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☆ Vodafone signs $1.5 bln Microsoft deal for AI, cloud and IoT
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: +2 min

(Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Vodafone has agreed a 10-year partnership with Microsoft to bring generative AI, digital, enterprise and cloud services to more than 300 million businesses and consumers across its European and African markets. Microsoft's Chief Commercial Officer Judson Althoff said Vodafone's strength in IoT and financial services were strategically important. Microsoft deploys "digital twins" to model manufacturing environments so that process improvements can be tested in the cloud. "Vodafone's IoT stack allows us to go into those environments, model the environment, create large-scale data stores, and use AI to help customers meet their sustainability goals," he said. "We are excited to bring generative AI capabilities to help customers make more intelligent financial decisions," he said.

Persons: Budrul Chukrut, Vodafone's, Luka Mucic, Judson Althoff Organizations: Vodafone, LON, Getty Images, Microsoft Locations: CHINA, British, Africa, Kenya, Tanzania, South Africa

☆ Where to invest $50,000 with Treasury yields rising again
▼ + stars: | 2024-01-16 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +8 min

The 10-year Treasury yield started the new year trading around 3.8% after a steep decline in late 2023. Against this backdrop, CNBC Pro asked three strategists and money managers how they would allocate $50,000 with yields rising again. Specifically, he recommended bills with a three- to six-month maturity, which investors can gain exposure to through exchange-traded funds such as the Vanguard Short-Term Treasury ETF (VGSH) or SPDR Portfolio Short Term Treasury ETF (SPTS) . Exchange-traded funds that offer exposure to these assets include the iShares 20 Plus Year Treasury Bond ETF (TLT) and Vanguard Intermediate-Term Corporate Bond ETF (VCIT) . Invest in dividend-growing value stocks Newton Investment Management's John Bailer recommended investors solely allocate into value stocks with sustainable and growing dividends.

Persons: Kumar, VGSH, VCIT, John Bailer, JPMorgan Chase, They've, they've, Bailer, Northrop Grumman, James Abate, Abate, Johnson, Geoff Martha, Colgate's Organizations: Treasury, Nasdaq, Dow Jones, CNBC Pro, Sri, Kumar, CNBC, AAA, Exchange, Treasury Bond ETF, Vanguard, Stock Market, U.S, Bloomberg, Newton Investment, JPMorgan Chase, JPMorgan, Northrop, Asset Management, Johnson, Colgate, Palmolive Locations: Bailer's

☆ Biotech and pharma companies are betting on a promising class of cancer drugs to drive growth
▼ + stars: | 2024-01-14 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

SAN FRANCISCO — An established but promising group of cancer drugs was a red-hot market in 2023, and more companies could look to the treatments to fuel growth in the year ahead. Interest in the drugs will only continue this year, as some analysts expect more dealmaking and advancements in ADCs currently in development. The drugs also have potential to draw huge profits: ADCs could account for $31 billion of the $375 billion worldwide cancer market in 2028, according to estimates from the drug market research firm Evaluate. The market for those drugs in 2023 was estimated to be worth around $9.7 billion, another report from research firm MarketsandMarkets said. Everyone wants to gain exposure to [ADCs] and basically make it a cornerstone of their entire corporate strategy," Hsieh told CNBC.

Persons: FRANCISCO —, Johnson, Andy Hsieh, William Blair, MarketsandMarkets, Hsieh Organizations: FRANCISCO, JPMorgan Healthcare Conference, ADC, Pfizer, Merck, William Blair & Company, CNBC Locations: San Francisco, ADCs, drugmakers, Asia

☆ Activists protest against fossil fuel industry at COP28 climate summit
▼ + stars: | 2023-12-05 | by ( Alexander Cornwell | ) www.reuters.com time to read: +3 min

[1/2] Climate activists protest against fossil fuel emitters, demanding action and more contributions to the Loss and Damage Fund, during the United Nations Climate Change Conference COP28 in Dubai, United Arab Emirates, December 5, 2023. Chiponda argued that language calling for the phase-out of "unabated" fossil fuels was merely a distraction that would allow for their continued use. Governments at COP26 agreed to phase down the use of unabated coal, the most polluting of fossil fuels. This year, countries remain split over what role fossil fuels should play in the future. Jaber has made a point of including the fossil fuel industry at the summit, insisting that oil and gas companies should be part of discussions on tackling climate change.

