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<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>Microsoft, Oracle, and Amazon are venturing into nuclear power for data centers.</li><li>Nuclear power is reliable and carbon-free, crucial for AI-driven energy demands and climate goals.</li></ul>Nuclear power's stock is rising thanks to artificial intelligence's insatiable appetite for electricity.Tech giants including Microsoft, Oracle, and Amazon have struck deals in nuclear power this year in hopes of supplying their data centers with carbon-free electricity. The deals have buoyed the confidence of global financial institutions, 14 of which on Monday <a target="_blank" href="https://www.businessinsider.com/nuclear-power-banks-support-boost-output-microsoft-larry-ellison-2024-9">endorsed a goal to triple nuclear energy</a> by 2050. Bank of America and Goldman Sachs are among the signatories.It's a <a target="_blank" class="" href="https://www.businessinsider.com/nuclear-power-diablo-canyon-california-newsom-germany-japan">remarkable shift</a>, given that just five years ago the nuclear plant at Three Mile Island in Pennsylvania shut down in part because it couldn't compete with cheap natural gas. The site was also a symbol of the risks of nuclear energy after one reactor partially melted down in 1979. Now Constellation Energy, the owner of Three Mile Island, <a target="_blank" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">plans to spend $1.6 billion over three years to reopen one reactor</a> that had safely operated for decades. Microsoft agreed to buy the electricity <a target="_blank" href="https://www.businessinsider.com/microsoft-plan-double-triple-data-center-capacity-2024-4">for its growing fleet of data centers</a>."It's only recently that people have come to appreciate the importance of [nuclear power] from a reliability perspective," Kathleen Barrón, executive vice president and chief strategy officer for Constellation, told Semafor during an event at Climate Week in New York City. "But even more so, that there just are no other resources on the grid that can operate when customers need it, consistently, without any air pollution or carbon emissions."All those factors make nuclear attractive to Big Tech companies, which made lofty climate promises but are still generating more emissions as they aggressively invest in electricity-hungry data centers. Earlier this year, <a target="_blank" href="https://l.businessinsider.com/e/evib?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=0dbc78003e564580b4e87c95698d0e02&amp;_e=8U4bXw3HX8KDYSsPzOolGOCYuGSttGyuSAzwaclc6RLhG88pp5ZvENg7wFUaiGhas0CJQxM0PQO-UKfMbE1JyA%3D%3D">Microsoft reported a 30% spike in carbon emissions</a> between 2020 to 2023, blaming AI and all the carbon-intensive cement, steel, and microchips needed to build data centers. Google reported a nearly 50% increase in emissions since 2019, citing similar drivers.That climate dilemma isn't slowing the AI boom. Microsoft, Amazon, Google, Meta, and Apple are on track to spend a combined <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=0dbc78003e564580b4e87c95698d0e02&amp;_e=wWZA5Xoinj0sH2ZX3ugl_OzAKGrCiaQhI0tCdnLiYoGrY2K9XAQ9DXH1nfuXy-AVxR1I2cM5WdV4N__NEHyRgYfxy7pVcK_RoGnlzbfAMw0peO387D2ee0ZCHzEGiY5546lzxSGycKFUCR40aeM1KaciKqift090lKwLtQ-AzllnLeaMvGjH2Szgt7qYcBgSDAgaI_Mdcc7iH_aEDW-Bgh1nvCAEJ7ASTgU-RZ0dP8JOjrfM1r3GFWQ2YdecsSNiiMOGH1mQj_CO9LoLsPhlRawPXj44fGS-XAxiJXAiO3DhIdN0_A7HQjBdVIFETbbhh0ciFuWaBCHhWzClc4RKuys42wiLQFOopc9nCjwKVz5SFVkf_agp-59KZ3ilLlt162SzG2LHLnyVB6tPBRUdSpzM4IhgspSGtjURjCI2Cd8%3D">$200 billion</a> on fixed assets this year, with the majority of that money going toward data centers to support AI, according to a Bernstein