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☆ Indonesia, Vietnam energy transition financing under G7-funded plans
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +5 min

South Africa was the first country to reach a deal under the JETP, securing a $8.5 billion financing pledge in 2021. Indonesia secured a pledge of $20 billion and Vietnam $15.5 billion in deals struck in late 2022. Without the plan, Indonesia's greenhouse gas emissions are expected to reach more than 350 million tons in 2030. How would the JETP financing be arranged? G7 donors as well as Norway and Denmark have pledged a total $10 billion public financing for Indonesia while the remaining $10 billion will come from public financing.

Persons: they'll, Quoc Khanh, Fransiska Nangoy, Khanh Vu, Francesco Guarascio, Robert Birsel Organizations: REUTERS, Rights, Climate, Asian Development Bank, Natural Resources, Reuters, European Union, Thomson Locations: Hanoi, Rights JAKARTA, HANOI, Indonesia, Vietnam, Africa, Senegal, INDONESIA Indonesia, Norway, Denmark, VIETNAM, EU

☆ Indonesian president breaks ground for airport in planned $32-bln capital
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Indonesia's President Joko Widodo takes the stage to speak about the planned new capital Nusantara, at Ecosperity Week in Singapore June 7, 2023. REUTERS/Edgar Su/File Photo Acquire Licensing RightsJAKARTA, Nov 1 (Reuters) - Indonesian President Joko Widodo broke ground on Wednesday for construction of several projects ranging from an airport, toll-road and hospital to a hotel in a planned new capital city, Nusantara. The 347-hectare (857-acre) airport is expected to be fully operational by December 2024, the president said, at a total cost of 4.2 trillion rupiah ($263 million). The government targets the second half of 2024 for an international hospital, built by Indonesian hospital chain Mayapada (SRAJ.JK), to become operational. The president said he would break ground on nine projects in December, but gave no details.

Persons: Joko Widodo, Edgar Su, Jokowi, Pakuwon, Agung, Ananda Teresia, Stefanno Sulaiman, Kanupriya Kapoor, Clarence Fernandez Organizations: Nusantara, REUTERS, Rights, Astra International, Thomson Locations: Singapore, Rights JAKARTA, Nusantara, Jakarta, Indonesia, Borneo, Balikpapan, Indonesian

U.S. President Joe Biden holds an event about American retirement economics in the State Dining Room at the White House in Washington, U.S., October 31, 2023. The White House said it had no updates on Biden's travel plans. “President Biden has led and delivered on the most ambitious climate agenda in history, both at home and abroad. Such a deal would be a feather in the Democratic president's cap ahead of a 2024 presidential election where many liberal and younger voters rank climate change as a top issue. Asked if she would attend COP28, a spokesperson for Harris said "we don't have any travel to announce."

Persons: Joe Biden, Leah Millis, “, Biden, ”, Abdel Fattah al, Jordan's King Abdullah II, Emmanuel Macron, Donald Trump, Kamala Harris, Harris, Trevor Hunnicutt, Jeff Mason, Alexander Cornwell, Valerie Volcovici, Heather Timmons, Stephen Coates Organizations: White, REUTERS, WASHINGTON, United Nations, Conference, Republican, Democratic, Association of Southeast Asian Nations, ASEAN, Thomson Locations: Washington , U.S, ABU DHABI, Dubai, United Arab Emirates, Gaza, Jordan, Paris, U.S, Egypt

☆ Fed's reverse repo facility drawdown looms large in balance sheet debate
▼ + stars: | 2023-10-31 | by ( Michael S. Derby | ) www.reuters.com time to read: +6 min

Inflows have dropped sharply in recent months to around $1 trillion in the face of the Fed's aggressive policy tightening underway since last year. Fed officials, for their part, have said repeatedly they’ve got a lot of room to cut their holdings of Treasuries and mortgage-backed securities, a process that complements Fed rate increases. So far, reverse repos have “come down very smoothly,” Lorie Logan, president of the Dallas Fed said earlier this month. In his view, if reverse repos stopped contracting that could become a meaningful sign liquidity levels were getting tight enough for the Fed to change gears. "We still have a very large balance sheet" so the balance sheet cuts can likely continue over the next year and half to two years, she said, adding when it comes to getting to the finish line, "it's going to take a while."

