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The Indian cement industry is on track to reach 5.09 billion tonnes by 2028-29, driven by robust government investment in infrastructure. According to an IANS report originally attributed to Infomerics Ratings, this marks a compound annual growth rate (CAGR) of 4.9 per cent between 2024 and 2029. In 2022-23, the industry’s market size stood at 3.82 billion tonnes, with a total installed capacity of 622 million tonnes per annum (MTPA) in FY24 and production at 427 million tonnes. Notably, India contributes over 8 per cent to the world’s total installed cement capacity, highlighting its importance in the global market. Despite this, India’s per capita cement consumption is 260 kg—significantly below the global average of 540 kg—indicating substantial room for growth. Globally, the cement market is projected to grow at a CAGR of 4.3 per cent from 2024 to 2032. The sector’s expansion is fuelled by ambitious government initiatives, including an allocation of ₹11.11 lakh crore for infrastructure in FY25 and housing schemes like Pradhan Mantri Awas Yojana. The construction sector consumes 55 per cent of cement production, while public infrastructure projects account for the remainder. The industry also plays a critical role in employment, providing direct jobs to over one million people and creating downstream opportunities for about 20,000 individuals per million tonnes of cement produced. Private players dominate the sector, controlling 98 per cent of production capacity, while public sector units hold a mere 2 per cent. Domestic production meets almost all demand, with imports accounting for just 0.2 per cent of total production in FY23. However, exports have declined recently due to reduced global demand and rising competition. India currently has 341 cement manufacturing facilities, including 159 integrated large cement plants, 120 grinding units, and 62 mini cement plants. Cement production has seen steady growth, with a 7.1 per cent increase in September 2024 and a cumulative growth of 1.6 per cent between April and September of FY25, according to the Ministry of Commerce and Industry. This growth aligns with India’s overall industrial performance, which saw a 2 per cent rise in core industries in September, led by cement, steel, coal, and fertilisers. As India invests heavily in infrastructure and housing, the cement industry is set to play a pivotal role in supporting the nation’s economic and developmental goals. (with IANS inputs)

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

<ul class="summary-list"><li>Tech leaders are betting on nuclear power as a key source of clean energy in the next decade.</li><li>AI tech companies are building small nuclear fission plants to power their data centers.</li></ul>Tech executives are rallying around nuclear energy to fuel the demands of the AI revolution.From Amazon to Google, <a target="_blank" href="https://www.businessinsider.com/amazon-google-microsoft-openai-big-tech-investment-nuclear-ai-race-2024-10">tech giants at the forefront of the AI boom</a> are investing in companies building nuclear reactors and forming partnerships with energy providers to power their data centers.Many of these companies are generating energy through <a target="_blank" href="https://www.businessinsider.com/how-atomic-bombs-nuclear-weapons-work-2023-8">nuclear fission,</a> which involves splitting atoms from elements like uranium and plutonium to release energy. It's cleaner than fossil fuels and more reliable than solar. But fission can release harmful radioactive waste that needs to be disposed of safely and mining uranium can have deleterious effects on the environment.The solution, in the view of a growing number of leaders in the tech industry, is nuclear fusion, which involves fusing the nuclei of two atoms to release energy. It's considered a safer method because it releases less radioactive waste and greenhouse gases.<a target="_blank" href="https://www.businessinsider.com/how-bill-gates-spends-fortune">Microsoft cofounder Bill Gates</a> distilled the differences between fission and fusion on a recent episode of the Possible podcast. Fission, he said, is "where you take the big atoms like uranium, and as they split, you get energy." Fusion occurs when "you take the small atoms, primarily hydrogen, and as you put them together, you release energy."Scientists have <a target="_blank" href="https://www.businessinsider.com/what-is-nuclear-fusion-how-does-it-work-green-energy-breakthrough">proven that nuclear fusion</a> is feasible. Experiments at the National Ignition Facility in California over the last year, for instance, hit a milestone when they generated more energy than what was used. <a target="_blank" class="" href="https://www.businessinsider.com/why-no-fusion-energy-power-plants-yet-how-2023-10">Fusion plants,</a> in theory, could produce almost 4 million times as much energy as burning coal or oil — without carbon emissions. However, there are still obstacles to it becoming a widespread energy source.Tritium, one of the hydrogen isotopes used in fusion reactions, is rare and expensive. It also has radioactive properties. Another challenge is that fusion requires extremely high temperatures, as high as the "center of the sun, millions of degrees," Gates said.AI tools are now helping to make fusion a reality. Commonwealth Fusion Systems, in which Gates is an investor, is on track to have a system for fusion in 10 years, he said."But at some point, fusion energy will be extremely cheap, and it doesn't have the same waste problems that fission does," he said.Gates, who is also an investor in another nuclear fusion company called Pacific Fusion — which launched in 2023 and announced a more than $900 million Series A funding round this month — believes supporting nuclear will help reduce clean energy costs."We, society as a whole, even though a lot more money is coming into it, we're still under-investing in fission and fusion, given that the value of cheap electricity specifically is so fundamental to society," he said.Venture firm General Catalyst led the funding round for Pacific Fusion, which included participation from Gates's climate solutions investment fund, Breakthrough Energy Ventures, and individual investors like Citadel founder Ken Griffin, Stripe cofounder Patrick Collison, venture capitalist John Doerr, and Mustafa Suleyman, the head of Microsoft AI.Other veterans in the industry are betting on an even shorter timeline for fusion technology to become a reality.At TechCrunch Disrupt this week, <a target="_blank" href="https://www.businessinsider.com/openai-vinod-khosla-fixing-ai-image-2024-10">venture capitalist Vinod Khosla</a> said, "I'll take a bet with anybody, five years from now, we won't be talking about whether fusion is real or not."He said he hopes that by then fusion will be proven as an economic possibility. "They're engineering all the systems to go directly into production without having to first prove the technology and then do the engineering," he said.