research note from earlier this year. In the next five years, that spending could surpass $1 trillion.All the growth risks taxing an already-stressed power grid that uses a lot of dirty natural gas. The pipeline of data centers in places like Virginia and Arizona has <a target="_blank" href="https://www.businessinsider.com/data-centers-energy-demand-utilities-green-renewable-2023-10">already slowed the green energy transition</a>. The Electric Power Research Institute, an energy think tank, forecast that data centers could consume up to 9% of US electricity annually by 2030, compared to an estimated 4% today. And while tech companies are the largest buyers of solar, wind, and battery storage, it still isn't enough to meet the 24/7 needs of data centers.<h2 id="a02dd0e8-7117-4d44-8d2a-36fd9deff1d0">Delayed and over budget</h2>While nuclear power is around the clock, critics warn that it isn't a realistic solution to the data center problem. Hyperscalers need energy now and restarting a mothballed nuclear plant — let alone building new ones — can take years or even a decade. It's also an expensive gamble. Nuclear projects have a track record of going over budget. The most recent new US nuclear plant, built by Georgia Power, <a target="_blank" href="https://apnews.com/article/georgia-nuclear-power-plant-vogtle-rates-costs-75c7a413cda3935dd551be9115e88a64">arrived seven years late and $17 billion over budget</a>.Three Mile Island could run into similar problems, said Tim Judson, executive director of the Nuclear Information and Resource Service, which advocates against nuclear power and for renewables like solar and wind. He noted that the plant needed licensing approvals from the Nuclear Regulatory Commission and that reviving an old reactor that's been idle for five years could prove technically challenging.Barrón of Constellation Energy acknowledged that even with new federal tax breaks for nuclear energy, Three Mile Island wouldn't be economical to run without Microsoft, which agreed to pay a premium for electricity. Restarting the plant requires NRC approval following a safety and environmental review, as well as permits from state and local agencies. Constellation Energy said it will pursue a separate license renewal that extends operations to at least 2054.Judson is also concerned that Constellation Energy is talking to a regional grid operator, PJM, about putting the nuclear plant in front of a long queue of solar, wind, and battery storage projects waiting to be connected to the grid. He argued there'd be no need for a nuclear revival if renewable projects cleared those roadblocks faster.Nuclear's supporters disagree, including Arshad Mansoor, president and CEO of the Electric Power Research Institute. He told BI that no amount of renewables and battery storage will be enough to bring the economy to net-zero emissions. Data centers aren't the only driver of power demand. Electric vehicles and new manufacturing plants need electricity, too.Mansoor thinks the AI boom will actually accelerate a greener economy, noting that tech companies sparked greater deployment of wind and solar power."Now they've created a second spark, and it will not just be nuclear," Mansoor said.He predicted greater buy-in for geothermal, long-duration battery storage, and carbon capture and storage at gas plants — many more of which will be built in the coming years, Mansoor said.He also echoed what many tech executives said when defending AI's energy consumption: It will reduce emissions in the long run, such as by helping utilities manage the grid more efficiently and deploy renewables at peak demand times.However, it still isn't clear whether such benefits can offset soaring emissions.

