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Climate Action 15: 2024's top global innovators powering green solutions

Thailand’s geographical proximity and affordability, along with its platter of delectable food, historical sites, pristine beaches and lively atmosphere, holds a particular appeal for Indian travellers. While tourists from India were forced to limit their travels to the Island country to a 15-day stay under a visa-on-arrival scheme until recently, the Thailand government is now extending its arms wider for us. Thailand's tourism sector has been strategically easing <keyword id="20166202" type="General" weightage="20" keywordseo="visa-regulations" source="keywords">visa regulations</keyword> to attract visitors from key markets like China and Russia. And now, the country has extended its visa exemption program, allowing visitors from these countries to vacation visa-free for up to 30 days until November 11, 2024. This move aims to revitalise its tourism industry, a key driver of the nation's economy. This is no doubt great news for those wanting to spend more time in the bustling city of Bangkok or immerse themselves in the rich culture and calm of its gorgeous temples. However, there are some rather glaring problems that Thailand is facing, thanks to climate change and the <keyword id="21610692" type="General" weightage="20" keywordseo="El-Nio-event" source="keywords">El Niño event</keyword> — that impacted India as well. <h4>Water shortage hits <keyword id="21610693" type="General" weightage="20" keywordseo="Phi-Phi-islands" source="keywords">Phi Phi islands</keyword> </h4> For instance, the idyllic islands of Koh Phi Phi, which attract many Indians every year, are facing a real-life challenge that's anything but relaxing — a severe water shortage after a scorching heatwave gripped Asia. The private company supplying water may have to cut off service entirely, according to Wichupan Phukaoluan Srisanya, president of the Krabi Hotel Association. Island authorities are scrambling for solutions, considering bringing in water from the mainland if the dry spell persists. However, they remain optimistic that the upcoming wet season in May will bring relief, and Wichupan insists that tourists planning trips shouldn't be deterred, claiming they can manage the situation. But whispers of trouble are already reaching potential visitors. Online forums and travel reviews are buzzing with warnings from returning tourists urging others to "check if their accommodation has fresh water" before booking. Some reports even detail tap water running dry in April. While Koh Phi Phi takes centre stage, the heatwave's impact isn't isolated. <keyword id="21563893" type="General" weightage="20" keywordseo="koh-samui" source="keywords">Koh Samui</keyword>, another popular Thai island, has also experienced dry and scorching conditions. Although the tourism board there assures visitors haven't been affected, the island reportedly relies on water trucks, significantly increasing operational costs for hotels. <h4>Island closure due to coral bleaching </h4> A popular island in southern Thailand, <keyword id="21605630" type="General" weightage="20" keywordseo="Pling-Island" source="keywords">Pling Island</keyword>, has been hit with a temporary closure due to extensive coral bleaching. This drastic measure by the Department of National Parks, Wildlife and Plant Conservation (DNP) highlights the growing threat climate change poses to our underwater wonders. Pling Island recently witnessed intense heatwaves along with many other islands across Thailand and Asia. Due to ocean warming and acidification, corals expel the algae living within them, leaving them pale and vulnerable — a process referred to as coral bleaching. Thailand’s pristine beaches and vibrant coral reefs are a major draw for visitors, generating millions in revenue. However, unregulated tourism also puts a strain on these delicate ecosystems. Thailand's proactive approach in closing Pling Island demonstrates a commitment to striking a balance between economic prosperity and environmental sustainability. While natural phenomena like El Niño contribute to warmer temperatures, scientists point to human-induced climate change as the bigger culprit. Warmer oceans are the new normal, with Asia experiencing a faster-than-average rise in temperatures. Pling Island's closure and Phi Phi’s water crisis serve as a stark reminder of that every system has a carrying capacity and we must honour it. It sends the powerful message that even paradise needs a break once in a while to ensure its future remains dazzling. While the tourism-reliant industry of Thailand could greatly benefit from more visitors, mindful travel would help secure the future of the countrymen.

Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?

