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Emissions from residential cooking and heating, power generation, and industries together contribute up to 60 per cent of India's PM2.5 pollution, with about 80 per cent of this coming from <keyword id="23824528" type="General" weightage="20" keywordseo="fossil-fuel-combustion" source="keywords">fossil fuel combustion</keyword>, a new study has found. The peer-reviewed study, published in MDPI's "Air" journal, suggests dividing India into 15 airsheds based on regional climate and pollution sources. An airshed is a geographic area where <keyword id="53848" type="General" weightage="100" keywordseo="air-quality" source="Orion">air quality</keyword> is influenced by common factors such as wind patterns and pollution sources. Since pollution can spread across regions, the <keyword id="22077484" type="General" weightage="20" keywordseo="airshed-approach" source="keywords">airshed approach</keyword> promotes coordinated action among states. "Residential cooking and heating, power generation, and all other industries together are responsible for 40-60 per cent of the PM2.5 pollution in all the airsheds, and approximately 80 per cent of the pollution comes from fossil fuel burning sources," said Sarath Guttikunda, lead author of the study and founder of UrbanEmissions.info. The study said biomass burning, including post-harvest crop residue burning, contributed less than 3 per cent to annual PM2.5 levels while transport accounted for 5-10 per cent in all airsheds. PM2.5 are fine particles with a diameter of 2.5 micrometres or less, about the width of a human hair. These are so small that these can penetrate deep into the lungs and even enter the bloodstream, posing significant health risks. An analysis of PM2.5 trends from 1998 to 2020, along with state-level data on fuel consumption, energy demand and emissions, revealed that 11 of the 15 airsheds were critical for India's air quality management and required coordinated interventions. The Indo-Gangetic Plains remain the most polluted region, with significant emissions from residential cooking and heating (especially in winter), power plants, brick kilns (driven by construction demand), waste burning, dust and vehicular movement for passengers and freight. The plateau region between the Eastern and Western Ghats, India's second most populated area, has seen the highest rise in annual PM2.5 pollution during this period, the study said. "This is an indication of the growing urbanisation and demand for transport, industrial, and commercial amenities," it said. Coastal areas, vital to India's industrial economy, have also experienced rising pollution despite the moderating effects of land-sea breezes. This increase is attributed to growing shipping emissions and overall industrial growth in cities such as Mundra, Surat, Mumbai, Goa, Mangalore, Kochi, Thiruvananthapuram, Chennai, Visakhapatnam, Paradip and Haldia.

Study traces 60% PM2.5 pollution in India to residential cooking, power generation, industries

