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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

<ul><li>Recent volatility in <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> prices could become the norm if investments in renewable sources aren't enough to meet demand, the <keyword id="12307083" type="UNKNOWN" weightage="60" keywordseo="iea" source="Orion">IEA</keyword> warned.</li><li>"We are not investing enough to meet future energy needs, and the uncertainties are setting the stage for a volatile period ahead," the agency said.</li><li>More investments in renewable energy are necessary to reduce carbon emissions and to prevent an economic shock from a surge in <keyword id="11894590" type="UNKNOWN" weightage="60" keywordseo="oil-prices" source="Orion">oil prices</keyword>, the IEA said.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>A surge in energy prices in Europe and Asia due to <a href="https://markets.businessinsider.com/news/stocks/energy-crisis-stagflation-inflation-growth-global-us-economy-bank-america-2021-10">an ongoing supply crunch</a> could become the norm if investments in renewable sources aren't accelerated, the International Energy Agency warned in <a href="https://www.iea.org/reports/world-energy-outlook-2021?utm_content=buffer54388&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=bufferpaign=buffer">its annual outlook report.</a>The watchdog group said that while demand for energy continues to surge as global population growth continues and millions of people are lifted out of poverty every year, it will be essential for supply to play catch-up to avoid an ongoing surge in <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword>, coal, and natural gas prices."We are not investing enough to meet future energy needs, and the uncertainties are setting the stage for a volatile period ahead," the IEA said.A lack of investment in renewable energy sources like solar and wind could be a lose-lose situation for the global population, as it would lead to a continued rise in carbon emissions and could also contribute to an economic shock if energy prices stay elevated. To achieve the goal of transitioning to net-zero emissions by 2050, the energy grid needs to play a delicate balancing act in matching supply with demand when transitioning away from fossil fuels and toward less carbon-heavy alternatives."If the supply side moves away from oil or gas before the world's consumers do, then the world could face periods of market tightness and volatility. Alternatively, if companies misread the speed of change and over-invest, then these assets risk under-performing or becoming stranded," the IEA report said. The world is grappling with that imbalance after coming out of the pandemic, as demand was underestimated and energy suppliers are struggling to catch up. Oil prices are up 60% year-to-date, and US natural gas prices have more than doubled.To meet the expected surge in energy demand and at the same time reach a net-zero emission goal by 2050, the IEA forecasts that $4 trillion in annual spending on renewable energy will be needed by 2030. Much of that funding must come from the private sector, but leadership is required."Clear signals and direction from policy makers are essential. If the road ahead is paved only with good intentions, then it will be a bumpy ride indeed," the IEA report said.

Volatile energy markets are here to stay if investment in sustainable power fails to keep up with energy demand, IEA warns

<ul class="summary-list"><li>The merge slashed worldwide electricity consumption by 0.2%, Ethereum co-founder Vitalik Buterin tweeted Thursday, citing a crypto researcher. </li><li>A report from the Crypto Carbon Ratings Institute found it now releases less carbon dioxide than a few hundred US households do in a year.</li></ul>The Ethereum merge this week slashed global energy consumption by 0.2%, Vitalik Buterin wrote in a tweet Thursday, citing a crypto researcher. The long-awaited event <a href="https://markets.businessinsider.com/news/currencies/ethereum-merge-explained-blockchain-update-cryptocurrency-bitcoin-crypto-eth-vitalik-2022-9">successfully transformed the blockchain</a> from a proof-of-work consensus mechanism to proof-of-stake. Proponents have touted the transition for making ethereum an almost-net zero technology. The switch also makes gas fees, or transaction costs, lower and means the network will be able to process transactions faster. Buterin's tweet echoes a new report from the <a href="https://consensys.net/blog/press-release/ethereum-blockchain-eliminates-99-99-of-its-carbon-footprint-overnight-after-a-successful-merge-according-to-new-report/">Crypto Carbon Ratings Institute</a> which found that Ethereum's energy use decreased by 99.988% and carbon-dioxide emissions decreased by 99.992%. It also said the Ethereum network releases less less carbon dioxide than a few hundred US households do in a full year.The report was commissioned by ConsenSys, and its founder Joseph Lubin, who also co-founded Ethereum, praised the research in a statement: "We're delighted to have commissioned this report from CCRI, which substantiates the Ethereum Merge's impact as likely the biggest decarbonization effort of any industry in history."Experts have called the merge the <a href="https://www.businessinsider.com/crypto-ethereum-dev-merge-one-most-historic-events-blockchain-upgrade-2022-8?utm_medium=ingest&amp;utm_source=markets">most important crypto event in history</a> after the creation of bitcoin and ether, as the smart contract platform contains hundreds of billions of dollars in value. With the merge, the Ethereum network is split into smaller data blocks that have faster processing capacity. This so-called Ethereum 2.0 technology aims to handle 100,000 transactions per second. Previously, the same blockchain could process roughly 30 transactions per second. "Under the new paradigm, decentralized networks can operate with lower fixed costs, and become more flexible for larger-scale solutions beyond just currency and financial applications," Al Morris, co-founder of Web3 firm Koii Network, told <a href="https://markets.businessinsider.com/news/currencies/ethereum-merge-explained-blockchain-update-cryptocurrency-bitcoin-crypto-eth-vitalik-2022-9">Insider</a> earlier this week. Meanwhile, bitcoin, the world's largest cryptocurrency by market cap, as well as other chains, still use the proof-of-work framework. The energy-guzzling nature of the crypto mining necessary in proof-of-work has come under scrutiny from <a href="https://www.coindesk.com/policy/2022/09/08/crypto-mining-energy-implications-need-further-study-white-house-report-says/">policymakers</a>.