Several states in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> are likely to see a power shortage in the coming weeks as power plants struggle to find optimum amounts of thermal coal amid rising summer demand, higher import costs and the resultant supply tightness, sources told S&amp;P Global Commodity Insights. Global thermal coal prices have remained elevated as a fallout of the Russia-Ukraine conflict, which disrupted trade flows and crippled supply amid additional demand from <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword>, which has now sanctioned Russian coal. As a result, imported coal has largely remained out of bounds for price-sensitive markets like India, S&amp;P Global Commodity Insights said. The shortage level was even higher at 80.08 million units on April 7, which raised concerns among several market participants, who said the crunch was near to mid-October 2021 levels when India faced an acute power crisis as the stockpile at 115 power plants slipped to critical levels. According to a notice issued by the Maharashtra State Electricity Distribution Company Ltd. on March 31, reviewed by S&amp;P Global, the state has decided to temporarily curtail electricity supply to segments of agricultural power consumers in the state. Other provinces where high supply shortages were recorded on April 10 include <keyword id="6355554" type="General" weightage="50" keywordseo="madhya-pradesh" source="Orion">Madhya Pradesh</keyword> (9.67 MU), the union territories of Jammu and <keyword id="6354495" type="General" weightage="50" keywordseo="kashmir" source="Orion">Kashmir</keyword> and Ladakh (cumulatively 4.65 MU), <keyword id="6354953" type="General" weightage="50" keywordseo="punjab" source="Orion">Punjab</keyword> (4.5 MU), Haryana (4.39 MU) and Jharkhand (2.29 MU). S&amp;P Global reported April 1 that India needs to increase thermal coal imports to meet rising power demand during the peak summers, even as import prices remain elevated due to supply tightness created by the Russia-Ukraine conflict. India's state-run Coal India said March 28 that its pithead stock is expected to rise above 60 million mt by April 1, 39.39% lower than the corresponding period in the previous year. Coal stocks at Indian power plants stood at 25.5 million mt March 28, 12.96% lower on the year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/xiaomis-manu-kumar-jain-has-been-reportedly-summoned-by-the-enforcement-directorate/articleshow/90803402.cms">Xiaomi’s Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/travel-tourism-and-hospitality-sector-is-witnessing-a-surge-in-manpower-demand-by-20-percent/slidelist/90799907.cms">Travel, tourism and hospitality sector is witnessing a surge in manpower demand by 20 percent</a>

India to face more power cuts amid coal shortage and rising demand

<ul class="summary-list"><li>The Biden administration proposed steep pollution cuts by coal- and gas-fired power plants. </li><li>Most US electricity comes from fossil fuels — the sector creates 25% of the nation's emissions.</li></ul>Coal, like the fossilized plants and animals it's made of, could one day become a relic of America's past.Most of the country's more than <a href="https://www.epa.gov/power-sector/power-plants-and-neighboring-communities" target="_blank" rel="noopener">3,400 fossil-fuel power plants</a> would have to nearly eliminate their planet-warming greenhouse-gas emissions by 2040 <a href="https://www.epa.gov/stationary-sources-air-pollution/greenhouse-gas-standards-and-guidelines-fossil-fuel-fired-power#rule-summary" target="_blank" rel="noopener">under a proposal announced</a> by the Environmental Protection Agency last week. The plan is the latest move by the Biden administration to curb emissions that are fueling the climate crisis. The transportation and electricity sectors are the two largest sources of emissions, with the former accounting for 28% and the latter 25%, <a href="https://www.epa.gov/ghgemissions/sources-greenhouse-gas-emissions#:~:text=The%20largest%20source%20of%20greenhouse,Greenhouse%20Gas%20Emissions%20and%20Sinks." target="_blank" rel="noopener">according to the EPA</a>. The White House is already pushing for a move to electric vehicles to <a href="https://www.epa.gov/newsreleases/biden-harris-administration-proposes-strongest-ever-pollution-standards-cars-and" target="_blank" rel="noopener">reduce emissions from tailpipes</a>.Switching from fossil fuels to renewable energy is key to cutting emissions in half this decade and limiting global warming to 1.5 degrees Celsius compared with preindustrial levels. Climate scientists <a href="https://www.ipcc.ch/report/ar6/wg2/chapter/summary-for-policymakers/" target="_blank" rel="noopener">warn that crossing that temperature threshold</a> would have catastrophic effects such as heat waves, flooding, drought, crop failures, and food insecurity. The world, on average, is <a href="https://earthobservatory.nasa.gov/world-of-change/global-temperatures" target="_blank" rel="noopener">already at least 1.1 degrees</a> Celsius warmer.The EPA estimated that its power-plant proposal would avoid up to 617 million metric tons of carbon-dioxide emissions through 2042 — about the annual emissions of half the cars on the road in the US today. The plan would also put the Biden administration closer to its climate goals.Coal and natural gas <a href="https://www.eia.gov/tools/faqs/faq.php?id=427&amp;t=6" target="_blank" rel="noopener">supply the majority of US electricity</a>, although emissions from the power sector <a href="https://www.epa.gov/trinationalanalysis/greenhouse-gas-reporting-electric-utilities-sector" target="_blank" rel="noopener">have been declining over the past decade</a> as more natural gas and renewables such as solar and wind have been added to the grid and as coal plants close. Natural gas is cleaner than coal, but it produces methane, a potent greenhouse gas that has more than <a href="https://www.edf.org/climate/methane-crucial-opportunity-climate-fight#:~:text=Methane%20has%20more%20than%2080,after%20it%20reaches%20the%20atmosphere" target="_blank" rel="noopener">80 times the warming power</a> of carbon dioxide over the first two decades it's in the atmosphere.Coal plants could also opt to shut down in the first half of the 2030s to avoid meeting most or even all pollution caps. Further closures would continue <a href="https://www.eia.gov/todayinenergy/detail.php?id=54559" target="_blank" rel="noopener">the trend that's already playing out in the coal sector</a>.Here are the 15 states where coal accounts for the largest source of power as of 2021, <a href="https://www.eia.gov/todayinenergy/detail.php?id=54919" target="_blank" rel="noopener">according to the US Energy Information Administration</a>:West Virginia — 91%Missouri — 75%Wyoming — 74%Kentucky — 71%Utah — 62%Indiana — 58%North Dakota — 57%Nebraska — 50%Montana — 44%Wisconsin — 43%Colorado — 42%New Mexico — 36%Arkansas — 35%Michigan — 32%Minnesota — 27%

The US wants to cut carbon emissions from power plants. Here are the 15 states where coal is king.