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

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

<ul class="summary-list"><li>Trump's win could provide a much-needed boost to the consulting industry.</li><li>Trump's proposed tariffs, tax cuts, and deregulation could drive demand for consulting services.</li></ul>President Donald Trump's election victory could spell good news for the <a target="_blank" class="" href="https://www.businessinsider.com/consulting-firms-mckinsey-bcg-accenture-workers-leaving-2024-9">consulting industry</a>, which has recently faced declines in demand and hiring.Trump campaigned on several proposed policies — including global tariffs on imported goods and <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-cuts-social-security-boomers-benefit-fund-depletion-2024-11">sweeping tax cuts</a> — that could <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">impact American businesses</a> and, in turn, demand for consulting services.Industry experts told Business Insider they expect <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">Trump's election</a> to increase demand for consulting, including strategy, management, reorganizational, and technical advisory services."I think the election of Trump is very favorable for the consulting industry," Michael Mische, a management consultant, former partner at KPMG, and professor at USC's Marshall School, told BI.Mische said the primary factors that drive consulting are typically macroeconomic health, government spending, CEO sentiment, free cash flows, and client need. He said there has been client need over the past couple of years, but some CEOs have been hesitant to act on it due to a tough macroeconomic environment, noting that the industry is highly vulnerable and elastic depending on what's going on in the world."Our entire consulting industry — it's predicated on the fact that it's the discretionary item. It literally is the luxury item of the CEO," Mische said.Unlike accounting or legal services, consultants are not a must-have, and they are quick to go when CEO sentiment is down or economic outlooks are uncertain. But Mische said Trump's election will likely boost CEO sentiment, noting that <a target="_blank" class="" href="https://www.businessinsider.com/how-to-invest-trump-win-election-stock-market-outlook-strategy-2024-11">the stock market reacted</a> positively to Trump's win.Trump's proposal to cut the corporate tax rate could leave more money for companies to put toward discretionary spending like consultants. The unrealized capital gains tax floated by Vice President Kamala Harris is also unlikely to happen now, another potential morale boost for companies.<a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">Tariffs</a> might also favor the consulting industry, as responding to them could require "quite of bit of intellectual horsepower" and specialized skillsets that companies may turn to consultants for.Two days after the election, Mische said he was already seeing clients warm up to hiring more consulting services.<h2 id="0172b540-ba65-42fa-b2bd-4c6e3f78d704">Potentially a short-term bump</h2>Tom Rodenhauser, managing partner at the consulting market research firm Kennedy Intelligence, agreed that the industry could see increased demand following Trump's election, but he thinks it could be a "short-term bump."Rodenhauser said Trump comes with uncertainty, along with his promises of tax cuts and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">deregulation</a> — all of which, including the unpredictability, can be good for consultants."But the bad part is you're borrowing against the future. You're kind of having this very short-term outlook," he said.For instance, in recent years, there has been a push toward renewables as the energy of the future, but Trump's focus on oil and gas could lead to more focus and expenditures on those sectors, a move Rodenhauser said may not be ideal in the long term.He compared the situation to what happened during the pandemic: surging <a target="_blank" class="" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">demand for consulting services</a> led to over-hiring, which led to layoffs and delayed start dates at some major firms, including <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10">Deloitte</a>, <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">EY</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024#:~:text=PwC%20is%20cutting%201%2C800%20employees.&amp;text=Big%20Four%20accounting%20firm%20PwC,will%20be%20informed%20in%20October.">PwC</a>."I think the danger for the big consulting firms is you don't want to seize upon an opportunity that's going to give you a short-term fix," he said.Doree Keating, a public sector industry leader at Ernst &amp; Young, had a more optimistic outlook on Trump's impact. "We're seeing tremendous opportunity for the government to leverage cloud technology, responsible AI, and data to drive efficiency and effectiveness across all agencies. Ultimately, our focus will be on helping modernizing government operations to deliver better results for the American people," she told BI by email.<h2 id="728a89b9-e57f-453a-b804-6c5d72e45ff6">'Business as usual'</h2>Two consultants both told Business Insider by direct message on Reddit that their firms are preparing for "business as usual" in Trump's second term. Both requested anonymity to avoid jeopardizing their careers but their employment was confirmed by Business Insider.One consultant who works at Deloitte said there would likely be a shift from federal to state-level work. "The prediction for more state government contracts comes across some of the policy ideas we've heard from the Trump administration; if there's certain federal social services that change or end, states have a lot of work to do to implement those changes but also address gaps it creates for the respective citizens of the state," they wrote.They added that Deloitte's leadership predicts a hiring surge next year to support staffing changes across agencies, new grant work, and implementing policy decisions Trump makes in his first year as president.Deloitte did not respond to Business Insider's request for comment.<h2 id="c6c80825-8c85-4b55-8f64-35597771189a">Three phases of preparing for Trump 2.0</h2>Mische said he expects three phases in how consulting firms respond to the new presidency. First, they'll need more confidence about what they think will happen in 2025. Next, they'll need to work through the backlog of extended but deferred job offers to see who is still interested in working for the firm. And once they have clarity in those regards, firms can start amping up their recruiting efforts.He expects much demand in the energy sectors, from fossil fuels to renewables, and an increased focus on more efficient government spending.The federal government spends billions annually on consulting services, and he said there may be increased demand from agencies Trump has suggested making major changes to, including the Department of Education, the Justice Department, and the Department of Defense.