Tech bros and bankers rally around nuclear power to fuel AI's rapid rise

<keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Industries Ltd, <keyword id="22746601" type="General" weightage="20" keywordseo="Indias-most-valuable-company" source="keywords">India's most valuable company</keyword>, plans to commission its first <keyword id="22746598" type="General" weightage="100" keywordseo="solar-giga-factory" source="keywords">solar giga-factory</keyword> in the current fiscal as it pivots a <keyword id="20534377" type="General" weightage="20" keywordseo="green-pathway" source="keywords">green pathway</keyword> to achieve <keyword id="20824969" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net zero carbon emissions</keyword> from operations by 2035. In its largest annual report, the firm said it is targeting to commission the first train of 20GW solar PV (photovoltaic) <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> by the end of 2024-25 fiscal (April 2024 to March 2025) and scale up to 20GW in a phased manner over 2026. The solar giga factory will include <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of <keyword id="22746599" type="General" weightage="20" keywordseo="PV-modules" source="keywords">PV modules</keyword>, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity. It is also targeting industrialising <keyword id="22746600" type="General" weightage="20" keywordseo="sodium-ion-cell-production" source="keywords">sodium-ion cell production</keyword> at the MW level in 2025 and first 50 MWh a year <keyword id="22746602" type="General" weightage="20" keywordseo="lithium-battery-cells" source="keywords">lithium battery cells</keyword> pilot in 2026. <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> had in 2021 announced plans to invest USD 10 billion over three years to develop a new fuels business based on 100 GW of renewable power capacity by 2030. The plan involves setting up four giga factories for manufacturing renewables equipment, battery storage, fuel cells and hydrogen at Jamnagar in Gujarat. "We have made significant progress in establishing factories that will be part of our Integrated Solar PV Manufacturing," the firm said in the annual report. "New Energy will be commissioning its first train of Module and Cell Manufacturing in FY25." Solar panels manufactured in Jamnagar have obtained BIS certification. "Parallelly, work on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> development has commenced and Reliance has been allotted land in Gujarat," it said. "We aim to become the largest <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> (RE) developer in India." Besides commissioning the first train of module and cell of 20GW of solar PV manufacturing, 2024-25 may also see industrialise sodium ion cell production at a MW level. Next year, PV factory is to be scaled to 20GW in a phased manner, and a battery giga factory starting with a 50 MWh a year <keyword id="22746602" type="General" weightage="20" keywordseo="lithium-battery-cells" source="keywords">lithium battery cells</keyword> pilot set up. In FY27, it plans to establish a cell-to-pack manufacturing facility of 50 GWh and will set up 100 GW of renewable energy capacity by 2030. The 100GW target will propel the company into the front rank of renewables ambitions globally, joining the likes of Enel, Iberdrola and oil players TotalEnergies and BP in the scale of capacity additions envisaged. Reliance said fossil fuels have historically fed India's power requirements. "Structural inefficiencies combined with rising costs of fossil fuel has resulted in expensive power for commercial and residential customers - average tariff of Rs 10 per kWh (unit)." Therefore, it is not feasible for India to keep relying on fossil fuels for its growth, it said, adding the use of fossil fuels-based energy increases dependence on imports and results in drain of foreign exchange. "Stable and round-the-clock cost-efficient green power is the need of the hour. India needs to solve this problem to maintain its growth trajectory and reach USD 32 trillion GDP by 2047," it said. Reliance said over the next 12 months, its focus is to bring new energy manufacturing facilities on-stream, operate them efficiently and start developing renewable energy generation projects. "Simultaneously, we would develop the supply chain locally for self-sufficiency and reduce the reliance on imports," it said. The firm aims to partner leading global climate technology and product companies and develop a business model which is flexible and adaptable to different technologies and future proofed to be always lowest life cycle cost and best in class. Reliance has snapped up multiple partnerships in the clean energy space, such as solar and electric mobility, while pursuing its oil and petrochemical plans. Jamnagar, the world's biggest single-site integrated refinery complex, has two refineries -- one domestic-focused and a newer only for exports -- that together can process low-grade crude and switch between fuels depending on prices.