Vitalik Buterin says Ethereum's merge slashes global energy consumption by 0.2%, making it one of the biggest decarbonization events ever

<ul class="summary-list"><li>The aviation industry says it's committed to achieving net-zero emissions by 2050. </li><li>But there are different ways to get there, such as the "carrot-and-stick" approach.</li><li>Airbus' chief sustainability officer told BI why it's betting on hydrogen and fleet renewal.</li></ul>In late November, <a target="_blank" href="https://www.businessinsider.com/transatlantic-flight-green-fuels-takes-off-campaigners-say-gimmick-2023-11">Virgin Atlantic</a> operated the world's first transatlantic flight on a commercial airliner powered by sustainable aviation fuel, or SAF.The Boeing 787 Dreamliner touched down at JFK Airport in New York City about seven hours after leaving London's Heathrow Airport, marking the latest development toward reaching the aviation industry's goal of net-zero emissions by 2050.The International Air Transport Association, or IATA, estimated that <a target="_blank" href="https://www.iata.org/en/programs/environment/sustainable-aviation-fuels/">SAF can reduce CO2 emissions</a> by up to 80%.According to the International Energy Agency, aviation accounts for about <a target="_blank" href="https://www.iea.org/energy-system/transport/aviation">2% of global CO2 emissions</a>. The Guardian reported that a flight from <a target="_blank" href="https://www.theguardian.com/environment/ng-interactive/2019/jul/19/carbon-calculator-how-taking-one-flight-emits-as-much-as-many-people-do-in-a-year">London to New York generates about 986 kilograms of CO2</a> per passenger. It would take the average American 27 days to emit that much CO2, according to data from the <a target="_blank" href="https://data.worldbank.org/indicator/EN.ATM.CO2E.PC?locations=US">World Bank</a>.With an average of <a target="_blank" href="https://www.faa.gov/air_traffic/by_the_numbers">45,000 daily flights</a> in the US alone, it's no wonder that almost every major airline and manufacturer has committed to reaching net-zero CO2 emissions by 2050.But debates are still ongoing as to how airlines can achieve this and which technologies will be most impactful.<h2>The carrot versus the stick in sustainable aviation</h2>SAF was a major topic of discussion when Business Insider visited the Dubai Airshow last month.One phrase that kept popping up in conversations was "carrots versus sticks" — whether fiscal incentives or legal mandates are better at promoting SAF.In Europe, there's a preference for mandates. The European Union is lobbying for an international tax on traditional jet fuels rather than SAF at COP 28 climate-crisis conference, the <a target="_blank" href="https://www.ft.com/content/9ed06437-fb5e-40f6-9123-4d39b6b15789">Financial Times</a> reported. But that money isn't guaranteed to be reinvested into sustainable aviation.And from 2025, the <a target="_blank" href="https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2389">RefuelEU Aviation</a> initiative mandates aircraft fuel suppliers to provide EU airports with a minimum share of 2% SAF, increasing to 75% by 2050. Airlines will also be prohibited from deliberately carrying excess fuel to avoid refueling with SAF.This ups demand, but doesn't necessarily advance SAF production. The EU's Aviation Safety Agency says the maximum potential <a target="_blank" href="https://www.easa.europa.eu/eco/eaer/topics/sustainable-aviation-fuels/current-landscape-future-saf-industry">SAF production</a> in the bloc is currently only 10% of what's needed to fulfill proposed mandates by 2030.According to the IATA, SAF is twice as expensive as conventional aviation fuel.The US prefers the incentive, or the carrot: This strategy can stimulate more growth by rewarding SAF producers but lacks longevity and could come crashing down with a change in administration.<div type="image" title="Flight100, Virgin Atlantic's world first 100% Sustainable Aviation Fuel (SAF) transatlantic flight by a commercial airline is fueled ahead of its take off from London Heathrow to New York JFK on Tuesday 28 November 2023." height="4480" width="6720" msid="105762692" hostid="261" sizebytes="749316"></div>Most airshow panelists strongly favored the carrot and loathed the stick.Some rare positivity about mandates came from Julie Kitcher, an executive vice president at Airbus who will take on the role of chief sustainability officer at the company starting January 1."I'm a big fan of both," she told Business Insider. "We're a big advocate of having mandates and incentives to be able to stimulate the supply and demand."She said "we've really got to break that vicious cycle" of the limited supply and high demand that leads to high prices.<h2>Different perspectives at Airbus and Boeing</h2>"We have to have SAF to get us to net zero, but there's questions about what else," Jim Hileman, the vice president and chief engineer for sustainability at Boeing, said during a panel. "Are there other things that we should be pursuing?"One major project at Airbus is ZEROe. It's focused on developing <a target="_blank" href="https://www.businessinsider.com/airbus-new-zero-emission-aircraft-history-of-sustainable-planes-2020-9">hydrogen-powered aircraft</a> that the company hopes to put to market by 2035.Hydrogen doesn't emit carbon like fossil fuels do, but it also relies on new infrastructure. Kitcher told BI that such airplanes will require airports to store liquid hydrogen for fueling, which needs to be kept at -400 degrees Fahrenheit.<a target="_blank" href="https://fortune.com/2023/01/26/boeings-chief-sustainability-officer-we-cant-count-on-hydrogen-powered-commercial-flights-before-2050/">Boeing isn't focusing much on hydrogen</a> and seems skeptical of Airbus' hopes.While onstage at the Dubai Airshow, Hileman posited a host of questions about hydrogen-powered aircraft: "Can you safely operate the aircraft? What does the infrastructure look like? By the way, there better be a value proposition at the end."<div type="image" title="A scaled model of an Airbus Blended-Wing Body (BWB) zero emission concept aircraft, on display at the Farnborough Airshow, on 22nd July 2022, at Farnborough, England." height="3543" width="5315" msid="105762693" hostid="261" sizebytes="534058"></div>It sounds like a lot of hurdles to overcome. But Kitcher told BI that Airbus sees it as a "lot of opportunities to develop technology."She acknowledged that "we're not going to fly transatlantic on hydrogen anytime soon." But said the project will show "technological readiness" that can scale in the future.Boeing's sustainable-aircraft innovations include <a target="_blank" href="https://www.businessinsider.com/boeing-backed-wisk-aero-be-first-to-market-with-its-air-taxi-see-inside-2022-10">Wisk Aero</a>, an eVTOL, or electric vertical-takeoff-and-landing, company; and the <a target="_blank" href="https://www.nasa.gov/news-release/next-generation-experimental-aircraft-becomes-nasas-newest-x-plane/">X-66A</a>, a plane it's working on in collaboration with NASA that's only expected to reduce fuel consumption by up to 30%.<h2>Newer airplanes are more fuel-efficient</h2>Kitcher told BI that as well as working on new technologies and transitioning to new energy sources, fleet renewal can have a big impact on climate goals.When a plane reaches the end of its lifespan, the airline replaces it with a newer, more fuel-efficient model — typically from Boeing or Airbus.<div type="image" title="An Airbus A321XLR plane takes off for its first flight from the Airbus plant in Hamburg, northern Germany, on June 15, 2022" height="2774" width="4675" msid="105762694" hostid="261" sizebytes="279834"></div>The <a target="_blank" href="https://www.businessinsider.com/airbus-a321xlr-will-be-a-game-changer-2023-7">Airbus A321XLR</a> — set to enter service in 2024 — is a narrow-body jet capable of flying up to 11 hours nonstop, opening up new routes that would be uneconomical if carriers used wide-body jets.According to Kitcher, replacing a Boeing 737 with an Airbus A321XLR would reduce CO2 emissions by 25%."So it's a pretty impressive lever, particularly when you consider that today only 25% of the world's fleet is flying on latest-generation technology," she told BI.Boeing says that its newer <a target="_blank" href="https://www.boeing.com/commercial/737max/">737 MAX</a> models can reduce CO2 emissions by 20% compared to predecessors.There are several different routes and myriad technologies companies are using to achieve net-zero emissions by 2050. Which bets are the most impactful may not be obvious for another few years.