Persons: they’ve, ” Lorie Logan, Logan, “ I’ve, Wells Fargo, Roberto Perli, Lou Crandall, Wrightson ICAP, Crandall reckons, Loretta Mester, Michael S, Dan Burns, Andrea Ricci Organizations: Fed, Dallas Fed, New York Fed, Reuters Graphics Reuters, Cleveland Fed, Thomson Locations: Treasuries, Wells

The uneven nature of economic activity in turn makes it a challenge to assess the likely toll on emissions in the world's largest polluter. RIPPLE EFFECTIn addition to retail sales and factory output data, statistics on China's air travel volumes also offer a gauge on broader economic activity and emissions potential. In turn, greater emissions from both the airlines themselves as well as from China's world-leading refining sector can also be expected. China’s exports of an array of goods – from toys to diesel – are risingThe pace of some of those exports may slow over the near term if China's domestic demand improves and helps tighten producer inventories. But if greater output in China helps to depress goods prices, then international consumer demand can be expected to recover, which may further boost China's economic recovery, as well as the emissions that go with it.

Persons: Thomas Peter, Gavin Maguire, Kim Coghill Organizations: REUTERS, National Energy Administration, Reuters, Thomson Locations: Wu'an, Hebei province, China, LITTLETON , Colorado, Beijing

ATLANTA (AP) — A former employee is suing to force a Mississippi utility to repay $382 million that the federal government gave to build a failed coal-fueled power plant. Kelli Williams, a former construction manager for Atlanta-based Southern Co., filed a whistleblower lawsuit against the company and its subsidiary Mississippi Power Co. in 2018. The Kemper County power plant was supposed to be a world leader in turning soft coal into a gas and burning it to generate power, while removing climate-warming carbon dioxide and other pollutants. The cost of the plant ballooned and Mississippi Power could never make it run reliably. For example, she alleged Mississippi Power erected piping without permanent fasteners, knowing the work would have to be redone again later at higher cost, an allegation first aired by The Guardian in 2018.

Persons: —, Kelli Williams, Williams, ”, Schuyler Baehman, It's, Brett Wingo, Cecil Brown, ” Williams, Haley Barbour, Barbour Organizations: ATLANTA, Atlanta, Southern Co, Mississippi Power Co, U.S . Department of Energy, Mississippi Public Service Commission, DOE, Kemper, Mississippi Power, Bills, Mississippi, U.S . Justice Department, U.S . Securities, Exchange Commission, Clarion, . Justice Department, Mississippi Gov, The Guardian Locations: Mississippi, Kemper County, Jackson, That’s

The winner of the lucrative contract will then have an option to build three more nuclear reactors in the country. Last year, the Czech government excluded Russia’s energy giant Rosatom and China’s CNG from the tender process on security grounds. Political Cartoons View All 1227 ImagesPrime Minister Petr Fiala said Russian participation in the project, which is critical for the Czech Republic's energy security, was “unimaginable” following the Kremlin’s invasion of Ukraine. The Czech Republic already relies on six nuclear reactors to generate more than a third of its total electricity. In a separate deal, CEZ had signed a deal with U.S. energy giant Westinghouse Electric Co. to supply nuclear fuel for the Dukovany nuclear plant, eliminating dependence on Russia for such fuel.

