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India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

<ul class="summary-list"><li><keyword id="19969321" type="General" weightage="100" keywordseo="EV-charging" source="keywords">EV charging</keyword> is so bad it's driving people back to <keyword id="19951339" type="General" weightage="20" keywordseo="fossil-fuels" source="keywords">fossil fuels</keyword>.</li><li>Lack of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> is already a barrier for many would-be EV buyers.</li></ul>Difficulty charging and other issues are leading some EV buyers to consider switching back to fossil fuels — the latest bad sign for the <a href="https://www.businessinsider.com/electric-vehicle-misconceptions-about-the-ev-transition-market-sales-2024-5" target="_blank">EV transition</a>. A recent consumer study conducted by <a href="https://executivedigest.sapo.pt/wp-content/uploads/2024/06/Mobility-Consumer-Pulse-2024_Overview.pdf" target="_blank">McKinsey</a> found that 46% of US EV owners surveyed said they were likely to switch back to a gas-powered vehicle, compared to a global average of 29% of EV owners who said they would likely switch back to an internal-combustion engine. Respondents in 9 major countries said the top reason for potentially ditching their EVs was<a href="https://www.businessinsider.com/electric-car-ev-road-trip-toyota-bz4x-genesis-gv60-charging-2023-8" target="_blank"> a lack of charging infrastructure</a>, something the US has historically <a href="https://www.iea.org/reports/global-ev-outlook-2024/outlook-for-electric-vehicle-charging-infrastructure" target="_blank">lagged</a> behind other nations in building. Other charging issues high on the list included a lack of charging at home and the impact of long-distance driving. <keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> and access to charging infrastructure have long been considered <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-charging-availability-cost-automakers-tesla-supercharger-advantage-2023-2">one of the top barriers to electric vehicle adoption</a>, but the revelation that these same issues may drive current <keyword id="22369439" type="General" weightage="20" keywordseo="battery-powered-car-owners" source="keywords">battery-powered car owners</keyword> back into <keyword id="20635927" type="General" weightage="20" keywordseo="gas-powered-cars" source="keywords">gas-powered cars</keyword> is a new blow for the already rocky <keyword id="20729481" type="General" weightage="20" keywordseo="EV-transition" source="keywords">EV transition</keyword>. Despite the challenges facing the segment, EVs accounted for a record 7.6% of all cars sold in the US in 2023 while the number of charging stations hit 61,000. While the rate of growth has slowed, industry experts and executives have said they expect some EV share to grow to 8% in 2024 as new models continue to hit the market, helping to keep their <a href="https://www.businessinsider.com/ev-electric-car-deals-leases-kia-hyundai-tesla-ford-2024-6" target="_blank">average price falling.</a> While there are plenty of shoppers interested in an electric vehicle, the options on sale today are often too big, too expensive, or not practical enough to replace a gas-powered car. Car companies are already <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">scrambling to adjust</a> to a sudden change in the electric vehicle market in order to draw more new customers. The slowdown in electric vehicle sales growth has rocked everyone from Ford to <a target="_blank" href="https://www.businessinsider.com/tesla-sales-miss-ev-slowdown-new-wave-customers-2024-4">Tesla</a>, denting sales and forcing executives to rethink their long-term plans for electric vehicles. While the industry has made great strides in electric vehicle range and battery charging times, <a target="_blank" href="https://www.businessinsider.com/ev-charging-needs-to-improve-amenities-offerings-stores-2024-6">huge holes in the infrastructure</a> make certain areas nearly impossible to navigate without a gas-powered engine. McKinsey's study found this issue to be particularly acute in the US, which had the second-highest rate of respondents say they're considering ditching their EV. (In first place was Australia, with 49% of respondents saying they are likely to switch back.) America's high placement shouldn't come as too much of a surprise. <a target="_blank" href="https://www.businessinsider.com/electric-vehicle-range-ev-charging-station-infrastructure-issues-2024-5">Charging infrastructure here has long been a hot-potato issue</a>, which has held back efforts to build more chargers. While a push from the automotive industry to fund charging infrastructure has led to a boom in public charging stations in the last two years, these have largely been money-losing ventures. On the government side, the Biden Administration has set aside $7.5 billion for charging infrastructure with a vow to add 500,000 EV charging stations by 2030. But that effort in reality has played out slowly so far, with only a handful of stations going live since the funding was approved two years ago. Addressing charging infrastructure is already high on the industry's list of priorities when it comes to removing barriers to adoption, but the fact that it might also drive existing EV owners away only amplifies the issue. Correction: July 9, 2024 — An earlier version of this story misidentified where respondents who said they were considering switching back to gas-powered cars because of charging issues were located. They were in 9 countries, not only the US.

EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! If you're indulging in Thirsty Thursday today, this bartender's <a target="_blank" href="https://www.businessinsider.com/red-flags-signs-of-bad-bar-longtime-bartender-2024-7">list of red flags to look out</a> for is a good read before picking a spot.In today's big story, hedge funds are dusting off an old strategy that's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/hedge-funds-embracing-hot-portable-alpha-strategy-to-win-investors-2024-7">a unique twist on passive investing</a>.What's on deck:<ul><li>Markets: Finance workers dish on what it's like <a target="_blank" href="https://www.businessinsider.com/hedge-fund-rich-taxes-labour-london-uk-relocation-milan-dubai-2024-7">relocating to a tax-friendly city</a>.</li><li>Tech: Meta's going to spend like crazy on AI in the next year. <a target="_blank" href="https://www.businessinsider.com/meta-ai-spending-more-mark-zuckerberg-investors-stock-price-2024-7">Investors don't hate it</a>.</li><li>Business: Some signs work is <a target="_blank" href="https://www.businessinsider.com/signs-your-career-taking-over-your-life-how-to-stop-2024-7">taking over your life</a>.</li></ul>But first, what's old is new again.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="0642bd0e-e971-4663-bff4-7c413bf24f3d">The big story</h3><h2 id="8e8b25cf-af5c-4ba5-823b-ade7efe8b096">Hedge funds' new pitch</h2><div type="image" title="A stock Trader looking at a bar graph" height="1500" width="2000" msid="112201013" hostid="261" sizebytes="446562"></div>When investing, how would you like to have your cake and eat it too?That's the idea of an old-turned-new strategy catching fire among hedge funds looking to mirror the market with a touch of their investing magic.Business Insider's Alex Morrell <a target="_blank" href="https://www.businessinsider.com/hedge-funds-embracing-hot-portable-alpha-strategy-to-win-investors-2024-7">has a breakdown on "portable alpha,"</a> a combination of passive investing based on a benchmark, like the S&amp;P 500, coupled with an actively managed strategy.The approach allows investors the baseline protection of mirroring the broad market (the passive investing portion) while getting exposure to the secret sauce hedge funds are known for (the actively managed portion).It's not just a win for investors. The passive portion of portable alpha means hedge funds may be eligible to get money from investors' long-only investment mandates. That's usually a much larger pool of cash than what institutions earmark for hedge funds.And with the fundraising environment for hedge funds <a target="_blank" href="https://www.businessinsider.com/death-hedge-fund-superstars-wall-street-stock-market-titans-gone-2024-7">looking bleak</a>, they'll take any help they can get.Portable alpha isn't foolproof. The strategy has been around for decades and was quite popular in the mid-aughts. But then the financial crisis happened, sending both parts of the strategy crashing. The fact that the passive portion of the strategy involves leveraged bets didn't help matters.<div type="image" title="Red stock market bull overlaying the American flag and stock chart candles." height="1010" width="2020" msid="112201017" hostid="261" sizebytes="90376"></div>Portable alpha reminds me of an old rule in Hollywood about not working with kids and animals. (Stay with me.)The rationale is that actors working with kids and animals risk getting upstaged and outshined. Under that premise, the same could be said of hedge funds partnering with a strategy they've long looked down upon.Any hedge funder worth their Patek Philippe will tell you how they can beat the market. The reality in recent years is most don't, but that hasn't stopped firms from touting themselves as different from the rest.But with portable alpha, hedge funds are tying themselves to something they've pledged they are better than. There is a rationale to that shift in philosophy — the broader market has been booming — but teaming up with a perceived rival poses a risk.What happens if the hedge fund's portion of the portable alpha strategy is what pulls returns down? It's one thing if you can't beat the market. It's another when you pair your strategy with the market and end up being the one that can't pull its own weight.Although, it's not like hedge funds have much choice. Institutional investors are getting much more particular with where they park their money. With competition from venture capital and private equity, hedge funds can't afford to turn their nose up at anything.But will the short-term benefits outweigh the long-term risks?<h2 id="e7ad5a04-e409-4b8e-a5a6-9c0198f1ef94">3 things in markets</h2><div type="image" title="Photo collage featuring Kamala Harris and Donald Trump in front of a white upward-trending line and grid" height="900" width="1200" msid="112201014" hostid="261" sizebytes="75470"></div><ol><li>A Trump or Harris presidency could boost these different sectors. The asset management firm DWS Group sees <a target="_blank" href="https://www.businessinsider.com/top-investment-opportunities-election-stock-market-trump-harris-presidency-victory-2024-7">opportunities for investors no matter who's in the White House</a> next year. It shared four areas of the market that will probably see major gains under Trump, and three likely to benefit from a Harris win.</li><li>No interest rate cuts… yet. The Fed didn't lower rates, but Chair Jerome Powell hinted <a target="_blank" rel="noopener" href="https://www.businessinsider.com/interest-rate-cuts-likely-september-federal-reserve-holds-steady-july-2024-7">relief could come as soon as the next meeting in September</a>. As for how that would impact November's election, Powell said the Fed will "never use our tools to support or oppose a political party, a politician, or any political outcome."