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<keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani Group</keyword> has plans to invest USD 75 billion on <keyword id="1874332" type="General" weightage="20" keywordseo="energy-transition" source="Orion">energy transition</keyword> initiatives by 2030, its chairman Gautam Adani said on Wednesday. The <keyword id="6362476" type="General" weightage="20" keywordseo="investments" source="Orion">investments</keyword> will boost the group's vision to have 45 gigawatt of <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> capacity by 2030, Adani said in a statement. "We are committed to largescale renewables, developing an indigenous fully integrated <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword> ecosystem and green hydrogen solutions. At the Adani portfolio level, a total investment of USD 75 billion by 2030 on our energy transition initiatives will further our vision to have 45 GW renewable energy capacity by 2030 and strengthen the pivotal role played by AGEL in India's glide path to decarbonization," the group chairman said. The investments will be executed through <keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Limited (AGEL). AGEL has emerged as the second-largest global solar PV developer in the US-based Mercom Capital Group's latest annual global report. "The company's outstanding performance and contribution to the renewable energy landscape have earned it the prestigious second rank among the world's foremost solar PV developers," the statement said. It has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonne of CO2 emissions cumulatively.

Adani Group to invest USD 75 bn to scale up AGEL's RE portfolio to 45 GW: Gautam Adani

<ul class="summary-list"><li>Transitioning to a low-carbon energy system is critical to reaching global net-zero emissions goals.</li><li>Leaders at Davos say government policy to incentivize the transition can push things forward.</li><li>But there's no "silver bullet" — solutions will vary from country to country.</li></ul>More than <a href="https://www.un.org/en/climatechange/net-zero-coalition">70 countries have set "net zero" carbon emission targets</a> — and transitioning to a low-carbon energy system is going to be one of the main ways to hit those goals.The green-energy transition is in our sights, according to business leaders and politicians speaking at the <a href="https://www.businessinsider.com/climate-conversations-must-happen-wef-2023-1">World Economic Forum on Wednesday</a>, but the road ahead is bumpy.<h2>There are obstacles ahead</h2>Henrik Andersen, CEO of Danish renewable-energy company Vesta Wind Systems, said that "the transformation is running slower than we would like." He pointed to permitting regulations as one obstacle that often slowed down projects.Dutch Minister for the Environment Vivianne Heijnen agreed that regulation should keep pace so that innovation can take place. "We have to be smart about that," Heijnen said. "We need to make sure that regulation keeps up so innovation can take place."She added that the role of governments was to <a href="https://www.businessinsider.com/helena-gualinga-davos-fossil-fuels-climate-crisis-2023-1">facilitate and enable companies</a>, people, and organizations, while still having a basic package that the government carries out itself.Heijnen said that another obstacle was electrical capacity. The Netherlands has big ambitions when it comes to <a href="https://www.businessinsider.com/federal-state-electric-car-vehicle-tax-credits-rebates-qualify-2023-1">electric cars</a> — by 2030, only electric cars will be sold in the country.Heijnen said that the country had been working on improving infrastructure — now, there's one charging station for every four electric cars in the country, she said. However, there's still a big challenge: "Do we have enough electricity to power all the cars?"<h2>There's no 'silver bullet' solution</h2>The energy transition involves a huge variety of solutions coming together — renewable energy, <a href="https://www.businessinsider.com/how-to-set-up-home-charging-electric-car-ev-2023-1">electric vehicles</a>, hydrogen technology, and <a href="https://www.businessinsider.com/what-is-nuclear-fusion-how-does-it-work-green-energy-breakthrough">nuclear power</a>, to name a few, will all play a role. Andrés Gluski, CEO of energy company AES, said there isn't "one silver bullet" for the energy transition."There's different solutions for different countries," he said. In Germany, for instance, Gluski said that one of the biggest challenges right now is transferring energy over huge distances from offshore wind turbines in the North Sea to the industrial hubs in the south of the country.In the US, on the other hand, Gluski said that one of the major obstacles for scaling up solar power is a labor shortage — there aren't enough people to build solar farms. He floated the idea of using robotics to help fix the labor-shortage problem.Richard Cochrane, professor of renewable energy at the University of Exeter, told Insider that while there's no single solution, there is innovative technology that can fix several problems at once. He gave the example of a heat pump — a device that captures energy from outside a home and transfers it inside."With the heat pump, you often fit a buffer tank, which means that we could run the heat pump when there's surplus power at night and charge the buffer tank, so it's ready to run the shower in the morning or whatever," he said. "So with smart control, we could do quite a lot like that. And that's an area we're looking into, optimizing what the best sort of storage and control could be."<h2>Government policy is a 'lever we have to pull'</h2>Ed Daniels, sustainability and corporate relations director at Shell, said that we've got to work on creating demand for clean energy — and that the way to do this is through policy. "It's the lever we have to pull," he said.Daniels said that while the US is using incentives to drive the energy transition, the EU is using rules and regulations. "The incentive-based package is starting to pull ahead of the rules-based package," he said.Helena Bennett, head of climate policy at Green Alliance, told Insider that "we need the private sector to help with the heavy lifting to get us to net zero." She added: "This means governments need to work with businesses to support innovation, attract green investment, and provide certainty with sound regulations."<h2>Make a low-carbon future attractive to investors</h2>Ernesto Ciorra, chief innovability (innovation/sustainability) officer at energy company Enel Group, said that clean energy innovations need to be attractive to investors. "If we're not sustainable on the business side, we can't be sustainable on the environment side," he said. Ciorra also called China a champion of the electric transition, because "they are making this as a business."Ciorra said that the price drop in renewables has been a major boost — renewable energy is now cheaper than fossil fuels. Cochrane told Insider that the price drop was the result of volume and manufacturing."If we made blades the way we used to make them 10, 15 years ago, the latest turbine blades would weigh about 186 tons. But actually, some of the latest ones the equivalent calculation was a mere 66 tons," he said. "So it's still a lot of material, but actually an awful lot more efficient than it was a few years ago."Cochrane added that we could see a similar price drop for things like lithium-ion batteries in the future. He said there's an "awful lot of innovations being researched in the lab for batteries.""I think we can make significant progress towards a very significant proportion of our power from renewables really quite quickly," he said.