Investment is pouring in as the hype around nuclear fusion grows

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

<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>Big Tech continues to go nuclear as the artificial intelligence boom drives energy demand to new heights.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.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.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."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."The companies said their partnership aims to develop more than 5 gigawatts of new power projects across the US by 2039.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.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. The highest carbon-emitting coal-powered plants generate roughly 2,000 to 4,000 megawatts, <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> to Politico's E&amp;E News.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.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.<div type="image" title="three mile island" height="1328" width="2000" msid="114291452" hostid="261" sizebytes="147418"></div>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.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>.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."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."

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

State-owned <keyword id="20039085" type="General" weightage="20" keywordseo="Coal-India-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Coal India Ltd" meta.hostid="261" meta.entityid="Coal India Ltd">Coal India Ltd</keyword>'s contribution to the <keyword id="21546749" type="General" weightage="20" keywordseo="government-exchequer" source="keywords">government exchequer</keyword> increased by 6.4 per cent to Rs 60,140.31 crore in <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword>, over the financial year 2022-23. <keyword id="19903245" type="General" weightage="20" keywordseo="Coal-India" source="keywords">Coal India</keyword> Ltd (CIL), which accounts for over 80 per cent of domestic coal output, paid Rs 56,524.11 crore to the government exchequer in FY23, according to provisional figures of the coal ministry. Total levies paid to the government in March 2024 also went up by 14.8 per cent to Rs 6,069.18 crore from Rs 5,282.59 crore paid in the corresponding month of FY23. Of the total Rs 60,140.42 crore paid to the government exchequer in FY24, maximum amount of Rs 13,268.55 crore was made to the state government of Jharkhand, followed by Rs 12,836.20 crore to the Odisha government, Rs 11,890.79 crore to Chhattisgarh, Rs 10,865.96 crore to Madhya Pradesh, and Rs 6,188.89 crore to Maharashtra among others. The coal-producing states earned the <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> from royalty, District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) among others. The government had earlier said that the coal-producing states earned a revenue of Rs 1.52 lakh crore in the last nine years from royalty, DMF and NMET. Coal mining sector has proved to be a big booster for the economic growth of the states that produce fossil fuel. State governments are entitled to receive 14 per cent of royalty on the sale price of coal and 30 per cent of the royalty as contribution towards the proposed district mineral foundations (DMFs)-- which is meant to support project-affected people---and two per cent of NMET from dry-fuel produced by the coal companies and also the private sector. In case of captive, commercial mines states are also entitled to receive the revenue share offered by the auction holder in a transparent bidding process. Apart from this, state governments also benefit from increased employment, land compensation, increased investment in allied infrastructure like railways, road and several other economic benefits. Coal India's production and off-take are pegged at 838 MT for FY'25. SEE ALSO:<a href="https://www.businessinsider.in/finance/banks/news/following-kotak-mahindra-banks-strong-q4-numbers-analysts-reset-stock-target-up-to-1900-worried-about-reputation-impact-than-financial-says-ceo/articleshow/109882571.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/following-kotak-mahindra-banks-strong-q4-numbers-analysts-reset-stock-target-up-to-1900-worried-about-reputation-impact-than-financial-says-ceo/articleshow/109882571.cms" target="_blank">Following Kotak Mahindra Bank’s strong Q4 numbers, analysts reset stock target up to ₹1,900; Worried about reputation impact than financial, says CEO</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a>

Coal India's contribution to govt exchequer rises 6.4% to ₹60,140 crore in FY24

Chennai, Public sector major <keyword id="59700" type="General" weightage="80" keywordseo="coal-india-ltd" source="Orion">Coal India Ltd</keyword> (CIL) has chalked out Rs 24,750 crore investment for eco-friendly transportation of coal on 61 first mile connectivity (FMC) projects. The three phased investment project when completed will have a combined capacity of 763.5 million ton per annum (MTPA), the company said. FMC projects involve transportation of coal in mechanized piped conveyors from production point to coal handling plants/silos with rapid loading system where coal is loaded directly into <keyword id="1060490" type="General" weightage="20" keywordseo="rail-wagons" source="Orion">rail wagons</keyword>. According to the company, 35 FMC projects under the first phase having 414.5 MTPA capacity account for Rs. 10,750 crores. Eight projects of 112 MTPA capacity are already operational. CIL is gearing up to commission 17 more projects of 178 MTPA by FY 2024 end. The rest 10 comprising 124.5 MTPA capacity are expected to be operative by FY 2025, the company said. The second and third phase projects account for nine and 17 respectively. While their respective evacuation capacities are 57 MTPA and 292 MTPA, the investments sequentially, would be about Rs 2,500 crore and Rs11,500 crore. Under the second phase five projects of 21.5 MTPA capacity under construction are expected to be commissioned by FY 2025. Remaining projects are in different stages of progress with tenders issued and bid documents under preparation. For the third phase, tenders have been floated for three projects of 65 MTPA capacity. Nine projects are to be executed through mine developers and operators. The third phase projects are anticipated to be commissioned by FY 2029. Total eco-friendly coal evacuation would go up to 914.5 MTPA when all the 61 projects become operational by FY 2029, including the earlier capacity of 151 MTPA. FMC projects offer benefits like suppression of dust pollution and carbon emissions and reduce the load on road transportation leading to safety. Other benefits include precise quantity and quality coal is loaded for consumers with minimal manual intervention.