The aviation industry wants to reach net zero by 2050, but major players disagree on how to get there

<ul class="summary-list"><li>Crusoe Energy captures the energy from <keyword id="37471" type="PERSON" weightage="60" keywordseo="flare">flare</keyword> gas at <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> patches and uses it to "mine" bitcoin.</li><li>The company is now one of the US's biggest miners and has attracted investment from Coinbase.</li><li>The crypto world is increasingly focused on the climate, particularly after Elon Musk's criticisms.</li></ul>Hunter Lowe, a 27-year-old electrician from Tennessee, was working for around $10 an hour in his home state and supporting a family of three when he decided to move to North Dakota and look for a new job. He never expected to end up working in the <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> business. But Lowe is now an electrician at Crusoe Energy, a company that captures the flare gas from oil patches and uses the energy to "mine" for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-bd5b2368-7fff-50bc-25c0-1d12a6eecc05">bitcoin</a>. It says its systems slash CO2-equivalent emissions from gas flaring by up to 63% and that each one has the equivalent effect of taking around 1,700 cars off the road. Lowe describes it as "the best job I've ever had," which pays "way more than fair." And he says business has been good during 2021's <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-record-high-coinbase-direct-listing-btc-crypto-2021-4-1030302632">crypto boom</a>. "We're getting busier and busier every time another company finds out about us," he told Insider. Crusoe isn't the only company in the business, with others including EZ Blockchain doing similar things. Yet it's one of the biggest, and has <a href="https://www.businesswire.com/news/home/20210426005202/en/Crusoe-Achieves-Operational-Milestones-and-Closes-128-Million-Series-B-Financing-to-Expand-Patented-Digital-Flare-Mitigation%C2%AE-Technology">attracted investment</a> from the listed crypto exchange <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a> and the <a href="https://www.businessinsider.com/winklevoss-twins-talk-about-bringing-regulation-to-the-crypto-market-2019-4">Winklevii twins</a>' Winklevoss Capital. <h2>Crusoe mines bitcoin directly on site</h2>So how does it work? When oil companies drill for the black stuff, they often hit <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas">natural gas</keyword> too. Yet, most drillers lack the infrastructure to sell the gas and so burn it off in a process called flaring, creating the distinctive flames above oil sites. This is where Crusoe comes in. It installs a piping system to divert the natural gas away from the flares and into generators. They produce electricity which is then used to power computers directly at the oil site. The computers "mine" bitcoin - that is, they solve complex puzzles which help to secure the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-bd5b2368-7fff-50bc-25c0-1d12a6eecc05">bitcoin</a> network and create new coins. One bitcoin was worth around $39,000 on Thursday. "We pay the operator for the gas that we use in our generators, providing them with an incremental revenue stream where they were previously flaring the gas for zero," Crusoe's president Cully Cavness told Insider. He said Crusoe, which has deployed units in North Dakota, Colorado, and Montana among other states, is now one of the biggest bitcoin miners in North America. <h2>The focus on bitcoin's energy use has intensified</h2>Yet, for some people, paying oil companies for their byproducts is simply propping up the fossil fuels industry. Others argue that bitcoin is socially useless and there are much better uses for energy. New York University economist Nouriel Roubini has <a href="https://markets.businessinsider.com/currencies/news/nouriel-roubini-economist-bitcoin-analysis-outlook-flintstones-cryptocurrencies-2021-2-1030093345">slammed cryptocurrencies</a> as pointless and inefficient, for instance, saying that "the Flintstones had a better monetary system." Elon Musk, once the most prominent bitcoin evangelist, has halted payments for Tesla cars in the token and attacked its <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tesla-payment-stops-elon-musk-climate-change-environment-2021-5-1030424949">"insane" energy use</a>. Bank of America analysts <a href="https://markets.businessinsider.com/currencies/news/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3-1030224439">have estimated</a> that each $1 billion of inflows into bitcoin uses the same amount of energy as 1.2 million cars. Yet, Cavness says Crusoe "maintains an internal [environmental] standard to select projects only if they're net reducers of greenhouse gasses." He also said Crusoe's prices are such that "we don't create an economic incentive to opt out of traditional midstream gas capture systems." And he says the company's generators aren't only focused on bitcoin, but are increasingly powering other energy-intensive processes such as cloud computing. <h2>Investors are keen on the technology</h2>Musk's attacks on bitcoin's energy consumption have shone a light on the issue and crypto companies are <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-council-launch-microstrategy-boss-michael-saylor-lead-2021-6-1030515039">paying more attention</a> to the climate than ever. The green focus appears to be helping Crusoe, which recently raised $128 million to help expand its flare capture technology to more than 100 units, from around 40 currently. Investors included Valor Equity Partners, Bain Capital, and the Agnelli family's Exor. As someone who's worked for Halliburton and natural gas companies, Lowe admits he was skeptical about "the whole green thing" in the past. Being at Crusoe has changed his mind, however, and he argues its work is "definitely for the better." <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

Meet the company mining bitcoin using the flare gas from oil drilling - and drawing investment from Coinbase and the Winklevii