</li><li>London (is not) calling hedge funders. With the UK set to increase taxes on wealthy asset management executives, the city could see an exodus of financiers. That could be a boon for tax-friendly cities like Milan and Dubai. <a target="_blank" href="https://www.businessinsider.com/hedge-fund-rich-taxes-labour-london-uk-relocation-milan-dubai-2024-7">BI spoke to people who have made the move</a>.</li></ol><h2 id="62bb4334-a805-49b4-89b9-d7825f87b766">3 things in tech</h2><div type="image" title="Photo collage about Amazon's One Medical" height="1500" width="2000" msid="112201021" hostid="261" sizebytes="282108"></div><ol><li>The (AI) doctor is ready to see you. According to an internal document, Amazon's One Medical team has discussed building a new <a target="_blank" href="https://www.businessinsider.com/amazon-doctorai-automate-routine-healthcare-tasks-one-medical-2024-7">large language model called "DoctorAI"</a> to automate routine healthcare tasks. That could include generating clinical notes and processing prescriptions, among other things.</li><li>Nvidia is winning Big Tech's latest earnings season. The chipmaker <a target="_blank" href="https://www.businessinsider.com/nvidia-big-tech-earnings-week-early-winner-ai-microsoft-2024-7">continues to benefit from tech companies' massive AI investments</a>. As its peers were grilled on their spending in this week's earnings calls, Nvidia shares rose more than 12% on Wednesday.</li><li>Meta's gearing up for an AI spending spree. Despite <a target="_blank" href="https://www.businessinsider.com/meta-ai-spending-more-mark-zuckerberg-investors-stock-price-2024-7">announcing it expects to spend at least $35 billion on infrastructure costs</a> — like AI — this year, Meta apparently wooed investors during its <a target="_blank" href="https://www.businessinsider.com/meta-stock-quarterly-earnings-call-report-live-updates-2024-7">second-quarter earnings call</a>. Even after saying it'll spend more, Meta's stock jumped nearly 7% in after-hours trade.</li></ol><h2 id="3c244a91-acbf-4e23-8cde-90d1f2a8f4a7">3 things in business</h2><div type="image" title="Photo collage of a basketball." height="3831" width="5211" msid="112201018" hostid="261" sizebytes="1371128"></div><ol><li>Sports betting is fun. It's also ruining young men's financial futures. Researchers looked into consumers' financial health in states that have greenlit sports betting, and the findings are rough. The average credit score decreased, while debt-collection amounts and bankruptcies increased — and <a target="_blank" href="https://www.businessinsider.com/sports-betting-debt-bankruptcy-gambling-young-men-research-addiction-2024-8">young men were especially vulnerable</a>.</li><li>Three signs your job is taking over your life. Work is an important part of many people's identities, but we risk burning out by placing too much emphasis on it. A career coach identified <a target="_blank" href="https://www.businessinsider.com/signs-your-career-taking-over-your-life-how-to-stop-2024-7">three ways to tell if work is taking over</a>, and how to make adjustments if it is.</li><li>Don't feel sorry for Linda Yaccarino. The CEO of Twitter had a tough first year in office, largely thanks to the unpredictable antics of her boss, Elon Musk. But the <a target="_blank" href="https://www.businessinsider.com/elon-musk-linda-yaccarino-twitter-x-profile-2024-7">trials and travails of working for Musk</a> were completely predictable.</li></ol><h2 id="b691d3d2-a3d7-4ee3-8890-aa84cf68a80c">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/millennials-childhood-internet-gone-club-penguin-neopets-webkinz-nostalgia-2024-8">Millennials were raised by the internet. Now their internet parents are gone</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-poaching-tv-sales-talent-nbcuniversal-disney-2024-7">Amazon is poaching from NBCU and Disney as it takes them on for TV ad dollars</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Boeing just named its new CEO — an aerospace veteran with the tough task of getting the planemaker back on track</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/kamala-harris-responds-to-trump-nabj-remarks-divisiveness-disrespect-2024-7">Kamala Harris said Trump's remarks, where he said she 'happened to turn Black,' were 'the same old show' of disrespect</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/byd-uber-partnership-electric-vehicles-discount-autonomous-self-driving-tesla-2024-8">Tesla's biggest competitor just announced a collab with Uber</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/shoppers-spending-less-retailers-brands-cutting-prices-economy-explained-why-2024-7">Americans aren't spending like they used to, and it's forcing a reckoning for companies from Starbucks to Whirlpool</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/apple-q3-earnings-stock-price-outlook-iphone-16-artificial-intelligence-2024-7">'A growth turnaround beginning': Here's what Wall Street expects from Apple's 3rd-quarter earnings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amazon-q2-earnings-preview-wall-street-expects-aws-retail-growth-2024-7">'Gaining share': Here's what Wall Street expects from Amazon's 2nd-quarter earnings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/openai-hiring-london-uk-recruiting-deepmind-talent-ai-2024-7">OpenAI has been on a UK hiring spree and poached a key DeepMind researcher</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/killing-of-hamas-leader-humiliating-for-iran-experts-2024-7">The killing of a top Hamas leader in its backyard is 'humiliating' for Iran, experts say</a>.</li></ul><h2 id="265f2581-0e55-4ab6-8ce7-1a67b2d79f37">What's happening today</h2><ul><li>Apple, Amazon, Barclays, Shell, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li><li>Democratic National Committee holds a roll call to formally nominate Kamala Harris for president.</li><li>Higher US tariffs on Chinese goods take effect. These include hikes on imports such as electric vehicles and semiconductor chips.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Hedge funds are dusting off an old strategy to help reverse a fundraising slump, but it comes with a risk