What Trump's win means for the consulting industry

<ul><li><keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">Electric vehicles</keyword> (EVs) are gaining popularity worldwide</li><li>However, concerns remain about their environmental impact</li><li> <keyword id="21881868" type="General" weightage="20" keywordseo="alternative-fuel" source="keywords">Alternative fuel</keyword> vehicles like hydrogen fuel cells and biofuels are some more alternatives we can tap into</li></ul> Electric vehicles or EVs are in their prime right now, with the demand crossing an all-time high. A trend noticeable around the world, EVs are not only becoming increasingly popular but also fairly affordable. Slowly but surely EVs are overcoming the challenges that crossed them — design, features, safety, and most importantly range. A major credit to this trend can be given to consumer acceptance, policy backing, and improving infrastructure. However, there is a downside to EVs as well. Having featured multiple EVs with our series<a href="https://www.youtube.com/watch?v=TCR3PaYxcmk&amp;t=1s" data-type="tilCustomLink" target="_blank"> Short Spin, </a>I developed a strong reference point. This made me wonder why are we so heavily reliant on them. Over its life cycle, EVs cannot be termed as particularly environmentally friendly, which has been their main selling point over the past few decades. <h2>The ‘Red’ side of EVs</h2> There is a bit of red within the go-green agenda that EV manufacturers push. EVs as a whole do come with benefits like low maintenance, improved efficiency and ultimately lower fuel emissions. However, <keyword id="21357488" type="General" weightage="100" keywordseo="EV-production" source="keywords">EV production</keyword> and disposal can have detrimental effects on the natural environment. Here are some socio-ecological concerns over EVs: 1. High carbon footprint in battery production: EV battery production is energy-intensive and often relies on electricity from fossil fuels, leading to a high initial carbon footprint. This is elaborated in a story recently published by Earth Org. 2. Resource constraints and ethical concerns: Particularly with the extensive mining of cobalt and other minerals for EVs, there has been a global outcry. Limited availability of critical minerals like lithium, cobalt, and nickel, shady mining practices long work hours, unsafe work environments, and use of child labour in underdeveloped parts of the world have raised several ethical issues around the sustainability of EVs. This issue can be explored further in this essay by Al Jazeera. 3. Recycling and end-of-life challenges: EV battery recycling is currently inefficient, costly, and poses significant environmental risks, with a huge amount of batteries ending up in landfills. 4. Manufacturing costs and economic barriers: High production costs, especially for batteries, make EVs more expensive than conventional vehicles and require significant investments in new manufacturing facilities and supply chains. 5. Supply chain and geopolitical risks: Critical mineral resources necessary for EV production are concentrated in a few countries. This leads to vulnerabilities in the complex supply chain and often risks disruptions due to geopolitical tensions, trade conflicts, or natural disasters. China as of today controls 83% of EV battery production in the world, with a major stronghold on the supply chain. While I am in no way suggesting to drop out of EVs, I believe sticking to just one alternative risks replicating the same mistake we did for ICE vehicles. So, what are the alternatives? <h2>The alternates fuel vehicles (<keyword id="23193800" type="General" weightage="20" keywordseo="AFVs" source="keywords">AFVs</keyword>)</h2> AFVs are a growing segment of the automotive industry that utilize fuels other than traditional gasoline or diesel. These vehicles offer similar potential benefits such as reduced greenhouse gas emissions, improved air quality, and reduced dependence on fossil fuels. While EVs are also a form of AFVs, here we will list out other major alternatives like hydrogen fuel and biofuel options. Hydrogen fuel cells: Convert hydrogen gas into electricity, emitting only water vapour. Currently, <keyword id="19906788" type="General" weightage="20" keywordseo="Toyota" source="keywords" meta.keywordsubtype="org" meta.entityname="Toyota" meta.hostid="261" meta.entityid="Toyota">Toyota</keyword> and Hyundai are the only hydrogen-based cars in the Indian market. Hydrogen internal combustion engines: These vehicles use hydrogen as a fuel in modified combustion engines. While road-legal vehicles for this fuel type aren’t out, BMW with hydrogen 7 is working on a prototype. Ethanol: This is a renewable fuel made from plant materials, commonly mixed with gasoline. In America, Ford F-150 Flex-Fuel and Chevrolet Silverado Flex-Fuel are utilizing this technology. Biodiesel and renewable diesel: Derived from vegetable oils, animal fats, or recycled grease, these fuel types can be used in diesel engines. Compressed Natural Gas (CNG): Perhaps the most famous alternative for cabbies in Delhi, CNG is in popular demand. Technically it is used in specially modified internal combustion engines, primarily for lower emissions. Propane (Liquefied Petroleum Gas, LPG): A byproduct of natural gas processing and crude oil refining, used in internal combustion engines. As technology continues to advance, these AFVs are becoming more accessible and affordable, making them a promising option for sustainable transportation. If you are an eco-conscious buyer in today’s auto market, bear in mind that there are options beyond EVs as well. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mercedes-expands-bev-range-rolls-out-second-locally-produced-model-in-india/articleshow/113388002.cms" data-type="tilCustomLink" target="_blank">Mercedes expands BEV range; rolls out second locally produced model in India</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-adoption-in-india-rising-13-share-expected-by-2026-27-jefferies/articleshow/113361787.cms" data-type="tilCustomLink" target="_blank">Electric two-wheeler adoption in India rising, 13% share expected by 2026-27: Jefferies</a>

EVs are not the only options for alternative fuel — make way for hydrogen and bio-fuel