Globally, the rate at which people are installing solar panels and buying electric vehicles is "perfectly in line" with what experts have said is necessary to reach net zero emissions by 2050. That's according to <keyword id="293700" type="General" weightage="60" keywordseo="fatih-birol" source="Orion">Fatih Birol</keyword>, the economist who leads the world's energy watchdog, the International Energy Agency (<keyword id="66776" type="General" weightage="80" keywordseo="iea" source="Orion">IEA</keyword>). Thanks to a "staggering" rise in clean energy generation and investment over the last two years alone, the prospect of halting global heating at 1.5°C remains intact, he added. After a summer of unparalleled climate disasters in Libya, Greece and Canada, should dread turn to optimism? In a recent update on humanity's progress with cutting greenhouse gas emissions, the IEA concluded that by 2030: <keyword id="560717" type="General" weightage="50" keywordseo="fossil-fuel" source="Orion">fossil fuel</keyword> demand must fall 25% -the energy efficiency of homes, vehicles and other appliances must double -methane emissions from the oil and gas sector must fall 75% The report assumes that renewable energy capacity will need to triple and replace coal, oil and gas at a rapid pace by the end of this decade to guard against catastrophic levels of warming. But despite sources like solar consistently defying even the most bullish predictions, fossil fuels have hardly budged: they supplied 82% of the world's energy last year and 87% in 2000. Why? Fossil fuels linger, wind power stalls "Rapidly increasing renewable energy hasn't cut coal and gas consumption at the same rate because humankind is using a lot more electricity than we used to, especially in Asia," says Malte Jansen, a lecturer in energy and sustainability at the University of Sussex. "[In Europe and North America] renewable energy has slowly eaten into the proportion of energy generated by fossil fuels, while all other energy sources (nuclear, hydro, biomass) have remained about the same. In Asia, electricity demand has tripled since the 2000s, with the bulk of this energy coming from fossil fuels." And while the report was glowing in its assessment of solar power's performance, it noted that planned projects for generating wind energy this decade trail what the IEA says will be necessary by 2030. Jansen says wind is a particularly valuable energy source during winter, when energy demand peaks. Unfortunately, the wind industry has been buffeted by inflation. "For those involved in the construction of an offshore wind farm, this means the cost of both the physical parts (such as the turbines) and the debt (bank loans) has gone up," says Phil McNally, a research fellow in electricity markets at UCL. McNally does not believe this setback heralds the end of cheap offshore wind, as some have claimed. Instead, he argues, it means governments must produce strategic plans to grow the sector which include how much energy they wish to procure in auctions with developers. Net zero must come sooner According to the IEA, "almost all countries" will also need to move their net zero target dates forward by several years. Most developed countries, including the US and Australia, aim to fully decarbonise by 2050. Under the UN principle of common but differentiated responsibilities, developing countries have a bit longer: India plans for 2070, for example. A team of energy experts at Australian National University (with support from nearly 900 engineers) recently argued that Australia could hit net zero as early as 2035. But in the UK at least, government policies on net zero are moving in the opposite direction. Prime Minister Rishi Sunak recently scrapped requirements on landlords to raise the energy efficiency of their properties and delayed the phase-out of petrol and diesel car sales from 2030 to 2035. "As my own analysis has shown," says Tim Jackson, a professor of sustainable development at the University of Surrey, "the UK's fair share of the global carbon budget, taking into account the development needs of the poorest parts of the world, will be exhausted before 2030. Forget 2050. The science is clear. Delay is tantamount to capitulation." We've been here before What can earlier energy transitions teach us about what is happening today? According to energy historian Vaclav Smil, past energy transitions took on average 50-75 years to ripple through society. We no longer have that kind of time says Liz Conor, an ARC Future Fellow at La Trobe University. "To farm fields and build cities, we've gone from relying on human or animal muscle to wind and water to power sailboats and mill grain. Then we began switching to the energy dense hydrocarbons, coal, gas and oil. But this can't last." "We were first warned in 1859 that when burned, these fuels add to the Earth's warming blanket of greenhouse gases and threaten our liveable climate," she says. Environmental limits have spurred the shift to new energy sources before. Take England's transition from burning wood to coal. "England was once carpeted in forest. Endemic deforestation drove the change to coal in the 16th and 17th centuries. Most English coal pits opened between 1540 and 1640," Conor says. Later, dwindling whale populations saw the US abandon whaling as a source of fuel and lubricant for crude oil extraction. But the dominance of coal, oil and gas today was not inevitable. Conor points to 1850s New England, where steam generated from burning coal was three times more expensive than water for powering textile mills. Smil's research documents how waterwheels and turbines "competed successfully with steam engines for decades". "The energy of flowing water was free. Digging up coal was labour-intensive. Why did steam win?" asks Conor. The answer, she says, referring to work by human ecologist Andreas Malm at Lund University, is capital. "Locating steam engines in urban centres made it easier to concentrate and control workers, as well as overcoming worker walk-outs and machine breaking," Conor says. Today's energy transition requires another active intervention, she adds. "Once solar panels and wind turbines are built, sunlight and wind are free. It is the resistance of the old guard - fossil fuel corporations - that is holding us back." (The Conversation) NSA NSA