Reliance to commission first solar giga-factory in FY25

<ul class="summary-list"><li>So far this year in the EU, wind and solar generated more electricity than fossil fuels.</li><li>Renewable energy met 50% of EU's power needs while fossil fuels met 27%, an Ember analysis found.</li></ul>For the first time, wind and solar generated more of the European Union's electricity than fossil fuels during the first half of the year.Wind and solar accounted for an all-time high of 30% of the region's energy needs, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiObpcG8HAd5Khu9DzJhWI1jKQrZSU47NpvAi3EelOn56l0d-kjcJpIhHOGRZfHYlnuDelFXOzvHbD_zs0a7QOFQ8z7u9_7cynOR91rLd0fR6Y48Hj_8n7WmcpbFqdJXG3cdqOMvGV98qe4zCtc_OkLyVivBKk-WB_hlpCePc2gXJwc8tvwdRSnmvjfU6QsausQh6c5BXfLawYk6X_MAayMO_aSOuosARFTvpz-LjzzdEUhVmHRUYX32p91pIMg115ZT_g76PjqtzD-9qwfj0fvBfCad9RI72mo2hKDjo3Ot7dUR0DLeAIESJtClKTQghWwNAGbRowO8BkJ6J60d0SaMh_NbXB3bhRu531nxT078inXDLLSXUEpXJyjzCiCHJW1A%3D%3D">according to an analysis by the think tank Ember</a>. Oil, gas, and coal contributed a combined 27% of power — a 17% drop compared with the same period in 2023.It's a remarkable milestone considering that two years ago, Europe was racing to import gas because Russia cut off supplies following its invasion of Ukraine. Gas prices spiked and demand dropped. Since then, demand has started to rebound, and it's being met with renewables. Hydropower made a comeback after drought eased in certain parts of the EU, meaning that when combined with wind and solar, renewables generated half the bloc's electricity in the first half of the year."Milestones like this point towards a very clear direction of travel," Chris Rosslowe, an analyst at Ember, told Business Insider. "The question is not if, but when, renewables will dominate the European power system."The trend raises questions about the rapid build-out of gas-export terminals, known as LNG terminals, in the US and Canada to ship more fuel to Europe. Ember found that so far this year, gas generation in the EU dropped 14% compared with the same period in 2023, even as electricity demand ticked up. A mild winter helped, but the rise of renewables pushed out fossil fuels in countries like Germany, Spain, France, the Netherlands, and Belgium.<a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiObpcG8HAd5Khu9DzJhWI1jLkQpmfsgRzS5IVBo7tvu_7EcCA7zzwPX3K8ncAfQkkPqyCY76iHT8IQbIKGHCCQeeC7XgADeKZg0Xyn29dnhuE4vuWEYo5bKXJkbXS7iAX9l23nYkIHkLo23TdOrjzbT0jdPe6z5d3YurN21yr3NsB0kRj4D5cedKRMUqI_we8HR-dBpdMJW0r1L4u0b7GMuOjDI1nwRps5MmmhiQF1LmincNgpAlraRQaWTawJZN0gF5CEARDbZh8g9WtgTf4T-GOxX8em4736ohkB7Vf7KMJQtwd582MjhC9xFpPNEQ5T6_lpIvsgKi1R2mR3fqrCn_eBTjJ1Dcmd5LiEHfbZI8FlqlNB3bggVuS8_obXEVgnQ%3D%3D">In a separate report</a>, Ember forecasted a global LNG supply glut by 2026 and a substantial drop in EU gas demand by 2030."There was an urgent, short-term need to diversify gas supply sources in Europe when Russia invaded Ukraine," Sarah Brown, Ember's Europe program director, said. But the rush to increase LNG exports from places like the US ignores the reality of rapidly declining gas demand in Europe, she added."It is now clear that the global supply of LNG that is online and under construction far outweighs projected demand," Brown said.In 2023, the US became the largest LNG exporter in the world, surpassing Australia and Qatar, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiOV6x2Rb4s-g1bOzk-dA1nG7aUge4A5I_qX_RO_bYgXHEkukR5LwS3YASqKytZ6JRhFowRXH1zAeFmrD3iklyjfbV3pauCkyR8m44FQw_oQgkKbZZ9vDEz0utOLATGDrl5mqcvFC_xfr_1cEudsYZFJNcQSbDasZGalBGuuqKqP5MccGz5D0YkOmiWs3Xg1JSWONk0AMUJfHJXRBxDyF2XU8bBV3E6qHH8a2yfQxjehdO1G-fFLuvEiBmRBevtNW9-RsurF2cHKegBOit7QvnADbWfmt-eqSUDkwQIusi1P2TOJu7OmFWgOGct_XbniglADNo3d7Hm9x6t0JxGZlvyCA%3D">according to the US Energy Information Administration</a>. Europe is the main destination for those exports and demand is expected to rise through this year. Shipments to Asia are also growing. Five new LNG terminals are under construction in the US, and more than a dozen more could be on the way depending <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiObeUF_ZwpLGnhr0MUKMpsUyA96BruMRfPDrAZ0k9_7XgqLj_1TKZzT-pOrPIn2SECFhd6L0WgreMY3DNnHLgZnHWNRHbspKh2Y2ZdAA-EHB--kTGMeuvr8XPdZdkXRD-vpWGu1GfuYNYvBJtCdxBahYXMGtbY9byj8In6EYhDCQXuifp23eypwwkVIjMgyB10EGd4lQNwqNTsBGWlJdQRNVFywncpSehpNiWc_OoKt-AkAtzpVSUflsNCUX8OjNxDe8g5A_DRIpEqU8hOP3AIOD-l-o7j3OnBiRPO-4_2-JrLmr-v9lcXaZYsOr3FOAWtnPkuSKZbJVfLRGmupgijvEbPGhQe32FZTxU6hdVli7GLuSuZJI8jWqecv4wGE1KhnlZeNtjuLNvyAihi5VBS9c%3D">on the outcome of a Biden administration review</a> of their climate impacts.But the gas could eventually have trouble finding