<ul class="summary-list"><li>The US is strengthening its 5G infrastructure, according to a National Security Council official.</li><li>She said the US must improve its telecom infrastructure.</li></ul>The US is bolstering its 5G infrastructure in the age of AI.Anne Neuberger, the deputy national security advisor for cyber and emerging tech, said that 5G and 6G were some of "the most strategic sectors," especially since telecom and data-center infrastructure houses the data required to <a target="_blank" href="https://www.businessinsider.com/ai-secure-5g-networks-combat-cyber-threats-2024-5">train artificial-intelligence models</a>.On Thursday at the annual RSA Conference in San Francisco, she spoke at a fireside chat on cybersecurity and new technologies like 5G and AI, which was moderated by Niloofar Razi Howe, an operating partner at Capitol Meridian Partners.Neuberger discussed the importance of the telecom sector, saying that one of the biggest challenges for the US was its lack of competitive technology in telecom infrastructure. She said the US needed to improve its hardware and encourage competition among vendors.This is especially important, Neuberger said, as the US is engaged in a <a target="_blank" href="https://www.businessinsider.com/chinese-government-approves-more-ai-models-rivals-us-report-2024-1">tech arms race</a> with China and Chinese telecom companies, such as <a target="_blank" href="https://www.businessinsider.com/us-is-firing-back-again-in-china-chip-semiconductor-wars-2024-3">Huawei</a>. As Chinese technology gets more embedded in the technology Americans use daily, whether it's 5G technology or connected vehicles, the US needs to consider national security risks in how data is collected, she added."We're at the point we can say, what's a thoughtful approach that protects Americans' sensitive data, that protects Americans' navigation data while also promoting innovation?" Neuberger said.The telecommunications industry affects valuable information belonging to American companies and the government. It's also often managed and updated remotely, so it needs to be secure, Neuberger said."Telecom systems are so complex today," she said. "If you don't have confidence in those vendors, it's really hard to trust it."Neuberger highlighted some of the government initiatives for investing in 5G, including the Biden administration's $1.5 billion <a target="_blank" href="https://www.ntia.gov/program/innovation-fund">Public Wireless Supply Chain Innovation Fund</a>, which aims to bring <a target="_blank" href="https://www.nist.gov/open-radio-access-network-open-ran">open standards</a> into telecommunications and advance innovation in the wireless industry."What we've been trying to do is bring in innovation to bring in new players to allow our traditional strength in software to come to bear," Neuberger said.Grants from these these types of funds have helped US allies. They have allowed global telecom companies, including those from India, Japan, and Europe, to test new technology together and learn from each other. The US has also been building a telecom partnership with India, as it's one of the biggest telecom markets in the world, along with the US and China.In November, the White House launched its <a target="_blank" href="https://www.whitehouse.gov/wp-content/uploads/2023/11/National-Spectrum-Strategy.pdf">National Spectrum Strategy</a> to promote innovation in wireless technologies. Neuberger said this included industries such as connected vehicles and defense, adding that these technologies allowed the US to aid Ukraine when Russia struck down its electric lines."As we think about how we lead in these connected industries in the future, we have to think about creative ways to use spectrum more efficiently and differently," Neuberger said.

