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State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

Electric vehicles (EVs) are all the rage these days. With their promise of lower emissions and smooth, quiet rides, it’s no wonder that the global demand for EVs has been soaring. However, if you live near the coast — or anywhere prone to flooding — there’s a less-talked-about risk that could make you rethink that shiny new electric car parked in your driveway: saltwater-induced fires from flooded EV batteries. <h2>Saltwater and EV batteries</h2>When it comes to EVs, the heart of the vehicle’s power lies in its battery, usually a lithium-ion (Li-ion) pack. These batteries are highly efficient, but they’re also sensitive to water, especially the salty kind. In September and October 2024, the Southeast U.S. was hit by hurricanes Helene and Milton, which caused catastrophic flooding. Thousands of homes were damaged, and in a particularly frightening twist, 11 electric cars and 48 lithium-ion batteries caught fire after being exposed to salty floodwaters. Saltwater is a conductor of electricity, which means it can get into the EV battery packs, triggering a dangerous reaction. When water seeps into the battery, it can cause a short-circuit between the battery's terminals, which may lead to overheating, violent fires, and even explosions. In many cases, the fire doesn’t start right away — it can take hours or even days after the exposure before a thermal runaway event occurs, causing a dangerous blaze. Once the fire starts, it’s nearly impossible to put out with regular fire-fighting methods. Firefighters often have no choice but to let the battery burn itself out. <div type="Article" hostid="261" msid="113906136" title="Planning to purchase an EV? Here&amp;#39;s how to ensure it never catches on fire" mstype="2" mssubtype="0"></div>In 2022, during Hurricane Ian in Florida, 36 EVs that had been flooded reportedly caught fire, even some that were being towed on flatbed trucks. The problem lies in how lithium-ion batteries react to saltwater. The metal terminals in these batteries, when exposed to salty water, can corrode and build short-circuiting paths that lead to fires days later. The fire hazard remains even in fully discharged batteries, meaning even seemingly "safe" vehicles after flooding could still pose a serious threat. <h2>The risk to coastal cities</h2>This issue is especially concerning for coastal cities where rising sea levels and hurricanes are becoming more frequent. According to a 2023 report by the International Energy Agency (IEA), <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> adoption is growing rapidly in many parts of the world, including India, where EV sales increased by around 50% in the first quarter of 2024 alone. Cities like Mumbai, Chennai, and Kochi are embracing EVs due to their environmental benefits and growing infrastructure support. However, these coastal cities are also at higher risk for flooding, making the combination of increased EV adoption and rising sea levels a perfect storm for potential disaster. In fact, areas prone to heavy rains and floods, like India’s coastal cities, are facing unique challenges. The combination of frequent monsoon floods and rising sea levels presents a scenario where more and more EVs could end up submerged in salty floodwaters, increasing the risk of battery fires in the region. <h2>What does this mean for you?</h2>While electric cars are generally safe under normal conditions, the growing risk of battery fires due to flooding is an important factor to consider if you live in flood-prone areas, especially near the sea. The key takeaway here is that EV owners should take extra precautions when natural disasters loom, particularly hurricanes and floods. Here's what you can do to protect your EV: <ul><li>Move your EV to higher ground: If you're in a flood zone, take your EV to higher ground or evacuate it if possible. This will help prevent it from being submerged in salty water.</li><li>Evacuate early: Be proactive and evacuate before the floodwaters hit. Don't wait for the last minute to move your vehicle to safety.</li><li>After the flood, treat submerged EVs with caution: If your EV has been submerged in water, especially saltwater, it’s essential to avoid using it, charging it, or even moving it until it’s been inspected by professionals. Contact the manufacturer for a thorough inspection of the battery.</li><li>Do not attempt DIY fixes: If your vehicle has been exposed to saltwater, do not try to start it, charge it, or fix the battery yourself. The risks of fire are too high, and professionals are trained to handle such situations safely.</li></ul>