<ul class="summary-list"><li>Trump's presidency may pressure Russia's oil and gas industry.</li><li>The EU is thinking about replacing Russian LNG with US shipments, potentially affecting trade dynamics.</li></ul>Russia's lucrative oil and gas industry could come under greater pressure when US President-elect Donald Trump takes office.Domestically, Trump is championing the US oil and gas industry and encouraging production — which is likely to underscore America's position as an oil and gas giant.Meanwhile, the European Union said it could consider buying more US liquefied natural gas in a deal with Trump that would address a trade deficit. The EU doesn't have to burn bridges to negotiate with Trump, because the bloc still imports LNG from Russia."We still get a lot of LNG from Russia, and why not replace it with American LNG, which is cheaper for us and brings down our energy prices," European Commission President Ursula von der Leyen told reporters on Friday."It's something where we can get into a discussion," she said, referring to US's trade deficit with the eurozone, which reached <a target="_blank" class="" href="https://ustr.gov/countries-regions/europe-middle-east/europe/european-union">$131.3 billion in 2022.</a>To be sure, it's ultimately up to EU importers to decide where to import energy supplies based on market conditions.However, at least one EU country — <a target="_blank" class="" href="https://www.ft.com/content/d23591fc-0463-4346-865c-0e851a256ed2">Belgium</a> — is calling on the bloc to ban Russian LNG imports to further squeeze Moscow's war chest.The EU — which previously relied on Russian energy — banned seaborne Russian crude imports and refined petroleum products following the full-scale invasion of Ukraine in February 2022.The EU has also cut most of its piped natural gas imports from Russia, replacing much of it with LNG from the US — which is now a top exporter of the fuel to Europe, accounting for <a target="_blank" class="" href="https://energy.ec.europa.eu/topics/carbon-management-and-fossil-fuels/liquefied-natural-gas_en">46% of the bloc's supply in 2023.</a>Russia accounts for 8% of the EU's LNG imports. Other major LNG exporters to the EU include Qatar and Algeria."It would be in the interest of the US that Europe continues to shun Russian fossil fuels, given the US oil and gas industry has been one of the key beneficiaries of this move," wrote Warren Patterson, the head of commodities strategy at <a target="_blank" class="" href="https://think.ing.com/articles/what-a-trump-presidency-means-for-oil-and-gas-markets/">ING,</a> on Friday.<h2 id="e98e057f-427c-49fe-80b4-6b3536753369">'Drill, baby, drill'</h2>Trump's victory could shake up the highly politicized energy industry as he has made it clear that he supports oil production."I make this pledge to the great people of America: I will end the devastating inflation crisis immediately, bring down interest rates, and lower the cost of energy," Trump said in his Republican National Convention speech in July."We will drill, baby, drill," Trump said.While Trump's pledges to loosen energy regulations in the US are seen as a boost to the industry, it could increase oil supplies — a negative for prices.For consumers, lower energy prices translate to lower pump prices and electricity bills.However, it would also pressure energy company profits and, in turn, discourage more production — which is at record levels in the US.But there could also be other moving parts in Trump's second term, including potential sanctions on oil supplies from Iran, Venezuela, and Russia — all of which could tighten global supplies and support prices.Even before Trump's second election, there are so many uncertainties surrounding the geopolitical economy of energy that <a target="_blank" class="" href="https://www.businessinsider.com/major-oil-producers-saudi-arabia-russia-diversify-economies-opec-shale-2024-10">Saudi Arabia and Russia,</a> two of the largest oil producers, are trying to diversify their economies.In the meantime, the broad energy market is taking a wait-and-see stance."Initial market reactions have been muted to Trump's election victory, but in the medium term, he is expected to reinforce the US' role as a leading oil and LNG exporter," wrote Kaushal Ramesh, the head of gas and LNG analytics at Rystad Energy research firm on Monday.

Russia's lucrative oil and oil industry is an easy target for Europe after Trump's election victory