5G and 6G are among 'the most strategic sectors' in the AI age, a national security advisor says

<ul class="summary-list"><li>Biden on Tuesday acknowledged <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> was the country's "largest electric-vehicle manufacturer."</li><li>For months, Biden has faced calls to include Tesla in the national EV conversation.</li></ul>President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> on Tuesday called Tesla the country's "largest electric-vehicle manufacturer" after facing repeated calls to acknowledge the company as a leader in the automotive and clean-energy industries.During a speech <a href="https://twitter.com/cheddar/status/1491136044988837890">focused</a> on boosting domestic electric-vehicle manufacturing, Biden spoke of Tesla's influence on the industry — a departure from his usual praise for legacy automakers like Ford and General Motors.The president said over $200 billion in manufacturing investments had been greenlighted by companies since last year. He also announced the Australian company Tritium would construct a plant in Tennessee and produce up to 30,000 electric-vehicle chargers annually."Since 2021, companies have announced investments totaling more than $200 billion in domestic manufacturing here in America," he said. "From iconic companies like GM and Ford building out new electric-vehicle production to Tesla, our nation's largest electric-vehicle manufacturer, to innovative, younger companies like Rivian building electric trucks or Proterra building electric buses."Late last month, <a href="https://www.change.org/p/president-biden-please-acknowledge-tesla-s-ev-leadership">a Change.org petition</a> was launched to prod Biden to say "Tesla" and include the company in his push for electric-vehicle manufacturing throughout the country.The petition has since received nearly 59,000 signatures.For months, Tesla CEO <keyword id="11897862" type="UNKNOWN" weightage="60" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> <a href="https://www.businessinsider.com/elon-musk-calls-biden-sock-puppet-omits-tesla-ev-discussion-2022-1">criticized</a> Biden for not including the company in the larger national conversation about electric vehicles. Last month, the billionaire on Twitter called Biden "a damp sock puppet in human form."After Biden <a href="https://twitter.com/POTUS/status/1486494532007079937">tweeted</a> last month that "companies like GM and Ford are building more electric vehicles here at home than ever before," while appearing with General Motors CEO Mary Barra, Musk responded to his company's absence from the discussion."Starts with a T, Ends with an A, ESL in the middle," <a href="https://twitter.com/elonmusk/status/1486758032038113281?s=20">he wrote</a>.Musk has been critical of Biden in the past, calling for lawmakers to tank the Build Back Better Act — the <a href="https://www.businessinsider.com/joe-manchin-says-bidens-build-back-better-package-is-dead-2022-2">seemingly doomed</a> Democratic-led social-spending framework — while <a href="https://www.businessinsider.com/elon-musk-attacks-biden-again-claiming-controlled-by-unions-2021-9">saying</a> the president is "controlled by unions."The CEO's opinion of Biden has deteriorated markedly since last year.At the start of Biden's presidency in January 2021, <a href="https://fortune.com/2021/01/25/exclusive-elon-musk-tells-fortune-hes-super-fired-up-about-biden/">Musk told Fortune</a> he was amped up about the new administration's push to tackle the climate crisis."I'm super fired up that the new administration is focused on climate," he said at the time.

Biden notes Tesla is the country's 'largest electric-vehicle manufacturer' after Elon Musk called him a 'damp sock puppet in human form'

<ul class="summary-list"><li>President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> expanded federal programs for climate resiliency and developing offshore wind.</li><li>The actions fell short of a climate emergency declaration that Senate Democrats are demanding.</li></ul>President Joe Biden said he views climate change as an emergency but stopped short of officially declaring it one on Wednesday. That move could come in the days ahead when Biden said he would unveil more executive actions to combat the crisis.For now, the president took <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/07/20/fact-sheetpresident-bidens-executive-actions-on-climate-to-address-extreme-heat-and-boost-offshore-wind/" target="_blank" rel="nofollow noopener sponsored">more limited steps</a> including spending $2.3 billion on climate-resiliency grants to help states and tribes prepare for natural disasters, making it easier for low-income families to purchase air conditioners, and paving the way for offshore wind development in the Gulf of Mexico. Senate Democrats and climate activists want Biden to go further by declaring a national climate emergency. It's one of the few options his administration has left to tackle the crisis after Democratic Sen. Joe Manchin of West Virginia last week <a href="https://www.businessinsider.com/wapo-manchin-wont-support-new-climate-spending-tax-hikes-2022-7" target="_blank" rel="nofollow noopener sponsored">dashed hopes that Congress would pass more than $300 billion in clean-energy tax breaks</a> and other climate spending before November's midterm elections.Manchin's vote is critical in an evenly divided Senate, where Democrats are trying to push through Biden's economic agenda by using a budget maneuver that skirts a Republican filibuster.The blow <a href="https://www.businessinsider.com/supreme-court-ruling-west-virginia-v-epa-biden-climate-change-2022-6" target="_blank" rel="nofollow noopener sponsored">followed the Supreme Court's decision earlier this month</a> to limit the Environmental Protection Agency's authority to regulate greenhouse-gas emissions from power plants. The agency is expected to draft narrower rules, but without new legislation, it's all but guaranteed the US won't slash planet-warming pollution in half this decade — a promise it made under the Paris climate agreement. Current policies put the US on track to reduce emissions by between 24 and 35% below 2005 levels by 2030, <a href="https://rhg.com/research/taking-stock-2022/" target="_blank" rel="nofollow noopener sponsored">according to an analysis by the Rhodium Group</a>.By declaring the climate crisis a national emergency, Biden could redirect government funding to renewable-energy projects in places like military bases and to the electric-vehicle industry. It also could empower Biden to reinstate a ban on crude-oil exports and provide some legal cover to stop offshore oil and gas drilling, though such moves are unlikely against the backdrop of high gas prices and inflation.Biden has already invoked the Defense Production Act <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/06/fact-sheet-president-biden-takes-bold-executive-action-to-spur-domestic-clean-energy-manufacturing/" target="_blank" rel="nofollow noopener sponsored">to boost manufacturing of solar parts</a>, energy-efficient heat pumps, and equipment to make clean fuels <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/22/fact-sheet-securing-a-made-in-america-supply-chain-for-critical-minerals/" target="_blank" rel="nofollow noopener sponsored">and use critical minerals.</a> The list could be expanded to more EV technology.For years, Democratic Sen. Jeff Merkley of Oregon has been <a href="https://www.washingtonpost.com/opinions/2020/12/21/jeff-merkley-biden-climate-crisis-executive-action/" target="_blank" rel="nofollow noopener sponsored">urging Biden to declare a climate emergency</a>. A staff member for Merkley told Insider that the administration was still considering the move but acknowledged that it wasn't a panacea for a climate crisis fueling <a href="https://www.businessinsider.com/heat-waves-are-dominating-summer-and-its-not-abnormal-anymore-2022-7" target="_blank" rel="nofollow noopener sponsored">deadly heat waves and wildfires in Europe</a> and other natural disasters around the globe. A national climate emergency must be paired with new legislation and regulations, the staffer said."The inaction by Congress and the SCOTUS decision means Biden has a narrow path for anything meaningful," said Safak Yucel, an assistant professor of operation management at Georgetown University. "Renewables are doing well even without strong support from any administration because the economics makes sense, but all this policy uncertainty is hampering growth."Yucel added that even if Biden took executive action, future administrations could unravel the measures."Will the policy be in place for a year, two years?" he said. "That's the biggest concern I have."