a home in European countries like Germany, which added the most wind and solar capacity of any EU member during the first half of the year. Germany also closed 15 coal power plants in April and imported more nuclear electricity from France.Rosslowe said that Germany's transition away from fossil fuels reflects policy decisions made several years ago. In 2021, the government set more ambitious goals to reduce greenhouse-gas emissions, including phasing out coal by 2030, and changed some permitting rules to speed up the construction of solar and wind projects.Ember's report said that while it's unclear how swiftly fossil-fuel use will drop across Europe, a pipeline of solar and wind projects suggests this tipping point could be permanent.

Russia's war pushed Europe to a tipping point on wind and solar

<ul class="summary-list"><li>AES Corporation introduces Maximo, an AI-powered robot that installs solar panels.</li><li>The company said Maximo will help speed up renewable energy transition and wouldn't replace humans.</li></ul>Installing solar panels can be back-breaking work, so one of the largest renewable energy companies is using robots to do the heavy lifting.AES Corporation on Tuesday introduced "Maximo," an AI-powered robot that can lift solar panels and precisely place them into long rows. The robot will be used to construct the largest solar farm with battery storage in the US, which will help power Amazon's data centers."We are really focused on speed," Chris Shelton, AES' chief product officer, said during a call with reporters. "And by speed, we mean speed for the customers — so getting these projects online faster —and speed for the energy transition. The more [solar] we can deploy, the more we can reduce overall carbon in the economy."AES said Maximo can install solar panels twice as fast as humans and at half the cost. The robot was tested in various outdoor conditions at projects in New York, Virginia, Ohio, and Louisiana and has installed about 10 megawatts of energy to date. Amazon's solar farm in Kern County, California, is expected to have 200 times that capacity.The automation comes as analysts predict there won't be enough workers to keep pace <a target="_blank" class="" href="https://www.businessinsider.com/solar-careers-in-demand-workforce-shortage-2024-7">with the rapid rise in solar demand</a>, especially now that the Biden administration is pouring hundreds of billions of dollars into renewable energy under the Inflation Reduction Act. In 2021, the administration <a target="_blank" class="" href="https://www.energy.gov/eere/solar/solar-workforce-development#:~:text=According%20to%20the%20Solar%20Futures,and%201%2C500%2C000%20workers%20by%202035.">forecasted that the solar workforce</a> needed to at least double to 500,000 workers by 2035 to reach a national goal of 100% carbon-free electricity that year.Amazon and other big tech companies are driving a lot of the demand for renewable energy. They have ambitious climate goals, yet are building out power-hungry data centers to store our data and develop AI. In some states, those power demands <a target="_blank" class="" href="https://www.businessinsider.com/data-centers-energy-demand-utilities-green-renewable-2023-10">are delaying the closure of dirty power plants</a>.Quickly scaling up solar farms and battery storage is key to keeping corporate climate promises. But adding Maximo to solar sites could also fuel concerns that robots will dim human job prospects, just as automation replaced some factory jobs.Ron Rodrique, vice president of project management at AES Clean Energy, said Maximo isn't replacing human solar installers at the company's projects."Maximo is not out there to replace the panel installers or other people that we have on our sites," Rodrique said. "This is really about that safety aspect of taking away some of the heavy lifting that people have to do."<div type="image" title="A robot places a solar panel on a long row." height="4320" width="8192" msid="112166073" hostid="261" sizebytes="2650150"></div>Lifting 60-pound solar panels repeatedly, in some cases 200 panels a day, in desert heat takes a toll on the body. If that isn't a requirement of the job, Rodrique said a broader range of workers could apply, including people with disabilities.AES said Maximo has one person driving the robot while another monitors and controls its movements with a single button press.The project with Amazon is just the beginning. If all goes well, AES expects Maximo to help clear a huge backlog of solar projects over the next three years, with the largest customers being data center hyperscalers.

