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LONDON, Nov 22 (Reuters) - PetroIneos said on Wednesday it is preparing to shut down its Grangemouth oil refinery in Scotland to convert it into a fuels import terminal as it faces growing international competition. The 150,000 barrel per day refinery, Scotland's only oil refinery and one of six in Britain, is expected to continue operating until spring 2025, PetroIneos said in a statement. PetroIneos will soon start preparatory work to enable the future transformation of its Grangemouth refinery into a fuels import terminal, it said in a statement. The timescale for the shutdown is yet to be determined exactly but the preparatory work is expected to take around 18 months, with the refinery expected to continue operating until spring 2025. The plan includes converting the site of the refinery into a fuels import hub.

Persons: PetroIneos, Franck Demay, Ron Bousso, Louise Heavens, Jane Merriman Organizations: PetroIneos Refining, Grangemouth, Thomson Locations: Grangemouth, Scotland, Britain, Asia, Finnart, PetroChina, France

☆ Climate: The UAE is hosting the world’s biggest annual summit. It’s also planning a massive fossil fuel expansion
▼ + stars: | 2023-11-22 | by ( Angela Dewan | ) edition.cnn.com time to read: +14 min

The flurry of forest conservation deals with Zimbabwe, Zambia, Kenya, Liberia and Tanzania were announced in the months ahead of the annual United Nations’ COP28 climate summit, being hosted this year in December by the United Arab Emirates. The annual climate summit is where global leaders and negotiators from nearly 200 countries will convene to decide how and when to ramp down fossil fuel use. Its parent company, Global Carbon Investments, has already agreed to transfer $1.5 billion to Zimbabwe in “pre-financing for carbon credits.” That’s more than the country spends on education and childcare, which combined are Zimbabwe’s biggest national expense. Minimum Emissions” slogan is a viable climate solution, even as global temperatures soar and scientists press for rapid fossil fuel cuts. Ironically, COP28 could be the arena that transforms ADNOC into a global oil major.

Persons: CNN —, Sheikh Ahmed Dalmook Al Maktoum, —, Sultan Al Jaber —, Al Jaber, ”, Sultan Al Jaber, Callaghan O'Hare, Reuters Al Jaber, ADNOC, Jamie Henn, It’s, Henn, “, Philip Morris, ” Henn, Renat Heuberger, Zinyange Auntony, Julia Jones, ’ ” Justin Kenrick, ” Patrick Galey, “ ADNOC, COP28, Bethlehem Feleke Organizations: CNN, Carbon, United Nations, United, Blue, US Department of Commerce, Abu Dhabi National Oil Company, US, Reuters, Free Media, Climate Watch, UN, COP28, Global Carbon Investments, Mucheni conservancy, Getty, “, Bangor University, Peoples, Forest Peoples Programme, Shell, BP, Global, Energy Locations: Dubai, United Kingdom, Zimbabwe, Zambia, Kenya, Liberia, Tanzania, United Arab Emirates, UAE, Abu Dhabi, Houston, UN, COP28, Africa, “, Swiss, Mucheni, Binga, AFP, Wales, Azerbaijan, Nairobi

☆ Big Oil has a place in ESG funds, says Deutsche Bank CIO
▼ + stars: | 2023-11-21 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

Fossil fuel stocks have boomed (.dMIWO0OG00PUS) since Russia's invasion of Ukraine in February 2022 sent fossil fuel prices soaring, leaving the performance of environmental, social and governance (ESG) funds lagging. Pure-play renewable energy stocks such as Orsted (ORSTED.CO) and First Solar (FSLR.O) have also fallen sharply this year as higher interest rates and inflationary pressures squeeze profitability. European oil and gas companies including BP (BP.L) and Shell (SHEL.L) have increased renewable energy investment, although they are expanding production of dirtier energy too. Sustainability-minded investors, Müller said, needed more disclosures from firms about their plans for shifting to lower-carbon models, and regulatory clarity on labelling transition-focused funds. Morningstar estimates that 45% of funds have exposure to traditional energy, totalling 7 billion euros ($7.6 billion).