Persons: Korea’s, CEZ, Petr Fiala Organizations: U.S, Westinghouse, France’s EdF, Union, Westinghouse Electric Co Locations: PRAGUE, Czech, Ukraine, Czech Republic, Dukovany, Austria, Germany, Central Europe, Slovakia, Hungary, Poland, Russia

VIRGINIA BEACH, Va. (AP) — A power company's plans for an enormous offshore wind farm off Virginia's coast gained key federal approval Tuesday after the Biden Administration evaluated the project's potential impact on the environment. The utility will still need federal approval of its construction and operation plans before more pilings rise above the Atlantic Ocean. Dominion said its project will be the largest offshore wind farm under development in the United States. The administration said it wants to build 30 gigawatts of offshore wind energy by 2030 — enough to power more than 10 million homes. The Southern Environmental Law Center cited the importance of offshore wind for cutting carbon pollution, which fuels climate change.

Persons: what's, “, Deb Haaland, Joe Biden's, Glenn Youngkin, Will Cleveland, Michael Town, ” Organizations: Biden Administration, Dominion Energy, of Ocean Energy Management, Dominion, Interior Department, Republican Gov, Southern Environmental, Virginia League of Conservation Voters Locations: VIRGINIA BEACH, Va, Virginia's, Atlantic, Virginia Beach, United States, Virginia

☆ Michelangelo's 'secret room' in Florence to open for visitors
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Artist Michelangelo's sculpture known as Vatican Pieta is displayed at Opera del Duomo Museum next to its other versions in Florence, Italy, February 23, 2022. Michelangelo's "secret room" is located inside the Museum of the Medici Chapels and contains charcoal sketches of human figures which have been attributed to the artist, who is said to have taken refuge there in 1530. Dal Poggetto believed the artist had taken refuge in the room after falling foul of Pope Clement VII. Small guided groups of four people will be able to visit the room from Nov. 15 for a maximum of 15 minutes. The room is accessed via a cramped and narrow stairway and the number of weekly visitors will be capped at 100 people.

Persons: Jennifer Lorenzini, Michelangelo, Paolo Dal Poggetto, Dal Poggetto, Pope Clement VII . Small, Silvia Ognibene, Keith Weir, Alvise Armellini, Jonathan Oatis Organizations: del Duomo Museum, REUTERS, Rights, Museum, Thomson Locations: Florence, Italy, Rights FLORENCE, Medici

☆ Energy Dept. Pours Billions into Power Grids but Warns It’s Not Enough
▼ + stars: | 2023-10-30 | by ( Brad Plumer | More About Brad Plumer | ) www.nytimes.com time to read: +1 min

The Energy Department on Monday announced $1.3 billion to help build three large power lines across six states, part of a new gusher of money from Washington to upgrade America’s electric grids so they can handle more wind and solar power and better tolerate extreme weather. In a major report published the same day, the Energy Department said that the nation’s vast network of transmission lines may need to expand by two-thirds or more by 2035 to meet President Biden’s goals to power the country with clean energy. That would help slash carbon dioxide emitted by gas and coal-fired electric plants — pollution that is heating the planet. “We need to seriously build out transmission,” Energy Secretary Jennifer Granholm said. The nation’s electric system is divided into a patchwork of regions, each overseen by different operators.

Persons: Biden’s, Jennifer Granholm Organizations: Energy Department, ” Locations: Washington

After Boebert won her last race by just 546 votes, she began revamping her campaign strategy. So-called ballot harvesting, which she's decried as an underhanded Democratic tactic, will be part of her campaign strategy. While campaigning in the district this election, Boebert seems “more empathetic" than her disruptive national profile. At events and debates in the last election, Boebert railed against then-Speaker Nancy Pelosi, who became a foil for bloated government, a broken system and Democratic demagoguery. After Colorado's largely city dwellers voted to reintroduce wolves to Colorado, Boebert has also proposed legislation to give ranchers greater recourse to defend their flocks.