Buying an EV may be a somewhat dangerous move if you live near the sea

<ul class="summary-list"><li>Stellantis CEO Carlos Tavares says automakers will have a tough time if the EV transition slows.</li><li>This is because automakers will have to invest in both EVs and combustion-engine vehicles, he said.</li></ul>Automakers will find themselves in a "big trap" if the industry's transition toward electric vehicles slows down, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stellantis-leverages-its-management-organisation-with-changes-to-drive-performance-under-the-leadership-of-carlos-tavares-1033836989">Stellantis</a> CEO <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stellantis-ceo-carlos-tavares-to-retire-in-early-2026-names-doug-ostermann-cfo-1033837036">Carlos Tavares</a> said on Monday.Tavares was speaking to the Financial Times on the sidelines of the Paris Motor Show when he weighed in on the EV transition."Making a transition for EVs longer is a big trap," Tavares said.This is because automakers will have to wrestle with higher costs as they have to invest in both electric and combustion-engine vehicles, Tavares told the Financial Times."When you make a longer transition, in fact, you don't replace the old world by the new one. You add up the new world to the old," he said.The European automaker owns brands like Chrysler, Fiat, Jeep, Maserati, and Peugeot. It's also invested in what it calls a "multi-energy platform." On <a target="_blank" class="" href="https://www.instagram.com/stellantistechai/reel/DBF_3tHJjao/">social media</a>, the company advertised this as a single chassis that "can power gasoline/diesel (or internal combustion engines), hybrid, plug-in hybrid, hydrogen or electric vehicles."Representatives for Tavares at Stellantis didn't immediately respond to a request for comment from Business Insider sent outside regular business hours.The Stellantis chief's remarks come amid <a target="_blank" class="" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1">plunging EV sales</a> across Europe.According to the European Automobile Manufacturers' Association, EV registrations fell by nearly 44% in August, compared to the same month a year ago.The dip was mainly driven by Germany, which saw a 69% decline in EV registrations.William Roberts, automotive research lead at battery consultancy Rho Motion, told <a target="_blank" class="" href="https://www.businessinsider.com/ev-sales-europe-slumping-warning-sign-us-2024-9">BI's Tom Carter</a> in September that the German government's decision to phase out subsidies in December severely dented consumer sentiment for EVs.Dylan Khoo, an analyst at technology intelligence firm ABI Research, told BI's Carter that the cooling demand for EVs was also because of the lack of affordable models in the EU."There are only a handful of models that you could really say are mass market, and even those are quite a bit more expensive than their gasoline counterparts," Khoo said.To be sure, Western automakers face both slowing demand and the challenge of <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">steep competition</a> from their Chinese counterparts.According to <a target="_blank" class="" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">data compiled</a> by the technology firm ABI Research for BI, Chinese automakers accounted for 70% of the EV market in Thailand and 88% in Brazil in the first quarter of this year.Several auto chiefs have raised concerns about the rise of Chinese automakers. Take <a target="_blank" class="" href="https://www.businessinsider.com/how-chinese-automaker-byd-rose-to-challenge-tesla-2024-4">BYD</a>, one of Tesla's key rivals in the EV business.Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-jim-farley-musk-tesla-cybertruck-dirt-hill-video-2023-11">Jim Farley</a> told a board member that he viewed the Chinese auto industry as an "<a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-cfo-left-shocked-after-chinese-ev-test-drive-2024-9">existential threat</a>" following a visit to China in May, The Wall Street Journal reported on September 14.On October 2, Mercedes-Benz CEO <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-cars-mercedes-benz-ola-kallenius-european-union-tariffs-2024-3">Ola Källenius</a> told attendees at the Berlin Global Dialogue conference that the Western auto industry was fighting an <a target="_blank" class="" href="https://www.businessinsider.com/western-auto-chiefs-industry-locked-in-darwinian-battle-with-china-2024-10">existential battle</a> against their Chinese rivals."It's strange. It's a Darwinistic-like price war, market purification. And many of those players that are around now. Many of those are not going to be around five years from now," Källenius said.

Automakers will find themselves in a 'big trap' if the transition toward EVs slows down, Stellantis CEO says

<keyword id="22948419" type="General" weightage="20" keywordseo="Reflect-Orbital" source="keywords" meta.keywordsubtype="org" meta.entityname="Reflect Orbital" meta.hostid="261" meta.entityid="Reflect Orbital">Reflect Orbital</keyword>, a California-based startup, has set its sights on a futuristic goal: providing "<keyword id="22948420" type="General" weightage="100" keywordseo="sunlight-on-demand" source="keywords">sunlight on demand</keyword>" using orbiting mirrors in space. The company's vision is to address one of the biggest challenges in <keyword id="19915217" type="General" weightage="20" keywordseo="solar-energy" source="keywords">solar energy</keyword> — the inability to generate power after sunset or during cloudy days — by using a fleet of <keyword id="20279522" type="General" weightage="20" keywordseo="small-satellites" source="keywords">small satellites</keyword> equipped with highly reflective <keyword id="22948421" type="General" weightage="20" keywordseo="Mylar-mirrors" source="keywords">Mylar mirrors</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">How the technology works</h3>Reflect Orbital plans to deploy 57 small satellites into low-Earth orbit. Each satellite will be outfitted with a 33-square-foot reflective Mylar mirror. These mirrors are designed to reflect sunlight down to Earth, targeting <keyword id="20658734" type="General" weightage="20" keywordseo="solar-farms" source="keywords">solar farms</keyword> and extending their operational hours by providing an extra 30 minutes of sunlight after sunset or before sunrise. The mirrors will focus sunlight into a concentrated beam, directed by solar farm operators using a simple interface, where users can log in, provide GPS coordinates, and request sunlight. <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1826682383514697993"></div>The idea is to make solar energy more available when it’s most needed — not just during daylight hours, but also in the early morning and evening when electricity demand is typically higher. This could potentially increase the efficiency and profitability of <keyword id="20423867" type="General" weightage="20" keywordseo="solar-power-generation" source="keywords">solar power generation</keyword>, as energy produced during these periods can be sold at higher rates. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Potential challenges</h3>Despite the excitement around this technology, there are several challenges that Reflect Orbital will need to overcome. Weather conditions such as thick clouds or storms could obstruct the reflected sunlight, limiting its effectiveness. Seasonal changes that affect the angle and duration of sunlight might also present difficulties. Additionally, the potential environmental impact, including light pollution and interference with astronomical observations, has raised concerns among scientists and environmentalists. <div type="Article" hostid="261" msid="112805908" title="How will Sunita Williams’ body have changed when she returns from space in February 2025?" mstype="2" mssubtype="0"></div>Reflect Orbital is aware of these challenges and has designed the mirrors to minimise light pollution. The company has also tested its technology using a hot air balloon, which successfully simulated the satellite mirrors' effect by reflecting sunlight down to a solar farm. According to co-founder <keyword id="22948422" type="General" weightage="20" keywordseo="ben-nowack" source="keywords">Ben Nowack</keyword>, the company was able to generate "500 watts of energy per square metre" of solar panel, which is about "half the brightness of the sun." <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1767961251186163857"></div>Reflect Orbital is still in the early stages, with plans to launch its first test satellite in 2025. Interest in the project has been strong, with over 30,000 applications already submitted by individuals and organisations eager to participate in the initial offering of "sunlight on demand." This ambitious project could mark a significant step forward in renewable energy technology if successful, providing a novel solution to the intermittent nature of solar power and helping to accelerate the transition to <keyword id="21313059" type="General" weightage="20" keywordseo="sustainable-energy-sources" source="keywords">sustainable energy sources</keyword>.

