MUFG Americas CEO: AI data centres will boost renewable energy demand, even under Trump
Mitsubishi UFJ Financial Group, the largest Japanese banking group, has said that the U.S.'s shift to renewable energy will continue under Donald Trump. Kevin Cronin, chief executive officer of MUFG Americas, said in an interview that the anti-renewables rhetoric of President-elect Trump has not led to a change in MUFG Americas' strategy. Cronin stated that the new administration would be more positive on fossil fuels but this does not mean that renewables will disappear.
AI's hunger for energy fuels geothermal startup but rivalry over natgas clouds the future
The number of geothermal energy startups is on the rise, as Big Tech companies look to power their AI data centers with natural gas. However, long-term investment remains uncertain because oil majors are doubling down on natural gases. Meta and Alphabet’s Google are two of the tech companies that have partnered with startups to create geothermal energy to power their data centres. The energy demands of artificial intelligence are being met by large datacenter operators…
Qcells claims that a new technology could reduce the space required for solar panels
Hanwha Corp.'s Qcells announced on Wednesday that it had made a significant breakthrough in a new solar technology. This has the potential of reducing the space needed by panels to generate electricity from the sun's light. The solar industry is facing a number of pressing challenges, including the need for more space. In some areas of the United States, large-scale projects that occupy vast tracts of land are being met with opposition.
Vice Minister says Saudi Arabia has extracted lithium in oilfield runoffs
Saudi Arabia has successfully recovered lithium from samples of brine from the oilfields of national giant Aramco and plans to launch soon a commercial pilot program for direct extraction, said the Saudi vice-minister for mining affairs on Tuesday. Khalid al-Mudaifer, CEO of King Abdullah University for Science and Technology's Lihytech start-up, said that Saudi mining companies Ma'aden and Aramco will be collaborating with Lithium Infinity to lead the extraction project.
Climate tech firms receive $80 million for removing carbon from paper mills and sewage plants
SAN FRANCISCO, Dec. 17 - Google H&M Stripe, and other members of the Climate-focused Frontier Coalition will purchase $80 million in carbon credits from a company that uses oil industry technology to collect emissions at paper mills and another firm that uses rocks to do the exact same thing at sewage treatment plants. While the U.S. president-elect Donald Trump will likely withdraw from an agreement to limit global warming and reduce support for carbon sequestration…
ADNOC Drilling partners with SLB and Patterson-UTI to form a 'unconventional energy venture'
ADNOC Drilling, a division of the state oil company in the United Arab Emirates, announced on Tuesday that it had signed an agreement for Turnwell Industries - a joint venture between oilfield service firms SLB, Patterson-UTI, and ADNOC Drilling. ADNOC Drilling owns 55% of the company, which was created to access unconventional energy resources such as oil and gas requiring advanced extraction techniques. SLB owns 30% of the company, while Patterson-UTI holds 15%.
BHP and Rio Tinto will build a low-carbon iron plant in Western Australia
BHP Australia and Rio Tinto Australia will develop together a pilot plant for producing low-carbon iron using Pilbara ore as part of their efforts to accelerate decarbonisation within the steel industry. The companies announced this in a statement released on Tuesday. The facility will produce molten steel using direct reduced iron technology (DRI), and renewable energy in an electric melting furnace (ESF). It could have a production of up to 40,000 tons per year.
Banks assist in the recovery of Australian shares; energy and miners lag behind
The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower. The Financials subindex topped the benchmark index by 0.4%. Shares of the "Big Four banks" rose between 0.2% to 0.4%. While metal prices are falling, miners have lost 0.5%.
Nuclear roadblock to EU's new renewable energy target
On Monday, pro-nuclear countries expressed their opposition to the European Union's plans for a renewable energy goal. They said they would not support a goal which excluded atomic energy. Nuclear power is a controversial energy source that has caused political disagreements among the 27 EU member states. These disputes have delayed recent EU initiatives to reduce energy prices and to drive Europe's shift to low-carbon sources of energy.
Iberdrola Gets Portugese Nod for Wind Farm Start
Iberdrola has received a production license from the Portuguese Directorate-General for Energy and Geology of Portugal (DGEG), taking another step towards the construction of the largest wind farm in Portugal.Located in the districts of Vila Real and Braga, in northern Portugal, with a total investment of around €350 million, this project reinforces Iberdrola's commitment to environmental goals, being the first to combine wind and hydro energy.