Coal India to invest ₹24,750 crore on eco-friendly transportation

<ul class="summary-list"><li>VC Marc Andreessen wrote a lengthy missive this week, titled "The Techno-Optimist Manifesto."</li><li>The billionaire investor denounced efforts to regulate technology and AI.</li></ul>It wouldn't be a <a target="_blank" href="https://www.businessinsider.com/marc-andreessen-manifesto-slowing-down-on-ai-preventable-deaths-2023-10">Marc Andreessen essay</a> if the internet didn't lose its mind over it.That's what happened Monday when the billionaire venture capitalist dropped a lengthy manifesto that decries efforts to regulate technology and the <a target="_blank" href="https://www.businessinsider.com/marc-andreessen-plan-use-ai-save-the-world-regulation-startups-2023-6">full-blown moral panic</a> around artificial intelligence. Rather, technology, he wrote, can solve for "any material problem" under the sun and herald a new era of "abundance for everyone.""Typical boneheaded straw man setup that EVERYONE but the fine minds of tech elite hate the future. Most of us are both excited and wary — given the cost so far — about tech and that is how adults behave," tech journalist <a target="_blank" href="https://twitter.com/karaswisher/status/1714020724514410629">Kara Swisher</a> said on X, speaking for the everyman.Andreessen's screed clocks in at 5,200 words, but it's one section in particular that has other investors, <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-chatgpt-worldcoin-helion-future-tech-2023-4">artificial-intelligence</a> alarmists, and journalists up in arms.In a section titled "enemies," Andreessen warned of "zombie ideas" stemming from the past that have turned humanity against the very technologies he invests in.These ideas go by pseudonyms, he wrote, such as "sustainability," "ESG," "social responsibility," "trust and safety," "tech ethics," and "risk management," touching on one of the most contentious debates in tech over the industry's obligations to society.The bit went viral after investigative journalist Ben Collins tweeted a quote from the essay, which published on Substack and A16z's website. Andreessen's missive went out the same day that the Securities and Exchange Commission released an <a target="_blank" href="https://www.sec.gov/news/press-release/2023-222">annual report on its priorities</a> when inspecting firms for compliance with agency rules. It noticeably removed ESG, which stands for environmental, social, and governance matters, as a focus for examinations in 2024, three years after the standards first appeared.The backlash to Andreessen's essay was swift. German tech ethicist <a target="_blank" href="https://twitter.com/DorotheaBaur/status/1714021659550552330">Dorothea Baur</a> said on X she couldn't decide whether she should "laugh or cry." <a target="_blank" href="https://twitter.com/cameronmoll/status/1714269262888435916">Cameron Moll</a>, a former head of design at Facebook, tweeted as a father he's concerned that technology without regulation "is a recipe for regret, remorse, and ruin." <a target="_blank" href="https://twitter.com/GaryMarcus/status/1713995232407372277">Gary Marcus</a>, one of the leading voices of AI skeptics, chastised the investor for dismissing anyone who disagrees with him as the enemy."The very idea that the world might focus on sustainable development goals for the sake of the less fortunate puts him in absolute agony," Marcus wrote of Andreessen.Others still praised the investor for saying aloud what's discussed behind closed doors."Marc Andreessen is brave enough to say what most of us can't," Aravind Srinivas, the cofounder and chief executive of Perplexity AI, a search engine startup backed by A16z, tweeted. "He is pushing for a technocratic world. And raising and allocating capital to make it happen."A spokesperson for A16z declined to comment on the criticism swirling around Andreessen's post.<h2>'I present to you, moral hazard'</h2>Andreessen's mug is etched on the Mount Rushmore of Silicon Valley. He runs one of the biggest venture capital firms by assets and perceived importance. Its successful early bets on crypto inspired a generation of venture investors to pump money into the industry, that is, before the bursting of the <a target="_blank" href="https://www.businessinsider.com/ivp-tom-loverro-crypto-winter-venture-capital-investors-2022-7">crypto bubble sent them packing</a>.In his <a target="_blank" href="https://twitter.com/oneunderscore__/status/1713978560304587161">tweet</a>, the journalist Collins noted that the firm Andreessen Horowitz has dialed back the hoopla around crypto investing and taken a stronger interest in American military and defense contractor technology this year.The essay laid bare an awkward truth: The venture capital ecosystem seeds companies using technology to build a better world, but its primary goal is to create profits for the public pensions, university endowments, hospitals, and wealthy families that invest in its funds.Perhaps the most scathing rebuke came from Del Johnson, a former principal at Backstage Capital and now angel investor and limited partner in venture funds. In a <a target="_blank" href="https://twitter.com/DelJohnsonVC/status/1713994924218011908">tweet</a>, he pointed to the March bank run at Silicon Valley Bank, which Johnson has previously <a target="_blank" href="https://www.wired.com/story/to-save-the-innovation-economy-break-big-venture-capital/">blamed</a> on the VCs who urged founders to withdraw their deposits, as evidence of the need for regulators to wrest control from investors."Venture capitalists are calling risk management 'the enemy' just over half a year after the industry was screaming for the government to rescue their failing bank," Johnson wrote. "Ladies and gentlemen, I present to you, moral hazard."