Space startup Reflect Orbital plans to sell "sunlight on demand" — how will it work?

The outlook for <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> is undeniably improving, but the shift away from fossil fuels towards alternative, sustainable sources of power presents significant challenges. Many individuals question the reliability of solar energy due to its reliance on daylight and seasonal variations. However, envision a solution that completely eliminates these limitations. <keyword id="19156540" type="General" weightage="80" keywordseo="space-solar" source="Orion">Space Solar</keyword>, a technology company based in the UK, has ambitious plans to establish a unique <keyword id="12654063" type="General" weightage="20" keywordseo="solar-farm" source="Orion">solar farm</keyword> in <keyword id="6359982" type="General" weightage="50" keywordseo="earth" source="Orion">Earth</keyword>'s orbit. What's even more fascinating is their belief that this project could be operational as soon as 2035! Our planet's atmosphere serves as a protective barrier, shielding us from the harmful effects of solar radiation, such as cancer or severe burns. Nevertheless, this also means that ground-based solar farms cannot harness all the potent energy emanating from the <keyword id="24879" type="General" weightage="50" keywordseo="sun" source="Orion">Sun</keyword>. When considering that solar technology heavily depends on daylight and clear skies, the idea of space-based solar farms becomes alluring. According to the <keyword id="59844" type="General" weightage="50" keywordseo="european-space-agency" source="Orion">European Space Agency</keyword> (<keyword id="191401" type="General" weightage="50" keywordseo="esa" source="Orion">ESA</keyword>), solar rays in space are ten times more potent than those on Earth, accessible around the clock, transcending the restrictions of time and location. Furthermore, this energy can be transmitted wirelessly to Earth or even the Moon using microwaves. In summary, Space Solar envisions that their expansive solar farms floating in space, extending for kilometres, could generate 13 times more renewable energy than traditional solar or wind farms while occupying only a fraction of the space. The emergence of reusable spacecraft, popularised by companies like SpaceX, has finally made this solar venture economically feasible. The company aims to supply 20% of Earth's energy needs using a fleet of 600 satellites. Europe has been actively exploring the concept of space-based solar farms to support its transition to a Net Zero economy for some time. The ESA has introduced the SOLARIS initiative to harness space-based <keyword id="70990" type="General" weightage="100" keywordseo="solar-power" source="Orion">solar power</keyword>. By the end of this year, two parallel concept studies for large-scale commercial farms will be completed, contributing to the development of a roadmap to transform this pivotal <keyword id="8445756" type="General" weightage="20" keywordseo="green-transition" source="Orion">green transition</keyword> concept into a reality.

Futuristic floating solar farms could be wirelessly powering the Earth from space by 2035!

<keyword id="125045" type="General" weightage="20" keywordseo="fitch-ratings" source="Orion">Fitch Ratings</keyword> reports that Asia-Pacific (<keyword id="156416" type="General" weightage="20" keywordseo="apac" source="Orion">APAC</keyword>) oil and gas (O&amp;G) producers are expected to uphold capital expenditure (<keyword id="46930" type="General" weightage="20" keywordseo="capex" source="Orion">capex</keyword>) for the upstream segment, primarily driven by national <keyword id="6357014" type="General" weightage="20" keywordseo="energy" source="Orion">energy</keyword> security and the growing need for energy transition in the region. According to Fitch Ratings, despite these financial commitments, APAC O&amp;G companies have more flexibility for capex as they have significantly reduced leverage in 2022. Additionally, most of these companies enjoy robust access to funding, thanks to their close affiliations with sovereign entities. The rising energy demand in the APAC region remains a crucial factor, motivating rated issuers to focus on maintaining or enhancing their reserves, especially in natural gas, a pivotal transitional energy source. Moreover, integrated producers are gearing up for substantial downstream investments to bolster their petrochemical capabilities. In the medium term, Fitch anticipates a swift increase in capex for rated issuers' energy transition endeavours, albeit starting from a relatively small base. Despite a growing emphasis on decarbonisation targets, fossil fuels are expected to remain the dominant source of earnings for APAC O&amp;G producers in the medium term. While many issuers have outlined long-term decarbonisation objectives, concrete plans to achieve these targets often lack implementation details. <keyword id="6422456" type="General" weightage="20" keywordseo="environmental" source="Orion">Environmental</keyword> regulations are predicted to become more stringent, driving the transition towards cleaner energy sources. However, this transition may be slower in the APAC region compared to Europe, where fossil fuels continue to be the primary energy source in key Asian economies. New fossil fuel projects could encounter increased regulatory challenges, especially in more developed APAC markets like Australia. Most of the APAC O&amp;G producers rated by Fitch are national oil companies or their subsidiaries. Their credit ratings are closely linked to changes in the ratings of sovereigns or government-owned parent organizations since their assessments are predominantly conducted on a top-down basis. For issuers rated on a standalone basis, they have ample rating headroom, unaffected by the current trends in capex for energy transition.