Persons: Markus Müller, Müller, Tommy Reggiori Wilkes, Susan Fenton Organizations: Deutsche Bank's Private Bank, Reuters, BP, Shell, ISR, Morningstar, Investors, Deutsche, Investment Office, Thomson Locations: Ukraine, France, Europe

Climate Change Conference (COP 28) that opens on Nov. 30 in Dubai. Neither floods nor fires are new to Greece but with climate change, they are becoming a frequent disruptor to an economy dependent on tourism and farming. "We have to change our prediction methods," Skylakakis said, acknowledging the rapid pace of climate change. Mitsotakis has urged the EU to top up its solidarity fund and help countries tackle the impact of climate change. Adaptation measures worth 67 billion euros could reduce that loss to 510 billion euros, the country's leading economic think tank IOBE said in a February report.

Persons: Louisa Gouliamaki, Dimitris Kouretas, Kouretas, Theodore Skylakakis, Storm Daniel, Kostas Agorastos, Giorgos Stasinos, Kyriakos Mitsotakis, Sokratis Famellos, Skylakakis, Thanos Giannakakis, Nikos Papathanasis, Miltiadis Gkouzouris, Mitsotakis, Petros Varelidis, Lefteris Papadimas, Renee Maltezou, Michele Kambas, Daniel Flynn Organizations: Reuters, United Nations Environment Program, Mount Olympus, HVA, Chamber, European, Justice, EU, Water Management, Environment Ministry, Thomson Locations: Vlohos, Greece, Greece's, Thessaly, Europe, Dubai, Los Angeles, Dutch, Athens, Thessaly's, Mouzaki, Netherlands

☆ Politicians waking up to higher-cost offshore wind power, Equinor says
▼ + stars: | 2023-11-21 | by ( Nora Buli | ) www.reuters.com time to read: +2 min

"I believe that politics and markets will adjust, and that is also necessary in order to keep up the pace of offshore wind developments," Paal Eitrheim told Reuters on the sideline of the Norwegian company's autumn conference in Oslo. The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and supply chain bottlenecks, in some cases leading to project cancellations as support schemes failed to adjust. Similarly, Britain has adjusted the price for next year's renewables auction higher by 66%, after failing to attract offshore wind bids in the previous round. Equinor is considering extensions to existing offshore wind farms in Britain that could qualify for auctions in future, and Eitrheim defended higher prices in the near term after over a decade of cost reductions. "Although it's dramatic right now, I think, as we are building this supply chain, we are going to come back to a price level for offshore wind that is competitive for governments, for companies and also consumers."

Persons: Paal Eitrheim, Equinor, Eitrheim, Nora Buli, Terje Solsvik, Mark Potter Organizations: ASA, Bp, Reuters, BP, York, Thomson Locations: OSLO, United States, Britain, Norwegian, Oslo, York, New York

☆ From black gold to green power: Texas, weirdly, is leading America's clean energy future
▼ + stars: | 2023-11-21 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +16 min

John DavisDeals like Davis' have made Texas — America's oil capital for more than a century — the top producer of renewable energy in the US. The state has long generated the most wind power and is second only to California as a solar-energy producer. The high-stakes battle for Texas' energy future is a microcosm of how tricky America's green transition is shaping up to be, especially when politics are involved. Slowing down renewable energy could cost Texas in the long term, both economically and socially. The coalition seems to be growing stronger, even as Texas politicians shift further to the right on issues beyond renewable energy.