<ul class="summary-list"><li>Abaxx is a new commodities exchange that aims to stabilize prices and aid the energy transition.</li><li>"Trade and network keeps the world at peace," Abaxx's CEO told BI.</li></ul>The race to clean-up the global economy is on.Investment in the <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">energy transition</a> — a broad shift from fossil-based energy production systems to renewable resources like wind and solar power — hit $1.8 billion in 2023, with countries like China and the United States leading the charge, according to BloombergNEF, an energy research company. The International Energy Agency says total investment in clean energy could reach $2 trillion by the end of the year.But the shift to a cleaner, lower-carbon world doesn't depend solely on the work of government officials, legislators, or even major businesses. It also hinges on players working behind the scenes to secure the prices of key commodities like liquefied natural gas, essential for electricity generation and heating, and <a target="_blank" class="" href="https://www.businessinsider.com/fund-carbon-removal-corporates-avoid-bad-credits-2023-2">carbon offsets</a>, which help companies counteract the impact of their carbon emissions.A new Singapore-based commodities exchange called Abaxx, which launched in June, is working to do that by providing companies, governments, and project developers with a transparent marketplace for their trades. Commodities markets help stabilize prices by helping suppliers and consumers figure out fair prices, hedge against volatile price changes, and execute efficient and transparent transactions.Exchanges like Abaxx play a role in this because they help lock in prices and mitigate drastic fluctuations in the future. Abaxx deals in futures contracts, legally binding agreements to buy or sell commodities at a specified future date. Three regionally deliverable liquified natural gas contracts and two carbon offset contracts are already trading on the exchange. It's working on launching futures contracts for gold and battery metals, like lithium, a component in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cheaper-electric-vehicle-battery-technology-lithium-shift-2023-3">batteries that power EVs like Tesla</a>.Josh Crumb, the CEO and founder of Abaxx, says unclear pricing can lead to higher and more volatile prices for consumers while also forcing commodity producers to navigate turbulent investment cycles."If we look at the battery supply chain, nickel sulfate, lithium, cobalt, these things have gone through huge swings of boom and bust over the last couple of years," Crumb told Business Insider. "The main reason why is we don't have a lot of market transparency so that people can forward plan, price, hedge, all of that."Crumb first realized that the commodity industry needed more innovation when he was working as a <a target="_blank" class="" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">strategist at Goldman Sachs</a> in the years following the 2008 financial crisis. That coincided with the end of the commodities boom of the 2000s, during which the prices of many commodities, from food to oil to chemicals, had drastically surged.Now, with trading in full swing, Crumb hopes Abaxx will play a role in stabilizing what he sees as the next commodity investment cycle — marked not just by a need for new commodities to facilitate the energy transition but also a surge in electrification."When people speak of the energy transition to a lower carbon economy, they are usually speaking of replacing internal combustion engines with electric vehicles, with electricity supplied by low carbon renewables, hydro, and nuclear power. This will lead to a dramatic increase in electricity consumption," a representative for Crumb wrote to Business Insider by email. Between 2022 and 2050, global electricity generation is expected to surge at a faster rate than it did over the past decade, according to a report from the International Energy Agency.Most importantly, though, exchanges like Abaxx could play a critical role in geopolitics, Crumb said. "You want more transparency; you want more markets because we think that leads to more peace," he said. "We think trade and networks keeps the world at peace."

Founder of new commodities exchange explains how it can fuel the green energy transition

