International Energy Agency, Organization of, Petroleum Locations: U.S, Paris, East, Lebanon, Gaza

☆ Google is making a map of methane leaks for the whole world to see
▼ + stars: | 2024-02-15 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

Oil, gas, and coal operations are thought to account for 40% of global methane emissions from human activities. At least 155 countries have also signed the Global Methane Pledge, which calls for a 30% reduction in emissions. The pledge initially launched in 2021, but since then, methane emissions have continued to rise . To help change that trajectory, the US and Europe last year issued regulations cracking down on methane emissions from fossil fuel infrastructure. By 2027, those imports will have to meet methane emissions standards on par with Europe's.

Persons: Steve Hamburg, —, Yael Maguire, Maguire Organizations: Service, Google, Environmental Defense Fund, Business, International Energy Agency, Google Geo Locations: Agriculture, MethaneSAT, Dubai, Europe, Japan, South Korea, Hamburg

☆ Oil prices fall on forecast global demand in 2024 will grow at half last year's rate
▼ + stars: | 2024-02-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Crude oil demand is expected to grow by 1.2 million barrels per day this year, down nearly 50% from growth of 2.3 million bpd in 2023, according to the Paris-based International Energy Agency. "The expansive post-pandemic growth phase in global oil demand has largely run its course," the IEA wrote in its February oil market report Thursday. Supply, meanwhile, is expected to exceed demand and grow by 1.7 million bpd this year driven primarily by higher production in the U.S., Brazil, Canada and Guyana. "Given heightened geopolitical risks and low global oil inventories, a modest surplus may help contain market volatility," the IEA said. OPEC, on the other hand, is forecasting a much tighter oil market this year, with demand growing by 2.2 million bpd, outpacing production growth of 1.2 million bpd outside the cartel.

Persons: Brent Organizations: International Energy Agency . Futures, Brent, West Texas Intermediate, IEA, OPEC Locations: Loving County , Texas, U.S, Paris, Brazil, Canada, Guyana, East, Israel, Lebanon, Cairo, Gaza

☆ Beyond Tesla: Morningstar strategist names 2 under-the-radar stocks to play the EV revolution
▼ + stars: | 2024-02-14 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

The electric vehicle industry is seeing cutthroat competition between investor favorite Tesla and several Chinese automakers like BYD . "While Tesla grabs all the headlines, we don't necessarily think that it's going to be the electric vehicle manufacturers that do the best. Morningstar gives stocks a rating of between one and five stars, with a top rating indicating that the shares are undervalued. We think lithium prices are probably bottoming out here," he told CNBC Pro on Feb. 2. Shares of the U.S. lithium company have had a bumpy ride over the past days.

Persons: Tesla, David Sekera, Volkswagen —, Sekera, it's, Albemarle Organizations: Morningstar, Ford Motor, Volkswagen, CNBC Pro, International Energy Agency, Reuters Locations: BorgWarner, Albemarle, U.S

☆ U.S. 'very concerned' about China's dominance as a critical minerals supplier, energy chief says
▼ + stars: | 2024-02-14 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

U.S. Energy Secretary Jennifer Granholm on Wednesday said the country is "very concerned" about China's grip on the global supply chain for critical minerals. China is the undisputed leader in the critical minerals supply chain, accounting for roughly 60% of the world's production of rare earth minerals and materials. "It's one of the pieces of the supply chain that we're very concerned about in the United States. We do not want to be over reliant on countries whose values we may not share," Granholm told CNBC's Silvia Amaro on Wednesday when asked about China's dominance as a critical minerals supplier. "We know all countries want to ensure that we have a critical stockpile of critical minerals and that we are allowed to diversify the supplies of those stockpiles.

Persons: Jennifer Granholm, Granholm, CNBC's Silvia Amaro Organizations: Energy, Wednesday, International Energy, International Energy Agency Locations: China, United States, Paris, France, U.S, Australia, Canada

☆ IEA criticizes 'major gap' between Big Oil’s fossil fuel and clean energy investments
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIEA criticizes 'major gap' between Big Oil’s fossil fuel and clean energy investmentsFatih Birol, executive director at the International Energy Agency, discusses the transition strategies of oil and gas majors.

Organizations: IEA, Fatih, International Energy Agency

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