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<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/aws">Amazon</a> is anchoring a $500 million financing round for X-energy to develop modular nuclear reactors.</li><li>The first sites in Washington and Virginia would provide carbon-free energy to meet growing demand.</li></ul><p>Big Tech continues to go nuclear as the artificial intelligence boom drives energy demand to new heights.</p><p>Amazon announced on Wednesday that it is anchoring a $500 million investment for X-energy to develop small advanced modular nuclear reactors, which will provide carbon-free power for some of its data centers.</p><p>Amazon's AWS, which provides cloud services to clients, including generative AI products, relies on large data centers that require huge amounts of energy to operate.</p><p>Citadel founder and CEO Ken Griffin, as well as affiliates of Ares Management Corporation, NGP, and the University of Michigan, are among the investors in the Series C-1 financing round.</p><p>"We need smart solutions that can help us meet growing energy demands while also addressing climate change," Amazon's vice president of global data centers, Kevin Miller, said in a statement. "X-energy's technology will be integral in helping achieve this, and is an important step in Amazon's work to achieve our Climate Pledge commitment to be net-zero by 2040."</p><p>The companies said their partnership aims to develop more than 5 gigawatts of new power projects across the US by 2039.</p><p>The first sites in Washington and Virginia would provide carbon-free energy to meet growing demand through partnerships with Energy Northwest and Dominion Energy, respectively.</p><p>Using clusters of 80-megawatt reactors, the first installation in Washington will begin with four units generating 320 megawatts of power, with the option to scale up to 12 units that deliver 960 megawatts. <span>The highest carbon-emitting coal-powered plants generate roughly 2,000 to 4,000 megawatts, </span><a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.eenews.net/articles/the-top-10-emitting-power-plants-in-america/">according</a><span> to Politico's E&amp;E News.</span></p><p>Amazon's investment follows similar interest in nuclear from Microsoft and Google as the tech giants seek out clean energy to fuel foundation AI development for large language models, which require massive amounts of energy.</p><p>Microsoft last month helped advance a plan to <a target="_blank" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">reopen the Three Mile Island</a> plant, the site of one of the worst nuclear disasters in US history, and Google on Monday <a target="_blank" href="https://blog.google/outreach-initiatives/sustainability/google-kairos-power-nuclear-energy-agreement/">announced</a> a partnership in SMR tech with Kairos Power.</p><div type="image" title="three mile island" height="1328" width="2000" msid="114291452" hostid="261" sizebytes="147418"></div><p>Earlier this year, Amazon also <a target="_blank" href="https://ir.talenenergy.com/static-files/f02c44a9-d2dc-45c1-9331-eee1495f7d2d">bought</a> a $650 million data center in Pennsylvania that came with a direct line to the nearby nuclear-powered Susquehanna Steam Electric Station.</p><p>Other proposals in New Jersey, Ohio, and Texas would build data centers adjacent to nuclear plants in order to bypass the power grid, IEEE Spectrum <a target="_blank" href="https://spectrum.ieee.org/amazon-data-center-nuclear-power">reported</a>.</p><p>In contrast to a full-scale nulear facility, X-energy says its modular system is "road-shippable" and able to be installed where it is needed.</p><p>"Nuclear is an important source of clean and reliable power that our nation needs to meet the growing demand for energy," Ken Griffin said in a statement. "X-energy provides an impactful solution to a critical challenge – and the support Amazon, Dow, and other major corporations have provided underscores its potential and merit."</p>

Amazon invests in nuclear energy, hot on the heels of Google and Microsoft

<ul class="summary-list"><li>Oil and gas will remain the dominant energy sources in 2050, according to a new report from Exxon.</li><li>The company points to population growth and increasing energy needs among developing countries.</li></ul><p>Contrary to forecasts for oil demand to peak in the coming years, Exxon Mobil says oil and gas will remain the dominant sources of energy until the middle of this century. </p><p>The oil major said in an outlook published this month that global oil demand will remain above 100 million barrels a day through 2050, even as the share of renewable powers grows. </p><p>Broken down by source, it sees oil and gas accounting for 54% of the global energy mix by 2050, coal at 13%, nuclear energy at 6%, bioenergy at 10%, and renewables like wind, solar, and hydroelectric at 15%.</p><p>That forecast stands in contrast to predictions from the International Energy Agency, which predicts that oil and gas demand will peak and <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">plateau at 105.6 million barrels per day</a> by 2029.</p><p>Exxon, the leading oil and gas company in the US, pointed to a rise in the global population to 10 billion in 2050, up from 8 billion today.</p><p>With half of the world's population currently living below Exxon's "modern energy minimum"—having enough energy for housing, infrastructure, jobs, and mobility—the company projects a 15% increase in global energy use is necessary for reliable energy worldwide by 2050.</p><p>That rise in energy use will be predominantly driven by a 25% increase among developing countries, whose current energy problems put inhabitants at risk from harmful cooking fuels, limited electricity, and poverty, the report says.</p><p>Developed countries, on the other hand, will decrease energy use by 10% due to improved efficiency.</p><p>The report says that even greater adoption of electric vehicles won't make a dent in oil and gas usage.</p><p>"What many don't realize is that making gasoline is but one relatively small use for oil," Exxon said in its report, adding that the majority of the world's oil is used for industrial processes like manufacturing, and for transportation like shipping, trucking, and air travel.</p><p>"These services are needed for modern life – and they also fuel future economic growth in the developing world," the report says.</p><p>At the same time, the report predicts carbon emissions will drop for the first time in 2030. Last year, the company's annual report said the world likely won't meet the emission reduction targets that were set in the Paris Climate Accords in 2015 to curb the effects of climate change.</p>