Persons: Amr Alfiky, Lorraine Chiponda, Chiponda, Sultan Al Jaber, Jaber, Thomas Joseph, Jainno Congon, Alexander Cornwell, Katy Daigle Organizations: Damage, United Nations, United Arab Emirates, REUTERS, Rights, United, COP26, Reuters, Thomson Locations: Dubai, United Arab, COP28, Glasgow, Paris, United Arab Emirates, UAE, California

☆ Exxon Mobil CEO urges COP28 to focus on reducing emissions — not phasing out fossil fuels
▼ + stars: | 2023-12-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

There's also an ongoing debate about whether an agreement should center on "abated" fossil fuels, which are trapped and stocked with carbon capture and storage technologies, or "unabated" fossil fuels, which are largely understood to be produced and used without substantial reductions in the amount of emitted greenhouse gases. "We cannot save a burning planet with a firehose of fossil fuels," Guterres said. "The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. Not everyone is on board with calls to phase out fossil fuels, however. An Exxon Mobil gas station in Washington, DC, US, on Tuesday, Nov. 28, 203.

Persons: Darren Woods, There's, Steve Sedgwick, Woods, U.N, António Guterres, Guterres, Phaseout, David Paul Morris, Exxon Mobil's Woods, Tengku Muhammad Taufik, I'm Organizations: UNITED, EMIRATES, Exxon Mobil, United Arab Emirates, United Arab, Exxon Mobil Corp, Economic Cooperation, APEC, Bloomberg, Getty Images Bloomberg, Getty, Exxon, Big Oil, Petronas, Natural Resources, Mobil Locations: Dubai, COP28, Russia, United Arab Emirates, Asia, San Francisco , California, San Francisco, China, UAE, Washington , DC

☆ What are they saying at the U.N. climate summit?
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +4 min

Here are the latest comments:KENYA PRESIDENT WILLIAM RUTO:"The long standing adversarial dynamic between global north and global south proves practically counterproductive. Climate change does not respect artificial distinctions, traditional boundaries or old antagonisms. "We must resolve that every country shall fulfil the climate targets it is setting for itself and the commitments it is making." U.N. SECRETARY-GENERAL ANTONIO GUTERRES:"We cannot save a burning planet with a fire hose of fossil fuels... The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels.

Persons: United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, Antonio Guterres, Britain's King Charles, WILLIAM RUTO, NARENDRA MODI, LUIZ INACIO LULA DA SILVA, KING CHARLES III, GENERAL ANTONIO GUTERRES, William James, Elizabeth Piper, Katy Daigle, Richard Valdmanis Organizations: United, United Nations, Change, United Arab Emirates, KING, GENERAL, Reuters, Thomson Locations: United Arab Emirates, Dubai, United Arab, DUBAI, KENYA, Gaza

☆ UN chief says ending fossil fuel use is only way to save burning planet
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

"We cannot save a burning planet with a fire hose of fossil fuels," Guterres said in a speech to the COP28 summit in Dubai. "The 1.5-degree limit is only possible if we ultimately stop burning all fossil fuels. He urged fossil fuel companies to invest in a transition to renewable energy sources and told governments to help by forcing that change - including through the use of windfall taxes on industry profits. "I urge governments to help industry make the right choice – by regulating, legislating, putting a fair price on carbon, ending fossil fuel subsidies, and adopting a windfall tax on profits," he said. Reporting by William James, editing by Elizabeth PiperOur Standards: The Thomson Reuters Trust Principles.

Persons: Lalla Hasna, Luiz Inacio Lula da Silva, Antonio Guterres, Simon Stiell, Guterres, William James, Elizabeth Piper Organizations: United Nations, Thomson Locations: DUBAI, Dubai

☆ Powell says Fed to move 'carefully' on interest rates with risks 'more balanced'
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +4 min

"Having come so far so quickly, the (Federal Open Market Committee) is moving forward carefully, as the risks of under- and over-tightening are becoming more balanced." But his remarks also reflected increased confidence that the current 5.25%-5.50% policy rate may well be adequate to complete the job. The Fed meets on Dec. 12-13 and is expected to leave its benchmark rate unchanged for the third meeting in a row. "The pace at which the economy is creating new jobs remains strong, and has been slowing toward a more sustainable level ... Shortly before Powell delivered his remarks, a key reading on the health of the U.S. manufacturing sector showed activity there remained subdued and factory employment declined.