With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Aluminium Association of India (<keyword id="47439" type="General" weightage="20" keywordseo="aai" source="Orion">AAI</keyword>) has approached the Ministry of Coal, urging the immediate resumption of adequate coal rakes for the highly power-intensive Aluminium industry. In its representation to the Ministry, the AAI has lauded the combined efforts by the Ministry of Coal and Coal India Limited in reviving domestic coal production, which has helped ease the coal supply crisis for the Power Sector. The steps undertaken by the Ministry increased the overall daily rakes dispatched from 242 rakes/day in September 2021 to 289 rakes/day in December 2021. This has drastically strengthened the coal stocks of the Power Sector to around 10 days, a marked improvement from a mere 2-3 days in the months of September-October last year. However, this has come at enormous cost to the <keyword id="629340" type="General" weightage="20" keywordseo="Captive-Power-Plants" source="Orion">Captive Power Plants</keyword> (CPP)-based industry and the worst impacted is the Indian aluminium industry, which continues to see depleting coal stocks of only 3-4 days, abysmally low compared to the prescribed level of 15 days for the sector. Struggling to cope with this prolonged crisis since the second quarter of this fiscal year, the AAI has now sought the Ministry's support to ensure adequate supplies to the CPPs by earmarking at least 25-30 coal rakes per day to ensure viable industry operations. The need for the CPPs is especially urgent, given that Aluminium production is a continuous process that requires huge volumes of uninterrupted quality power supply. This quantum can only be met only through the in-house CPPs set up by all the aluminium smelters plants to meet this specific requirement. Accordingly, the industry has established Captive Power Plants of 9,400 MW capacity (comprising 34 per cent of the cumulative thermal CPPs capacity domestically) to supply continuous power for Aluminium operations. Even though the Government has reiterated that there is now an improved availability of coal in the country overall, the non-availability of rakes for the non-regulated sectors remains a major concern. Curtailing coal supplies to Captive Power Plants (CPPs) has directly resulted in a coal crunch situation for the Aluminium Sector. Any power interruption in an aluminium smelting operation for more than 2 hours can lead to the freezing of molten aluminium within the smelting pots, which takes a minimum of 6 months to fix, and then almost a year to once again begin yielding the desired metal output, causing enormous production, cost and supply disruptions. With the continued crisis, it will take over a year's time to clear the backlog of rakes, and for the CPPs to build and maintain adequate coal stocks for sustainable operations. The crisis further aggravates with the last-minute cancellation of coal auctions for NRS, giving no relief for the domestic industry to secure coal for manufacturing and CPP-based industries. With the ongoing revival of the economy and increased post-pandemic industrial activity, the CPP-based industries are highly dependent on uninterrupted coal supplies which is vital for sustainable operations and the continued cost-competitiveness of power intensive industries vis-a-vis global players. Any production curtailment by this sector will have cascading effect on consumption and downstream supply chain, thereby adversely impacting the nation's GDP growth. The AAI representation has gone on to highlight that since August 2021, the Non-Regulated Sector has been facing uncertainties in securing sufficient coal rakes for continued operations, with supplies limited to just 40-50 per cent of the required coal. This has led to a backlog of over 6000 coal rakes as most of the available coal and rakes are being diverted to the Power Sector as "Priority Coal Supplies", even despite their coal inventory situation drastically improving. SEE MORE <a href="https://www.businessinsider.in/budget/news/budget-2022-nirmala-sitharaman-was-asked-these-10-questions-on-cryptocurrency-employment-inflation-in-india/slidelist/89280855.cms" data-type="tilCustomLink" style="">India’s finance minister was asked these 10 questions and these were her answers</a> <a href="https://www.businessinsider.in/business/startups/news/meet-maju-kuruvilla-the-new-indian-origin-ceo-of-fintech-startup-bolt/slidelist/89292220.cms" data-type="tilCustomLink" style="">Meet Maju Kuruvilla, the new India-orgin CEO of fintech startup Bolt</a> <a href="https://www.businessinsider.in/tech/enterprise/news/more-employees-are-leaving-tech-mahindra-than-tcs-and-wipro/articleshow/89291721.cms" data-type="tilCustomLink" style="">More employees are leaving Tech Mahindra than TCS and Wipro</a>