APAC Oil and Gas producers maintain capex amidst energy transition: Fitch Ratings

According to a recent online survey by <a href="https://m.economictimes.com/industry/renewables/budget-2024-survey-whats-stopping-indians-from-buying-evs/articleshow/107132645.cms" data-type="tilCustomLink">The Economic Times</a>, the majority of Indians cite one recurring issue holding them back from fully transitioning to an electric vehicle: range anxiety. Unlike petrol stations — whose vast numbers can almost rival the pani puri sellers in our country — <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> for EVs remainly severely limited in even our developed metro cities, much less the rest of the country. But imagine a future where a short chai and stretch break is enough to fully charge your electric car on a road trip. This once-futuristic vision is inching closer to reality, thanks to pioneering new study co-written by <keyword id="20756106" type="General" weightage="20" keywordseo="Ankur-Gupta" source="keywords">Ankur Gupta</keyword>, a researcher of Indian origin at the University of Colorado. The research, which leverages the movement of tiny charged particles called ions, holds immense promise in revolutionising <keyword id="20368669" type="General" weightage="20" keywordseo="energy-storage" source="keywords">energy storage</keyword>, making devices faster and more efficient than ever. Reports have suggested that this harnessing this technology could help charge a dead smartphone within a minute, or an electric car in just ten minutes. The charges that drive electricity work shockingly similar to fluids. For example, it isn’t entirely inaccurate to compare a battery to a pump that helps to maintain a constant flow of water. Gupta’s innovative research draws inspiration from similar fluidic processes, and pushes it to the extreme. The study repurposes chemical engineering techniques traditionally used for studying fluid flow in porous materials, such as oil reservoirs and water filtration systems. In particular, they focused on <keyword id="21612024" type="General" weightage="20" keywordseo="supercapacitors" source="keywords">supercapacitors</keyword> — battery-like energy storage devices used in EVs known for their rapid <keyword id="6453703" type="General" weightage="20" keywordseo="charging" source="Orion">charging</keyword> capabilities and longevity. “Supercapacitors are prized for their speed,” Gupta explained. “Our challenge was to accelerate the charging and discharging processes by enhancing ion movement efficiency.” You can think of an ion as a frenzied atom or molecule that carries a charge. This makes them highly reactive and constantly attracted to other particles with the opposite charge. The flow of ions makes part of what we know as current in our electronics. Meanwhile, supercapacitors store energy by accumulating ions in their pores. Gupta’s team discovered that ion movement at the intersections of these pores deviates significantly from what Kirchhoff’s law describes. This law, established in 1845, governs current flow in electrical circuits and is a cornerstone of electrical engineering. Ankur’s research is thus, quite literally, rewriting electrical engineering as we know it. By harnessing what they learned from this groundbreaking research, Gupta and his team believe that we can massively improve the movement of ions through supercapacitors, thereby improving the rate with which we charge and release energy. The implications of this research extend beyond personal electronics to <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> and power grids, where efficient energy storage is crucial to balancing supply and demand. As the global demand for efficient and sustainable energy solutions grows, Gupta's research marks a pivotal step forward. It opens up a world of possibilities for energy storage innovation, potentially making ultra-fast charging a commonplace feature in the near future. “The future of our planet hinges on <keyword id="21427498" type="General" weightage="20" keywordseo="energy-innovation" source="keywords">energy innovation</keyword>,” Gupta remarks. “We found the missing link.” The findings of this research have been published in Proceedings of the National Academy of Sciences and can be accessed <a href="http://dx.doi.org/10.1073/pnas.2401656121" data-type="tilCustomLink">here</a>.

Goodbye, EV range anxiety? Indian-origin researcher unveils technique to fully charge electric vehicles within minutes!