Persons: John Davis, Davis, Greg Abbott, Critics aren't, there's, George W, Bush, Rick Perry, Abbott, Winter Storm Uri, hasn't, it's, It's, Judd Messer, Madeline Gould Laughlin, Michael Looney, San Angelo Chamber of Commerce Brent Bennett, Bennett, Messer, That's, Enel's Laughlin, Enel, Sandhya Ganapathy, Catherine Boudreau Organizations: Menard, RES, Texas, Republican, Texans, Power Alliance, John Davis Texans, University of Texas, Winter Storm, ERCOT, Bloomberg, Texas Public Policy Foundation, Texas Energy Fund, Advance Power Alliance, San, San Angelo Chamber of Commerce, Chamber of Commerce, ExxonMobil, Chevron, West Texas Chamber of Commerce, Lone Star, EV Locations: North Dakota, Texas, America, Nowhere, Menard , Texas, Concho County , Texas, California, Menard, Austin, San Angelo, Midland , Texas

☆ How the U.S. Market Went Sideways for a Wind-Power Giant
▼ + stars: | 2023-11-20 | by ( David Uberti | Joe Wallace | ) www.wsj.com time to read: 1 min

The poster child for the wind-power revolution was supposed to help build America’s clean-energy future. Its messy pullback from the Northeast is threatening those aspirations. Denmark’s national oil-and-gas company, now known as Ørsted , bet big on renewables a decade ago. It renounced fossil fuels, renamed itself after a 19th-century physicist and embarked on a debt-fueled expansion, becoming the biggest offshore-wind developer outside China. Surfing investor enthusiasm for all things green, Ørsted surpassed BP in market value early in the pandemic.

Persons: Ørsted Organizations: BP Locations: China

☆ How Electricity Is Changing Around the World
▼ + stars: | 2023-11-20 | by ( Nadja Popovich | ) www.nytimes.com time to read: +9 min

Fossil Clean Fossil CleanWorld electricity generationHow Electricity Is Changing Around the WorldCarbon-free electricity has never been more plentiful. Where Fossil-Fueled Power Is Still Growing Today trend Over Last Decade Declining fossil power Mostly clean already Plateau or other trend Rising fossil power Circles are sized by the amount of total power generated by each country in 2021-22. trend Over Last Decade Mostly clean already Declining fossil power Plateau or other trend Rising fossil power Circles are sized by the amount of total power generated by each country in 2021-22. Note: Total generation data is shown through 2022 for the countries that have power generation data available through that year. (The country’s per person electricity generation is still much lower than America’s.) “But the upfront cost is a barrier.”Millions of people around the world also continue to go without access to any form of electricity.

Persons: It’s, ”, Dave Jones, —, Faran Rana, Nancy Haegel Organizations: Nuclear, Wind, Oil Gas Coal United States European Union United, United, Oil Gas Coal, Energy, International Renewable Energy Agency, United States, National Renewable Energy Laboratory, Oil Gas Coal Argentina Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Czechia Denmark Ecuador Egypt Finland France Germany Greece Hungary India Indonesia Iran Ireland Italy Japan Kazakhstan Kuwait Malaysia Mexico Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal Qatar Romania Russian Federation Saudi, Oil Gas Coal Argentina Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Czechia Denmark Ecuador Egypt Finland France Germany Greece Hungary India Indonesia Iran Ireland Italy Japan Kazakhstan Kuwait Malaysia Mexico Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal Qatar Romania Russian Federation Saudi Arabia Serbia Singapore Slovakia South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey Ukraine United Arab Emirates United Kingdom United Locations: China, India, United States, Europe, London, Oil Gas Coal United States European Union United Kingdom Australia, Australia, Oil Gas Coal China India Indonesia Malaysia, Asia, Indonesia, Oil Gas Coal Argentina Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Czechia Denmark Ecuador Egypt Finland France Germany Greece Hungary India Indonesia Iran Ireland Italy Japan Kazakhstan Kuwait Malaysia Mexico Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal, Oil Gas Coal Argentina Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Czechia Denmark Ecuador Egypt Finland France Germany Greece Hungary India Indonesia Iran Ireland Italy Japan Kazakhstan Kuwait Malaysia Mexico Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal Qatar Romania Russian Federation Saudi Arabia Serbia Singapore Slovakia South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey Ukraine, Oil Gas Coal Argentina Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Czechia Denmark Ecuador Egypt Finland France Germany Greece Hungary India Indonesia Iran Ireland Italy Japan Kazakhstan Kuwait Malaysia Mexico Netherlands New Zealand Nigeria Norway Oman Pakistan Peru Philippines Poland Portugal Qatar Romania Russian Federation Saudi Arabia Serbia Singapore Slovakia South Africa South Korea Spain Sweden Switzerland Taiwan Thailand Turkey Ukraine United Arab Emirates United Kingdom United States Vietnam