Climate crisis: Net zero goal still alive, says IEA

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> struggled to hold onto Monday gains, slipping back below the $38,000-level Tuesday.</li><li>The cryptocurrency fell despite <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword> tweeting that he'd had discussions with bitcoin miners on Monday about energy efficiency. </li><li>Bitcoin was trading at $37,088 as of 9:17 a.m. ET Tuesday.</li></ul>Bitcoin struggled to hold ontop gains made on Monday, slipping back below the $38,000-level Tuesday despite <a href="https://twitter.com/elonmusk/status/1396914548167233537?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1396914548167233537%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Felon-musk-bitcoin-miners-meeting-microstrategy-crypto-environmental-energy-impact-2021-521-5">tweets</a> Tesla chief Elon Musk about having <a href="https://www.businessinsider.com/elon-musk-bitcoin-miners-meeting-microstrategy-crypto-environmental-energy-impact-2021-5">discussions with bitcoin miners</a> on ways to lessen the cryptocurrency's environmental impact.The world's largest cryptocurrency popped nearly to $40,000 following that tweet Monday but slipped 7% to $37,088 as of 9:17 a.m. ET Tuesday, according to <a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>.Bitcoin could find initial support around the $36,000-level, said Pankaj Balani, CEO at Delta Exchange. A break below that, he said, could signal a correction that is bigger than a short-term pull-back.Following Musk's announcement, MicroStrategy founder and CEO <keyword id="10467759" type="PERSON" weightage="60" keywordseo="michael-saylor">Michael Saylor</keyword> also <a href="https://twitter.com/michael_saylor/status/1396915801492439044">tweeted</a> that he had formed a Bitcoin Mining Council with industry leaders "to promote energy usage transparency &amp; accelerate sustainability initiatives worldwide."<a href="https://www.businessinsider.com/elon-musk-bitcoin-miners-meeting-microstrategy-crypto-environmental-energy-impact-2021-5">These leaders include</a> Blockcap, Hut 8, Marathon Digital Holdings, and Riot Blockchain.Energy used by bitcoin mining operations is under heightened scrutiny, thanks in part to Musk's abrupt reversal on May 12 when he announced that Tesla is <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">suspending the purchase of vehicles using bitcoin</a> due to environmental concerns.The price of the cryptocurrency nosedived immediately after, along with a broader cryptocurrency crash that wiped out <a href="https://markets.businessinsider.com/currencies/news/crypto-market-value-47-percent-lost-7-days-2021-5-1030447473">47% of the market cap for global digital currencies</a> in just one week.The Treasury Departments' decision on May 20 to have any cryptocurrency transfers of at least $10,000 be reported and China's reiteration on May 21 that it will <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-reaction-china-reiterates-crypto-mining-trading-crackdown-2021-5-1030455767">restrict mining and trading activities</a> accelerated bitcoin's plunge. Bitcoin's excessive energy use and climate change impact have long been criticized, with experts repeatedly warning about the <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-worry-big-investors-fahad-kamal-kleinwort-2021-2-1030131653?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">"staggering"</a> amount of <a href="https://markets.businessinsider.com/currencies/news/bitcoin-energy-consumption-cambridge-study-cryptocurrencies-bitcoin-mining-climate-change-2021-3-1030180485">energy required to mine the digital currency</a>.Yet others, such as Cathie Wood's <keyword id="4513420" type="PERSON" weightage="60" keywordseo="ark-invest">Ark Invest</keyword> said these energy consumption <a href="https://markets.businessinsider.com/currencies/news/elon-musk-bitcoin-energy-concerns-are-misguided-ark-invest-says-2021-5-1030437726">concerns are "misguided."</a> Ark clarified that it believes bitcoin can accelerate a green-energy revolution and become "a net positive for the environment."Bitcoin is 42% lower from its all-time high of $64,107 in April.