Billionaire Gautam Adani's group is building the world's largest <keyword id="864915" type="General" weightage="20" keywordseo="renewable-energy-park" source="Orion">renewable energy park</keyword> in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from <keyword id="6357019" type="General" weightage="20" keywordseo="solar-energy" source="Orion">solar energy</keyword>. Speaking at the opening of '<keyword id="694229" type="General" weightage="20" keywordseo="energy-revolution" source="Orion">Energy Revolution</keyword>: The <keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said. "In Khavda, which is in the state of Gujarat, we are building the world's largest renewable energy park. It will have a generation capacity of 30 GW of energy - and it is incredibly big. Its area of 538 square kilometers is more than five times bigger than Paris." This is part of the aim to reach 45 GW of renewable energy by 2030, said Adani, the chairman of the apples-to-airport conglomerate. "This will be like providing clean energy to almost every house in England," he said. It currently has an operating renewable portfolio of over 9.5 GW and locked-in projects of up to 21.8 Gigawatt (GW). The Gallery explores how the world can generate and use energy more sustainably to urgently decarbonise and to limit dangerous climate change. "Through striking displays of contemporary and historic objects from the UK and abroad, interactive digital exhibits, and specially commissioned models, the gallery shows how the past, present and future are shaped by human imagination and innovation and explores how we all have a role to play in deciding our energy future," a company statement said. The Gallery, which is open to the public for free, examines this century's defining challenge through the lens of imagination across three sections. In Future Planet, visitors can explore how scientists use complex computer-based models to understand our planet, and what these tell us about the range of climate futures that might lie ahead. In Future Energy, technologies and the people behind them that are reimagining how energy is supplied and used are highlighted alongside historic artefacts which provide a longer view of the transition away from fossil fuels. Adani said museums are very important because they teach and inspire. "This new gallery is about more than just clean air - or about moving away from oil and gas. It is about the energy transition we need - this world needs - and it is about the revolution that is taking place in the world of energy." The gallery, he said, was special because it makes us think, dream and wish for change. At the centre of the gallery is Only Breath, a moving sculpture that signifies the power of nature to inspire technological change. Radiating outward from the centre are plinths which display vital low-carbon renewable energy technologies for the transition, from nuclear, hydrogen and solar to wind and tidal power, alongside remarkable historic innovations that remind us how major change is possible and that many of the technologies needed to make the low-carbon energy transition already exist. Objects in this section include a 7m long tidal turbine blade made by Scottish renewable energy company Orbital Marine Power and the first electric taxi, the Bersey cab, hailed by Londoners in 1897. The challenges of electrification, energy storage, and supply and demand are also explored, with visitors invited to play interactive games and use models that show how energy can be generated and distributed. Possible routes to low-carbon transport are featured, as well the decarbonisation of our buildings and construction industries, and visitors can learn about climate modelling and see instruments used to measure climate. Energy Revolution was designed by award-winning architects, Unknown Works. A key element of sustainable design was the reuse of redundant shelves from the Science Museum's former object store. The gallery's carbon footprint has been monitored, and recyclable aluminium was used where possible. The gallery's Title Funder is Adani Green Energy. Sagar Adani, Executive Director, AGEL, said, "The Science Museum has put together the world's best curated gallery on energy transition. As one of the world's largest renewable energy companies, we are committed to making progress towards net zero - and there is no greater resource in the fight against climate change than education. "Through the sponsorship of the gallery, we aim to inspire young minds, scientists and innovators to imagine a future powered by clean energy and build a carbon-free world. It is an initiative to stimulate their interest, curiosity and awareness, and encourage their active participation in creating clean technologies. The gallery brings together the global community to enable the shift towards energy efficiency, clean energy adoption and carbon emissions reduction." Sir Ian Blatchford, Director and Chief Executive of the Science Museum Group, said, "In a week when we're celebrating a record 2.25 million visits by UK residents to the museum, including a million children, this stunning gallery offers even more to ignite curiosity among those who will visit in the year ahead - provoking important conversations about the urgent need for the world to generate and use energy more sustainably."