Coal shortage now at alarming levels, say aluminium producers

<ul class="summary-list"><li>Restaurants are typically slow to adopt technologies.</li><li>But the industry is embracing AI-powered tech tools that are changing how consumers order food.</li><li>Domino's, McDonald's, and White Castle are using voice bots to take phone and drive-thru orders. </li></ul>Restaurants typically play catchup when it comes to adopting technologies. But the pandemic forced chains to quickly embrace innovations that save labor costs and improve customer ordering experiences.Today, restaurants are dramatically changing how they serve customers by deploying artificial-intelligence-powered systems. AI voice bots take orders in White Castle, McDonald's, and Checkers &amp; Rally's drive-thru lanes. Burrito and pizza orders can be made by talking to conversational bots deployed by Chipotle and Domino's. <a target="_blank" href="https://www.businessinsider.com/doordash-non-restaurant-retail-deliveries-increase-groceries-flowers-2023-8">DoorDash</a> recently began offering voice-bot technology to restaurants.The timing is right for such technologies. <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mcdonalds-subway-chipotle-add-tech-robots-ai-to-speed-up-orders-2022-12">Automation tools are growing in popularity as the restaurant industry</a> continues to be challenged by labor shortages and turnover. In the 2023 <a target="_blank" class="editor-rtfLink" href="https://restaurant.org/research-and-media/research/research-reports/state-of-the-industry/">"State of the Restaurant Industry" report by the National Restaurant Association</a>, about 58% of restaurant operators surveyed said using tech and automation to alleviate labor shortages would become more common this year.A <a target="_blank" class="editor-rtfLink" href="https://www2.deloitte.com/content/dam/Deloitte/us/Documents/consumer-business/the-future-of-restaurants-2023.pdf">June Deloitte consumer survey</a> found that consumers were also more willing to frequent restaurants that used automation."Voice-automated ordering systems continue to be widely accepted, with 79% of participants at least somewhat likely to return to a restaurant that uses automated voice systems for drive-thru, 74% for phone systems, and 70% for dine-in use," Deloitte said.Keyvan Mohajer, the CEO of the voice-recognition platform SoundHound, said 2023 had been a banner year for the adoption of voice-automated restaurant solutions."This is the year that it's finally happening," Mohajer told Insider in a recent interview.Here's a rundown of chains rolling out customer-facing AI solutions.<h2>Chick-fil-A</h2><div type="image" title="Chick-fil-A robot" height="540" width="720" msid="103670746" hostid="261" sizebytes="30990"></div>Chick-fil-A has been testing autonomous robots at a "small number of Chick-fil-A restaurants as a helping hand to assist team members with serving guests in the dining room," the company told Insider.At least two robot food runners have been spotted in Texas. The chain has also been <a target="_blank" class="editor-rtfLink" href="https://www.chick-fil-a.com/stories/inside-chick-fil-a/robots-innovate-chick-fil-a-delivery-experience">testing</a> autonomous delivery robots in a limited number of California, Texas, and Florida restaurants. The robots are equipped with artificial-intelligence systems and high-tech cameras that allow them to navigate traffic patterns, including maneuvering around pedestrians.<h2 class="slide-title-text">Checkers &amp; Rally's</h2>Last year, Checkers &amp; Rally's became one of the first big chains to implement widespread use of AI-powered voice assistants. Out of the 803 Checkers and Rally's restaurants, voice AI was live in 390 as of August.<h2>Domino's and Wingstop</h2>Tech companies such as ConverseNow are swiftly reshaping how restaurant chains including Domino's and Wingstop take phone orders.The tech company, founded in 2018, automates the order-taking process with AI-powered virtual assistants.ConverseNow recently launched a pilot program with Wingstop. The foodtech firm's AI-powered virtual assistants take phone orders in select Wingstop locations. Its self-learning virtual assistants have been programmed to hold deep knowledge of Wingstop's menu and can process orders in English and Spanish.ConverseNow's voice AI is live in more than 1,800 locations in the US. It also works with Domino's, Fazoli's, and Anthony's Coal Fired Pizza.