☆ Opinion | I’m a Climate Scientist. I’m Not Screaming Into the Void Anymore.
▼ + stars: | 2023-11-18 | by ( Kate Marvel | ) www.nytimes.com time to read: +2 min

Two and a half years ago, when I was asked to help write the most authoritative report on climate change in the United States, I hesitated. Did we really need another warning of the dire consequences of climate change in this country? The answer, legally, was yes: Congress mandates that the National Climate Assessment be updated every four years or so. But to me, the most surprising new finding in the Fifth National Climate Assessment is this: There has been genuine progress, too. I’m used to mind-boggling numbers, and there are many of them in this report.

Persons: I’m Organizations: United Nations, Renewables Locations: United States

Earlier this month, she said the U.S. offshore wind industry was "fundamentally broken" after BP wrote down $540 million on its wind power projects offshore New York, blaming inflation and red tape that meant projects ran over budget and over time. Globally, the renewables sector has been undermined by slow permitting, technological challenges, rising raw material costs and higher costs of capital. As BP seeks to guarantee it can meet its internal returns target of 6% to 8% on renewables projects, Dotzenrath said BP was working out how to reduce costs globally. You need one of the local energy suppliers to help you push ahead with the permitting processes and establish the onshore grid connection," she said. BP does not produce electrolysers, which split water to produce hydrogen, but Dotzenrath said did not rule out greater involvement.

Persons: Chris Helgren, Anja, Isabel Dotzenrath, Norway's Equinor, Denmark's, Dotzenrath, we'll, Chancellor Olaf Scholz, Thyssenkrupp, Christoph Steitz, Ron Bousso, Barbara Lewis Organizations: BP, REUTERS, Reuters, Siemens Energy, BASF, Thomson Locations: Vancouver , British Columbia, Canada, LONDON, Japan, U.S, New York, U.S.A, Germany

☆ UK's Octopus Energy launches $3.7 bln offshore wind fund with Tokyo Gas
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +1 min

Britain's Prime Minister Boris Johnson poses for photographs with a branded electric taxi as he visits the headquarters of Octopus Energy, in London, Britain October 5, 2020. The Octopus Energy Offshore Wind fund, set up with a 190 million pound cornerstone investment from Tokyo Gas, will invest in offshore wind farms as well as companies creating new offshore wind capacity, with a focus on Europe, Octopus said. The fund will look at both traditional offshore wind turbines and floating turbines. "The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind," said Octopus Energy Generation Chief Executive Zoisa North-Bond. Octopus Energy Generation has said it plans to invest $20 billion in offshore wind by 2030, with an aim to boost energy security and reduce dependence on fossil fuels.

Persons: Boris Johnson, Leon Neal, Octopus, Zoisa, Sachin Ravikumar, Mark Potter Organizations: Britain's, Octopus Energy, Rights Companies Tokyo Gas Co, Energy, Gas, Tokyo Gas, Bond, Thomson Locations: London, Britain, Tokyo, Europe

All three candidates vying to win the Feb. 14 election in Southeast Asia's largest economy have said they will prioritise cleaning up the power sector to reduce greenhouse gas emissions. To do that, Defence Minister Prabowo Subianto and former provincial governor Ganjar Pranowo, running neck-and-neck in recent surveys, would consider ending state-run Perusahaan Listrik Negara's (PLN) monopoly in order to allow renewable power producers to sell directly to customers. Former Jakarta governor Anies Baswedan, trailing in opinion polls, has called for improved leadership for the power sector but has not proposed breaking up PLN's monopoly. Proponents argue that opening the sector would accelerate adoption of renewables, as independent power producers will be incentivised to offer green power to companies pledging carbon neutrality. Agam, from the climate consultancy, said delaying renewable power to companies could mean lost investment.