Bitcoin slips below $38,000 as it struggles to retrace losses despite efforts from Musk and Saylor to buoy confidence

<ul><li><keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>'s concern about <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>'s energy consumption is "misguided," <keyword id="4513420" type="PERSON" weightage="60" keywordseo="ark-invest">Ark Invest</keyword> said in a Monday note.</li><li>Musk raised concerns about bitcoin's energy consumption being derived from sources like coal over the weekend.</li><li>Bitcoin has fallen 19% since Musk said Tesla would no longer accept bitcoin as a form of payment.</li><li id="recirc"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Elon Musk's concern that <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> primarily relies on fossil fuels for its energy needs is "misguided," Ark Invest analyst Yassine Elmandjra said in a Monday note. Musk had caused a stir in the cryptocurrency space over the past week, beginning with his announcement that <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5">Tesla would no longer be accepting bitcoin as a form of payment,</a> and ending with a weekend tweet-spree that <a href="https://markets.businessinsider.com/currencies/news/elon-musk-bitcoin-environment-tesla-crypto-bulls-trolling-2021-5-1030435658">cast doubt over his bullishness on the cryptocurrency.</a>Since then, bitcoin fell to a new cycle low of $42,000, and is down 32% from its record high. The cryptocurrency did stage a brief bounce after Musk clarified that Tesla had not sold its more than $1 billion bitcoin position it bought in January.But Ark Invest believes bitcoin can accelerate a green-energy revolution and become "a net positive for the environment," the note said.Bitcoin mining "could impact the amount of renewable energy provisioned to the grid by transforming intermittent power resources into baseload generation by way of energy storage... renewables would be able to satisfy only 40% of the grid's needs in the absence of Bitcoin mining but 99% with the commercial 'subsidies' associated with Bitcoin mining," Elmandjra explained.The analysis echoes <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-jack-dorsey-cathie-wood-square-ark-invest-research-2021-4-1030332261">a whitepaper published by ARK Invest and Square</a> last month, that suggested renewable energy adoption would increase because of bitcoin mining. That analysis prompted Musk to reply <a href="https://twitter.com/elonmusk/status/1385107878055317509">"True,"</a> which is why his recent about-face on bitcoin's energy consumption concerns caught many by surprise. Read more: <a href="https://www.businessinsider.com/crypto-trading-investing-tips-crypto-tokens-hodling-trader-scott-melker-2021-5" target="_blank" rel="noopener">'Wolf of All Streets' crypto trader Scott Melker breaks down his strategy for making money using 'HODLing' and 100-times trade opportunities - and shares 5 under-the-radar tokens he thinks could explode</a><div type="image" title="bitcoin chartts.JPG" height="523" width="665" msid="82715930" hostid="261"></div>

Elon Musk's concerns about bitcoin's energy consumption are misguided, Ark Invest says

<keyword id="3179546" type="General" weightage="20" keywordseo="Adani-Green-Energy" source="Orion">Adani Green Energy</keyword> Ltd (<keyword id="4621631" type="General" weightage="80" keywordseo="agel" source="Orion">AGEL</keyword>) on Wednesday said it has received recognition for conserving water against consumption. "AGEL has been certified Water Positive by DNV, an independent global assurance agency. The verification statement signifies that AGEL's <keyword id="6362691" type="General" weightage="20" keywordseo="water-conservation" source="Orion">water conservation</keyword> is greater than consumption," a company statement said. DNV conducted a qualitative and quantitative assessment of the water balance index for AGEL's operational sites having greater than 200 MW capacity in Tamil Nadu, Rajasthan, Karnataka, Gujarat and Andhra Pradesh. As per the assessment, the water balance index is 1.12 (positive), surpassing its target to become net water neutral by FY25, way ahead of time. The verification process entailed sample-based checks and the methodology, measurement techniques, estimation methods, assumptions and uncertainties involved in the process of water accounting as adopted by AGEL. AGEL has recorded a 99.5 per cent lower freshwater consumption per unit of generation as against the 3.5 KL/MWh statutory limit for thermal power in FY23. Adani <keyword id="5367310" type="General" weightage="50" keywordseo="green-energy-limited" source="Orion">Green Energy Limited</keyword> is the renewable energy platform of <keyword id="13943014" type="General" weightage="50" keywordseo="adani-portfolio" source="Orion">Adani Portfolio</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/siraj-reported-corrupt-approach-to-bcci-acu-before-australia-tour-bcci-source/articleshow/99607664.cms">Siraj reported corrupt approach to BCCI ACU before Australia tour: BCCI source</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/taking-a-bite-out-of-apples-secrets-mind-blowing-facts-you-might-not-know/slidelist/99608695.cms">Taking a bite out of Apple's secrets: Mind-blowing facts you might not know</a>