Persons: Jerome Powell, Kevin Lamarque, Powell, Helene Gayle, Lisa Cook, Howard Schneider, Paul Simao Organizations: Monetary Fund's, REUTERS, Rights, Federal Reserve, Spelman College, Fed, Spelman, Institute, Supply Management's, Thomson Locations: Washington , U.S, Atlanta

☆ American Airlines works with startup to reduce carbon dioxide by storing bricks of plant material underground
▼ + stars: | 2023-11-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

American Airlines aims to remove carbon from the atmosphere by working with a startup that stores bricks of plant material underground. The airline announced a deal with Graphyte on Tuesday to purchase credits equivalent to 10,000 tons of permanent carbon removal with delivery scheduled for early 2025. The plant material is dried to prevent decomposition and then converted into carbon dense bricks that are sealed with a polymer barrier. Plant byproducts from the agriculture and timber industries are typically burned or left to decompose, which returns carbon dioxide into the atmosphere. This biomass material is equivalent to 3 billion tons of potential carbon dioxide removal annually, according to Graphyte.

Persons: Jill Blickstein, Bill Gates Organizations: Traffic, Miami International Airport, Miami , Florida . American Airlines, Graphyte, Breakthrough Energy Ventures, CNBC PRO Locations: Miami , Florida

Here are some of the main players and negotiating blocs involved in the COP28 conference starting Nov. 30 in Dubai. In climate negotiations, Beijing argues that wealthy developed countries like the United States, the biggest historical CO2 emitter, should move first and fastest in climate policy and finance. Despite having the world's second largest economy after the United States, China considers itself as a developing nation in the climate talks. But U.S. delegates will face pressure for climate finance after Washington pledged no new climate cash to the United Nations this year. AFRICAN GROUP OF NEGOTIATORSAfrican countries will be pushing at COP28 for climate finance and financial mechanisms to speed up green energy projects.

Persons: Rula, Kate Abnett, Katy Daigle, Josie Kao Organizations: Abu Dhabi Sustainability, REUTERS, UNITED, Washington, United Nations, EU, GROUP, Marshall, European Union, Thomson Locations: UAE, Abu Dhabi, Dubai . CHINA China, China, Beijing, United States, U.S, Union, United, United Kingdom, London, Brazil, South Africa, India, Saudi Arabia, CHINA, Kenya, Ethiopia, Senegal, Mozambique, Vanuatu, Costa Rica

REUTERS/David Swanson/File photo Acquire Licensing RightsNov 24 (Reuters) - Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles. A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda. Clean energy experts interviewed by Reuters say the mounting setbacks will make the United States' ambitious targets to decarbonize by mid-century even harder to reach. Solar energy facilities account for two thirds of those delays due in part to U.S. import restrictions. "These are the normal ups and downs of clean energy development and deployment," Reicher said.

Persons: David Swanson, Joe Biden’s, Biden, John Hensley, Wood Mackenzie, “, Ali Zaidi, Prakash Sharma, that's, Vic Abate, it's, Robert Walther, Walther, Dan Reicher, Reicher, Nichola Groom, Richard Valdmanis, Alistair Bell Organizations: REUTERS, Soaring, Ford, Reuters, American Clean Power Association, United Nations, White, Dominion Energy Inc, TEN, GE, Biden, Treasury Department, Trump, Stanford University, Thomson Locations: Palm Springs , California, U.S, Washington, Nations, Egypt, Dubai, United States, Paris, Virginia, Gulf of Mexico

BANGKOK (AP) — Shares declined Friday in Asia, with Hong Kong's benchmark retreating on selling of property shares following recent gains. Japan reported its consumer inflation rose for the first time in four months, with big gains in food prices and hotel rates as tourism has soared. Political Cartoons View All 1265 ImagesChinese shares fell back after recent gains driven by expectations of more government support for debt-burdened property developers. On Thursday, European shares edged higher in thin trading. Britain’s FTSE 100 edged 0.2% higher to 7,483.58.

Persons: ” Robert Carnell, Min Joo Kang, Korea's, Germany’s DAX Organizations: —, Bank of, ING Economics, Nikkei, CAC, Dow, Nasdaq, Black, Walmart, Saks Fifth, Federal, New York Mercantile Exchange, Brent, U.S Locations: BANGKOK, Asia, Japan, Hong Kong, Shanghai, Australia, Bangkok, Paris

[1/2] The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. The SEC central clearing rule, first proposed in September last year, would apply to the cash Treasury and repurchase agreements (repo) markets, where banks and other players such as hedge funds borrow short-term loans backed by Treasuries. "This creates a potential single-point of failure risk as recent events illustrate," he said, referring to the ICBC hack. Abate also flagged cybersecurity risks for direct members of the FICC, as well as clients they sponsor to access the clearing platform, saying mandatory central clearing could make FICC "a fortress with many doors." The SEC is expected to finalize the rule early next year, said Barclays, but it is unclear how much time the industry would have to implement it and whether central clearing will occur simultaneously for Treasuries and repo transactions.