How to speed up the transition to green energy, according to leaders at Davos

<ul class="summary-list"><li>Leaders are gathering at the COP28 climate conference in Dubai this month. </li><li>The path to financing the world's transition to green energy remains unclear. </li></ul>As world leaders, business, and community leaders all gather at the COP28 conference in Dubai this month, the path to reaching net-zero greenhouse gas emissions by 2050 is becoming clearer, mapped out with distinct milestones and tech-enabled solutions. However, how the world will finance this transition is not so apparent.The estimated $2 trillion currently being invested annually in the green transition is a long way from the $5-$7 trillion needed to trigger and sustain the next great sustainable revolution—a transformation from the current fossil fuel-centric model to a highly renewable, low-emissions system of production.Financing the green energy transition is a trillion-dollar question. The answers lie in the mobilization of new cost-reducing finance instruments that can significantly remove risk from green projects, identifying and dismantling asymmetrical cost structures between developed and developing countries, and unlocking fair and just mechanisms to transition away from fossil fuels.This is how we can mobilize private investment and help achieve economic growth and climate neutrality.The<a target="_blank" href="https://www.deloitte.com/global/en/issues/climate/financing-the-green-energy-transition.html?id=gx:2el:3or:4financing_the_green_energy_transition:5GC1000297:6abt:20231122::ftget_op_ed"> Deloitte Financing the Green Energy Transition</a> report outlines some core financial levers, starting with a fundamental financial principle: the riskier the project, the higher the cost of capital. Harnessing financial instruments is vital to unlocking private capital and the financing of green investment at the lowest cost.The report estimates that getting this right could ultimately reduce financing costs by around $50 trillion by 2050. So, what are the associated risks, and what steps can we take to mitigate them and, consequently, reduce financing costs?<h2>Reducing the risk of green projects</h2>Identifying the types of risk allows us to understand the scale of the problem but also the potential of the opportunity. Unreliable markets and buyers, political instability, and ambiguous climate policies all contribute to elevated financing costs for green projects.Developing economies, where about three-quarters of green investments should occur to meet net zero targets, face even greater challenges with stricter public budget constraints for energy transition projects.One potential solution to reduce the costs and create a level playing field among countries and regions is the adoption of blended and concessional finance—a loan made on more favorable terms than the borrower could obtain in the market.Blended finance can mitigate risk with different layers of repayment priority, protecting investors against losses if a project meets bottlenecks or faces financial difficulties.<a target="_blank" href="https://www.convergence.finance/api/file/2ce2789177a186bd8eff8c7f74a9971a:78c7e7b69148447be571f3ae09448613baf012665702a3b4e48d35fb6ba733e58f62f6049af156c4422927249d515810d4de82d1e2b054f2d1287eb8aad60d79ebaa77d9d1be927c906f27ee1d11c7c7c6b7fdfabeaf754d500a36cabe9f9db0a08e99781a084961923b50c6a75182a8756af2d9f5dc214a78ae88e7b43e7714c8f066b3900e46d7e3d1451932a4118b2c87faf6a74a3ecb6e3bab0f91539726">Concessional public financing</a> can have a multiplier effect. For example, US$1 of concessional public finance can mobilize more than US$4 commercial capital, more than half of which can come directly from private capital. Simultaneously, the creation of green product markets and financial markets can quickly reduce revenue risk with pricing confidence. Offtake contracts can enable buyers to find green products and sellers to secure buyers.<h2>Bridging the cost gap</h2>The cost gap between green and fossil fuel projects is significant but it can be bridged with several mechanisms. Upfront costs can be minimized with innovation through R&amp;D as well as investment subsidies. This makes new technology projects more bankable—i.e., their risk-return profile meets investors' criteria to mobilize sufficient capital—while helping to build up a skilled workforce.At the same time, carbon pricing can help internalize the cost to society and incentivize a reduction. Additionally, public revenue from carbon pricing can be redirected to climate-related initiatives. Doing so would transfer revenues from fossil assets to their green counterparts, helping ease the impact of stranded fossil assets and stranded jobs.It is overwhelmingly clear that the transformation ahead requires a rapid scale-up of investment with an alignment between governments, financial institutions, and investors to jointly develop and agree on mechanisms to foster bankability.This is particularly acute and relevant in developing countries where underinvestment directly correlates to the risk perception from private investors and could lead to missed opportunities given that developing countries are key to the success of the global clean energy transition.If we get this right, we can achieve our collective net zero objectives, at the lowest possible cost, through a just transition. In the end, the probability of this success equals the bankability of projects.<a target="_blank" href="https://www2.deloitte.com/us/en/profiles/JenniferSteinmann.html">Jennifer Steinmann</a> is Deloitte Global Sustainability &amp; Climate Practice Leader.<a target="_blank" href="https://www.deloitte.com/global/en/about/people/profiles.dc8c0bef.html">Pradeep Philip</a> is Lead Partner, Deloitte Access Economics.