Marc Andreessen is getting raked over the coals for calling social responsibility the 'enemy'

<ul class="summary-list"><li>The power grid is too old and simple for the growth of extreme weather, <a target="_blank" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1">EVs</a>, and renewable energy.</li><li>Chattanooga's utility built a $280 million smart grid, creating $2.7 billion in economic value.</li></ul>It pays to be smart and Chattanooga, Tennessee, has put a whole new meaning to the phrase. The city is home to one of the nation's most advanced <a target="_blank" href="https://www.businessinsider.com/texas-power-grid-failure-economist-galbraith-left-leaning-utility-deregulation-2021-2">power grids</a>.The local utility, called EPB of <a target="_blank" href="https://www.businessinsider.com/moving-to-tennessee-pros-cons-nashville-memphis-chattanooga-2023-2">Chattanooga</a>, spent $280 million to refurbish its power system with smart technologies to make a "smart grid."In its first 10 years, the project generated $2.7 billion worth of economic value, according to an EPB-funded <a target="_blank" href="https://assets.epb.com/media/Lobo%20-%20Ten%20Years%20of%20Fiber%20Infrastructure%20in%20Hamilton%20County%20TN_Published.pdf">study</a>. That's not a bad return on investment.<h2>The US grid needs its own internet</h2><div type="image" title="worker in hardhat wearing harness stands on large metal frame above a wide river with homes on the other side" height="1500" width="2250" msid="109795973" hostid="261" sizebytes="151842"></div>Smart grids like this offer a cleaner, safer, and more efficient future with lower <a target="_blank" href="https://www.businessinsider.com/why-texas-residents-hit-with-soaring-electric-bills-winter-storms-2021-2">electric bills</a> and fewer blackouts — which is great because the way our energy system has operated for the past century isn't going to cut it for the next one.In most places, energy starts with a giant coal-fired power plant. From there, <a target="_blank" href="https://www.businessinsider.com/chpe-transmission-line-hydropower-renewable-energy-electrical-grid-2024-4">transmission lines zip the electricity</a> to a substation, which lowers the voltage and pumps it into distribution lines to homes and businesses.<div type="image" title="Traditional Grid flowchart" height="2400" width="3560" msid="109795974" hostid="261" sizebytes="194952"></div>Electricity flows one way, from the power plant to your home, and it doesn't do much else. It's simple — and that was fine for a long time. But it's becoming a problem as the <a target="_blank" href="https://www.businessinsider.com/florida-residents-moving-leaving-climate-change-refugees-hurricanes-flood-2023-2">climate crisis</a> complicates our energy supply.Increasingly extreme weather events are battering our electrical infrastructure and <a target="_blank" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">causing outages</a> that cost American businesses an estimated $150 billion a year, <a target="_blank" href="https://www.energy.gov/ne/articles/department-energy-report-explores-us-advanced-small-modular-reactors-boost-grid">according</a> to the US Department of Energy.Meanwhile, climate solutions put their own pressure on the grid. Wind farms and <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-selling-electricity-neighbors-solar-panels-2023-12">solar panels</a> feed energy into the system inconsistently, making it harder to pace supply with the day-to-day fluxes of electricity use.Renewables also complicate things by sheer numbers — rather than from 12,000 power plants, in just a few decades, the US could be drawing its power from 1 million dispersed sources, from hydropower dams to rooftop solar panels.At the same time, electrification, including the <a target="_blank" href="https://www.businessinsider.com/ev-electric-car-ford-mustang-mach-e-road-trip-charging-2021-8">rise of electric vehicles</a>, is increasing demand.<div type="image" title="A hand plugging in an EV charger" height="3477" width="4786" msid="109795975" hostid="261" sizebytes="418508"></div>To cope, experts say, <a target="_blank" href="https://www.businessinsider.com/live-off-the-grid-tiny-house-no-electricity-2023-12">the grid</a> needs its own internet, stat. They're calling for a digitized "smart grid.""It's imperative," Kevin Schneider, the chief engineer studying power systems at the <a target="_blank" href="https://www.businessinsider.com/ai-discovers-new-material-to-reduce-lithium-use-in-batteries-2024-1">Pacific Northwest National Laboratory</a>, told Business Insider.Without <a target="_blank" href="https://www.businessinsider.com/texas-energy-companies-remotely-raised-smart-thermostats-temperatures-2021-6">smart technologies</a>, the grid will be inefficient, leading to economic losses and slowing the transition to clean energy. An outdated grid could also fall victim to more and more blackouts."If people are really asleep at the wheel, and we keep pushing further, eventually you can get to the hyperbole of a third-world power system," Schneider said.The American Society of Civil Engineers gave <a target="_blank" href="https://www.businessinsider.com/construction-jobs-housing-skilled-trades-infrastructure-electricians-future-work-opportunities-2023-11">US energy infrastructure</a> a C-minus grade in 2021, citing poor reliability and increasing threats from severe weather.But a Chattanooga-like transformation nationwide could save us all money, reduce <a target="_blank" href="https://www.businessinsider.com/fast-fashion-environmental-impact-pollution-emissions-waste-water-2019-10">carbon emissions</a>, and prevent blackouts.<h2>What is a smart grid?</h2>A key job of any power grid is to balance electricity supply and demand. Too much power could damage the system. Not enough could leave some people in the dark.A smart grid automates this balancing act using a system of meters, sensors, controllers, and computers.<div type="image" title="Smart Grid Flowchart" height="2400" width="3560" msid="109795976" hostid="261" sizebytes="288888"></div>Smart grids can also help businesses, factory operators, or homeowners make better-informed decisions about when and how to use energy, whether they want to save money, reduce emissions, or both."It can send information along with electricity," Joshua Rhodes, a research scientist studying smart grids at the University of Texas at Austin, told BI.For example, "it can control a fleet of air conditioners and maybe can turn them off for 15 minutes at a time" to optimize energy costs, he said.<h2>How Chattanooga made its grid smart</h2><div type="image" title="utility worker wearing safety goggles and yellow hard hat standing in a cherry picker holds onto power line cable next to utility pole above a green lawn in front of house among green trees" height="1500" width="2250" msid="109795977" hostid="261" sizebytes="345380"></div>EPB of Chattanooga first needed a system to communicate with all the smart devices it would install. It couldn't make significant upgrades to its system without it."Everything that you looked to do, the limitation was communications," David Wade, the CEO of EPB of Chattanooga, told BI.<a target="_blank" href="https://www.businessinsider.com/guides/tech/fiber-optic">Fiber optics</a> would do the trick — and allow EPB to start offering TV, internet, and phone services.With the prospect of revenue and a mission as a public utility to improve quality of life, the EPB board of directors approved a plan in 2008.With $169 million from a municipal bond issue for the project, workers started digging trenches and climbing poles to lay new fiber optic cables across Hamilton County.