Adani eyes 45 GW renewable energy capacity by 2030

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

<ul class="summary-list"><li>Renewables can offer cheaper energy than fossil fuels, but the grid isn't designed to handle them.</li><li>We explore the places in the US making progress on this front. </li></ul>Think about the last time your <a target="_blank" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">power went out</a>.Maybe a car hit an electricity-distribution pole or a falling branch took down a power line <a target="_blank" href="https://www.businessinsider.com/moving-from-texas-power-outage-ercot-energy-grid-winter-storm-2023-12">during a storm</a>. It probably took at least a few minutes, maybe hours, before your power turned back on.Most likely, that's because workers at your local utility first had to assess how to restore your power. Then dispatchers had to drive to the nearby switches that <a target="_blank" href="https://www.businessinsider.com/texas-winter-storm-power-cuts-white-house-emergency-declaration-2021-2">control the flow of energy</a> and manually flip them until everyone's lights were back on.Not in Chattanooga, <a target="_blank" href="https://www.businessinsider.com/moving-to-tennessee-pros-cons-nashville-memphis-chattanooga-2023-2">Tennessee</a>. Instead, software automatically sends commands to smart switches throughout the system, rerouting the flow of electricity to restore power in seconds.The electric utility in Chattanooga, EPB, has invested $280 million in creating one of the <a target="_blank" href="https://www.businessinsider.com/power-smart-grid-electric-investment-save-money-prevent-blackouts-2024-4">smartest power grids</a> in the country. It has this self-healing system and manages energy more efficiently than traditional grids, reduces carbon emissions, and saves customers money on their electricity bills."They are an example of people who are looking forward to say: We see technology coming," Kevin Schneider, the chief engineer studying power systems at the Pacific Northwest National Laboratory, told Business Insider. "It is a challenge. It will be expensive, but we view it as less expensive and less challenging than doing nothing for the next 10 years and then trying to catch up."Nationwide, our <a target="_blank" href="https://www.businessinsider.com/power-grid-strain-home-vehicle-electrification-ai-startups-2024-3">power systems are in trouble</a>. The <a target="_blank" href="https://www.businessinsider.com/biden-laws-us-infrastructure-invest-funding-2024-3">infrastructure is aging and outdated</a>, costing consumers billions a year in higher energy bills. Moreover, the aging grid is not ready for the barrage of <a target="_blank" href="https://www.businessinsider.com/climate-change-migration-where-moved-escape-natural-disasters-extreme-weather">increasingly severe weather</a> that the climate crisis is bringing, nor the incoming surge of renewable energy and battery storage as the US moves toward the Biden-Harris administration's goal to achieve a carbon-pollution-free grid by 2035."Much of our grid infrastructure is 40, 50, 60-plus years old," Joe Rand, an energy policy researcher at Lawrence Berkeley National Laboratory, told BI. "And so it is in need of upgrading and maintenance."Smarter grids, like Chattanooga's, are just part of what it will take to modernize the American grid in the coming decades. They can deliver electricity in a "cleaner, more efficient, faster way," Joshua Rhodes, a research scientist studying smart grids at the University of Texas at Austin, told BI.However, getting that electricity in the first place from <a target="_blank" href="https://www.businessinsider.com/texas-green-power-energy-america-economy-wind-oil-solar-prices-2023-11">wind, solar, and other renewables</a> is where the challenge begins.<h2 id="69b81dd9-e41b-4840-b480-f88f0bf2481c">A troubled transition to renewable energy</h2><div type="image" title="giant wind turbines standing in water" height="1414" width="2121" msid="110091236" hostid="261" sizebytes="187698"></div>Last year was record-breaking for <a target="_blank" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">clean energy in the US</a>. Renewables, including wind, solar, and hydropower, represented about <a target="_blank" href="https://www.wri.org/insights/clean-energy-progress-united-states">25% of the electricity generated</a> in the US in the first half of 2023.And this year is off to a solid start. South Fork Wind — New York's first offshore wind farm — began powering homes in March. And the Edwards &amp; Sanborn project, the US's largest solar energy and energy storage project in California, came online in January.Renewable energy is not only cleaner than fossil fuels but also often less expensive."In many parts of the United States, wind and or solar are basically the cheapest ways that we can <a target="_blank" href="https://www.businessinsider.com/solar-panel-industry-electricity-generation-us-eia-tariff-prices-trade-2024-2">generate electricity</a>," Rand said.But we have a long way to go to reach 100% clean electricity by 2035. Renewables are intermittent energy sources. Unlike fossil fuels, the amount of energy they generate fluctuates. But <a target="_blank" href="https://www.businessinsider.com/hedge-funds-betting-electricity-power-grid-congestion-trading-2024-3">our grid system wasn't designed</a> to handle that variation.Plugging intermittent energy sources into this outdated grid network can cause problems, such as energy imbalances that exceed capacity and trigger outages, <a target="_blank" href="https://www.stevens.edu/profile/podonkor">Philip Odonkor</a>, an assistant professor in the School of Systems and Enterprises at Stevens Institute of Technology, told BI.So what's happened is a bottleneck: Renewable projects are generating energy but with limited ways of getting it to towns and cities. At the end of 2023, <a target="_blank" href="https://www.energy.gov/sites/default/files/2022-04/Queued%20Up%E2%80%A6But%20in%20Need%20of%20Transmission.pdf">930 gigawatts</a> of power — enough to power <a target="_blank" href="https://www.seia.org/solar-industry-research-data">roughly</a> 171 million homes — were waiting to connect to the grid.To achieve zero-emissions electricity by 2035, the US needs to revamp the grid with up to 10,100 miles of new transmission lines that can transport renewable energy from point A to point B. The Midwest grid operator, Midcontinent Independent System Operator, has approved the <a target="_blank" href="https://www.nrdc.org/bio/toba-pearlman/midwest-grid-operators-inching-forward-miles-go-0">country's largest transmission investment</a> to date, totaling $10.3 billion, to improve how it delivers electricity to 45 million people across the Midwest.But in general, construction on new high-voltage transmission has slowed to a trickle over the past decade, Rand said. In 2013, the US <a target="_blank" href="https://www.ferc.gov/sites/default/files/2020-05/dec-energy-infrastructure_3.pdf">completed</a> over 3,000 miles of transmission projects. Last year, it <a target="_blank" href="https://cms.ferc.gov/media/energy-infrastructure-update-december-2023">completed</a> 251 miles.It's not economic or technology barriers holding these projects back, Rand said: "It's institutional, regulatory, and social issues."