As world leaders gather for COP28 one question looms - who will pay for the green transition?

<ul class="summary-list"><li>Abaxx is a new commodities exchange that aims to stabilize prices and aid the energy transition.</li><li>"Trade and network keeps the world at peace," Abaxx's CEO told BI.</li></ul>The race to clean-up the global economy is on.Investment in the <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">energy transition</a> — a broad shift from fossil-based energy production systems to renewable resources like wind and solar power — hit $1.8 billion in 2023, with countries like China and the United States leading the charge, according to BloombergNEF, an energy research company. The International Energy Agency says total investment in clean energy could reach $2 trillion by the end of the year.But the shift to a cleaner, lower-carbon world doesn't depend solely on the work of government officials, legislators, or even major businesses. It also hinges on players working behind the scenes to secure the prices of key commodities like liquefied natural gas, essential for electricity generation and heating, and <a target="_blank" class="" href="https://www.businessinsider.com/fund-carbon-removal-corporates-avoid-bad-credits-2023-2">carbon offsets</a>, which help companies counteract the impact of their carbon emissions.A new Singapore-based commodities exchange called Abaxx, which launched in June, is working to do that by providing companies, governments, and project developers with a transparent marketplace for their trades. Commodities markets help stabilize prices by helping suppliers and consumers figure out fair prices, hedge against volatile price changes, and execute efficient and transparent transactions.Exchanges like Abaxx play a role in this because they help lock in prices and mitigate drastic fluctuations in the future. Abaxx deals in futures contracts, legally binding agreements to buy or sell commodities at a specified future date. Three regionally deliverable liquified natural gas contracts and two carbon offset contracts are already trading on the exchange. It's working on launching futures contracts for gold and battery metals, like lithium, a component in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cheaper-electric-vehicle-battery-technology-lithium-shift-2023-3">batteries that power EVs like Tesla</a>.Josh Crumb, the CEO and founder of Abaxx, says unclear pricing can lead to higher and more volatile prices for consumers while also forcing commodity producers to navigate turbulent investment cycles."If we look at the battery supply chain, nickel sulfate, lithium, cobalt, these things have gone through huge swings of boom and bust over the last couple of years," Crumb told Business Insider. "The main reason why is we don't have a lot of market transparency so that people can forward plan, price, hedge, all of that."Crumb first realized that the commodity industry needed more innovation when he was working as a <a target="_blank" class="" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">strategist at Goldman Sachs</a> in the years following the 2008 financial crisis. That coincided with the end of the commodities boom of the 2000s, during which the prices of many commodities, from food to oil to chemicals, had drastically surged.Now, with trading in full swing, Crumb hopes Abaxx will play a role in stabilizing what he sees as the next commodity investment cycle — marked not just by a need for new commodities to facilitate the energy transition but also a surge in electrification."When people speak of the energy transition to a lower carbon economy, they are usually speaking of replacing internal combustion engines with electric vehicles, with electricity supplied by low carbon renewables, hydro, and nuclear power. This will lead to a dramatic increase in electricity consumption," a representative for Crumb wrote to Business Insider by email. Between 2022 and 2050, global electricity generation is expected to surge at a faster rate than it did over the past decade, according to a report from the International Energy Agency.Most importantly, though, exchanges like Abaxx could play a critical role in geopolitics, Crumb said. "You want more transparency; you want more markets because we think that leads to more peace," he said. "We think trade and networks keeps the world at peace."