<h2>White Castle</h2>White Castle plans to roll out SoundHound's AI-powered voice bots to 100 drive-thru lanes by the end of 2024. The expansion comes after the two partnered on a live pilot in Chicago in January 2022.SoundHound, <a target="_blank" href="https://www.businessinsider.com/guides/tech/what-song-is-this">best known as a music-recognition app</a>, has spent years perfecting its conversational voice AI bots. Hundreds of restaurants now use SoundHound's tech to take phone and drive-thru orders.During the White Castle test, SoundHound said the average order, once taken and processed, took just over 60 seconds. In some cases, SoundHound's Mohajer said voice bots were "better than humans" because they're faster and more accurate. He said they also tackled restaurant tasks that workers preferred to avoid, such as answering phones.SoundHound also works with Beef 'O' Brady's, Kneaders bakeries, Naz's Halal, Slim &amp; Husky's, Crust Pizza, Kumori Sushi, Noi Thai Cuisine, Bozelli's Italian Deli, and Dialog Cafe.<h2>Chipotle</h2>The fast-casual fresh-Mex chain from Newport Beach, California, was an early adopter of voice bots. The chain began testing AI-powered voice assistants for phone orders in early 2018. Today, customers can call any Chipotle and order from a conversation bot.Chipotle is also testing Chippy, a robot fry cook. Chippy uses artificial intelligence to replicate Chipotle's exact chip-making recipe, which results in frying chips to perfection, the company said. Chippy is a one-store test for now.The chain is also testing internally <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/chipotle-hiring-a-robot-to-do-a-task-employees-hate-2023-7">an avocado-cutting robot named Autocado</a>. The robot is expected to slice guacamole preparation time in half. It's set to eventually use artificial intelligence and machine learning to evaluate the quality of the avocados to help limit waste.<h2>McDonald's</h2><div type="image" title="mcdonald's drive thru" height="640" width="640" msid="103670747" hostid="261" sizebytes="49360"></div><a target="_blank" href="https://www.businessinsider.com/mcdonalds-vs-chick-fil-a-drive-thru-review-order-wait-2023-9#when-i-pulled-up-to-mcdonalds-i-saw-that-the-drive-thru-featured-double-lanes-similar-to-chick-fil-as-drive-thru-setup-11">McDonald's</a> has been testing AI-powered ordering in its drive-thru lanes since 2019.Some restaurants also use voice bots to take orders, but some TikTokers have recently <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/tiktokers-show-failures-with-mcdonalds-drive-thru-ai-robots-2023-2">roasted the chain after run-ins with bots led to incorrect orders</a>.<h2>Del Taco, Carl's Jr., and Hardee's</h2>Del Taco, a regional Mexican fast-food chain based in Southern California, said in January that it would expand the use of conversational-AI voice assistants after a successful test. The chain is using the restaurant-tech firm Presto.Sister burger chains Carl's Jr. and Hardee's also announced plans to test Presto's AI voice bots this year.During testing, Presto said the bots "greeted guests, reliably accepted their orders, and consistently offered upsell suggestions."Hardee's and Carl's Jr. are also testing voice AI bots by OpenCity.<h2>Taco Bell</h2>Taco Bell is testing conversational AI at the drive-thru "to help us potentially automate ordering," said Chris Turner, the chief financial officer at Taco Bell's parent company, Yum Brands.Before scaling, the chain will continue to test it to "ensure that it creates a great customer experience," Turner said. Taco Bell has not disclosed the test location.<h2></h2>

From taking orders to cutting avocados, AI is solving the labor shortage problem for fast-food chains

<ul class="summary-list"><li><keyword id="11892705" type="UNKNOWN" weightage="60" keywordseo="germany" source="Orion">Germany</keyword> has proposed keeping <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword> plants in reserve rather than being decommissioned, reports say.</li><li>Doing so will allow them to be fired up if <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> stops supplying <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> to Germany.</li></ul>Germany could fire up its coal-fired power plants if Russia cuts off its <keyword id="6354703" type="UNKNOWN" weightage="60" keywordseo="natural-gas" source="Orion">natural gas</keyword> supply, reports say.The economy ministry said in a bill drawn up this week that it would order the power plants to be kept in reserve instead, <a href="https://www.zeit.de/wirtschaft/2022-05/steinkohlekraftwerke-abschaltung-reserve-habeck?sort=desc&amp;page=5&amp;utm_referrer=https%3A%2F%2Fwww.google.com%2F">Zeit Online</a> and <a href="https://www.nytimes.com/2022/05/25/business/germany-plans-to-keep-coal-fired-plants-ready-in-case-russian-gas-is-cut.html">The New York Times</a> reported. Germany had planned to shut down all of its coal power plants <a href="https://www.bundesfinanzministerium.de/Content/DE/Standardartikel/Themen/Schlaglichter/Entlastungen/massnahmenpaket-bund-hohe-energiekosten.html">by 2030</a>.Europe's biggest economy is heavily reliant on Russian