<h2 id="ed839077-604c-48e7-a55c-f3e216767d9a">Breaking down barriers</h2><div type="image" title="A man walks through a power station" height="1937" width="3000" msid="110091239" hostid="261" sizebytes="1045202"></div>When South Fork Wind began operations in March, it was a major milestone but also years behind schedule. Economic headwinds struck in 2020 with the Trump administration's moratorium on offshore wind, which stalled progress for two years."The clearest delay for South Fork was losing those years of progress," said <a target="_blank" href="https://wrisenergy.org/about-wrise/leadership/board/">Julia Bovey</a>, the director of external affairs for offshore wind at <a target="_blank" href="https://www.eversource.com/content/residential">Eversource Energy</a>, which co-owns South Fork Wind with <a target="_blank" href="https://us.orsted.com/?gad_source=1&amp;gclid=Cj0KCQjwir2xBhC_ARIsAMTXk84wQN2zsVWYlPKJurVNpM-v2sPcNdUtPeJL5HMpCMOYQ9fYAfdwwnwaAu_mEALw_wcB">Ørsted</a>.Other obstacles stand in the way of clean energy — the biggest being the lengthy permitting process and interconnection queue delays. The permitting process for renewable-energy projects involves massive amounts of paperwork and can take <a target="_blank" href="https://www.osc.ny.gov/press/releases/2024/04/dinapoli-renewable-energy-projects-taking-years-become-operational-nys#:~:text=On%20average%2C%20the%20permit%20application,permit%20process%20is%20not%20improved">three or more years to finish</a>.In the end, about <a target="_blank" href="https://emp.lbl.gov/sites/default/files/2024-04/Queued%20Up%202024%20Edition_1.pdf">80%</a> don't make it to completion, and those that do can get stuck in the clogged interconnection queue for as long as <a target="_blank" href="https://www.forbes.com/sites/forbestechcouncil/2024/03/01/the-energy-sector-and-ai-unplugging-the-interconnection-queue-backlog/?sh=4932ad4162f4">five more years</a>. By the end of 2023, almost <a target="_blank" href="https://emp.lbl.gov/sites/default/files/2024-04/Queued%20Up%202024%20Edition_1.pdf">12,000 projects</a> were in the queue, waiting to be connected to the grid."It's a seriously complex process with so many stakeholders," Bovey said.South Fork Wind was the first utility-scale offshore-wind project in the US to make it through this process. In doing so, it revealed a lot of issues that could be fixed through standardization and better agency coordination, Bovey said. But it also proved that bringing offshore wind online was possible."Every hope is that this has paved the way for future projects to be cheaper, bigger, faster, and just as responsible — just as well sited," Bovey said.On the whole, Paul Denholm, a principal analyst and senior research fellow at the National Renewable Energy Laboratory, is more skeptical of the country's prospects. We'll be closer to a 50% renewable-power grid by 2035 with the way things are going, he told BI.Right now, we lack the federal policy necessary to solve regulatory and permitting delays, clear the interconnection queue, and drive rapid infrastructure upgrades and technology implementation, Denholm said.For example, the Midcontinent Independent System Operator's transmission investment, while noteworthy, took 11 years to get approval, and its next series of approvals have been delayed."So from that standpoint, it's pretty clear that we're not on a path to get to 100%," Denholm said.<h2 id="a55db279-156b-40fd-940e-ba037839bbdf">There's no going back</h2><div type="image" title="An electric vehicle charges in California" height="683" width="1024" msid="110091241" hostid="261" sizebytes="41490"></div>Regardless of how quickly the US gets there, we're headed for a clean-energy revolution. The federal government has invested nearly <a target="_blank" href="https://www.energy.gov/infrastructure/clean-energy-infrastructure-funding-projects-and-programs">$100 billion</a> in clean energy through its Bipartisan Infrastructure Law and the Inflation Reduction Act.Old infrastructure must be modernized across the country because the production and use of energy are going to get much more complicated.Nationwide, the grid draws power from about 12,000 power plants. Over the next 20 years or so, it will have to balloon to incorporate millions of small, distributed energy-generation resources, from hydropower dams to offshore wind farms to rooftop solar panels.Then there will be the batteries, which store wind and solar energy until a rainy day. Meanwhile, newly electrified cars and heating systems will increase energy demand.Eventually, home appliances may tap into data from the grid — how much people are drawing energy from it, how much carbon it's emitting, and how much electricity costs at any given hour — to help you make smart decisions about when to wash your dishes or heat your house."Historically it was meant to go one way," Schneider said of the grid. "Now we've got solar that pushes power back in. We've got EVs. We've got new loads like heat pumps. So the edge is getting so much more complicated with a lot more stakeholders in there."Smart grids are essential for integrating all that new stuff. The rollout of smart-grid technologies, renewable projects, and new transmission lines will happen piecemeal across the country, at different paces in different places, depending on policies, utility finances, and the economy — high up-front costs can be a major deterrent. However, the return on investment can be even greater.Take Chattanooga. EPB spent $280 million to refurbish its power system with smart technologies. In its first 10 years, the project generated $2.7 billion worth of economic value by creating jobs, attracting businesses, and reducing customers' electricity bills, an EPB-funded <a target="_blank" href="https://assets.epb.com/media/Lobo%20-%20Ten%20Years%20of%20Fiber%20Infrastructure%20in%20Hamilton%20County%20TN_Published.pdf">study</a> found.MISO foresees a similar return on its $10.3 billion investment. It estimates that investment will bring <a target="_blank" href="https://blog.ucsusa.org/sam-gomberg/midwest-transmission-system-investments-will-be-a-game-changer-for-a-clean-energy-future/">$37.3 billion of value</a> for customers by transporting cheaper, more reliable power. So the benefits can outweigh the cost."As we move forward, things are becoming more complex," Schneider said. "And we need to find ways to work together collaboratively. Because no one group or organization has all the answers, it's going to be a lot of different things coming together."