Founder of new commodities exchange explains how it can fuel the green energy transition

<ul class="summary-list"><li>The US is trying to cut itself off from China's green tech like solar, EVs, and batteries.</li><li>The moves could hit China's economy and risks slowing down the green transition.</li></ul>There will be a long list of grievances when China's top climate envoy, Liu Zhenmin, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-30/china-climate-chief-to-visit-us-with-aim-to-bolster-key-ties?srnd=green">visits the US this month</a> for his first formal talks with US officials.The meeting comes as the US and China jockey for power in the green-energy transition. The Biden administration is trying to cut itself off from Chinese goods that are key to solving the climate crisis — such <a target="_blank" href="https://www.businessinsider.com/us-fights-back-china-cheap-solar-panels-2024-4">as solar panels</a>, electric vehicles, batteries, <a target="_blank" href="https://www.businessinsider.com/us-is-firing-back-again-in-china-chip-semiconductor-wars-2024-3">and semiconductors</a>. The US wants to protect its factories against competition from cheaper products, which, in turn, could hit China's economy and risk slowing down the green transition. China is also under pressure to stop building new coal plants, the dirtiest form of power production, because the expansion undercuts the country's promise that its greenhouse-gas emissions will start dropping after 2030."The recent moves by the US to connect the climate issue with trade measures, industrial competition, and national security is something I'm sure the Chinese will raise because they have a lot of concerns on this policy direction," Li Shuo, the director of China Climate Hub at the Asia Society Policy Institute, told Business Insider.Li said China's view was that the US prioritized economic competition at the expense of mitigating the climate emergency. The world needs affordable green technology for the energy transition, and China's record levels of investment have driven down the costs, he added.A recent example <a target="_blank" href="https://www.businessinsider.com/how-chinese-automaker-byd-rose-to-challenge-tesla-2024-4">is the remarkable rise of BYD</a>, a Chinese automaker that briefly eclipsed Tesla this year as the world's largest seller of EVs.However, the US views China as a threat to both national security and the climate. The country's boom in green-tech manufacturing was largely powered by dirty energy, with coal still accounting for about 60% of China's electricity, <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/013124-coal-still-accounted-for-nearly-60-of-chinas-electricity-supply-in-2023-cec">an S&amp;P Global analysis</a> found. And even though China is adding renewable energy to its grid faster than any other country, it's also building new coal-fired power plants at a rapid clip.Coal is a major source of tension between the US and China, Li said. China has no policy to signal a coal slowdown, undermining its climate promises.The issue could be inflamed following a deal this week among seven of the world's wealthiest countries to stop burning coal for power by 2035. During a G7 meeting in Italy, Japan, another major coal user, <a target="_blank" href="https://www.g7italy.it/wp-content/uploads/G7-Climate-Energy-Environment-Ministerial-Communique_Final.pdf">endorsed the timeline for the first time</a> and was joined by the US, Canada, and several European nations.For its part, the US in late April finalized stricter emissions limits on power plants, which are expected to speed up the shift away from coal. About 16% of US electricity comes from coal, a steep drop over the past decade largely due to the fracking boom that made gas a cheaper source of power.But neither the US nor China is in a position to compromise, Li said.China defends its coal expansion as a matter of energy security. Last year, sky-high temperatures and drought in regions reliant on hydropower forced rolling blackouts and factory closures.Biden-administration officials, including the climate envoy John Podesta and Treasury Secretary Janet Yellen, in recent months have said the US is evaluating new strategies to counter China's dominance over green technology. Former President Donald Trump <a target="_blank" href="https://www.businessinsider.com/donald-trump-impose-tariffs-china-if-elected-2024-2">said he would impose tariffs</a> of more than 60% on China if he won the election in November.Given the tension, there likely won't be any major breakthroughs during this month's talks, Li said. But the fact that the world's two largest polluters are meeting in person shows that the climate still carries special weight. Few Chinese senior officials travel to the US.

China's top climate envoy is coming to the US this month as tensions over green tech run high