<ul class="summary-list"><li>Deutsche Energy Terminal has been told to reject Russian LNG, according to The Financial Times.</li></ul>Germany is believed to have told its ports to reject Russian cargoes of liquefied natural gas in a bid to further isolate Vladimir Putin's energy industry.The country's economic ministry told the state-owned Deutsche Energy Terminal not to accept deliveries of Russian LNG, according to a letter dated November 6 obtained by the <a target="_blank" class="" href="https://www.ft.com/content/94bb16b8-b4b1-4360-b7d0-cecca1ebffaa?accessToken=zwAGJtzDN_1YkdOUuxa4tLFDYNO30M7Moev_qg.MEYCIQClq2abFM5Kf3q6PR9Ry9NhImf-JYCu4Yh6Rh9BsTbqZgIhAPT3_uF_tz7M8QVY1Ev2iiCyzpSATlrHAOp2YMu48s9L&amp;sharetype=gift&amp;token=4d2150bc-286c-4fe0-9795-2102f9e6b9ca">Financial Times</a>.The letter was sent after the company was due to receive a Russian cargo shipment on Sunday at its import facility in Brunsbüttel, the FT said.It went on to say that the decision would protect Germany's "overriding public interests."The letter added that accepting the deliveries would defy the reason the German terminal was initially opened — to allow Germany and the EU to become "independent of Russian gas."It comes as the EU weighs up buying more LNG from the US when President-elect Donald Trump takes office in a bid to convince him not to impose high import tariffs on EU companies. Trump pledged on the campaign trail to impose <a target="_blank" rel="" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">a fresh era</a> of trade <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">tariffs</a>. He has vowed to impose a 60% tariff on goods imported from China and a 10% blanket tariff on all other goods entering the US.European Commission president Ursula von der Leyen said last week that she would consider replacing Russian LNG with more US imports as part of trade talks."We still get a lot of LNG from Russia, and why not replace it with American LNG, which is cheaper for us and brings down our energy prices," von der Leyen told reporters on Friday. "It's something where we can get into a discussion," she said, referring to the US's trade deficit with the eurozone, which reached <a target="_blank" rel="" class="" href="https://ustr.gov/countries-regions/europe-middle-east/europe/european-union">$131.3 billion in 2022.</a>"It would be in the interest of the US that Europe continues to shun Russian fossil fuels, given the US oil and gas industry has been one of the key beneficiaries of this move," wrote Warren Patterson, the head of commodities strategy at <a target="_blank" rel=" nofollow" class="" href="https://think.ing.com/articles/what-a-trump-presidency-means-for-oil-and-gas-markets/">ING,</a> last week.The EU — which previously relied on Russian energy — banned seaborne Russian crude imports and refined petroleum products following the full-scale invasion of Ukraine in February 2022.As BI previously <a target="_blank" class="" href="https://www.businessinsider.com/russia-oil-gas-energy-industry-europe-target-trump-election-win-2024-11">reported</a>, it has also cut most of its piped natural gas imports from Russia, replacing much of it with LNG from the US. The US is now a top exporter of gas to Europe, accounting for <a target="_blank" rel=" nofollow" class="" href="https://energy.ec.europa.eu/topics/carbon-management-and-fossil-fuels/liquefied-natural-gas_en">46% of the bloc's supply in 2023.</a>Germany hasn't imported LNG directly from Russia since the invasion. However, according to a Kpler report obtained by FT, the country's state energy group, Sefe, has a long-term contract to import Russian LNG via France.In a statement to Business Insider, a spokesperson for Germany's economic ministry said it wouldn't comment on "possible leaked documents.""It is correct that Germany does not import Russian gas and it is also clear to the Ministry of Economic Affairs and Climate Action that this must not happen via German LNG terminals," the spokesperson added.Deutsche Energy Terminal and Sefe did not immediately respond to a request for comment from BI.

Germany banned Russian gas from its ports, the latest move to isolate Putin's energy industry: report