What it will take to modernize the American grid and usher in the clean-energy revolution

<ul class="summary-list"><li>BI spoke to several experts about what to watch in 2024 for climate action.</li><li>AI has the potential to reduce emissions in manufacturing, agriculture, and the power sector.</li><li>High borrowing costs won't stop renewable energy projects.</li></ul>It's been a transformative year for climate action. Artificial intelligence burst into our collective conscience like never before. Globally, renewable-energy capacity and electric-vehicle sales <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuaWVhLm9yZy9yZXBvcnRzL3dvcmxkLWVuZXJneS1vdXRsb29rLTIwMjMvZXhlY3V0aXZlLXN1bW1hcnk_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eB983a0a5a">hit new records</a>. Yet <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS93aGF0LWNsaW1hdGUtY2hhbmdlLWNyaXNpcy1leHRyZW1lLXdlYXRoZXItaXMtY29zdGluZy15b3UtMjAyMy05P3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB71e74b83">extreme weather</a> was a reminder that decarbonizing the economy isn't moving fast enough.BI spoke to several experts about what they're watching in 2024. Here are the takeaways: <h2>AI is headed for another blockbuster year</h2>For the first time, AI was a focus of many sideline events at the UN summit in Dubai, known as COP28. It's already being used to monitor greenhouse-gas emissions by analyzing vast amounts of data from satellites, drones, and land-based sensors. Scientists are also using AI to predict extreme weather events more precisely.AI has the potential to reduce greenhouse-gas emissions by 5% to 10% by 2030, <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuZ3N0YXRpYy5jb20vZ3VtZHJvcC9zdXN0YWluYWJpbGl0eS9hY2NlbGVyYXRpbmctY2xpbWF0ZS1hY3Rpb24tYWkucGRmP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB8d1efd26">a November report by Google and Boston Consulting Group</a> found. The cuts could come from the manufacturing, agriculture, and power sectors, but adoption is slow, said Alp Kucukelbir, the cofounder and chief scientist at Fero Labs, which develops machine-learning software for manufacturers. Kucukelbir coauthored <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuaWNlZi5nby5qcC9wZGYvc3VtbWFyeS9yb2FkbWFwL0lDRUYlMjBBSSUyMENsaW1hdGUlMjBDaGFuZ2UlMjBNaXRpZ2F0aW9uJTIwUm9hZG1hcCUyMERSQUZUJTIwRk9SJTIwQ09NTUVOVCUyME9jdCUyMDMlMjAyMDIzLnBkZj91dG1fbWVkaXVtPW5ld3NsZXR0ZXImZW1haWw9Y2JvdWRyZWF1JTQwaW5zaWRlci5jb20meD04MTI4ZTI5ZTMwN2Q4YzI2MjI4NzBjNDNkMmU4MzFhMjJjZTUwMDkyNTVhMTUwZDU0NzE3MDM1ZThjYjBkMGE2/628bdf90094963f5ad0eef3eB9732a333">an AI climate framework with other academics</a> released at COP28 that outlined the opportunities, risks, and barriers to adoption."Any factory operating today is already digitized to the extent where you can bring in AI and empower the factory to improve the amount of recycled materials it's using, reduce waste, reduce energy consumption, and improve the yields of its production," Kucukelbir said. He's keeping tabs on how governments approach AI and whether they cover the potential benefits and education gap. There aren't enough workers with AI knowledge, a problem governments can help address. Kucukelbir noted that the US Department of Energy <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuZW5lcmd5Lmdvdi9hcnRpY2xlcy9kb2UtbGF1bmNoZXMtbmV3LW9mZmljZS1jb29yZGluYXRlLWNyaXRpY2FsLWFuZC1lbWVyZ2luZy10ZWNobm9sb2d5P3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eBba5390ce">this month announced</a> a new office dedicated to AI and other emerging technology. <h2>Rising costs won't slow the green transition</h2><a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuaWVhLm9yZy90b3BpY3MvaW52ZXN0bWVudD91dG1fbWVkaXVtPW5ld3NsZXR0ZXImZW1haWw9Y2JvdWRyZWF1JTQwaW5zaWRlci5jb20meD04MTI4ZTI5ZTMwN2Q4YzI2MjI4NzBjNDNkMmU4MzFhMjJjZTUwMDkyNTVhMTUwZDU0NzE3MDM1ZThjYjBkMGE2/628bdf90094963f5ad0eef3eB00df711e">Renewable-energy investment</a> hit record levels in 2023, but high interest rates created challenges for offshore wind projects. Last month, the Danish company Ørsted <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly9tYXJrZXRzLmJ1c2luZXNzaW5zaWRlci5jb20vbmV3cy9zdG9ja3MvYmlkZW5zLXdpbmQtcmV2b2x1dGlvbi1mYWNlcy1zZXRiYWNrLWFzLW1ham9yLXByb2plY3RzLWhhbHRlZC0xMDMyNzcwODc1P3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB81055bf3">canceled plans to build</a> two large offshore wind projects off the coast of New Jersey. But on Wednesday, Ørsted said it would move ahead with plans to build the world's largest wind farm in the North Sea after the UK increased financial support for the industry, <a target="_blank" href="https://www.ft.com/content/4d3cc6d4-f479-4607-9574-63e320af80ff">The Financial Times reported</a>.James Sallee, a professor at UC Berkeley and an economist who studies energy and the environment, said the offshore wind industry is still new in the US, so projects are more costly and risky. The higher cost of borrowing money exacerbates that. Still, he doesn't expect higher interest rates to be a setback for the green transition. "There's a lot of momentum in standard solar and wind projects," Sallee said. "They're still the cheapest sources of new power in places where the natural resources are good. They will be in good shape. But some marginal projects, like big offshore wind, are at risk of being stopped."Some good news: Inflation is cooling, setting the stage for the Federal Reserve to <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zdG9jay1tYXJrZXQtb3V0bG9vay1kaXNpbmZsYXRpb24tZmVkZXJhbC1yZXNlcnZlLXJhdGUtY3V0cy1nb2xkbWFuLXNhY2hzLTIwMjMtMTI_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eBb46a5ead">slash interest rates as many as five times</a> next year. <h2>Hot days ahead</h2>This year <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9sYXN0LXRocmVlLW1vbnRocy1vbi1lYXJ0aC13ZXJlLXRoZS1ob3R0ZXN0LW9uLXJlY29yZC0yMDIzLTk_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eB65dec1bf">has been the warmest on record</a>. Climate scientists <a target="_blank" href="https://newsletter.businessinsider.com/click/33767751.10803/aHR0cHM6Ly93d3cubWV0b2ZmaWNlLmdvdi51ay9hYm91dC11cy9wcmVzcy1vZmZpY2UvbmV3cy93ZWF0aGVyLWFuZC1jbGltYXRlLzIwMjMvMjAyNC1maXJzdC1jaGFuY2Utb2YteWVhci1hYm92ZS0xLjUtYy1zYXktY2xpbWF0ZS1zY2llbnRpc3RzP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB0e0e63c6">predict 2024</a> will be another scorcher. The climate crisis, combined with the weather pattern known as El Niño that leads to warmer temperatures, is increasing the risk of disasters. BI will continue covering how these weather-related disasters are reshaping where people live and disrupting industries like insurance and agriculture.Please share your story with us.

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