Persons: Lauren Boebert, ”, Boebert, “, Beverly Cuyler, Adam Frisch, MAGA, Donald Trump’s, she's, Dave Williams, Frisch, ” Boebert, she’s, Drew Sexton, it’s, Cody Perkins, Perkins, Dusty Mars, ” Dennis Anderson, Nancy Pelosi, Donald Trump, Biden, Seth Masket, Boebert’s, Masket, Pelosi's, —, Joe Biden, Colorado's, you’ve Organizations: Washington , D.C, Colorado Republican Party, Republican, Boebert, Democratic, Center, Politics, Associated Press, America Statehouse News Initiative, America Locations: SPRINGS, Colo, Washington ,, Colorado, Archuleta County, Rocky, American, Boebert, Denver, Archuleta

Andy Beshear downplayed party labels while campaigning Monday for a second term in Republican-leaning Kentucky, touting his role in creating jobs, improving roads and leading recovery from a series of disasters as rising above partisan politics. In urging Kentuckians to stick with him, Beshear said there's a "better chance to build that better Kentucky for our kids and our grandkids. And a chance to leave a collective legacy of more opportunity for the next generation than we ever thought was possible.”Former two-term Kentucky Gov. Steve Beshear, the current governor’s father, joined the incumbent Monday, quipping: “I used to be somebody. We could not have had a better governor.”The pandemic gave Beshear an unprecedented platform as governor.

Persons: Andy Beshear, Daniel Cameron, Beshear, we've, ” Beshear, “, Cameron, Joe Biden, Biden, Donald Trump, “ You’ve, Kentuckians, there's, Steve Beshear, I’m, ” Steve Beshear, Steve, he’s, haven’t, ” Cameron, Janet Quigg Organizations: — Democratic, Republican, GOP, Bluegrass State, Democratic, Democrat, Kentucky Gov Locations: RICHMOND, Ky, Kentucky, Richmond, Kentucky's, Appalachia, Ohio, Indiana, COVID

Last year was 1.26 degrees Celsius (2.27 degrees Fahrenheit) warmer and this year is likely to blow past that, according to scientists. Even though the carbon budget looks to run out early in the year 2029, that doesn’t mean the world will instantly hit 1.5 degrees warmer than pre-industrial times. People should not misinterpret running out of the budget for 1.5 degrees as the only time left to stop global warming, the authors said. “If we are able to limit warming to 1.6 degrees or 1.65 degrees or 1.7 degrees, that’s a lot better than 2 degrees. Lamboll said limiting warming to 1.5 degrees is technically possible, but politically is challenging and unlikely.

Persons: that’s, “ It’s, we’re, ”, Robin Lamboll, Lamboll, Valerie Masson, Christopher Smith, Bill Hare, Glen Peters, Norwegian CICERO, Piers Forster, ” ___ Read, Seth Borenstein Organizations: United Nations, Imperial College of London, University, Leeds, University of Leeds, Twitter, AP Locations: Paris, Delmotte, Dubai, Norwegian

☆ Both Sides Pay a Bloody Price for Coveted Ukrainian City
▼ + stars: | 2023-10-30 | by ( Carlotta Gall | Nicole Tung | ) www.nytimes.com time to read: +1 min

Beside it a sprawling slag heap juts into the sky, offering a high point overlooking the city of Avdiivka and surrounding villages. Yet within days this battle for Avdiivka was shaping up to be perhaps the costliest of the war for Russia. Ukrainian artillery destroyed Russian armored columns on the approaches to the city, and drones armed with explosives struck down infantry as they dismounted from vehicles and advanced on foot, according to Ukrainian soldiers and commanders, Russian military bloggers and independent military analysts. Waves of Russian soldiers scaled the industrial waste heap to gain its heights. Each time they were shredded by Ukrainian artillery.

Persons: Avdiivka Organizations: Avdiivka Locations: Avdiivka, Ukraine, Russia, Ukrainian

☆ Blast kills dozens of coal miners in Kazakhstan
▼ + stars: | 2023-10-30 | by ( Akanksha Sharma | Heather Chen | ) edition.cnn.com time to read: +1 min

CNN —At least 45 coal miners were killed in a fire sparked by a methane gas explosion at a mine in Kazakhstan, authorities in the country said on Sunday. In a statement, the Ministry for Emergency Situations said the blast sparked a blaze early on Saturday at the Kostenko mine in the Karaganda region, state-owned Kazinform news agency reported. More than 200 people were evacuated from the mine to safety and search efforts are ongoing for one missing miner, the ministry said. The mine is owned by Luxembourg-based ArcelorMittal, the world’s largest producer of steel, and run by its local representative ArcelorMittal Temirtau, which operates multiple coal and iron ore mines across Kazakhstan. The multi-billion dollar mining sector accounted for an estimated 17% of GDP in mineral-rich Kazakhstan in 2021, according to the US International Trade Administration.