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>Countries adopted the first-ever climate deal that calls for a transition away from fossil fuels.</li><li>The deal also calls for the world to triple renewable energy by 2030.</li></ul>DUBAI, United Arab Emirates — Nearly 200 countries on Wednesday reached a historic climate deal calling for the transition away from fossil fuels starting this decade and the tripling of renewable energy by 2030.The deal marks the first time that countries addressed the leading cause of the climate crisis – burning coal, oil, and gas – and set a global target for boosting renewables like solar and wind power. Past UN climate agreements have mostly avoided fossil fuels."It's clear that the era of fossil fuels is coming to a close," Joab Okanda, senior climate advisor at Christian Aid, a relief organization, said in a statement. "We may not have driven a nail in the coffin here in Dubai but the end is coming for dirty energy."Diplomats were negotiating into the early hours on Wednesday to strike a balance between more than 100 countries who demanded a "phase out" of fossil fuels – something small island nations facing rising sea levels said their very existence depends on – and major oil, gas, and coal producing nations like Saudi Arabia and China who opposed such language.Many climate advocates said that this years' summit, known as COP28, would be a failure without a fossil fuel "phase out." But the compromise is stronger than a draft released Monday, which said countries "could" choose from a menu of options to decarbonize their economies. That draft was described by an official from Samoa as a "death sentence."The location of this year's UN summit makes the compromise especially significant. The United Arab Emirates is the seventh-largest oil producer in the world and a member of OPEC, a powerful oil cartel that lobbied against a fossil fuel "phase out" in the days before a final deal was reached. The role of Sultan Al Jaber, CEO of the Emirate's state-owned oil company, as COP28 president also attracted intense scrutiny of whether he could rally world leaders around a deal to transition away from fossil fuels.Al Jaber on Wednesday congratulated countries for putting the common interest ahead of self interests and said the deal can lead to transformational change.Jean Su, acting co-executive director at the Center for Biological Diversity, told reporters on Wednesday that Al Jaber's role as an oil executive worked in civil society's favor."It finally dragged fossil fuels onto center stage and forced politicians to deal with it," she said.The compromise does have several caveats that leave the door open to more fossil fuel production, including references to technologies that capture greenhouse gas emissions and store them away. Critics argue that carbon capture technology is an unproven and expensive distraction from renewable energy, which is cheaper and available now. The deal also says that "transitional fuels" can play a role in the energy transition – a nod to gas, which is less polluting than coal, but still a major contributor to global warming.Climate scientists warn that the world must cut emissions by at least 42% this decade, and achieve net-zero emissions by 2050, to limit global warming to 1.5 degrees Celsius compared with pre-industrial levels. Otherwise, it will be difficult for humans to adapt to more extreme disasters like heat waves, drought, flooding, and rising sea levels.The world has already warmed an average of 1.2 degrees Celsius and <a target="_blank" href="https://wmo.int/news/media-centre/2023-shatters-climate-records-major-impacts#:~:text=Global%20Temperatures,-The%20global%20mean&amp;text=Based%20on%20the%20data%20to,(%C2%B10.13)%20%C2%B0C.">countries are dealing with the fallout</a>, including a deadly wildfire in Hawaii, drought in the Horn of Africa, and sweltering heat waves. This year is on track to be the hottest on record.<h2>Big promises, disappointing delivery</h2>The deal in Dubai caps another UN summit where big promises are made, but rarely delivered. In 2015, countries struck the Paris Agreement that urged emissions cuts in line with the 1.5 degrees Celsius target. Since then, emissions<a target="_blank" href="https://www.businessinsider.com/carbon-emissions-2022-record-renewables-growth-solar-wind-iea-2023-3"> have risen to record levels</a>, although a rapid rise in solar, wind, and electric vehicles has slowed the pace.In 2021 in Glasgow, Scotland, countries agreed to phase down coal plants that aren't equipped with technology to capture emissions as well as "inefficient" fossil fuel subsidies.Yet both issues are headed in the opposite direction. China and India continue to build new coal plants and fossil fuel subsidies <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2023/08/24/fossil-fuel-subsidies-surged-to-record-7-trillion">surged to a record $7 trillion in 2022</a> as countries dealt with the global energy crisis following Russia's invasions of Ukraine, according to the International Monetary Fund.Meanwhile, poorer nations are always trying to hold rich economies like the US and Europe accountable to their promises to finance efforts to respond to the climate crisis.In Dubai, countries set up a "loss and damage" fund for counties most vulnerable to the effects of the climate crisis that raised at least $700 million. The deal also called for doubling adaptation finance for developing countries by 2025 – estimated at about $40 billion. Adaptation refers to efforts by countries more resilient to extreme weather and rising seas, like early warning systems, restoring forests and mangroves that can be natural barriers to flooding, and building sea walls."Even if we phase out fossil fuels, we still have to deal with the inevitable impacts of climate change," Mohamed Adow, director of Power Shift Africa, told reporters. He pointed <a target="_blank" href="https://www.unep.org/resources/adaptation-gap-report-2023">to a recent UN report</a> that said $387 billion in adaptation finance is needed per year.<h2>A tool for accountability</h2>Even though climate action is slow, observers told BI that without the annual UN summits, there wouldn't be much transparency or accountability. The voluntary agreements don't guarantee any outcomes, but they do set the global direction of travel, according to Alden Meyer, a COP veteran and senior associate at the EG3 think tank."Countries are required to show how they're living up to what they decided here, both in their national pledges under the Paris agreement and in their actions back home," Meyer told BI.He added that whether China stops building new coal plants, or the US stops permitting new gas export facilities, can't be decided at UN climate summits. But the event, which attracts tens of thousands of people, puts the pressure on these countries to do more, Meyer said.People will always ask whether voluntary declarations can make a difference, US Senator Brian Shatz, a Democrat from Hawaii, said during a press conference earlier this week."If they didn't, they wouldn't have the fossil fuel industry so nervous," Shatz said, in response to a question about the <a target="_blank" href="https://kickbigpollutersout.org/articles/release-record-number-fossil-fuel-lobbyists-attend-cop28">nearly 2,500 fossil fuel lobbyists who attended</a> the summit in Dubai – about four times more than previous event. "They understand their business model is in peril."

'The end is coming for dirty energy': Countries strike historic deal on fossil fuels in Dubai