<ul class="summary-list"><li>Chinese policymakers see the global energy transition as a pathway to boost the yuan, Zongyuan Zoe Liu wrote.</li><li>China's currency is used in key commodity markets that are essential in decarbonizing.</li></ul>While the US dollar reigns supreme in global finance, especially in commodities markets, China sees an opening to elevate the yuan: the shift to renewable energy.That's according to Zongyuan Zoe Liu, a China scholar at the Council on Foreign Relations, who pointed to developments in key resources that are critical for green technologies like EV batteries and wind turbines. "These policymakers and scholars see the ongoing energy transition as an opportunity for the nation to raise the global standing of the renminbi in commodities markets; to them, there's no guarantee that the US dollar's dominance in our current fossil fuel-powered global economy will persist in a decarbonized world," Liu wrote in <a href="https://www.noemamag.com/china-wants-to-ditch-the-dollar/" target="_blank" rel="noopener">Noema Magazine</a>.That's as China is a dominant supplier of resources essential to turning economies green, such as rare earth minerals and critical metals such as cobalt.To take advantage of this, the country has established a number of commodity exchanges where prices are quoted in yuan, she pointed out. These include the Bautou Rare Earth Products Exchange in 2014 and the Ganzhou Rare Metal Exchange in 2019. In a similar vein, authorities have also established yuan-denominated exchanges focused on oil and copper, another metal used in green energy as well as other industries.Yet despite those advances, Beijing remains concerned about its heavy dependence on the US dollar for pricing and settling commodities contracts, Liu added. To that end, the country has also turned to multilateral partnerships. Groups such as the BRICS bloc and the Shanghai Cooperation Organization have not only helped China advocate for a less dollar-centric financial system, but have also bolstered the country's reach in the global commodity trade, she highlighted.For instance, China and Brazil, two BRICS members, are some of the largest lithium producers, while Iran may be added to that list. The Middle Eastern country, a member of both groups, also holds the world's largest zinc reserves."In this context, as a non-Western group of countries, SCO potentially represents a potent coalition of exporters and importers of commodities centered around using the renminbi to finance the entire commodities lifecycle from production to trade to consumption," Liu wrote. To strengthen currency ties between trade partners, Chinese authorities have long advocated for the use of local currencies, while also promoting ideas of regional integration and settlement systems, such as an SCO development bank.Meanwhile, BRICS countries have been vocal proponents of de-dollarization, and some of the group's newest members <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-new-brics-china-yuan-currency-sanctions-debt-2023-12">could be the most aggressive about rolling back the dollar</a>.Still, it's not China's aim to completely topple the dollar in international finance as that would be financially ruinous for the nation, given its heavy investment in US assets, Liu said. But Beijing's efforts shouldn't be ignored. "Should China successfully wean the world off the US dollar and the renminbi increase its status as a global currency or the dominant currency, it would reshape the global trade system and the international political landscape," she warned.

China sees the transition to green energy as a chance to elevate the yuan and dedollarize key markets

<ul class="summary-list"><li>The US will be replacing coal plants across the country, President Biden said last Friday.</li><li>His comments drew backlash from Republicans and Democratic Senator Joe Manchin.</li></ul>In the final days before the <a href="https://www.businessinsider.com/pennsylvania-key-swing-district-midterm-elections-inflation-abortion-voters-professors-2022-10">midterm elections</a>, President Biden made sure there would be little doubt about his <a href="https://www.businessinsider.com/big-oil-perks-democrats-new-bill-climate-energy-investment-2022-8">vision</a> for America's coal industry."We're going to be shutting these plants down all across America and having wind and solar power," Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/11/04/remarks-by-president-biden-on-the-chips-and-science-act/">said</a> at an event in California last Friday, adding that this shift will save utility companies "a hell of a lot of money" because "it's cheaper to generate electricity from wind and solar than it is from coal and oil." "No one is building new coal plants because they can't rely on it," he said.These comments drew <a href="https://www.nytimes.com/2022/11/05/us/politics/biden-coal-comments-manchin.html">criticism</a> not only from Republicans, but from Democratic Sen. Joe Manchin of West Virginia. The senator, whose state still generates <a href="https://www.wsj.com/articles/biden-embarrasses-joe-manchin-electricity-power-clean-energy-jobs-work-wind-solar-fossil-fuels-coal-plants-ira-11667749149?mod=hp_opin_pos_1">roughly 90%</a> of its electricity from coal, called the president's comments "outrageous and divorced from reality.""Being cavalier about the loss of coal jobs for men and women in West Virginia and across the country who literally put their lives on the line to help build and power this country is offensive and disgusting," Manchin <a href="https://www.wsj.com/articles/biden-embarrasses-joe-manchin-electricity-power-clean-energy-jobs-work-wind-solar-fossil-fuels-coal-plants-ira-11667749149?mod=hp_opin_pos_1">said</a>. "The president owes these incredible workers an immediate and public apology."In response to this backlash, White House Press Secretary Karine Jean-Pierre <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/11/05/statement-by-press-secretary-karine-jean-pierre-2/">issued a statement</a> on Saturday saying that Biden's remarks regarding the US's green energy transition had been "twisted to suggest a meaning that was not intended." "He is determined to make sure that this transition helps all Americans in all parts of the country, with more jobs and better opportunities," she said of the president. "It's a commitment he has advanced since day one. No one will be left behind."While Biden's comments may have <a href="https://www.manchin.senate.gov/newsroom/press-releases/manchin-reacts-to-bidens-outrageous-coal-comments">come as a surprise</a> to Sen. Manchin, the US is well on its way to phasing out the use of coal as an energy resource. Nearly one-third of the country's coal plants have been <a href="https://www.eia.gov/todayinenergy/detail.php?id=53599#:~:text=This%20loss%20of%20competitiveness%20has,operation%20as%20of%20June%202022.">shut down</a> since 2008. And August's Inflation Reduction Act, which Manchin ultimately supported, included <a href="https://www.businessinsider.com/big-oil-perks-democrats-new-bill-climate-energy-investment-2022-8">$369 billion</a> in energy and climate spending, and is expected to only further accelerate the shift towards renewables and away from fossil fuels. While President Biden is unlikely to use his authority to directly shut down US coal plants, legislation like the IRA undoubtedly lays the groundwork for a shift away from the industry moving forward. The Biden administration has said coal miners who lose their jobs <a href="https://www.ft.com/content/70920b90-57ee-4bf1-834f-d584a9b360cf">will be able</a> to find work in the green energy industry, but it remains to be seen how smooth this transition will be. The President clearly believes it is a transition worth making, however. Even before oil and gas prices surged earlier this year, solar and wind energy was <a href="https://www.businessinsider.com/senate-manchin-schumer-climate-bill-cheaper-energy-cleaner-air-jobs-2022-8">already cheaper</a> to produce. And cheaper energy production could mean more affordable energy for Americans. Biden, for instance, has said a transition to renewables would <a href="https://apnews.com/article/biden-business-environment-united-states-ap-fact-check-c745a9f9091121c2067d963f5c6b4f91">save</a> the average family "a minimum of $500 a year."