Persons: Prabowo Subianto, Dita Alangkara, Ganjar Pranowo, Anies Baswedan, Agam Subarkah, Alexander Sonny Keraf, PLN, Prabowo, Eddy Soeparno, Soeparno, Gayatri Suroyo, Ananda Teresia, Stefanno Sulaiman, Stanley Widianto, Tony Munroe, Miral Organizations: Indonesia's Defense, Association of Southeast Asian Nations, ASEAN, REUTERS Acquire, Rights, Reuters, Defence, Former Jakarta, Cendekia, POWER WHEELING Ganjar, Thomson Locations: Jakarta, Indonesia, Rights JAKARTA, Southeast Asia's

☆ Britain to boost offshore wind auction power price guarantees by 66%
▼ + stars: | 2023-11-16 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

Companies Iberdrola SA FollowLONDON, Nov 16 (Reuters) - Britain will increase the guaranteed price offered for offshore wind projects in its next renewables auction by 66%, the government said on Thursday, as it seeks to spur more projects after its last auction failed to attract any offshore wind investment. Britain, which is already the world’s second largest offshore wind market after China, is seeking to ramp up its capacity to 50 gigawatts (GW) by 2030 from around 14 GW now, to help meet its climate targets and boost energy security. The offshore wind sector has been hit by surging supply chain and interest rate costs over the past year with some developers cancelling projects, while Britain's last auction yielded no offshore wind projects when the results were announced in September with developer saying the price offered was too low. The government said despite the absence of offshore wind, the last auction had succeeded in supporting other technologies such as solar, tidal and onshore wind projects capable of generating 3.7 GW, the equivalent to powering some 2 million homes. “The real test of that ambition will come when the overall budget for the next auction round is set next year.

Persons: Claire Coutinho, ”, ” Keith Anderson, ScottishPower, Susanna Twidale, Marguerita Choy Organizations: ” Energy, Thomson Locations: Britain, China

☆ Make America Build Again
▼ + stars: | 2023-11-16 | by ( Adam Rogers | ) www.businessinsider.com time to read: +37 min

America is the sixth-most-expensive place in the world to build subways and trolleys. The solutions will cost trillions of dollars and require a pace of building unseen in America since World War II. Perhaps the single most pressing question we face today is: How do we make America build again? "For this class of projects, federal environmental laws are more the exception." The prospect of overhauling our hard-won environmental laws might feel like sacrilege to anyone who cares about the Earth.

Persons: Anne, Marie Griger's, Griger, —, They're, Obama, I'm, we've, We've, I'd, It's, Matt Harrison Clough, Jamie Pleune, AECOM, Joe Biden's, There's, David Adelman, David Spence, Spence, James Coleman, NECA, Coleman, everyone's, Danielle Stokes, Nobody, Bill McKibben, Mother Jones, McKibben, Michael Gerrard, Columbia University —, they've, David Pettit, it's, Zachary Liscow, That's who's, Adam Rogers Organizations: RES Group, Environmental, Infrastructure Investment, Jobs, Land Management, Forest Service, University of Utah, Harvard Joint Center for Housing Studies, Brookings, Bureau of Ocean Energy Management, White, University of Texas, Greenpeace, Natural Resources Defense Council, Act, NEPA, Berkeley, University of California, University of Southern, Southern Methodist University, Ecosystems Conservation, GOP, Biden, Motorola, Telecommunications, Conservatives, Federal Energy Regulatory Commission, FERC, University of Richmond, UC Berkeley, USC, Star, Sabin, Climate, Columbia University, Natural Resources Defense, Republicans, Democrats, Management, Budget, Yale Law School Locations: Panama, Colorado, . California, Los Angeles, San Francisco, China, America, Washington, , Wyoming, Nantucket, New England, San Francisco ., University of Southern California, California, New York, Florida, Southern California, Las Vegas