natural gas. <a href="https://markets.businessinsider.com/news/commodities/european-gas-price-russia-halts-supplies-poland-bulgaria-dutch-futures-2022-4?utm_medium=ingest&amp;utm_source=markets">Russia halted supplies to Poland and Bulgaria</a> in late April for failing to pay for imports in rubles, and other European countries have been scrambling to reduce their reliance on Moscow's supplies.Germany's proposed regulations would cover plants burning coal and lignite and apply until the end of March 2024, according to the reports. The bill still needs approval by Chancellor Olaf Scholz's cabinet, The Times reported.Zeit Online reported that the plans cover coal power plants with a total capacity of 2.1 gigawatts set to be shut down in October and plants with a 0.5 gigawatt capacity set to be decommissioned in 2023.Coal power plants with a capacity of combined 4.3 gigawatts and oil-fired plants with a capacity of 1.6 gigawatts are already in reserve, the site reported.<div type="image" title="German Chancellor Olaf Scholz addresses the media during a joint statement with European Parliament President Roberta Metsola at the Chancellery in Berlin, Germany, Tuesday, March 22, 2022." height="3330" width="4440" msid="91793095" hostid="261"></div>The ministry said it would maintain its plan to phase out the power plants, but that they would be reactivated if there was a threat of electricity shortages, Zeit Online reported. Doing so would allow gas to be made available for other purposes, it reported, citing the proposed bill.Russia and other former Soviet states supplied more than two-thirds of Germany's gas imports in 2020, according to the German <a href="https://www.bundesnetzagentur.de/SharedDocs/Mediathek/Monitoringberichte/Monitoringbericht_Energie2021.pdf?__blob=publicationFile&amp;v=7">federal network agency</a>.Economists have estimated that <a href="https://www.businessinsider.com/germany-economy-lose-240-billion-dollars-output-russia-gas-cut-2022-4?r=US&amp;IR=T">Germany could lose 220 billion euros</a> ($240 billion) in economic output, or 6.5% of its gross domestic product, over the next two years if Russian gas imports were halted. The CEO of Deutsche Bank has said <a href="https://www.businessinsider.com/germany-recession-russia-oil-natural-gas-deustche-bank-ukraine-war-2022-4?r=US&amp;IR=T">a recession in Germany would be "virtually unavoidable"</a> in such a scenario.Robert Habeck, the economy minister, said Germany could become largely independent of Russian gas by 2024, and wean itself off Russian coal and <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> even more quickly.

Germany may restart coal-fired power plants if Russia cuts off its gas, reports say

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Mark Zuckerberg got plenty of attention at UFC 298, <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-gets-meme-treatment-over-awkward-ufc-clip-2024-2">including getting the meme treatment again</a>. In today’s big story, we’re looking at the <a target="_blank" href="https://www.businessinsider.com/recession-outlook-fed-interest-rate-cuts-wall-street-markets-investors-2024-2">chances of there being no rate cuts this year</a>, and how <a target="_blank" href="https://markets.businessinsider.com/news/stocks/rate-cuts-fed-stocks-bonds-commecial-real-estate-mortgages-banks-2024-2">the markets would react</a>.What's on deck:<ul><li>Markets: Capital One is set to snap up Discover Financial in a <a target="_blank" href="https://www.businessinsider.com/capital-one-set-to-acquire-discover-wsj-2024-2">deal worth more than $35 billion</a>.</li><li>Tech: Meet the 58 Black investors looking to <a target="_blank" href="https://www.businessinsider.com/black-venture-capital-investors-firms-invest-diverse-underrepresented-startup-founders">back underrepresented startup founders</a>.</li><li>Business: A suggestion for a <a target="_blank" href="https://www.businessinsider.com/layoffs-firings-tech-hr-tiktok-cloudflare-employee-morale-bad-business-2024-1">new way to lay people off</a>. </li></ul>But first, a scary market proposition.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>Cuts are canceled</h3><div type="image" title="Fed chair Jerome Powell" height="1279" width="1920" msid="107859450" hostid="261" sizebytes="62592"></div>Don't count your chickens before they hatch and don't price in your rate cuts before they materialize.