<div type="image" title="utility workers in hard hats handle thick bundles of fiber optic cable which a vehicle arm is lifting upward toward power lines" height="1500" width="2000" msid="109795978" hostid="261" sizebytes="398786"></div>The project was supposed to take 10 years, but a $111.5 million grant from the Department of Energy accelerated the process, basically cutting time to completion in half. The utility finished building its smart grid in 2012.In just four years, EPB had laid its fiber-optic network and linked it to more than 180,000 smart meters in customers' homes and businesses. It also installed about 1,200 automated smart switches, which open or close the flow of power in response to automated software or remote commands from human operators.The smart switches can rapidly reroute energy around fallen power lines that would otherwise cause a blackout. That means the system self-heals, restoring power in seconds.<div type="image" title="long bar-shaped black device with cylinder on top connected to power lines" height="1500" width="2250" msid="109795980" hostid="261" sizebytes="108992"></div>As a result, EPB has reported a 55% annual decrease in outage minutes, or about 19 million outage minutes a year.Previously, dispatchers had to drive to each switch to manually open or close it."It's making the same decisions that we were making as dispatchers and humans, only probably making them a multitude of times faster," Wade said.In the following decade, EPB spent another $115.5 million expanding its smart grid to new housing and commercial developments.<h2>Smart grids are more efficient</h2><div type="image" title="electricity substation illustration with machines smiling computer screens and power lines" height="1000" width="1000" msid="109795981" hostid="261" sizebytes="74260"></div>Because the smart grid automates the balance of supply and demand — helping ensure there's no more energy in the system than people are using at different times of the day — it's more efficient.That reduces energy waste and emissions.In the EPB-funded study period, 2014 to 2020, the EPB grid emitted 8,300 fewer tons of CO2 than it would have if it weren't smart. That's almost as much as <a target="_blank" href="https://www.businessinsider.com/taylor-swift-celebrities-ranked-on-private-jet-co2-emissions-2022-7">Taylor Swift's private jet emitted</a> in the first half of 2022.Those carbon savings came partly from reduced energy use and partly because of reduced truck miles since dispatchers no longer had to drive to every switch for every outage.It's not just blackouts. On a larger scale, a smarter grid could adapt better to the <a target="_blank" href="https://www.businessinsider.com/great-american-land-rush-land-housing-wind-power-solar-panels-2022-11">surge of renewables</a>.<div type="image" title="wind turbine in a field of turbines against blue sky mountains in the background" height="1533" width="2300" msid="109795983" hostid="261" sizebytes="246814"></div>For example, take the Pacific Intertie — a highway of transmission lines that carry hydropower from the Columbia River all the way down to Southern California. The system may need to send power in the other direction more often as solar energy proliferates in the state's south."We had a cold snap up north. It was relatively sunny down south, and suddenly power was flowing the other direction," Schneider said.Having software and automated equipment to handle that process could make it much more efficient and help the system quickly adapt to unforeseen changes.In other words, a smart grid is designed to do more than one thing."We're going to start to see more things like that, where the system was designed to do X, and we're seeing ABCDEFG," Schneider said.<h2>Smart grids can bring huge economic benefits</h2><div type="image" title="illustration of smiling houses with solar panels and wind turbines and cars plugged into electric charging stations" height="1000" width="1000" msid="109795984" hostid="261" sizebytes="78854"></div>Even Congress knows the nation needs a smart grid. In 2007, it directed the Department of Energy to start doling out grants to make it happen.That's the program that gave EPB a boost, and it has spent billions on smart-grid <a target="_blank" href="https://www.businessinsider.com/america-build-infrastructure-transportation-housing-regulation-environment-2023-11">infrastructure nationwide</a>.It seems like the kick start worked. In 2020, the department estimated that smart-grid investments would rise to $16.4 billion annually by 2026 — compared with about $6.4 billion in 2018.Though a smart grid requires a big up-front investment, it can save a lot of money down the line.<div type="image" title="utility worker in jeans sweatshirt and hardhat sits and controls a long arm that's raising a large rectangular metal device toward power lines above" height="1500" width="2250" msid="109795985" hostid="261" sizebytes="155530"></div>The study of EPB's smart grid, for instance, valued the benefits to each Hamilton County resident at about $646 a year in the project's first 10 years.That's because the project created more than 9,500 jobs, helped attract new businesses with cost-efficient energy and high-speed internet, and kept customers' electric bills lower than they would have been without the smart grid, the study found. Each household saved about $93 a year on electricity bills.Add it all up, and the smart grid with its fiber-optic internet provided $2.7 billion worth of economic value in its first 10 years, the study found.<h2>The future of our power system</h2>In an ideal future, each new wave of grid technology could integrate seamlessly into the smart system. Large-scale <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-will-only-sell-solar-panels-with-powerwall-2021-4">energy storage</a> could provide backup to power communities when the sun isn't shining or the wind isn't blowing enough.Someday, smart appliances in your home could weigh your personal schedule against peak electricity demand and pricing, as well as timing for minimal carbon emissions, to calculate the perfect time to wash your dishes or heat your house. That could translate into major savings on your electricity bill and <a target="_blank" href="https://www.businessinsider.com/fossil-fuel-companies-spend-millions-to-promote-individual-responsibility-2021-3">your carbon footprint</a>."I think tomorrow's grid really becomes: How do you take that massive proliferation of devices and optimize those for the good of the whole?" Wade said.We're still far from that world, but some utilities are rising to the occasion. Nationwide, there are hundreds of microgrids — small, local areas that can operate independently of the larger grid if needed.In the case of a major blackout, they can lock themselves out of the larger grid and rely on their own solar panels or backup batteries. Microgrids are key to a larger smart grid and unprecedented energy resilience.Chattanooga is testing a microgrid around its police- and fire-department headquarters."Today, we are much better positioned than any utility I know of in adding distributed assets to the grid and creating microgrids," Wade said.He added: "It'll get smarter."