☆ Low Platinum Prices Show How Banking on Miners Could Threaten the Energy Transition
▼ + stars: | 2023-11-15 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

Platinum is used to make the electrolyzers that produce hydrogen and the sharp down cycle in South Africa’s platinum mining sector demonstrates the risk that low prices and lack of investment could slow the energy transition. Prices for other commodities have also fallen, while miners have been complaining of rising costs and seem to be limiting their capital expenditures. Photo: michele spatari/Agence France-Presse/Getty ImagesFor the mining sector, cyclical returns are nothing new. Ray said many South African PGM miners are now selling their output at close to the cost of production, eating away at profitability. “To the extent that PGM prices stay at current levels, I would not be surprised to see more supply-side reaction,” Ray said.

Persons: Waldo Swiegers, ”, Tom Price, michele spatari, We’ve, ” Emma Townshend, ” Townshend, Raj Ray, Ray, ” Ray, ” Implats’s Townshend, Implats, Yusuf Khan Organizations: Bloomberg, Liberum, Agence France, PGM, Times, Business, BMO Capital Markets, Metals Locations: Sibanye, Africa, Johannesburg, Stillwater, South, South Africa, Marikana, U.S, China, Europe, Implats

☆ America and China Are Talking Again. Let’s Keep It That Way. - The New York Times
▼ + stars: | 2023-11-15 | by ( Jacob Dreyer | ) www.nytimes.com time to read: +4 min

But the sons and daughters of those builders are growing up in a very different world from their parents. There is widespread and growing discussion, for instance, of how to make Chinese society more equitable, green, urban and scientific. China is undergoing a profound transition to a high-tech, highly educated, prosperous and powerful nation that its “builder generation” could only imagine. And in frontier technologies like artificial intelligence, experts agree that a discussion without China amounts to the West talking to itself. Californians, plagued by wildfires, know that there are more immediate threats to their way of life than China.

Persons: Nicholas Burns Organizations: America, U.S, Soviet Union, U.S . Locations: China, United States, Russia, Iran, North Korea, Beijing, America, Soviet, China —, Soviet Union, Washington

☆ Solar stocks could rebound in 2024 after a brutal year but interest rates will make or break the recovery
▼ + stars: | 2023-11-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +6 min

Solar stocks could rebound in the second half of 2024 after taking a beating this year, though the industry's recovery depends largely on whether the Federal Reserve raises interest rates again. The rally comes as the residential solar industry looks toward the end of a rough year, with demand softening significantly as repeated rate hikes made installations unattractive for consumers. "The big headwind is interest rates," said Julien Dumoulin-Smith, a stock analyst who covers clean energy for Bank of America. Inventory problem The residential solar companies misread the market this year after a record 2022. The residential solar stocks will probably be broadly revisited on the buyside sometime around the spring of 2024, Blanchard said, though this also depends on what the Federal Reserve does with interest rates.

Persons: SolarEdge, Julien Dumoulin, Smith, we're, Corinne Blanchard, Blanchard, Wood Mackenzie, Jerome Powell, Goldman Sachs, James West, orderbook, West Organizations: Federal Reserve, Treasury, Bank of America, Deutsche Bank, Federal, Golden State, Utilities, Evercore ISI Locations: Dumoulin, California, Golden

☆ US and China pledge to resume climate working group, ramp up renewables ahead of Biden-Xi summit
▼ + stars: | 2023-11-15 | by ( Nectar Gan | Ella Nilsen | ) edition.cnn.com time to read: +6 min

The two sides decided to “operationalize” a suspended bilateral working group to “engage in dialogue and cooperation to accept concrete climate actions” in this decade, according to the statement. That working group was first proposed by Kerry and Xie in 2021 at the United Nations climate summit in Glasgow, but has been on hold since August last year. Both countries agreed to economy-wide reductions of all greenhouse gases in their international climate commitments for 2035, including carbon dioxide, methane, and hydrofluorocarbons. Li Shuo, the director of China Climate Hub at the Asia Society Policy Institute, said China’s pledge to set release targets for all greenhouse gas emissions was arguably the most notable point in the statement. Non-carbon dioxide gases such as methane still account for a considerable share of China’s greenhouse gas emissions,” he said.