Adani Green Energy gets certification from DNV for water conservation

<ul class="summary-list"><li>Elon Musk's U-turn on accepting <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> as payment due to energy concerns rocked the crypto world.</li><li>It could also halt the adoption of bitcoin by companies, who are increasingly climate-conscious.</li><li>Yet enthusiasts argue that Musk remains committed and that <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> will bounce back.</li></ul>When Elon Musk's Tesla announced it had <a href="https://www.businessinsider.com/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">bought $1.5 billion</a> of bitcoin and intended to start accepting it as payment in February, the cryptocurrency shot up and speculation abounded that other companies would soon follow suit.But Musk stunned cryptocurrency fans on Wednesday when he announced that Tesla would <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5?utm_source=markets&amp;utm_medium=ingest&amp;r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest">stop accepting bitcoin</a> due to fears that its "insane" energy use is hurting the planet. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> tumbled as much as 15% on Wednesday before recovering somewhat and was around 22% below its record high on Friday.The idea that big companies - from <a href="https://markets.businessinsider.com/currencies/news/bitcoin-square-purchases-additional-170-million-cryptocurrency-cash-app-2021-2-1030118484?utm_source=markets&amp;utm_medium=ingestgest">Jack Dorsey's Square</a> to <a href="https://markets.businessinsider.com/currencies/news/jpmorgan-bitcoin-fund-wealthy-clients-access-summer-actively-managed-crypto-2021-4-1030346164">Wall Street banks</a> - are buying in or offering crypto services to clients has been a huge driver of the bitcoin boom, adding legitimacy and capital to the market.But after the most famous crypto enthusiast criticized bitcoin's energy use, the question is, will companies continue to adopt bitcoin?<h2>Bitcoin clashes with the ESG moment</h2>A key problem for investors attracted by bitcoin's stellar returns is that the cryptocurrency moment has come at a time when environmental, social and governance (ESG) investing is center stage.Yet, bitcoin uses <a href="https://cbeci.org/cbeci/comparisons">more energy than Sweden</a> each year, with vast amounts of computing power required to solve complex puzzles to secure the network and create new coins. Bitcoin's defenders say it increasingly <a href="https://markets.businessinsider.com/currencies/news/elon-musk-bitcoin-tesla-crypto-bulls-challenge-environmental-concerns-payments-2021-5-1030424920">uses renewable energy</a> but a Bank of America report estimated that 72% of "mining" is done in China, where coal power dominates."Over the long term, it is difficult to see how this is consistent with a transition to a low carbon economy," said David Sneyd, vice president in BMO Global Asset Management's responsible investment team."We consider bitcoin, and other cryptocurrencies, to be a net negative from an ESG standpoint. As it currently stands, the positive potential of bitcoin remains unproven, but the negatives are very real and present."None of this was a secret before Musk's <a href="https://twitter.com/elonmusk/status/1392602041025843203?s=20">bombshell tweet</a>. But the backing of Tesla - the most famous electric car company in the world - undoubtedly made bitcoin enthusiasts feel more secure about the environmental impact of the digital asset.<h2>On-the-fence companies may think twice</h2>Edward Moya, senior market analyst at currency platform Oanda, told Insider: "A large part of Wall Street has embraced the ESG movement and while Musk didn't reveal anything new, he brought bitcoin's CO2 problem center stage."Moya said: "Tesla was the first domino that was supposed to unleash a steady wave of fresh interest across corporate America." But Musk's move could now "have a big impact on companies that were on the fence about accepting bitcoin as a form of payment or even putting on their balance sheets," he added.There are some signs that other advocates are cooling on the digital asset, with Square <a href="https://www.fnlondon.com/articles/square-has-no-plans-to-buy-more-bitcoin-20210514">telling Financial News</a> it had no plans to purchase more bitcoin. The fintech company, founded by Twitter chief executive Jack Dorsey, has been one of bitcoin's biggest supporters and corporate buyers.For some, companies buying bitcoin to hold on their balance sheets was always a bad idea, which was never likely to be copied by many big players.Jerry Klein, managing director of Treasury Partners in New York, told Insider: "We don't believe there ever was a case for adding bitcoin to corporate balance sheets."The vast majority of public companies are focused on cash preservation and don't want to hold volatile assets. Most treasurers and CFOs see only downsides in taking risk with corporate cash."<h2>Die-hard bitcoin fans look set to keep buying</h2>However, Oanda's Moya said that die-hard companies that have bet big on bitcoin look unlikely to change their mind any time soon.Michael Saylor, chief executive of technology company MicroStrategy, which has bought <a href="https://markets.businessinsider.com/currencies/news/michael-saylor-microstrategy-buys-15-million-of-bitcoin-btc-2021-4-1030274270">more than $2 billion</a> of bitcoin, quickly questioned Musk's move on Twitter. He also announced he had <a href="https://twitter.com/michael_saylor/status/1392814015181635584?s=20">ploughed more money</a> into the cryptocurrency.David Wachsman, CEO and founder of communications firm Wachsman, told Insider that it is important to recognize that Musk himself has said he remains committed to cryptocurrencies."Lost in the hyperbole of the headlines is Tesla's decision to continue to hold bitcoin on its balance sheet," Wachsman said."This demonstrates its long-term commitment to cryptocurrencies as a technology, and is a pertinent reminder to other corporations of the risk of being phased out of the market without moving on digital currencies."Yet in the meantime, it appears Musk's criticisms have focused investors' minds on bitcoin's problems, with numerous financial companies releasing reports into the environmental impact.In a note to clients, analysts at Swiss bank UBS wrote: "The prospect of large gains may tempt investors, but we think speculation in crypto is a gamble, not an investment."

