Exxon Mobil CEO Darren Woods stated that the company's proposed low-carbon hydrogen project in Texas may not proceed if the Biden administration withholds tax incentives for natural gas-fed facilities, arguing that the Inflation Reduction Act should provide credits for "blue" hydrogen produced from gas with carbon capture. Woods emphasized the need for a balanced approach to reducing emissions and transitioning to a low-carbon energy system, cautioning against favoring certain technologies over others. He also mentioned Exxon's interest in establishing the value of Hess' Guyana stake and potentially buying it after arbitration.
Virgin Atlantic successfully completed the first transatlantic flight powered solely by sustainable aviation fuel (SAF), highlighting the potential of eco-friendly and low-carbon options for air travel. The flight, operated by a Virgin Boeing 787, demonstrated that SAF can be a safe and compatible replacement for fossil-derived jet fuel. SAF, made from waste products, can save up to 70% of carbon dioxide emissions but currently only accounts for 0.1% of global jet fuel usage. Virgin Atlantic emphasized the need for policy and investment to scale up SAF production and meet the aviation industry's emissions reduction goals by 2030.
Nuclear fusion company SHINE Technologies has achieved visible proof of its reaction at work, marking the first instance of this accomplishment in nuclear fusion. As the world seeks cleaner energy sources, nuclear power is gaining favor, and companies like SHINE are focusing on harnessing energy from nuclear fusion. Challenges remain in containing the plasma used for energy generation and achieving higher yields, but SHINE aims to apply this technology in industrial and medical applications to address the energy generation problem.
Engine and alternative power manufacturer Cummins is set to announce a $1 billion investment across their U.S. engine manufacturing network in Indiana, North Carolina and New York, to manufacture low- to zero-carbon engines, helping decarbonize the nation’s truck fleets. The investment aligns with President Biden’s visit to the Cummins Power Generation Facility in Fridley, Minn., on Monday, which is part of his “Investing in America tour.” Over half of all medium- and heavy-duty trucks currently on the road in the U.S. use engines manufactured by Cummins.