Persons: Joe Biden, Xi Jinping, John Kerry, Xie Zhenhua, Kerry, Xie, ”, Li Shuo, China’s, you’re, Li Organizations: CNN, Economic Cooperation, US State Department, China’s Ministry of Ecology, United, “, Asia Society Policy Institute, UN, Asia Society Locations: United States, China, San Francisco, Asia, Beijing, Washington, Taiwan, California, United Nations, Glasgow, Dubai, COP28, UAE

The two leaders, who will meet on the sidelines of a summit of Asian-Pacific leaders, last spoke a year ago. Both men are seeking to show the world that while the U.S. and China are economic competitors, they are not locked in a winner-take-all faceoff with global implications. Their relationship has been increasingly defined by differences over export controls, Taiwan and the conflicts in the Middle East and Europe. Xi, meanwhile, is looking for assurances from Biden that the U.S. will not support Taiwan independence, start a new cold war or suppress China’s economic growth. “It is reported he’s very worried about the negative opinion of China in the United States,” Schumer said.

Persons: Joe Biden, Xi, Biden, John Kirby, “, We’re, ” Kirby, He's, Chuck Schumer, ” Schumer, Sagar Meghani Organizations: FRANCISCO, U.S, Economic Cooperation, White, Tuesday, National, State Department, APEC, Monetary Fund, Labor Department, Biden, Associated Press Locations: China, U.S, Iran, Taiwan, California, Asia, San Francisco, East, Europe, Tehran, Israel, Washington, Beijing, “, United States

☆ We're adding a transformed industrial stock to the portfolio with a small buy
▼ + stars: | 2023-11-15 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Following the trade, Jim Cramer's Charitable Trust will own 65 shares, representing about 0.50% of the portfolio. These multiyear themes are driving investment in the company's key markets, which are Commercial Buildings, Data Centers, Industrial, Residential Buildings, Utility, Aerospace, e-mobility, and Legacy Vehicle. By the way, artificial intelligence should be an additional tailwind to Eaton's Data Center business. AI data centers require both higher power and higher power density relative to traditional data centers, resulting in three times the electric content. One more theme benefitting Eaton's Data Center business is the need to generate electricity in a clean and sustainable way.

Persons: Jim Cramer's, Eaton, Jim Cramer, Jim Organizations: Eaton Corporation, Data Centers, Industrial, Aerospace, Data Center, Airbus, America's Boeing, Dubai Air Show, Boeing, Jim Cramer's Charitable, CNBC, NYSE Locations: Eaton, industrials, North America

Nearly a third of that renewable energy should come from wind and solar power, said the report by researchers of Berlin-based Agora Energiewende. In 2021, they had installed a total of just 11.9 gigawatts of solar energy and 1.5 gigawatts of wind energy. As of the end of 2022, the U.S. had installed capacity of more than 144 GW of wind power and 110 GW of solar photovoltaic power. The report calls for a “paradigm shift” to speed up the transition to wind and solar power. At the same time, power grids need to be upgraded to allow for the variability and unpredictability of wind and solar power, it said.

Persons: —, Mathis Rogner, Antonio Guterres, Kanika Chawla, Chawla Organizations: United Nations, Agora, Agora Energiewende, U.S ., Sustainable Energy, U.K, AP Locations: HANOI, Vietnam, Berlin, Indonesia, Japan, South Korea, China, India, Southeast Asia, Philippines, Thailand, Pakistan, Bangladesh, Taiwan, U.S, Korea, . South Korea

Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. A producer of key equipment such as gas turbines, converter stations and wind turbines, Siemens Energy is viewed by the German government as vital to its energy transition from fossil fuels to renewables. Frankfurt-listed shares in Siemens Energy were up 3% at 0757 GMT. Siemens Gamesa, once considered the future growth driver for Siemens Energy, has become a millstone around the group's neck after deeper-than-expected wind turbine quality issues were disclosed in June. As part of the financial backing agreed with stakeholders, Siemens Energy said it would sell an 18% stake in Indian firm Siemens Ltd (SIEM.NS) to Siemens AG at a discount of 15%, confirming a previous Reuters story.