Toronto stock prices reach record highs after bank earnings
Canada's main index of stocks hit a new record on Wednesday. This was largely due to the performance of technology and financial companies, as well as investors' assessment of strong quarterly earnings by two major domestic lenders. The Toronto Stock Exchange S&P/TSX Composite Index was up 28.72, or 0.11% at 25,664.45, but was still trading below its record high. Angelo Kourkafas is an investment strategist with Edward Jones Investments. I would say that the market is showing some hesitation in light of last month's significant gains.
Financial Times - Dec 2
These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. The UK government will announce plans for a new council of defence industry leaders and business in an effort to enhance collaboration between Whitehall and technology companies, smaller start-ups as well as giants within the sector. The Chancellor of Duchy of Lancaster Pat McFadden denied that Keir's…
Indonesia talks nuclear technology with US and Russia
A deputy minister of the Indonesian government said on Friday that Indonesia has been in discussions with the United States about developing nuclear power plants. Vivi Yulaswati is a deputy minister in the Ministry of National Development Planning. She said that Southeast Asia's largest economy will be looking to operate nuclear power plants by 2036, in order to reduce its dependency on fossil fuels. In a video-interview, she stated that the program is open to small modular reactors as well as conventional nuclear technology.
Canada Environment Minister warns oil companies against retaining emissions data
Canada's Environment Minister warned Wednesday that oil companies who withheld data on emissions would be violating federal law. This was after Alberta's Premier said the province had considered measures to stop a proposed cap. Danielle Smith, Premier of Alberta, said on Tuesday that her government will introduce a motion to the legislature to allow them to challenge Ottawa's proposed cap on oil and gas emissions. Alberta, Canada's largest oil and natural gas province…
India's floating-solar plans face opposition from fishermen
But he fears his livelihood could evaporate if plans to install a huge floating solar farm on the Nathsagar reservoir go ahead. The government is considering a project to blanket about 7,500 hectares of the 350-sq km reservoir near the town of Paithan in Maharashtra state with floating photovoltaics, part of an ambitious push to create 500 gigawatts of renewable energy capacity by 2030 - enough to power hundreds of millions of homes in the world's most populous nation.
German rates drop, while French prices increase amid weather changes
On Wednesday, the European power prices showed divergent trends. Germany's fell on account of higher wind generation, while France's went up due to colder weather forecasts, which will increase electric heating demand. LSEG's analysis cited the wind power supply in Germany as the guiding force that will lead to net exports from the country for the next day. LSEG noted a decrease in lignite and natural gas availability among other factors.
ENTEK wins $1.3 billion US Loan for EV Battery Plant
The U.S. Department of Energy's loans office said on Friday it has finalized a loan of $1.3 billion to ENTEK Lithium Separators to finance a plant in Indiana for making lithium-ion battery separators used mostly in electric vehicles.WHY IT'S IMPORTANTThe Loan Programs Office is racing to finalize billions of dollars in loans to companies developing cutting-edge technologies expected to help speed an energy transition and curb climate…
ArcelorMittal delays planned green investments for EU
ArcelorMittal is the second largest steelmaker in the world. It announced on Friday that it was delaying green investments due to uncertainty over European Union regulations. ArcelorMittal received 850 million Euros ($885 million) from the French Government in January to support its 1.7 billion Euro decarbonisation programme in France through 2030 at its Dunkirk site and Fos-sur-Mer site. ArcelorMittal said on Friday that it had not yet made final investment decisions for these projects.
Danos Leaders Recognized in “40 Under 40” Lists
Danos announced that two of its leaders, Melanie Hill and Scott Theriot, have been named to prestigious “40 Under 40” lists for 2024.Melanie Hill, Danos’ general manager of shale production, was honored in Hart Energy’s Oil and Gas Investor Forty Under 40. This national recognition highlights leaders across the energy sector for their proven leadership and positive impact in their respective organizations. These honorees demonstrate entrepreneurial spirit, creative problem-solving, leadership and community involvement.
US Awards up to $2.2 Billion to Speed Clean-hydrogen Development
The U.S. Department of Energy announced on Wednesday that it had awarded up to $2 billion to centers in the Gulf Coast and the Midwest for the development of hydrogen, a new source of energy which is costly to produce with renewable power. Hydrogen supporters, such as the administration of Joe Biden believe that low carbon hydrogen can combat climate change by fueling industries like aluminum, cement and steel, along with long-haul transport. Most hydrogen produced today is made from fossil fuels, which emit unabated gases.