“When will the Federal Reserve cut rates this year?” has been the prevailing question for months as investors and companies seek relief from the central bank’s 23-month war on inflation.But mixed economic data coupled with a stock market that just won’t quit has brought whispers of a scarier question: Will the Fed cut rates this year at all?It’s a shocking potential turnaround. Last December, Fed Chair Jerome Powell signaled that <a target="_blank" href="https://www.businessinsider.com/interest-rates-fed-pauses-increases-december-rate-cuts-powell-inflation-2023-12">three cuts were on the table for 2024</a>, which he reiterated <a target="_blank" href="https://www.businessinsider.com/powell-60-minutes-interview-fed-interest-rate-cuts-before-election-2024-2">earlier this month</a>.But some market experts say <a target="_blank" href="https://www.businessinsider.com/recession-outlook-fed-interest-rate-cuts-wall-street-markets-investors-2024-2">cutting rates this year is “essentially optional,”</a> Business Insider’s Phil Rosen reports.Investors have already had to adjust their expectations in 2024.There's now just a 10% chance that the central bank slashes borrowing costs in March, according to CME's Fedwatch tool, down from 77% earlier this year.<div type="image" title="deep impact tsunami tidal wave" height="855" width="1500" msid="107859451" hostid="261" sizebytes="199180"></div>As surprising as it would be for the Fed to skip cuts this year, it wouldn't be a disaster for everyone.BI’s Yuheng Zhan has a rundown of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/rate-cuts-fed-stocks-bonds-commecial-real-estate-mortgages-banks-2024-2">how different markets would react if rates stayed elevated</a>.Broadly speaking, large stocks should be alright, according to experts. After all, <a target="_blank" href="https://www.businessinsider.com/zirp-end-of-cushy-big-tech-job-perks-mass-layoffs-2024-2">Big Tech companies' year-plus efficiency kick</a> has made them a lot less vulnerable to higher rates.Bonds could struggle, though, with further delays on rate cuts raising the risk that debt markets suffer another <a target="_blank" href="https://www.businessinsider.com/news-today-october-24-treasury-yield-bond-market-stocks-recession-2023-9">meltdown like they did last fall</a>. The area with the most to lose is real estate. The residential market needs some rate relief to help spur sales after a quiet 2023, but the commercial sector holds the most risk.The market has quickly devolved into a dumpster fire, with $2.1 trillion of debt tied to commercial real estate assets <a target="_blank" href="https://www.businessinsider.com/banks-commercial-real-estate-loan-sales-debt-interest-rates-2024-1">set to come due by the end of 2025</a>. It remains to be seen how contagious failures in that sector would be to other industries. Regional banks <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-big-trouble-crash-bank-crisis-2024-2">have plenty of exposure</a>, as demonstrated by <a target="_blank" href="https://www.businessinsider.com/nycb-regional-bank-fears-commercial-real-estate-turmoil-fears-2024-2">NYCB’s struggles earlier this year,</a> but bigger lenders are fairly well capitalized in case defaults ramp up.So while rates staying higher for longer isn't the ideal scenario, it also wouldn't be a death knell for financial markets.What would prove disastrous, though, is a rate hike. The chances are slim — a senior economist at JPMorgan Private Bank puts the odds at just 15% or less — but it’s <a target="_blank" href="https://www.businessinsider.com/interest-rate-outlook-hikes-cuts-fed-policy-inflation-jobs-growth-2024-1">not entirely out of the question for some</a>.<h2>3 things in markets</h2><div type="image" title="Capital One and Discover Financial" height="1500" width="3000" msid="107859452" hostid="261" sizebytes="181036"></div>1. Two of the US’s largest credit-card issuers are merging. Capital One is buying Discover Financial <a target="_blank" href="https://www.businessinsider.com/capital-one-set-to-acquire-discover-wsj-2024-2">for just over $35 billion in an all-stock deal</a>, the two companies said Monday. The transaction is expected to close in late 2024 or early 2025.2. How did we get here? Four years after the pandemic crashed financial markets and drove inflation to four-decade highs, the US economy is going from strength to strength, even as peers like the UK and Japan slip into recession. <a target="_blank" href="https://www.businessinsider.com/economic-outlook-pandemic-stock-market-crash-inflation-recession-rates-ai-2024-2">Nobody’s quite sure what comes next</a>.3. Sell Nvidia. That’s the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/cathie-wood-says-nvidia-has-become-check-the-box-stock-2024-2">advice of Ark's Cathie Wood</a>, who believes the chipmaker stock has become overvalued. Nvidia’s shares have already surged nearly 50% year-to-date, powering it past Alphabet and Amazon to become the US’s third most-valuable listed company.