Persons: Dado, Christian Bruch, Spain's, Christoph Steitz, Linda Pasquini, Mark Potter Organizations: Siemens Energy, REUTERS, Siemens, Siemens Gamesa, Siemens AG, Reuters, Siemens Ltd, Thomson Locations: Frankfurt, MUNICH

☆ U.S. and China Agree to Displace Fossil Fuels by Ramping Up Renewables
▼ + stars: | 2023-11-14 | by ( Lisa Friedman | More About Lisa Friedman | ) www.nytimes.com time to read: +1 min

The United States and China, the world’s two largest climate polluters, have agreed to jointly tackle global warming by ramping up wind, solar and other renewable energy with the goal of displacing fossil fuels, the State Department said Tuesday. The announcement comes as President Biden prepares to meet Wednesday with President Xi Jinping of China for their first face-to-face discussion in a year. The statements of cooperation released separately by the United States and China do not include a promise by China to phase out its heavy use of coal, the dirtiest fossil fuel, or to stop permitting and building new coal plants. That has been a sticking point for the United States in months of discussions with Beijing on climate change. That appears to be the first time China has agreed to cut emissions in any part of its economy.

Persons: Biden, Xi Jinping Organizations: State Department, Hamas Locations: States, China, Taiwan, Ukraine, Israel, United States, Beijing

☆ Wind power industry in moment of reckoning as stocks fall and earnings crumble
▼ + stars: | 2023-11-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ina Fassbender | AFP | Getty ImagesRenewable energy firms are mostly suffering a dire earnings season as struggling supply chains, manufacturing faults and rising production costs eat into profits. Manufacturing faults, most notably at Siemens Energy 's wind turbine subsidiary Siemens Gamesa, have emerged as companies race to build turbines at a greater pace and scale. Specialist wind energy firms are also often finding themselves outbid for seabed licenses by traditional oil and gas players. As a result, most wind energy stocks are down sharply since the turn of the year. The firm's economists said the past earnings season was a "learning moment" for the industry.

Persons: Ina Fassbender, Ørsted, Vestas, Henrik Andersen, " Andersen, Jacob Pedersen, it's, " Pedersen, CNBC's, Pedersen Organizations: International Energy Agency, AFP, Getty, Siemens Energy, Siemens Gamesa, Allianz Research, CNBC Wednesday, Sydbank Locations: Germany, Europe, U.S

☆ Orsted pulls out of Norway offshore wind consortium
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

Earlier this month the Danish company, the world's largest offshore wind developer, also scrapped two U.S. offshore wind projects, flagging $5.6 billion in related impairments as costs ballooned due to rising interest rates and supply bottlenecks. Olsen Renewables AS, and Norwegian power producer Hafslund formed the Blaavinge consortium in 2021 to take part in planned offshore wind tenders in Norway. Olsen Seawind and Hafslund will not be able to participate in the bottom-fixed wind tender now that Orsted has pulled out of the consortium, Bonheur said. However, they still plan to work on a tender for floating offshore wind turbines. Norway has yet to announce the date for a floating offshore wind tender.

Persons: Tom Little, Orsted, Bonheur's, Olsen, Fred, Hafslund, Olsen Seawind, Bonheur, Nerijus Adomaitis, Susan Fenton Organizations: REUTERS, Rights, Bonheur ASA, Fred, Olsen Seawind ASA, Olsen Renewables AS, Thomson Locations: Nysted, Denmark, Rights OSLO, Norway, Danish, Norwegian

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