Persons: Toby Melville, Joseph Abate, ICBC, BNY Mellon, Abate, DTCC, Treasuries, Davide Barbuscia, Marguerita Choy Organizations: Barclays, REUTERS, U.S . Securities, Exchange Commission, Commercial Bank of China's, SEC, Treasuries, Corporation, Depository Trust, Clearing Corporation, U.S . Treasury, Reuters, Thomson Locations: City, London, Commercial Bank of China's U.S, U.S

☆ I moved to Houston and regretted it. I stuck out at work and it was impossible to save.
▼ + stars: | 2023-11-14 | by ( Jules Rogers | ) www.businessinsider.com time to read: +6 min

Jules Rogers took a new job at a newspaper in Houston and moved from Portland, Oregon, in 2018. I was in my mid-20s and working as a full-time reporter for a local newspaper in Portland, Oregon. My favorite things about Houston were the radio stations — the rap and country stations were both really good. My transportation budget increasedMy transportation budget went up in Houston. Ultimately, I quit my Houston job less than two years after I got there.

Persons: Jules Rogers, weren't, —, Marshall, Jules, Jules Rogers Job Organizations: Service, Housing, FedEx, Gas, Houston Locations: Houston, Portland , Oregon, Oregon, Texas, Portland, Spring, West, Galveston, snowshoe, Houston . In Portland, . Oregon, Pacific Northwest

☆ Bitcoin is back (sort of)
▼ + stars: | 2023-11-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

The big storyCrypto comebackSOPA Images / GettyThe ink is barely dry on Sam Bankman-Fried's conviction, and bitcoin is already rising like a fresh divorcee. It marked the highest price for the cryptocurrency since early May 2022, adding to what has quietly been a strong year for bitcoin, writes Insider's Phil Rosen. After a dreadful 2022 culminating in the downfall of FTX and the aforementioned SBF, bitcoin has been on the up. While there was plenty of fallout from FTX's bankruptcy, the price of bitcoin has steadily climbed this year. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, NYU Langone, Sam Bankman, Bitcoin, bitcoin, Phil Rosen, FTX, hasn't, It's, Roubini, Doom, Noah Sheildlower, Gary Gensler, it's, Ken Griffin, Goldman Sachs, Paul Sakuma Andreessen Horowitz, Maryna, Peter Thiel, Trump, couldn't, Thiel, he's, Diplo —, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, NYU, BlackRock, Atlas, SEC, JPMorgan, Hudson Global, Today Locations: Delaware, India, Japan, Soho, New York City, San Diego, London, New York

☆ 5 takeaways from new polls that reveal Biden’s challenges and Trump’s potential victory path
▼ + stars: | 2023-11-08 | by ( Stephen Collinson | ) edition.cnn.com time to read: +14 min

The CNN poll finds that 25% of voters believe Biden has the stamina and sharpness to serve effectively, while 53% say Trump does. The CNN poll encapsulates this potential dilemma for voters. And given his national approval rating in the CNN poll of only 39%, any economic downturn next year would be disastrous for him. Voters see Trump as a stronger leader, suggesting that bluster and threats are more convincing than Biden’s nuanced approach. Latino voters favor Biden over Trump by only four points compared to 33 points in the 2020 election.

Persons: Joe Biden, Biden, Donald Trump, Trump’s, Andy Beshear, Glenn Youngkin, let’s, ” Biden, Trump, demonization ”, ”, hasn’t, he’s, MAGA, there’s, trimmer, Will, abate, Tim Ryan, CNN’s Wolf Blitzer, it’s, “, …, Bacon, –, doesn’t, Bill Clinton, Barack Obama’s, Jimmy Carter, Obama, Clinton Organizations: CNN, Democrats Tuesday, Biden, GOP, Democratic, New York Times, Siena College, Trump, Democratic Gov, GOP Gov, Republican, “, Former Democratic, Hamas, Voters, Black Locations: Ohio, Kentucky, Virginia, America, New York, Ukraine, Israel, Nevada, Georgia, Arizona, Michigan, American, Gaza

The monthly data does comes with a footnote: The headline job gains of 150,000 were depressed by a United Auto Workers strike. But even accounting for that the number was close to the 183,000 monthly pace of job growth sustained for the 10 years before the pandemic, from 2010 to 2019, and to that extent looked "normal" after years of outsized job gains. The pace of annual wage growth eased down to 4.1% in October in a continuing decline, while the month-to- month increase of 0.2% annualizes to around 2.4%, within the Fed's comfort zone. If labor force growth is coupled with an easing of open jobs, it could show a job market moving closer to balance. But if consumption remains strong and drives still-high numbers of openings, then a stall in labor force growth could reignite wage pressures.