Making the power grid 'smart' could save us all money and prevent blackouts. Chattanooga made the $280 million investment.

<ul class="summary-list"><li>The International <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">Energy</keyword> Agency estimates investment in <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword> will jump 10% on-year in 2022. </li><li>A growing number of EU countries are planning a switch to coal as supply of <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword> comes under threat.</li></ul>Investment in coal is likely to jump 10% this year, as a growing number of countries race to secure alternative sources of fuel to improve energy security, which has been eroded by the <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> war, according to the <a href="https://www.iea.org/news/record-clean-energy-spending-is-set-to-help-global-energy-investment-grow-by-8-in-2022">International Energy Agency (IEA.)</a>"<keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of Ukraine has upended the fuel investment landscape and intensified a commodity price shock," said the IEA in its <a href="https://iea.blob.core.windows.net/assets/db74ebb7-272f-4613-bdbd-a2e0922449e7/WorldEnergyInvestment2022.pdf">World Energy Investment 2022</a> report on Wednesday.The global energy <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> were already getting squeezed by the strong recovery in economic activity as coronavirus lockdowns eased and supply fell far short of demand. The war in Ukraine has only added to those concerns, given Russia's position as a major energy supplier and oil prices are up around 40% year-to-date as a result.About $105 billion was invested in the coal supply chain in 2021, up 10% from 2002, according to the IEA, which advises Western governments on energy policy, and "tight supply continues to attract new projects," it added.China and India are expected to lead the greater push into coal, given that they are the world's top two consumers. <a href="https://www.businessinsider.com/china-power-shortage-halts-apple-tesla-suppliers-stresses-supply-chain-2021-9">China</a> experienced power rationing and coal shortages last year, which made energy security a near-term priority for the government. India is looking to bump up domestic coal production to replace costlier imports to deal with power shortages, according to the IEA.Coal is seeing a resurgence not just in China and India, but also in Europe, which gets 40% of its natural gas from Russia and which may now need to find alternative sources of fuel, given the risk of Moscow shutting off exports altogether. <a href="https://www.businessinsider.com/europe-energy-emergency-plans-coal-power-russia-cuts-gas-supply-2022-6">Germany, Italy, Austria, and the Netherlands</a> indicated recently coal-generated power could help them weather an energy crisis this coming winter. This is at odds with their commitment to cut back on the use of coal — the <a href="https://www.epa.gov/ghgemissions/sources-greenhouse-gas-emissions">most polluting fossil fuel</a> — and most European countries' plans to <a href="https://energy.ec.europa.eu/topics/oil-gas-and-coal/eu-coal-regions/coal-regions-transition_en">phase out coal-fired plants by 2030.</a> Although Europe is shifting to coal temporarily, it isn't investing more money in it, the IEA said. European countries import most of their coal from Russia, the US and Australia, according to <a href="https://ec.europa.eu/eurostat/cache/infographs/energy/bloc-2c.html">Eurostat.</a> The EU will ban <a href="https://www.businessinsider.com/european-union-coal-ban-russia-oil-natural-gas-ukraine-war-2022-4">Russian coal imports</a> by August 10. South Africa is expected to be a major beneficiary from the shift, according to a <a href="https://www.euractiv.com/section/climate-environment/news/europe-imports-more-south-african-coal-as-russian-ban-looms/">Euractiv</a> report last week. This demand has sent the price of coal for delivery in Europe up by about 150% this year.Despite the shift back to coal in some countries, global investment in clean energy is finally ramping up after remaining flat for several years, noted the IEA. Clean energy investment is expected to exceed $1.4 trillion in 2022, while global energy investment will hit $2.4 trillion, marking a rise of 8%, the agency said.