Biden says coal plants will be replaced by cheaper solar and wind power. Joe Manchin says he owes coal workers 'an immediate and public apology.'

<ul class="summary-list"><li>Russia's war on Ukraine is reshaping world energy order, paving the way for more renewables, the IEA said. </li><li>The organization estimated fossil fuel demand to peak by 2025, and investment in green energy to rise 50% by 2030.</li></ul>The demand for fossil fuels will peak this decade as Russia's war on Ukraine reshapes the world energy order, the International Energy Agency said in its outlook published this week.The view comes as <a href="https://markets.businessinsider.com/news/commodities/european-natural-gas-prices-russia-halts-nord-stream-1-flows-2022-9">Europe</a>, the <a href="https://markets.businessinsider.com/news/commodities/us-energy-shortage-natural-gas-winter-storage-production-freeport-lng-2022-8">US</a>, and <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-japan-nuclear-power-lng-gas-crunch-iea-2022-9">Asia</a> are facing an energy crunch, with <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-russia-natural-gas-flows-exports-cut-pipeline-2022-9">diminished Russian gas supplies</a> and sanctions on Russian oil threatening nations with mass supply shortages this winter. It's hiked demand for <a href="https://markets.businessinsider.com/news/commodities/russian-oil-market-tankers-asia-singapore-malaysia-kremlin-eu-sanctions-2022-10">dirtier fossil fuels</a> like coal, sparking concern that the energy crisis has undone major progress in transitioning the world to renewable power. But fossil fuel demand is set to plateau or peak over the next 10 years, according to the IEA's World Outlook report, and supply shortages stemming from Russia could actually start a seismic shift toward green energy. The report estimates investment in renewables to jump 50% to $2 trillion a year by 2030, and fossil fuel emissions to peak by 2025."The global energy crisis triggered by Russia's invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system," the organization said in a <a href="https://www.iea.org/news/world-energy-outlook-2022-shows-the-global-energy-crisis-can-be-a-historic-turning-point-towards-a-cleaner-and-more-secure-future">statement,</a> pointing to recent green initiatives in policies like the US <a href="https://markets.businessinsider.com/news/stocks/stocks-clean-energy-hydrogen-solar-lithium-inflation-act-biden-2022-8">Inflation Reduction Act</a>, the European Union's <a href="https://ec.europa.eu/commission/presscorner/detail/en/IP_22_3131">RePowerEU</a> program, as well as increased interest in <a href="https://markets.businessinsider.com/news/commodities/europe-energy-crisis-japan-nuclear-power-lng-gas-crunch-iea-2022-9">nuclear energy</a> worldwide. Russia, one of the world's largest fossil fuel exporters, has also been suffering amid the energy crisis, with exports plummeting as Western nations shun Russia as a supplier. <a href="https://markets.businessinsider.com/news/commodities/russia-oil-exports-europe-energy-crisis-asia-discount-india-saudi-2022-9">Russian seaborne oil exports</a> have fallen to their lowest level in over a year, and <a href="https://markets.businessinsider.com/news/commodities/russia-oil-revenue-sanctions-eu-putin-moscow-invasion-ukraine-energy-2022-10">revenue from crude exports have also nosedived</a>. Those revenues won't rebound either as the nation redirects its supplies towards Asian countries, the IEA said, predicting Russia's share of the global energy market to decline seven percentage points by 2030 – giving another boost towards the green transition."Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come," IEA chief Fatih Birol said. But Birol has warned of the danger Europe and other energy-strapped countries face this winter, calling it a "perilous moment" that could <a href="https://markets.businessinsider.com/news/commodities/eu-russian-oil-price-cap-agreement-europe-energy-crisis-inflation-2022-9">strain solidarity in the EU</a> as supplies grow even tighter. <a href="https://markets.businessinsider.com/news/commodities/first-global-energy-crisis-russian-oil-price-iea-chief-birol-2022-10">Russian oil is still needed</a> for global demand to be satisfied, Birol said at a conference on Tuesday, adding that it was "good" that Russia may be able to <a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-g7-west-sanctions-energy-crisis-war-2022-10">export as much as 90% of its oil in the face of a G7 price cap</a>.