Persons: ArcelorMittal, “, Kassym, Jomart Tokayev Organizations: CNN, Ministry, Emergency, General, Office, Kazakh, US International Trade Administration Locations: Kazakhstan, Karaganda, Luxembourg, Kazakh, Temirtau

☆ Plan to Hike Electric Bills 29% Sparks Fury in Wyoming
▼ + stars: | 2023-10-29 | by ( Dan Frosch | ) www.wsj.com time to read: 1 min

The green-energy transition ready for take off in the U.S. is facing a serious obstacle: the permitting process. WSJ takes you inside the country’s soon-to-be largest wind farm to understand the regulatory gauntlet delaying clean energy for millions. Photo illustration: Getty Images/Amber BragdonFor years, people in Wyoming have been accustomed to paying some of the lowest electricity prices in the U.S., despite harsh winters and a rugged landscape. Now a 29% hike proposed by the state’s largest utility has residents and local leaders up in arms. Many in Wyoming, which leads the nation in coal production, are aiming their fury at renewable power.

Persons: Amber Bragdon Locations: U.S, Wyoming

☆ Why we don't have fusion power plants yet, and what it'll take to get clean, limitless energy to market
▼ + stars: | 2023-10-29 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +9 min

Two experts explain how long it could take until fusion power plants are possible. Fusion plants could theoretically produce almost 4 million times as much energy as burning coal or oil — with none of the carbon emissions. It's what Andrew Christlieb, who is part of a US Department of Energy fusion project at Michigan State University, calls "step zero." The US Department of Energy's Fusion Energy Sciences program has a $763 million budget for 2023, which could grow to over $1 billion next year. Achieving commercial fusion power in two decades won't be quick enough to address many countries' goals of adapting clean energy and limiting global warming by 2035.

Persons: It's, Andrew Christlieb, Christlieb, Michael Livingston, PPPL, Jean, Paul Pelissier, it's, Jason Laurea, Lawrence, Jonathan Menard, Menard, Bill Gates, Sam Altman Organizations: Service, Ignition, NIF, US Department of Energy, Michigan State University, Royal Society, Reactor, REUTERS, European Union, Lawrence Livermore National Laboratory, Princeton Plasma Physics, US Department of Energy's Fusion Energy Sciences, Fusion Industry Association, Tech Locations: PPPL, Saint, Durance , Southern France, US, China, Russia, Lawrence Livermore, Princeton

☆ Death toll rises to 42 in ArcelorMittal Kazakh mine fire
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Relatives of miners gather at the Kostenko coal mine operated by ArcelorMittal Temirtau during a power outage, as a rescue operation continues following a mine fire, in Karaganda, Kazakhstan October 28, 2023. REUTERS/Stringer Acquire Licensing RightsALMATY, Oct 29 (Reuters) - The death toll from a fire at a mine owned by ArcelorMittal in Kazakhstan rose to 42 people on Sunday as a search for four miners continued, the Ministry for Emergency Situations said. "The search operation is hampered by the presence of destroyed mining equipment, as well as rubble in some places", the ministry said in a statement. On Saturday, operator ArcelorMittal Temirtau, the local unit of Luxembourg-based steelmaker ArcelorMittal (MT.LU) , said 206 of 252 people at the Kostenko mine had been evacuated after what appeared to be a methane blast. The Ministry for Emergency Situations said it was still monitoring the gas situation at the mine.