Bitcoin adoption was picking up pace. Elon Musk slamming its 'insane' energy use may have stopped that.

<ul class="summary-list"><li>Microsoft <a href="https://www.helionenergy.com/articles/helion-announces-worlds-first-fusion-ppa-with-microsoft/" target="_blank" rel="noopener">agreed to buy electricity</a> from a fusion power plant being developed by Helion Energy.</li><li>Helion said the plant will be online by 2028, sooner than scientists thought fusion would be viable.</li><li>Fusion energy doesn't produce the greenhouse gas emissions that are fueling the climate crisis.</li></ul>The timeline for pumping fusion energy into the power grid might be closer than many believed.Microsoft on Wednesday <a href="https://www.helionenergy.com/articles/helion-announces-worlds-first-fusion-ppa-with-microsoft/" target="_blank" rel="noopener">agreed to buy 50 megawatts</a> of electricity — enough to power about 40,000 homes — from a fusion power plant being developed by Helion Energy. The startup's plant is expected to come online by 2028.Fusion, a process that occurs naturally in the sun and stars, is considered the holy grail of energy production because it could be a nearly limitless source of power without creating greenhouse-gas emissions, which are fueling the climate crisis.Scientists have long been trying to harness fusion energy, with some predicting that it won't be a viable power source for decades. Researchers had a breakthrough in December, when federal scientists in California <a href="https://www.businessinsider.com/what-is-nuclear-fusion-how-does-it-work-green-energy-breakthrough">reported they achieved the first net energy gain</a> — a fusion reaction that produces more energy than it takes to create. But so far, the lab hasn't replicated the results, <a href="https://www.bloomberg.com/news/articles/2023-05-08/fusion-breakthrough-hits-hurdles-as-five-experiments-fail" target="_blank" rel="noopener">Bloomberg reported</a>. David Kirtley, the founder and CEO of Helion, told Insider that he's confident in the startup's 2028 target for several reasons. All six of Helion's fusion prototypes have set records for their energy output and the temperature at which they operate, <a href="https://www.businesswire.com/news/home/20210622005366/en/Helion-Energy-Achieves-100-Million-Degrees-Celsius-Fusion-Fuel-Temperature-and-Confirms-16-Month-Continuous-Operation-of-Its-Fusion-Generator-Prototype" target="_blank" rel="noopener">recently exceeding 100 million degrees Celsius</a> — an ideal threshold for a power plant. The seventh prototype, expected be completed this year, is set to be the first to convert fusion energy into electricity, Kirtley said. "Helion is focused on doing fusion in a way that gets us close to electricity, rather than just energy in a generic sense," he said. "One analogy I use is regenerative braking in electric cars," he added. "When you hit the gas, it takes energy from the battery and puts it into the motor. When you hit the brakes, that energy returns to the battery. That's what we do for fusion. We have energy in storage, we put it into the fusion reaction, and then we extract that back out directly."Helion's <a href="https://www.youtube.com/watch?v=_bDXXWQxK38" target="_blank" rel="noopener">novel approach to fusion</a> involves injecting deuterium and helium-3 gas into a cylinder-shaped machine that heats up the gas up to form charged plasma on each side of the machine. These plasmas are then accelerated and compressed by an electromagnetic field until they collide to create a reaction. Beyond the technology, Kirtley said that as of April, the regulatory environment was more certain. The <a href="https://www.nrc.gov/cdn/doc-collection-news/2023/23-029.pdf" target="_blank" rel="noopener">Nuclear Regulatory Commission announced</a> it would use an existing framework to oversee the safety of fusion reactors and power plants. It opted not to impose the stricter rules applied to nuclear reactors. Fusion, unlike nuclear fission, doesn't come with concerns about radioactive waste or the proliferation of weapons."That means we should be able to build fusion systems much quicker, operate them safely — and at a lower cost," Kirtley said. Still, building a first-of-its-kind power plant in five years is a major challenge.Kirtley said that's why the deal with Microsoft and the transmission operator Constellation was so important. Constellation is experienced at building power plants quickly, and Microsoft is one of the largest corporate purchasers of renewable energy. The tech giant aims for 100% of its electricity consumption by 2030 to be matched by zero-carbon purchases.If Helion doesn't deliver Microsoft the 50 MW of electricity from its fusion power plant, there will be financial penalties, Kirtley said. He declined to disclose more specifics about the agreement.Helion had previously projected that it would start building a commercial fusion power plant by 2022 — if it obtained sufficient funding. That target got pushed back because it took longer to get the funds, a spokesman told Insider.Helion has since secured what it needs, including a $500 million fundraising round last year <a href="https://www.helionenergy.com/articles/helion-raises-500m/" target="_blank" rel="noopener">led by Sam Altman,</a> CEO of OpenAI and Helion's largest investor.

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