Biden boosts funding for climate preparedness but stops short of declaring a national climate emergency

<ul class="summary-list"><li>Germany's cabinet backed a plan on Wednesday for a $180 billion fund to bolster energy efficiency. </li><li>The funding comes as Germany and other EU countries look to cut their reliance on Russian energy. </li></ul>Germany's cabinet on Wednesday approved plans for roughly $180 billion in funding aimed in part at reducing the country's reliance on Russian energy, as Moscow continues to cut gas flows into Europe.About €177.5 billion ($179.7 billion) will be put into Germany's Climate and Transformation Fund between 2023 and 2026, the <a href="https://www.bundesfinanzministerium.de/Content/DE/Pressemitteilungen/Finanzpolitik/2022/07/2022-07-27-klima-und-transformationsfonds.html">economy ministry said in a statement</a> translated into English. The plan will be sent to parliament for approval. The special fund is key for the modernization of the German economy as well as financing climate protection, the government said. It will support the conversion of Germany's energy supply, decarbonization efforts, and development of the hydrogen sector, among other items. Expansion of renewable resources is "even more topical and urgent" following Russia's invasion of Ukraine, Finance Minister Christian Lindner said at a press conference, <a href="https://www.bloomberg.com/news/articles/2022-07-27/germany-approves-180-billion-funding-to-accelerate-energy-shift?srnd=premium&amp;sref=GUP2BhaG">according to Bloomberg</a>. Moscow has been reducing natural gas flows into Europe since it launched its war against the former Soviet republic in late February, with the moves seen as retaliation against Western nations for imposing related sanctions on Russia.Russia's state-run energy giant <a href="https://markets.businessinsider.com/news/commodities/russia-gazprom-gas-nord-stream-pipeline-20-percent-cut-europe-2022-7">Gazprom this week cut flows again</a>, days after resuming deliveries. The European Union, in anticipation of Russia's move at its Nord Stream pipeline, on Tuesday approved plans to <a href="https://markets.businessinsider.com/news/commodities/eu-gas-consumption-rationing-europe-energy-crisis-russia-nord-stream-2022-7?utm_medium=ingest&amp;utm_source=markets">reduce gas consumption by 15% by August 1</a>. The EU has warned cuts could be made mandatory if the region's energy crisis worsens.Germany's special fund will also address building renovations, with €16.9 billion earmarked for making buildings more energy efficient. The government will put €5.6 billion toward electromobility development, including expansion of the charging infrastructure. But subsidies for electric vehicles will end, the economy ministry said. "In view of the billions in profits of car companies, such subsidies are no longer necessary," Lindner told reporters.

Germany just approved a $180 billion fund designed to reduce the nation's reliance on Russian energy supply