Persons: Jerome Powell, Howard Schneider, Andrea Ricci Organizations: Federal Reserve, United Auto Workers, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S

☆ Climate tech is like catnip to investors. Here's why the $13 billion sector is outperforming other industries.
▼ + stars: | 2023-11-02 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +7 min

Europe's startup ecosystem has been battered this year but climate tech founders have managed to avoid the brunt of the immense downturn so far. PwC's global analysis of the sector also points to climate tech outperforming the norm, accounting for a tenth of private market investments in 2023. Venture capital investment into European startups more broadly is primed to slump by around 46% to 58.1 billion euros in 2023. These obligations have helped make climate tech startups "catnip to investors," Sustainable Ventures' Stuart Ferguson said. Last year, European companies like electric vehicle manufacturer Polestar and batter-maker Northvolt raised 1.6 billion euros and 1 billion euros respectively.

Persons: They've, Stuart Ferguson, Fabian Heilemann, Heilemann, Biden's, Warner, Namratha, Mark Bula, Northvolt, Lisa Barclay, Ferguson, Aenu's Organizations: Steel, Venture, Sustainable Ventures, Warner, Ada Ventures, Elyos Energy, Green Steel, Nesta, Investments Locations: Swedish, British, Norwegian, London, Norway

☆ WeWork plans to file for bankruptcy as early as next week, source says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/3] WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch Acquire Licensing RightsOct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter. Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

Persons: Kate Munsch, WeWork, Sandeep Mathrani, Anirban Sen, Manas Mishra, Manya, Shailesh Kuber, Anil D'Silva Organizations: REUTERS, SoftBank, Wall Street Journal, WSJ, Manya Saini, Thomson Locations: San Francisco , California, U.S, New York, New Jersey, Bengaluru

Yasunori Ogawa, Seiko Epson Corporation President and Representative Director and CEO, talks about their strategy at the company office in Tokyo, Japan, October 27, 2023. REUTERS/Miho Uranaka Acquire Licensing RightsTOKYO, Oct 30 (Reuters) - Printing giant Seiko Epson (6724.T) is betting on growth in the Middle East and Africa as demand ebbs in its home market of Japan and other developed nations, its chief executive said. The Middle East, Turkey, and Africa were growth highlights in fiscal 2022. "Our products are not yet widely distributed in the Middle East, and there is tremendous potential there," Yasunori Ogawa said in an interview after the company posted quarterly results on Friday. To eke out more growth in developed markets, Epson plans to shift its portfolio more towards commercial and industrial customers looking to reduce waste.

Persons: Yasunori Ogawa, Miho Uranaka, Ogawa, stokes, Rocky Swift, Stephen Coates Organizations: Seiko Epson Corporation, REUTERS, Rights, Seiko Epson, Thomson Locations: Tokyo, Japan, East, Africa, Turkey, India, Dubai

☆ The sad, lonely secret behind America's never-ending wave of Marvel movies and Disney reboots
▼ + stars: | 2023-10-24 | by ( Walt Hickey | ) www.businessinsider.com time to read: +12 min

If the key driver of reboots is nostalgia — then the key driver of nostalgia is loneliness. Next, participants took Batcho's Nostalgia Inventory, a psychological test developed by Krystine Batcho in 1995 to quantify how deeply people feel nostalgia at a given time. If the key driver of reboots is nostalgia — then the key driver of nostalgia is loneliness. American health insurer Cigna has conducted a large loneliness survey since 2018, with over ten thousand respondents in the sample annually. In 2020, 61% of those surveyed were lonely, up 7 percentage points since the survey was first conducted in 2018.