<h2>3 things in tech</h2><div type="image" title="Black VCs list 2024" height="1081" width="1440" msid="107859454" hostid="261" sizebytes="74390"></div>1. These Black venture capitalists are changing the VC industry. Diversity, equity, and inclusion initiatives have been heavily scrutinized recently, including in the business world. But <a target="_blank" rel="noopener" href="https://www.businessinsider.com/black-venture-capital-investors-firms-invest-diverse-underrepresented-startup-founders">Black VCs who specifically back startup founders of color</a> remain undeterred.2. The race to address the AI chip shortage is on. SoftBank CEO Masayoshi Son is reportedly trying to raise $100 billion to finance a chip production venture amid a <a target="_blank" href="https://www.businessinsider.com/tech-leaders-ready-to-build-hardware-that-powers-future-ai-2024-2">frenzied scramble for supply across the tech sector</a>.3. Google just upped the ante in the AI war. Google is developing a new large language model that hopes to challenge OpenAI’s GPT-4. Called Gemini 1.5, the tool can process more than one type of data, including images, audio, and video. It also underwent <a target="_blank" href="https://www.businessinsider.com/google-gemini-1-5-retools-ai-into-one-advanced-model-2024-2">enhanced safety testing</a>.<h2>3 things in business</h2><div type="image" title="Someone being laid off with an American flag in the background" height="1334" width="2000" msid="107859455" hostid="261" sizebytes="143594"></div>1. There’s a better way to handle layoffs. While some job cuts are unavoidable, that doesn’t mean companies have to be cruel about them. Layoffs may seem like a way to boost the bottom line, but they can wind up <a target="_blank" href="https://www.businessinsider.com/layoffs-firings-tech-hr-tiktok-cloudflare-employee-morale-bad-business-2024-1">being bad for business</a>. 2. Russia’s wartime economy still looks resilient. Subsidies and government spending projects have <a target="_blank" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">kept growth afloat</a> in the two years since Vladimir Putin invaded Ukraine, while Moscow is still bringing in revenue through its oil exports. But economists warn Russia could become “addicted” to military spending if the conflict drags on much longer.3. The lab-grown diamond boom is over. Prices for man-made gems are <a target="_blank" href="https://markets.businessinsider.com/news/commodities/lab-grown-diamond-prices-engagement-rings-carat-value-outlook-jewelry-2024-2">likely to tumble this year</a>, analysts told BI. Lower-priced retailers like Walmart and Pandora have started aggressively pushing lab-grown stones, creating a glut in supply.In other news<ul><li><a target="_blank" href="https://www.businessinsider.com/navalny-death-letters-trump-second-term-agenda-really-scary-2024-2">In Navalny's last letters, the Russian dissident called Trump's agenda for a second term 'really scary'</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/looksmaxxing-starvemaxxing-tiktok-trend-guy-face-2024-2">Why young men are 'starvemaxxing' to look like their chiseled, masculine idols</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/federal-reserve-interest-rate-mortgage-affordable-housing-prices-market-cost-2024-2">If you are waiting to buy an affordable home when rates drop, you're out of luck</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/crypto-influencer-posts-photo-of-sam-bankman-fried-in-prison-2024-2">A crypto influencer has posted what she says is the first photo of Sam Bankman-Fried hanging out with his fellow inmates</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/russian-helicopter-pilot-who-defected-to-ukraine-shot-dead-spain-2024-2">The Russian pilot who defected to Ukraine with an Mi-8 helicopter was shot to death in Spain</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/mrbeast-calls-employees-friends-of-friends-trouble-jimmy-donaldson-youtube-2024-2">MrBeast is asking for trouble by calling his employees 'friends of friends' instead of giving them job titles, HR experts say</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/college-football-recruiting-athletes-locker-rooms-training-facilities-texas-florida-2024-2">College football teams are dropping millions on state-of-the-art locker rooms. Here are some of the most jaw-dropping upgrades</a>.</li></ul>What's happening today<ul><li>Today’s earnings: Walmart, Home Depot, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies are reporting</a>.</li><li>Former President Donald Trump participates in Fox town hall. </li></ul>The Insider Today teamDan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, editor, in London. George Glover, reporter, in London. Grace Lett, associate editor, in Chicago.Get in touch<a target="_blank" rel="noopener" href="mailto:insidertoday@insider.com">insidertoday@insider.com</a>To read unlimited articles, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/subscription">subscribe</a> to Insider.

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