<ul class="summary-list"><li>A group of Democratic lawmakers called for Biden to ensure humanitarian aid for both Israelis and Palestinians.</li><li>Thousands of Israelis and Palestinians have been killed since Hamas' terrorist attacks and Israel's subsequent declaration of war against the militant group.</li></ul>As the war between Israel and militant group Hamas continues, support is growing for the US to get humanitarian aid to Palestinian and Israeli civilians being harmed in the conflict.<a href="https://www.businessinsider.com/israel-formally-declares-war-on-hamas-seeks-full-control-gaza-2023-10?r=US&amp;IR=T">Israel formally declared war</a> last week after Hamas attacked several towns in southern Israel, and since then, the death toll has been mounting. <a href="https://www.moh.gov.ps/portal/gaza-2670-palestinians-killed-since-the-start-of-escalation-on-the-morning-of-7-october-and-9600-citizens-were-injured/" target="_blank" rel="noopener">According</a> to the Palestinian Ministry of Health, Israeli airstrikes have killed over 2,600 Palestinians, and Hamas fighters have <a href="https://www.businessinsider.com/hamas-victims-uncover-signs-torture-and-abuse-says-israeli-forensics-2023-10">killed over 1,300 Israelis</a> and wounded 3,000. Criticism over Israel's response to Hamas' terrorist attacks has been increasing over recent days after the country on Friday called for <a href="https://www.businessinsider.com/israel-gaza-hamas-palestinian-million-evacuate-24-hours-issues-order-2023-10">over 1 million Palestinians in northern Gaza to evacuate</a> their homes immediately as Israel prepared to ramp up its attacks against Hamas. "Evacuate south for your own safety and the safety of your families and distance yourself from Hamas terrorists who are using you as human shields," the IDF <a href="https://www.cnn.com/2023/10/13/middleeast/israel-gaza-hamas-war-friday-intl-hnk/index.html" target="_blank" rel="noopener">wrote</a> on leaflets it dropped to Gaza residents. However, the United Nations <a href="https://www.cnn.com/2023/10/13/middleeast/israel-gaza-hamas-war-friday-intl-hnk/index.html" target="_blank" rel="noopener">called</a> the evacuation order "extremely dangerous" and "simply not possible" because Israel cut off water, fuel, and electricity supplies in the region, leaving Gazans with the option to either attempt to leave through a warzone, or stay amid the risks. This prompted a group of over 50 Democratic lawmakers — led by the Congressional Progressive Caucus' Pramila Jayapal — to send a <a href="https://jayapal.house.gov/wp-content/uploads/2023/10/Letter-Expressing-Concern-on-the-Humanitarian-Situation-in-Gaza.pdf" target="_blank" rel="noopener">letter</a> to President Joe Biden and Secretary of State Antony Blinken on Friday requesting humanitarian assistance for both Israelis and Palestinians harmed by the war."We unequivocally condemn Hamas' shocking and horrifying terrorist attack on Israel. This is the worst perpetration of violence inflicted on the Jewish people since the Holocaust," they wrote. They added that, based on <a href="https://www.reuters.com/world/middle-east/un-says-over-400000-people-displaced-gaza-appeals-300-mln-2023-10-13/" target="_blank" rel="noopener">recent reporting</a>, at least 423,000 people have been displaced across the Gaza Strip — and they want Biden to ensure supplemental funding requests to Congress include humanitarian assistance for both Palestinians in Gaza and Israelis."However this current conflict plays out, we feel strongly that the US government and the global community must continue the tough work to achieve lasting peace in the region," they wrote. "The future and safety of Israelis and Palestinians are intertwined. We cannot achieve lasting peace and security for Israelis without addressing the humanitarian crises in Gaza and the West Bank."Additionally, a group of Democrats on Monday — including Reps. Cori Bush and Rashida Tlaib — <a href="https://twitter.com/RepCori/status/1713961188235608214" target="_blank" rel="noopener">introduced a resolution</a> calling for an immediate ceasefire in Israel and Palestine, along with a call on Biden to "promptly send and facilitate the entry of humanitarian assistance into Gaza." The White House did not immediately respond to Insider's request for comment on whether it will include humanitarian assistance for Palestinians in its emergency funding request.When it comes to aid for Israel, though, both Biden and Treasury Secretary Janet Yellen have expressed confidence <a href="https://www.businessinsider.com/israel-hamas-palestine-conflict-yellen-aid-to-ukraine-biden-economy-2023-10">the US can afford to aid the fight against Hamas along with support for Ukraine</a> in its ongoing war with Russia. Yellen told Sky News on Monday that the US can fund both wars because the economy is doing "extremely well," with Biden telling CBS' 60 Minutes that "we're the United States of America for God's sake, the most powerful nation in the history — not in the world, in the history of the world.""We can take care of both of these and still maintain our overall international defense," he said.

Humanitarian aid for Palestinian civilians should be included in Biden's emergency funding package for Israel, over 50 Democratic lawmakers say