Investment in coal &mdash; the dirtiest fossil fuel &mdash; is set to rise 10% this year as energy security grows increasingly fragile due to the Ukraine war

<ul class="summary-list"><li>Two ex-Goldman bankers have made their fortune betting on a non-renewable resource, Bloomberg reported.</li><li>Peter Bradley and Spencer Sloan have built a $1 billion commodities firm over the last eight years.</li></ul>Two former Goldman Sachs traders have built the largest coal-exporting business in America, despite a global push to move away from the controversial fossil fuel. Peter Bradley and Spencer Sloan, both left the investment bank right before it offloaded the last of its coal assets - and over the last eight years, they have built a company that's now valued at more than $1 billion. Javelin Global Commodities has grown to become the No. 1 exporter of American coal, <a href="https://www.bloomberg.com/news/articles/2023-09-20/how-2-ex-goldman-bankers-built-a-1-billion-coal-business?srnd=premium" target="_blank" rel="noopener">Bloomberg reported</a>, citing sources familiar to the company.Their business plan is profitable and controversial – based on the strategy that demand for coal will remain high even in spite of environmental concerns and an attempted ban on the fuel. The geopolitical fallout from Russia's invasion of Ukraine eighteen months ago forced Europe to slash its reliance on Moscow for energy – and Javelin have been well-positioned to plug the gap. The International Energy Agency has said that coal demand stands at an all-time high, regardless of its damage to the environment. Javelin posted record profits last year, according to Bloomberg's sources – beating the $194 million the firm made in 2021, the outlet reported. Its remarkable growth has seen the firm begin competing with commodities giants Trafigura and Glencore. Javelin accounted for just under 20% of all coal shipped from the US in 2022 – which amounts to 12.7 million tons of the commodity, according to Riverside Shipping data. Its rise comes as the world seeks to move away from the most polluting of non-renewables – and Javelin has faced protests for its role in the expansion."Coal is climate priority number one: If we don't reduce emissions from coal by 50% this decade we have no chance of maintaining global warming below 2C," Joseph Curtin, managing director at the Rockefeller Centre, told Bloomberg. "It's pretty disheartening that vast fortunes are still being made in activities that are driving dangerous, and potentially catastrophic, global warming."