Demand for fossil fuels will peak this decade as Russia's war on Ukraine reshapes world energy order, IEA says

<ul><li>The demand for AI &amp; ML specialists is anticipated to grow by 40%, resulting in the creation of around a million jobs. </li><li>The green transition has the potential to create 30 million jobs worldwide by 2030. </li><li>The education industry is predicted to create 3 million new positions for vocational education, university and higher education teachers. </li></ul>As the world prepares for a technological disruption, it would result in job losses. But this sector also contributes to employment growth with some of the fastest growing job roles. The demand for AI and machine learning (ML) specialists will grow at the fastest rate in the next five years, as per a report by the World Economic Forum. They are followed by sustainability specialists, business intelligence analysts and information security analysts, says WEF’s Future of Jobs Report 2023. The report's conclusions are based on a survey of the biggest global employers regarding their projections for job trends and directions between 2023 and 2027. Overall 69 million jobs are expected to be created in the next five years. As industries continue to transform through the increased usage of AI and machine learning, the demand for AI and ML specialists is anticipated to grow by 40%, resulting in the creation of around a million jobs. The rise of data-driven decision-making across industries is driving a 30-35% increase in demand (1.4 million) for roles such as data analysts and scientists, big data specialists, business intelligence analysts, database and network professionals, and data engineers. This growth is due to advances and growth in adoption of frontier technologies which rely heavily on big data, the report says. Rapid growth of green jobs across sectors The shift towards renewable energy has also contributed to relatively fast-growing roles such as renewable energy engineers and solar energy installation and system engineers. “To meet the goals of the Paris Agreement – a pledge to keep global temperature rises below 2ºC and pursue efforts to limit them to 1.5ºC – large scale global action towards a green transition is ongoing and expected to accelerate. While transitioning to a green economy will disrupt labour markets over the next decade it will also create significant new job opportunities,” says the report. The report indicates that investments in the green transition, broader implementation of environmental, social, and governance (ESG) standards, and climate-change adaptation are anticipated to have strong positive impacts on job creation. Further analysis of the data reveals that job creation will be particularly significant in the energy and materials and infrastructure sectors, with roughly 10% more companies expecting job creation as a result of these effects. The roles of sustainability specialists and environmental protection professionals are predicted to increase by 33% and 34%, respectively. This growth is expected to result in approximately a million new jobs. The International Energy Agency (IEA) has estimated that a green-recovery scenario could result in almost 3.5% of additional GDP growth globally and create a net employment impact of 9 million new jobs annually. Additionally, the green transition has the potential to create 30 million jobs worldwide by 2030 in clean energy, efficiency, and low-emissions technologies. Education, agriculture &amp; e-commerce The education industry is predicted to see a 10% increase in jobs, resulting in 3 million new positions for vocational education teachers and university and higher education teachers. Agricultural professionals, particularly agricultural equipment operators, are projected to experience a 30% rise in job opportunities, resulting in an additional three million jobs. Around four million digitally-enabled roles, including e-commerce specialists, digital transformation specialists, and digital marketing and strategy specialists, will be added in five years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/get-best-deal-and-offers-on-smart-tvs-in-amazon-summer-sale-2023/articleshow/99935053.cms">Amazon Summer Sale 2023: Best Kickstarter deals and offers on smart TVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bharatpe-acquires-51-stake-in-mumbai-based-nbfc-trillion-loans/articleshow/99935577.cms">BharatPe acquires 51% stake in Mumbai-based NBFC Trillion Loans</a>