<ul class="summary-list"><li>At COP28, the UAE set out to tackle the climate crisis' root cause: fossil fuels.</li><li>During the summit, the UAE pledged to contribute $30 billion to a climate investment fund.</li><li>Advocates didn't get everything they wanted, but it was a realistic end given the geopolitics.</li></ul>Dubai was a surreal location for the most important climate event of the year.Like most rich countries, the United Arab Emirates is rife with climate contradictions that spilled into the UN summit, known as COP28. That clash felt tangible in Dubai, a city shrouded in the kind of opulence that oil money can buy. Just look at the superyachts parked in the man-made marina.But the fact that a futuristic metropolis sprang up in the desert within a few decades also makes you feel like anything is possible — like solving the climate crisis. And for the first time at a UN summit, the UAE set out to tackle the crisis' root cause: fossil fuels.That was notable, given that oil and gas production is the backbone of the UAE's economy. The young country is a climate pioneer in the Middle East because its future depends on it: both to support itself financially and to ensure people can keep living in one of the hottest parts of the planet."The world is moving away from fossil fuels, and that's a real risk to their economy," said Karim Elgendy, a climate consultant and an associate fellow at the London think tank Chatham House whose work focuses on the Middle East and North Africa. "So there's this frantic race to decarbonize internally, but also wean themselves off those revenues."The UAE was the first country in the region to pledge to reach net-zero emissions by 2050 and invest in renewable energy at home and abroad. During the summit, the UAE <a target="_blank" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">pledged to contribute $30 billion</a> to a climate investment fund with big asset managers like BlackRock. Dubai <a target="_blank" href="https://www.mediaoffice.ae/en/news/2023/December/08-12/Dubai-announces-ambitious-plan-to-achieve-50-per-reduction-in-carbon-emissions-by-2030">set a more aggressive goal</a> to cut greenhouse-gas emissions this decade.In contrast, its state-owned oil company, Adnoc, last year said it would spend $150 billion on its oil and gas production, putting the country <a target="_blank" href="https://climateactiontracker.org/countries/uae/">far off track to reach its climate targets</a>.Reminders of the UAE's oil dominance are visible everywhere. On the metro ride out to Expo City, the sprawling venue for the summit, you can see industrial power and desalination plants lining the coast. These plants produce most of the electricity and drinking water for Dubai's 3 million residents. Air pollution clouded the skyline.During one of my trips, I saw flames from the top of a smokestack at the power plant, a practice known as flaring. Common in the oil and gas industry, it emits a lot of methane, a potent greenhouse gas that became a focus at this year's UN summit.Within the first few days, at least 50 oil and gas companies <a target="_blank" href="https://www.businessinsider.com/cop28-un-climate-conference-oil-and-gas-methane-emissions-satellites-2023-12">agreed to zero out methane emissions</a> from their operations under a plan announced by COP28's president, Sultan Ahmed Al Jaber. As the CEO of Adnoc, Al Jaber has the influence to corral such a coalition. He's argued that the world can't meet its climate goals without bringing the largest corporate emitters on board.It was no surprise that <a target="_blank" href="https://kickbigpollutersout.org/articles/release-record-number-fossil-fuel-lobbyists-attend-cop28">fossil-fuel lobbyists showed up to COP28 in record numbers</a>. As the summit went into overtime, climate advocates' worst fears about Al Jaber presiding over the event looked as if they'd come true.In the end, global leaders for the first time agreed to start moving away from fossil fuels this decade. Climate advocates didn't get everything they hoped for, but it was likely the most realistic ending given the location and geopolitics.If the UAE can advocate a shift away from oil and gas, maybe <a target="_blank" href="https://www.businessinsider.com/marshall-islands-unveil-multibillion-climate-plan-climate-conference-dubai-2023-12">the world isn't far behind.</a>

I covered the climate crisis and COP28 from an oil-rich nation — here's what I learned and why I'm hopeful for the future  

<ul class="summary-list"><li>Germany plans to set up a $2.2 billion fund to support domestic raw material production, per Bloomberg.</li><li>The fund will help the country secure more of its own commodities and cut its reliance on China.</li></ul>Germany aims to set up a fund worth up to $2.2 billion to support domestic production and mining of raw materials and cut off its reliance on China, according to a Wednesday Bloomberg report.The fund could launch next year if policymakers agree on financing, the report said.A spokesperson for the Economy Ministry of Germany confirmed to Bloomberg that it's working on a "raw materials fund to support raw materials projects at home and abroad."With nations around the world vying for key electric-vehicle and chip-making materials, Germany's move would help it position itself to be more self-dependent, given that it relies on imports for 90% of crucial commodities, data from DIW Berlin shows.China, for its part, leads the way as a top supplier.Russia's invasion of Ukraine revealed <a href="https://www.businessinsider.com/germany-europe-russia-gas-renewables-oil-energy-security-ukraine-war-2022-4">just how dependent Germany was on Moscow for natural gas</a> shipments. In 2021, Russia account for 55% of Germany's natural-gas imports, Reuters reported.The European Union more broadly is looking to ramp up domestic refining and processing of raw materials, and has been negotiating with the US for a potential deal which would help the bloc reduce its reliance on China.Meanwhile, <a href="https://markets.businessinsider.com/news/stocks/china-economy-wall-street-jpmorgan-citi-ubs-zero-covid-growth-2023-4?_gl=1*qqcy80*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY4MTkyMTgyMy43ODMuMS4xNjgxOTIyNDIyLjU1LjAuMA..">China is in the midst of a rebound</a> coming out of the pandemic, and some of Wall Street's top banks raised their economic forecasts for the country. The banks predict China's GDP will grow by roughly 6% in 2023.

You Searched For "National Electricity Fund" and got 10 results

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