How two former Goldman Sachs traders built the No. 1 US coal exporting business

<ul class="summary-list"><li>Investors who participate in the divestment movement have capital for other assets.</li><li>A growing array of assets offer metrics, <keyword id="12011554" type="UNKNOWN" weightage="60" keywordseo="esg" source="Orion">ESG</keyword>, to assess financial performance and overall effect.</li><li>ESG is a fraction of activity in global capital markets, and there's concern over ESG claims.</li></ul>Last week, we covered why it's difficult for investors to <a href="https://africa.businessinsider.com/strategy/coal-mining-is-the-most-carbon-intensive-fossil-fuel-produced-how-hard-is-it-to/qmqsvet">quit the coal-mining industry</a>, even as more companies sell off their assets. Many investors are <a href="https://www.businessinsider.com/what-divesting-from-fossil-fuels-means-for-investors-2021-8">moving away from</a> regularly providing capital to <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword>, one of the major fossil-fuel industries responsible for carbon emissions. This withdrawal is known as the divestment movement.Some people might not think of themselves as investors, but the title includes anyone with a pension or an <a href="https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras">independent retirement account</a> managed by a large financial-services company such as Vanguard or Fidelity. If an investor or investment firm participates in the divestment movement and sells off their fossil-fuel assets, they still need to find places to put that capital and continue to generate positive returns. Investing clients are relying on these funds to generate more than what they put in to achieve financial goals, such as having enough money for retirement.<a href="https://globalclimatestrike.net/">Global</a> climate <a href="https://www.bbc.com/news/world-48392551">strikes</a>, such as Greta Thunberg's <a href="https://fridaysforfuture.org/">Fridays for Future</a>, have drawn significant attention to the growing amount of carbon emissions, as well as to the need for governments and corporations to act. An investment strategy that considers social and environmental benefits, in addition to an asset's ability to generate returns, is known as socially responsible investing. <h2>The rise of ESG</h2>Investment firms have set up funds specifically focused on companies that consider the environment, social justice, and good corporate governance, or ESG, in their daily operations. <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">Sustainability</keyword> goals or reduced carbon emissions for the future are considered to be ESG factors, and investment in companies that make these plans explicit have become <a href="https://www.ft.com/content/4a47fb4a-4a10-4c05-8c5d-02d83052bee7">mainstream</a> and are worth a lot of money. Last year, <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.morningstar.com%2Fcontent%2Fdam%2Fmarketing%2Fshared%2Fpdfs%2FResearch%2FSustainable_Funds_Landscape_2021.pdf%3Futm_source%3Deloqua%26utm_medium%3Demail%26utm_campaign%3D%26utm_content%3D27482">$51.1 billion</a> flowed into US sustainable funds, and a <a href="https://www.ey.com/en_us/wealth-asset-management/does-accelerating-adaptation-present-obstacles-or-increase-opportunities?WT.mc_id=10814265&amp;AA.tsrc=paidsearch&amp;gclid=Cj0KCQjwpreJBhDvARIsAF1_BU3Nsmk8tHphbqbCdClRAwLvjXfcEKEKW1gmYZYgZhl1KDyKhpqSx0MaAixZEALw_wcBEALw_wcB">2020 survey</a> found that "almost half of investors are currently investing in ESG products," almost twice as many compared to 2019. In April, the investment-management company BlackRock <a href="https://www.ft.com/content/43b757a3-306d-4567-b6db-69ab226500e2">raised $1.25 billion</a> for its new US Carbon Transition Readiness Fund, the largest launch of an exchange-traded fund ever. <h2>Reasons for skepticism and concern</h2>Critics say the growth in ESG assets might look impressive, but companies in the business of producing clean energy or reducing carbon emissions aren't getting a windfall in new funding."About 85% of the growth in assets managed by sustainable mutual funds and ETFs is attributable to fund rebrandings - existing funds that formally modified their strategies to use sustainable approaches," Henry Shilling, the founder and director of research at Sustainable Research and Analysis LLC, <a href="https://www.cnbc.com/2020/12/21/sustainable-investing-accounts-for-33percent-of-total-us-assets-under-management.html">told CNBC</a>. "It's not net new money."Unlike a solar-panel farm or a hydroelectric dam, whose power output is quickly measured, it's also difficult to compare ESG investments or evaluate their effects. There are differences in definitions and a lack of clarity about environmental and social credentials, which can lead to larger problems. One investment company, DWS Group, is being investigated by US and German authorities over allegations that it exaggerated claims for some of its ESG-labeled investment products, Bloomberg News <a href="https://www.bloomberg.com/news/articles/2021-08-26/dws-shares-fall-after-u-s-opens-probe-on-sustainability-claims?sref=P6xXtEaF">reported</a>.The investment industry's ongoing pressure for high returns in short periods means widespread internal changes will be difficult, said Tariq Fancy, the first global chief investment officer of sustainable investing at BlackRock. Fancy recently wrote <a href="https://medium.com/@sosofancy/the-secret-diary-of-a-sustainable-investor-part-1-70b6987fa139">a 40-page essay</a> about his experience and believed governments could make the biggest effect on carbon emissions through new regulations, not the growth in sale of ESG investments. "I don't think there's any way to fix that in the way we need it to, at the magnitude we need it to, without government intervention," Fancy told Insider, citing the example of <a href="https://www.businessinsider.com/carbon-tax-climate-change-pollution-economy-us-biden-infrastructure-2021-3">carbon taxes</a>.

You Searched For "coal investments" and got 11 results

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You Searched For "coal investments" and got 11 results

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

BI India Bureau

Investment is pouring in as the hype around nuclear fusion grows

Lakshmi Varanasi

10 financial scams that shook India: A dive into deception

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

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Coal India's contribution to govt exchequer rises 6.4% to ₹60,140 crore in FY24

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Coal India to invest ₹24,750 crore on eco-friendly transportation

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Marc Andreessen is getting raked over the coals for calling social responsibility the 'enemy'

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Making the power grid 'smart' could save us all money and prevent blackouts. Chattanooga made the $280 million investment.

Morgan McFall-Johnsen

Investment in coal the dirtiest fossil fuel &mdash; is set to rise 10% this year as energy security grows increasingly fragile due to the Ukraine war

Huileng Tan

How two former Goldman Sachs traders built the No. 1 US coal exporting business

Joseph Wilkins

Shifting from fossil fuels to other assets is a growing investing strategy. How hard is it to make the switch?

Karen K. Ho

Popular Keywords

Buying Guides

Investment in coal the dirtiest fossil fuel — is set to rise 10% this year as energy security grows increasingly fragile due to the Ukraine war