Persons: ArcelorMittal Temirtau, Stringer, ArcelorMittal, Mariya Gordeyeva, Andrew Osborn, Alexander Smith Organizations: REUTERS, Rights, ArcelorMittal, Ministry, Emergency Situations, Emergency, Thomson Locations: Karaganda, Kazakhstan, Rights ALMATY, Luxembourg

☆ New Yorkers Need To Quit Shopping Online - The New York Times
▼ + stars: | 2023-10-29 | by ( Sonja Anderson | ) www.nytimes.com time to read: +3 min

For a while, the pandemic was a valid excuse for buying online. To avoid spreading the virus, housebound Americans inflamed their long-growing dependency on e-commerce, with online sales increasing by 43 percent in 2020. Now, New York, like everywhere else, has moved on from social distancing: Subway ridership is up and mostly unmasked, and tourism’s certainly back. The next big thing in New York delivery is the extra-large commercial cargo bike. If we want to do better for the environment, we shouldn’t be taking steps to enable more e-commerce, but instead considering how much we could help ourselves by not buying online.

Persons: tourism’s, Mark Levine, It’s Locations: , New York, Manhattan, New York

☆ Death toll rises to 45 in ArcelorMittal Kazakh coal mine fire
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] Relatives of miners gather at the Kostenko coal mine operated by ArcelorMittal Temirtau during a power outage, as a rescue operation continues following a mine fire, in Karaganda, Kazakhstan October 28, 2023. On Saturday, operator ArcelorMittal Temirtau, the local unit of Luxembourg-based steelmaker ArcelorMittal, said 206 of 252 people at the Kostenko mine had been evacuated after what appeared to be a methane blast. Gennady Silinsky, a senior emergency services official, on Sunday confirmed the death toll and continuing operation in Karaganda, a major coal mining centre, to Kazakhstan's Khabar-24 television. "Work is going on round the clock in shifts in two areas of operations," Murat Katpanov, another emergency official, told Khabar-24. Earlier statements said rescue operations in the two areas - 4 km (2.5 miles) apart - were hampered by power cuts and wrecked equipment.

Persons: ArcelorMittal Temirtau, Stringer, ArcelorMittal, Gennady Silinsky, Kazakhstan's, Murat Katpanov, Khabar, Mariya Gordeyeva, Andrew Osborn, Alexander Smith, Ron Popeski, Marguerita Choy Organizations: REUTERS, Rights, ArcelorMittal, Sunday, Thomson Locations: Karaganda, Kazakhstan, Rights ALMATY, Luxembourg

☆ They went hunting for fossil fuels. What they found could help save the world
▼ + stars: | 2023-10-29 | by ( Laura Paddison | ) edition.cnn.com time to read: +9 min

“This was not a real surprise for us,” Pironon told CNN; it’s common to find small amounts near the surface of a borehole. Arguably, the catalyst for the current interest in white hydrogen can be traced to this West African country. White hydrogen deposits have been found throughout the world, including in the US, eastern Europe, Russia, Australia, Oman, as well as France and Mali. “Natural hydrogen is a solution which will allow us to get get to speed” on climate action, he said. Natural Hydrogen Energy LLCFrom hype to realityThe challenge for these businesses and for scientists will be translating hypothetical promise into a commercial reality.

Persons: Jacques Pironon, Phillipe De Donato, ” Pironon, Pironon, “ Gray, ’ ”, Geoffrey Ellis, “, ”, Ellis, Isabelle Moretti, Neil McDonald, Bill Gates, geochemist Viacheslav, ” Zgonnik, ” Ellis, that’s, De Donato’s, – Organizations: CNN, National, of Scientific Research, US Geological Survey, University of Pau, University of Sorbonne, Geologists, Energy Ventures, Natural Hydrogen Energy, Hydrogen Energy Locations: France, Lorraine, Mali, Bourakébougou, University of Pau et, l’Adour, Europe, Russia, Australia, Oman, Yorke, South Australia, Denver, Nebraska, Kansas