AI & ML specialists top of list of fastest growing job roles

<ul class="summary-list"><li><keyword id="12258194" type="UNKNOWN" weightage="60" keywordseo="saudi-aramco" source="Orion">Saudi Aramco</keyword> CEO Amin Nasser said the <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> system can't be transformed overnight.</li></ul><ul class="summary-list"><li>Nasser told <a href="https://www.cnbc.com/2021/12/06/saudi-aramco-ceo-warns-of-unrest-if-fossil-fuel-investment-cut-too-fast.html">CNBC</a> that the industry needs an "orderly transition."</li></ul>The world's largest <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> producer has warned of runaway inflation and social unrest should investment in fossil fuels taper off too quickly in the world's transition to green energy. Saudi Aramco CEO Amin Nasser made the remarks during a speech at the World Petroleum Council Congress in Houston, Texas, on Monday. "It's increasingly assumed the entire world can run on alternatives, and the vast global energy system can be totally transformed, virtually overnight" said Nassir, according to a <a href="https://www.aramco.com/en/news-media/speeches/2021/ceo-remarks-at-wpc-houston-2021">copy of the speech</a> posted to Saudi Aramco's website. "Or that investments requiring roughly $115 trillion will be made in 30 years," Nasser continued, referring to the <a href="https://www.un.org/en/climatechange/net-zero-coalition">pledge</a> made by many energy companies and nations to reach net-zero emissions by 2050. "Most worrying of all is the assumption that the right transition strategy is in place. It is not. It's deeply flawed." His comments are the latest in a debate between policymakers moving toward sustainable energy and fossil fuel executives as the world navigates a massive <keyword id="12687809" type="UNKNOWN" weightage="60" keywordseo="energy-transition" source="Orion">energy transition</keyword>."Some people are trying to portray the current high energy prices as the first crisis of the <keyword id="11963839" type="UNKNOWN" weightage="60" keywordseo="clean-energy" source="Orion">clean energy</keyword> transition. This is completely wrong," said Fatih Birol, director of the International Energy Agency, at a conference in Copenhagen in October, per <a href="https://www.reuters.com/business/energy/spike-energy-prices-not-result-green-transition-problems-ieas-birol-2021-10-28/">Reuters.</a> "The current situation on the energy market has nothing to do with the clean energy transition. If there is one link, it is not because there is too much clean energy, but there is too little."In May of this year, the <a href="https://www.iea.org/news/pathway-to-critical-and-formidable-goal-of-net-zero-emissions-by-2050-is-narrow-but-brings-huge-benefits">IEA</a> advised that energy groups must stop all new oil, gas, and coal projects in order to achieve net-zero emissions by 2050.Energy prices have risen rapidly this year on the back of the global economic recovery and as supply struggles to catch up with demand. This is in part due to slow investment, energy industry executives say. Many oil exploration and production projects were delayed or canceled after the <a href="https://blogs.worldbank.org/developmenttalk/what-triggered-oil-price-plunge-2014-2016-and-why-it-failed-deliver-economic-impetus-eight-charts">oil price crash</a> of 2014, according to commodities consultancy <a href="https://www.woodmac.com/news/editorial/global-capex-spend-slashed/">Wood Mackenzie.</a>In September, the European Union's top climate change official, Frans Timmermans, said that record-high power prices in the trade bloc underscore the need to make a faster transition, <a href="https://www.reuters.com/business/sustainable-business/record-high-power-prices-make-case-faster-green-transition-eu-says-2021-09-14/">Reuters</a> reported."Had we had the <a href="https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal/delivering-european-green-deal_en">Green Deal</a> five years earlier, we would not be in this position because then we would have less dependence on fossil fuels and on natural gas," Timmermans said, noting that prices for renewable energy had remained stable even amid the fossil fuel price spike. On Monday, Nasser told <a href="https://www.cnbc.com/2021/12/06/saudi-aramco-ceo-warns-of-unrest-if-fossil-fuel-investment-cut-too-fast.html">CNBC</a> that the industry needs an "orderly transition."Nasser said during his WPCC speech that admitting the role of oil and gas in reaching net-zero "will be hard for some." But, he added, "admitting this reality will be far easier than dealing with energy insecurity, rampant inflation, and social unrest if prices become intolerably high. And net-zero commitments by countries may start to unravel."Until this year, the oil market has been relatively sluggish for years — with prices of <a href="https://www.businessinsider.com/power-line-why-oil-prices-went-negative-levels-of-detail-2020-4">US futures</a> even falling into the negative zone last year. US crude oil futures are up over 40% year-to-date.

The CEO of the world's largest oil producer said the oil industry must play a role in energy transition to avoid 'energy insecurity, rampant inflation, and social unrest'

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Adani Group to invest USD 75 bn to scale up AGEL's RE portfolio to 45 GW: Gautam Adani

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How to speed up the transition to green energy, according to leaders at Davos

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As world leaders gather for COP28 one question looms - who will pay for the green transition?

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Founder of new commodities exchange explains how it can fuel the green energy transition

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China's top climate envoy is coming to the US this month as tensions over green tech run high

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China sees the transition to green energy as a chance to elevate the yuan and dedollarize key markets

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Biden says coal plants will be replaced by cheaper solar and wind power. Joe Manchin says he owes coal workers 'an immediate and public apology.'

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Demand for fossil fuels will peak this decade as Russia's war on Ukraine reshapes world energy order, IEA says

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AI & ML specialists top of list of fastest growing job roles

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The CEO of the world's largest oil producer said the oil industry must play a role in energy transition to avoid 'energy insecurity, rampant inflation, and social unrest'

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