Persons: Harry Potter, Krystine Batcho, lonelier, Cigna, reboots, Indiana Jones, Heather Jones, Walt Hickey, Zelda, backlist, SpongeBob, Percy Jackson, Workman Organizations: Walt Disney Company, Warner Bros, Sony, Fox, Southampton University, UCLA, Research Center, Pew Research, Gallup, Netflix, Recreation Locations: Wonderland, Orlando, England, Hogwarts, Kingdom, America, Hollywood

☆ The market's largest bond ETF hits 16-year low amid a breathless Treasury sell-off
▼ + stars: | 2023-10-19 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

The biggest bond ETF hit a new low since July 2007 as the bond market meltdown continues. The iShares 20+ Year Treasury Bond ETF (TLT) has shed over 50% since its closing high in 2020. Unlike the conventional bond market, bond ETFs are traded on an exchange, like any other stock. Other bond ETFs like the iShares 1-3 Year and iShares 7-10 Year Treasury Bond ETFs have also been trading lower amid the bond market meltdown. Like any other ETF, one bond ETF can offer exposure to large numbers of bonds, giving investors an opportunity to diversify their portfolio.

Persons: —, Jerome Powell Organizations: Treasury Bond ETF, Bond, Service, Treasury

☆ Hydrogen Demand Is Set to Boom, but Growth Faces Big Hurdles
▼ + stars: | 2023-10-18 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

A new report from consulting firm McKinsey forecasts a fivefold rise in hydrogen demand to 600 million metric tons a year by 2050, if climate change is limited to 1.5 degree Celsius. Using green hydrogen as fuel for steelmaking can cut emissions by up to 95%, according to H2 Green Steel, a Swedish low-carbon steel startup. Higher interest rates have made securing funding for big infrastructure projects more expensive, with fewer willing to put up the cash, according to Franc. Last week, $7 billion of subsidies dedicated to hydrogen projects in the U.S. were announced by the Energy Department. Faster permitting times are needed to bring more hydrogen projects online, as well as the renewable energy to power their electrolyzers, industry experts say.

Persons: BRIDGET BENNETT, ”, Pierre, Etienne Franc, ” Franc, Jason Cheng, Regulators haven’t, Margery Ryan, Johnson, Todd Anderson, Bram Smeets, Ole Rolser, you’ve, Ryan, “, Yusuf Khan Organizations: REUTERS, McKinsey, Business, Green, ”, Platinum Investment, Energy Department, Regulators, The Wall, International Energy Agency, U.S, Dakotas Locations: Las, Swedish, Franc, U.S, Woodbine , Ga, Midwest, Texas, West, Gulf Coasts

But even EU countries clashed over how ambitious to be - and their ministers were locked in talks into the evening on Monday. The faultlines tended to fall between wealthier EU members seeking rapid climate action, and poorer economies concerned about the cost of quitting fossil fuels. Another submission, by Saudi Arabia, did not explicitly mention a fossil fuel phase-out. 'NOT VERY HOPEFUL'The resistance shows how hard it will be to strike an ambitious climate deal at COP28. "I am not very hopeful," Carlos Fuller, U.N. climate negotiator for Belize, said of the fossil fuels phase-out - which Belize supports.

Persons: Wolfgang Rattay, Carlos Fuller, COP28, Jennifer Morgan, Natalie Jones, Kate Abnett, Glwadys Fouche, Katy Daigle, Barbara Lewis Organizations: REUTERS, Rights, Diplomats, Reuters, African Group, International Institute for Sustainable Development, Thomson Locations: Niederaussem, Germany, Rights BRUSSELS, Poland, Czech Republic, COP28, Russia, Saudi Arabia, Belize, COP27, China, Japan, United States, Colombia, Norway, U.N, Paris, Oslo

The EU is typically one of the most ambitious negotiators at the annual United Nations climate talks, where nearly 200 countries negotiate efforts to fight global warming. A central decision will be whether countries at the COP agree for the first time to phase out fossil fuels. EU countries must agree their negotiating position unanimously, meaning one government can block it. EU countries opposing a full phase-out include poorer nations who fear the impact of weaning their economies off fossil fuels. The brackets around "unabated" indicate EU countries have not yet agreed on the word.

Persons: Rula, EU's, Kate Abnett, Jan Strupczewski, Emelia Organizations: Abu Dhabi Sustainability, REUTERS, Union, EU, United Nations, Reuters, Thomson Locations: UAE, Abu Dhabi, BRUSSELS, United, Dubai, Denmark, France, Germany, Ireland, Netherlands, Slovenia, Czech Republic, Hungary, Italy, Malta, Poland, Slovakia, Saudi Arabia

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