☆ At least 28 dead, 18 missing after ArcelorMittal mine fire in Kazakhstan
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

[1/4] An ambulance drives out of the Kostenko coal mine operated by ArcelorMittal Temirtau as rescue operation continues following a mine fire, in Karaganda, Kazakhstan October 28, 2023. REUTERS/Stringer Acquire Licensing RightsSummaryCompanies Suspected methane blast, company saysSome 206 of 252 people evacuatedPresident declares Oct 29 national day of mourningGovernment, company say working to nationalise the firmALMATY, Oct 28 (Reuters) - At least 28 people have died and 18 remain missing after a mine fire in Kazakhstan, the Ministry for Emergency Situations said on Saturday. Operator ArcelorMittal Temirtau (MT.LU), the local unit of the Luxembourg-based steelmaker, said 206 of 252 people at the Kostenko mine had been evacuated after what appeared to be a methane blast. Kazakh President Kassym-Jomart Tokayev, who expressed condolences to the victims' families and declared a national day of mourning on Oct. 29, ordered his cabinet to stop investment cooperation with ArcelorMittal Temirtau. "ArcelorMittal is committed to completing this transaction as soon as possible in order to minimise disruption to the greatest extent possible."

Persons: ArcelorMittal Temirtau, Stringer, ArcelorMittal, Kassym, Tokayev, Roman Sklyar, Olzhas, William Mallard, Jason Neely Organizations: REUTERS, Ministry, Emergency, Kazakh, Thomson Locations: Karaganda, Kazakhstan, ALMATY, Luxembourg, Republic of Kazakhstan

☆ BNP Paribas is no longer funding coal projects, says regional head
▼ + stars: | 2023-10-27 | 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 EmailBNP Paribas is no longer funding coal projects, says regional headJoris Dierckx, regional head for Southeast Asia at BNP Paribas, says it's now investing in sources of energy that are less carbon-intensive.

Persons: Joris Dierckx, it's Organizations: BNP, Southeast Asia Locations: Southeast

☆ Peak fossil fuel demand is coming, IEA chief Birol says — and China will be key
▼ + stars: | 2023-10-27 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

China has changed the world's energy system before and is set to do so again, as a peak in demand for fossil fuels nears, according to the International Energy Agency's Executive Director. Fatih Birol said that there was one country behind the substantial increase in global fossil fuel consumption over the last decade: China. "China changed the global energy system in the last 10 years. He described this as one of two "important drivers" behind the IEA's belief that global demand for fossil fuels will peak by 2030. The comments come after the IEA published its World Energy Outlook 2023, a major report on the global energy system.

Persons: Fatih Birol, CNBC's Julianna Tatelbaum Organizations: International Energy Agency's, IEA, Energy Locations: China

"I think the entire Taiwan semiconductor industry - in our essence, in our R&D and manufacturing, and in our global layout - will undergo a comprehensive improvement and transformation." Key to the development of the industry is stable and renewable energy, Hou, the chairman of the Taiwan Semiconductor Industry Association, told its annual meeting in the chip hub of Hsinchu. Last month, the association made four key appeals to the government, among them the stable supply of green energy, as Taiwan's chip industry aims to seize the AI opportunity, Hou said. In 2021, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) said it aimed to reach net zero emissions by 2050, matching a government target set that year by President Tsai Ing-wen. GlobalWafers (6488.TWO) CEO Doris Hsu told reporters that while AI will be a key driver of rapid growth in the next decade, Taiwan's chip industry faces several pressures as it grows.

Persons: Ann Wang, Cliff Hou, Hou, Tsai Ing, Doris Hsu, Hsu, Sarah Wu, Ben Blanchard, Clarence Fernandez, Raju Gopalakrishnan Organizations: REUTERS, Rights, Taiwan, Taiwan Semiconductor Industry Association, Taiwan Semiconductor Manufacturing Co, Thomson Locations: Tainan, Taiwan, Rights HSINCHU, Hsinchu

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