Exxon says oil and gas will still be the dominant sources of energy by 2050 

As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year.<br /><br />India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts!<br /><h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power.<br /><h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly.<br /><div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div><br /><h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency.<br /><h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes.<br /><h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions.<br /><div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div><br /><h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream.<br /><h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future.<br /><br />By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.<br />

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year.<br /><br />India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States.<br /><div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture.<br /><h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity.<br /><br />This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact.<br /><h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <br /><div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030.<br /><h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change.<br /><br />India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024.<br /><h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds.<br /><h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”.<br /><br />In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP.<br /><h2>International initiatives</h2>India has spearheaded several international initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development.<br /><div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.<br />

On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

<ul class="summary-list"><li>Coal billionaire Gautam Adani is building the world's largest power plant, and it's all renewable.</li><li>Adani's nephew, who's in charge of the project, says there's "no choice" but to go big on green energy.</li></ul><p>The largest power plant in the world is under construction, and it'll produce enough clean energy to fuel entire countries like Belgium, Chile, or Switzerland.</p><p>It will cover 200 square miles — nearly the size of Chicago.</p><p>Adani Green Energy Limited (AGEL) is building the solar and wind power plant in a salt desert in the western Indian state of Gujarat. AGEL is the clean energy unit of the Adani Group, the biggest coal miner and importer in India founded by <a target="_blank" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">billionaire Gautam Adani</a> in 1988. Adani is currently the second richest person in Asia, <a target="_blank" href="https://www.forbesindia.com/article/explainers/top-10-richest-people-asia/88245/1">according to Forbes</a>.</p><p>The Adani Group has promised to dump $70 billion into clean energy by 2030 — including $20 billion on this project alone — as India tries to reduce its reliance on fossil fuels, <a target="_blank" href="https://www.cnn.com/2024/03/19/business/india-adani-green-energy-plant-climate-intl-hnk/index.html">CNN reported</a>.</p><p>"There is no choice for India but to start doing things at a previously unimagined size and scale," Sagar Adani, the 30-year-old nephew of Gautum Adani and the executive director of AGEL, told CNN.</p><p>India — the <a target="_blank" href="https://climatepromise.undp.org/what-we-do/where-we-work/india">third-largest energy consumer in the world</a>, 73% of which comes from coal — has pledged to reach net-zero emissions by 2070, two <a target="_blank" href="https://www.whitehouse.gov/wp-content/uploads/2021/10/us-long-term-strategy.pdf">decades later than the US has pledged</a>. India also hopes to get half of its energy from renewable sources by 2030.</p><p>And AGEL's massive new plant could be a major step in making that happen.</p><p>The project, expected to be finished in five years, will create 15,200 green jobs and produce enough clean energy to power 16 million Indian homes, AGEL <a target="_blank" href="https://www.adanigreenenergy.com/newsroom/media-releases/Adani-Green-Energy-operationalizes-1000-MW-of-the-30000-MW-Khavda-renewable-energy-park">said in a press release on its website</a>.</p><p>As India develops, Sagar Adani told CNN he hopes his country does not burn through as much fossil fuel as other countries did during their developments.</p><p>"If India does what China did, if India does what Europe did, if India does what the US did, then we are all in for a very, very bleak climatic future," Sagar Adani told the outlet.</p><p>However, AGEL's plant and green energy commitments are still built on profits from coal production.</p><p>The Adani Group's coal mining operations make up at least 3% of the world's coal-based carbon dioxide emissions, and the group makes 62% of its revenue from fossil fuel, <a target="_blank" href="https://www.bloomberg.com/news/features/2022-09-09/world-s-third-richest-billionaire-adani-pivots-from-coal-mogul-to-green-champion?sref=yaJhKSOh">Bloomberg reported</a>.</p>

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Amazon invests in nuclear energy, hot on the heels of Google and Microsoft

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Exxon says oil and gas will still be the dominant sources of energy by 2050

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Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

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On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

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Billionaire Gautam Adani got rich off coal. Now his company is building a green energy plant the size of Chicago.

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