<ul class="summary-list"><li>It's no surprise that Exxon opted to buy Pioneer in a $60 billion agreement.</li><li>Energy analysts say fossil fuels will still account for half the world's energy mix by 2050.</li></ul>ExxonMobil's $60 billion bet that the world will be hooked on fossil fuels for decades is looking like a safe one — at least financially.CEO Darren Woods has long said that fossil fuels will be central to the world's energy mix for the foreseeable future. The company's acquisition of Pioneer Natural Resources, the largest oil and gas producer in the Permian Basin that spans from West Texas into New Mexico, further entrenches Exxon in that future."This is proof of Exxon's strategy to stay in oil and gas as long as possible," Mark van Baal, founder of the activist shareholder group Follow This, told Insider. "It shows that the company doesn't think there's any chance the world will achieve the Paris Agreement, because if they did, they wouldn't buy new assets."Nearly 200 countries adopted the Paris Agreement in 2016 that aims to limit global temperatures from rising above catastrophic levels. Thousands of the world's largest companies made similar promises. Yet greenhouse gas emissions continue to rise, <a target="_blank" href="https://www.businessinsider.com/carbon-emissions-2022-record-renewables-growth-solar-wind-iea-2023-3">largely driven by burning fossil fuels</a>. Renewables like solar and wind are gaining ground, but not fast enough, according to climate and energy analysts.Oil majors <a target="_blank" href="https://www.businessinsider.com/exxon-chevron-investors-reject-climate-change-proposals-2023-6">are under less pressure from investors</a> and asset managers to accelerate their decarbonization plans after earning record profits last year. The war in Ukraine sent energy prices soaring and led Europe to search for new gas suppliers. Meanwhile, the world is still approving new oil and gas projects, <a target="_blank" href="https://priceofoil.org/2023/09/12/planet-wreckers-how-20-countries-oil-and-gas-extraction-plans-risk-locking-in-climate-chaos/">with the US leading the way</a>. Big banks <a target="_blank" href="https://www.bankingonclimatechaos.org/">are willing to finance that expansion</a>, even as they pledge to achieve net-zero emissions on their balance sheets by 2050.Given the trends, it's no surprise that Exxon opted to buy Pioneer. Many of the company's oil and gas fields are still untapped, and new wells pay back in less than two years, analysts at Wood Mackenzie said in a note. If the deal gets antitrust approval, Exxon would immediately double its supplies to 1.3 million barrels of oil equivalent a day, with a goal to boost production to 2 million barrels a day by 2027. The deal secures decades of supply for Exxon's growing plastics, chemicals, and liquified natural gas businesses, according to Wood Mackenzie, a global research and consultancy firm.Exxon already had plans to ramp up production in the Permian Basin before announcing the deal, even as Pioneer's CEO Scott Sheffield <a target="_blank" href="https://www.mrt.com/business/oil/article/pioneer-ceo-scott-sheffield-sees-looming-peak-17823129.php">earlier this year predicted </a>that oil production could peak in the Permian in five to six years.US oil majors have resisted pressure to diversify into renewables like solar and wind, arguing that natural gas is a transition fuel because it produces fewer emissions than coal. Exxon has instead focused on reducing methane leaks along its infrastructure and developing nascent technology that captures carbon emissions at power plants. But those investments are a fraction of Exxon's spending on oil and gas development through 2027, which <a target="_blank" href="https://corporate.exxonmobil.com/news/news-releases/2022/1208_exxonmobil-announces-corporate-plan-to-double-earnings-and-cashflow-potential-by-2027">will account for some 70% of capital expenditures</a>.Exxon didn't respond to Insider's request for comment.The International Energy Agency for the first time in September predicted that fossil fuels — which meet 80% of the world's energy demand — will hit peak demand this decade."Our latest projections show that the growth of electric vehicles around the world, especially in China, means oil demand is on course to peak before 2030," Fatih Birol, executive director of the IEA, <a target="_blank" href="https://www.ft.com/content/f6155d7b-2ef7-4f62-a08a-b640b7e87fca">said in an op-ed in the Financial Times</a>.Even so, fossil fuels are still expected to account for half of the world's energy mix by 2050, which is nowhere near the steep drop that's needed to hit global climate goals. Exxon recently <a target="_blank" href="https://corporate.exxonmobil.com/-/media/global/files/global-outlook/2023/2023-global-outlook-executive-summary.pdf">forecast that oil, gas, and coal will account for 68% of the energy mix</a> by that date.Some analysts viewed the Exxon-Pioneer merger as a sign that an era of major fossil fuel growth is coming to a close. They predicted similar mergers on the horizon for other companies like Chevron and Shell."This deal is about scale and efficiency," Andrew Logan, senior director of oil and gas at Ceres, a sustainability nonprofit that works with investors, told Insider. He added that Exxon could've made a worse deal, given its clear track record of doing little to tackle climate change.The deal reflects how many investors think they have to choose between profits and protecting the planet, van Baal said. "I really think that shareholders should think again about how they deal with the oil industry," van Baal said. "They will have to pay for the consequences eventually."

You Searched For "fossil fuel industry" and got 10 results

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