Tim Latimer, CEO of Fervo Energy, is pioneering the use of fracking techniques to harness geothermal energy from superhot rocks deep underground, aiming to produce 2,000 megawatts of zero-carbon power by 2030. Despite raising over $400 million from investors like Bill Gates and Mark Zuckerberg, the project faces potential challenges from President-elect Trump's plans to cut green energy subsidies. Fervo's innovative approach could revolutionize clean energy, but it must navigate technical, financial, and political hurdles.
President Joe Biden is set to become the first sitting U.S. president to visit the Amazon, highlighting his commitment to global climate efforts despite a mixed international record. While Biden has made climate change a central part of his domestic agenda, his administration has faced challenges in securing foreign aid for global climate initiatives and has struggled to meet its own emissions reduction targets. The visit underscores Biden's dedication to environmental issues, even as geopolitical tensions and domestic political challenges threaten to undermine his climate legacy.
A new report warns that Donald Trump's promise to repeal Joe Biden's climate policies could cost the US billions in lost investments and exports, while boosting China's leadership in clean energy. The analysis suggests that scrapping these policies could push $80 billion of investment abroad and cost the US up to $50 billion in exports, undermining its position in the global clean energy race. Despite Trump's focus on fossil fuels, renewables are expected to continue growing due to their economic attractiveness.
As Donald Trump prepares for a potential return to the presidency, he is expected to target U.S. climate policies, including possibly withdrawing from the Paris Agreement and the UN Framework Convention on Climate Change. While he may attempt to scale back clean energy initiatives and boost fossil fuel production, legislative hurdles and market dynamics could limit his impact. The Biden administration's investments in clean energy, embedded in laws like the Inflation Reduction Act, may be difficult to dismantle, though some aspects, such as electric vehicle tax credits, could be at risk.
Solar stocks plummeted after Donald Trump secured a second term as U.S. President, raising concerns about the future of the Inflation Reduction Act (IRA), which has been pivotal in promoting clean energy through tax incentives. The Invesco Solar ETF dropped over 11% in premarket trading, with significant declines in companies like First Solar, Sunrun, and Sunnova. Trump's campaign has targeted the IRA, labeling it the "Socialist Green New Deal," and its future depends on Republican control of Congress.
Jeff Flock of Fox Business tested the practicality of long-distance travel in a Tesla electric vehicle from Chicago to New York, covering 800 miles and charging the vehicle eight times. The trip highlighted the importance of planning for charging stops and the reality that EV trips can take longer than those in gas-powered vehicles. Despite the challenges, Flock emphasized the coolness of the technology and the environmental benefits, noting that the cost of charging is comparable to fueling a traditional car. The journey was a response to the Biden administration's push for clean transportation and the concerns of drivers regarding EV range and charging infrastructure.
Scientists in Svalbard, Norway, have detected substantial methane emissions from exploration wells in the Arctic permafrost, a potent greenhouse gas that could exacerbate global warming. Methane, which is 28 times stronger than CO2 in trapping heat, could significantly hinder efforts to limit temperature rise if released in large quantities. The study highlights the urgency of transitioning to clean energy sources, such as solar power, and adopting energy-efficient practices like using LED bulbs to protect the permafrost and mitigate climate change.
Offshore wind turbines at Vineyard Wind 1 near Martha’s Vineyard and South Fork Wind near Montauk Point have begun transmitting power to the U.S. grid, marking a significant step in renewable energy integration. Despite recent setbacks in the industry due to supply chain issues and financial challenges, these developments represent progress in the U.S. offshore wind sector. Startups like SkySpecs, Aerones, and AirLoom are working on innovative solutions to reduce costs and improve the efficiency of wind energy, indicating a growing focus on advancing renewable energy technologies.
The Vineyard Wind project, an offshore wind farm located off the coast of Martha's Vineyard, has begun delivering power to New England's electric grid, marking a significant milestone for the American offshore wind industry. One of the five completed GE Haliade-X turbines supplied approximately 5 megawatts of power, with plans to have all turbines operational early this year. Once fully complete, the wind farm will consist of 62 turbines, generating enough electricity for around 400,000 homes and businesses. This development represents a key step towards Massachusetts' goal of energy independence and aligns with the Biden administration's broader objectives for renewable energy expansion on the East Coast.
The United States has inaugurated its first large-scale offshore wind project, Vineyard Wind, off the coast of Massachusetts, marking a significant step in the country's renewable energy efforts. The project, which began with one turbine producing 5MW of power, aims to have 62 turbines generating enough electricity for 400,000 homes. This development aligns with President Joe Biden's goal of deploying 30GW of offshore wind by 2030 and represents a major achievement for the American offshore wind industry, despite recent setbacks such as project cancellations and opposition from various groups.
The list of electric vehicles eligible for the $7,500 tax credit in 2024 has been reduced to 13 models due to new regulations that exclude cars with materials from certain foreign entities, including China. The updated list includes select models from Tesla, Rivian, Chevrolet, Ford, Chrysler, Jeep, and Lincoln. The Tesla Model 3 Performance is eligible, but other Model 3 versions are not. The Ford Mustang Mach-E has also been removed from the list. Vehicle eligibility can be confirmed by submitting the VIN on fueleconomy.gov.
Gautam Adani, the billionaire head of the Adani Group, has declared the past year as one of "extraordinary contrasts," ending in a position of "unprecedented strength" despite facing a short seller attack and opposition from various groups. The Supreme Court-appointed committee validated the group's integrity and governance, dismissing the allegations against them. Adani Group's operating income soared by 47% in the first half of FY24, and the conglomerate plans to invest $100 billion over the next decade, focusing on clean energy. The group has also gained the trust of prominent global investors and is undertaking ambitious projects, including the world's largest renewable energy park and the development of Navi Mumbai airport.