An AI-powered robot is helping install Amazon's largest solar farm 

As it readies its constellation of <keyword id="21665619" type="General" weightage="20" keywordseo="Earth-observation-satellites" source="keywords">Earth observation satellites</keyword>, <keyword id="22385578" type="General" weightage="20" keywordseo="Bengaluru-based-startup" source="keywords">Bengaluru-based startup</keyword> <keyword id="22317867" type="General" weightage="100" keywordseo="Pixxel-Space" source="keywords" meta.keywordsubtype="org" meta.entityname="Pixxel Space" meta.hostid="261" meta.entityid="Pixxel Space">Pixxel Space</keyword> has plans to map the Moon and <keyword id="20578027" type="General" weightage="20" keywordseo="asteroids" source="keywords">asteroids</keyword>, and look for materials required to build settlements in outer space. In an interaction with PTI editors at the agency's headquarters here, Pixxel Space co-founder and CEO Awais Ahmed spelt out the long-term plans of the startup and these include exploration of asteroids with the intention of finding building materials or possible <keyword id="22407481" type="General" weightage="20" keywordseo="fuel-sources" source="keywords">fuel sources</keyword> for future settlements in space. "We are building hyper-spectral cameras that look at the Earth. The same cameras can be turned outwards to look at other objects in space. We can send these spacecraft to the Moon, <keyword id="19901192" type="General" weightage="20" keywordseo="Mars" source="keywords">Mars</keyword> or the asteroid belt, and build a map of the solar system," Ahmed said. He said the startup would also like to place satellites in orbits around the Moon -- cis-lunar orbits -- to explore the Earth's only natural satellite in greater detail. "We can go between Mars and Jupiter in the asteroid belt and identify which of these asteroids are stunning and useless, and which of them have certain precious materials that can be useful in space," Ahmed said. Satellites can look for ice on asteroids which can be used as fuel by splitting it into hydrogen and oxygen, and can also be stored as water, he said. "So, when humanity expands towards space it does not make sense to mine all of that material from Earth when there's so much more material actually available in space," ahmed said. He said Elon Musk's SpaceX was building railroads for the space revolution, while Amazon founder Jeff Bezos' Blue Origin and others were building habitats for space. "We want to be the ones to provide the material to sort of make it all happen. But very long term vision," Ahmed said. Pixxel Space plans to launch six hyper-spectral satellites later this year as part of its constellation to map the Earth in greater detail. Another 18 satellites are slated for launch next year that will complete the Bengaluru-based startup's constellation in low Earth orbit.

Bengaluru-based Pixxel Space plans to mine asteroids for building settlements in space

Billionaire Gautam Adani's group is building the world's largest <keyword id="864915" type="General" weightage="20" keywordseo="renewable-energy-park" source="Orion">renewable energy park</keyword> in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from <keyword id="6357019" type="General" weightage="20" keywordseo="solar-energy" source="Orion">solar energy</keyword>. Speaking at the opening of '<keyword id="694229" type="General" weightage="20" keywordseo="energy-revolution" source="Orion">Energy Revolution</keyword>: The <keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Gallery' at the Science Museum in London, Gautam Adani said his group's renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come. "As the world's leading solar power developer and India's largest renewable energy company, we are taking very big steps," he said. "In Khavda, which is in the state of Gujarat, we are building the world's largest renewable energy park. It will have a generation capacity of 30 GW of energy - and it is incredibly big. Its area of 538 square kilometers is more than five times bigger than Paris." This is part of the aim to reach 45 GW of renewable energy by 2030, said Adani, the chairman of the apples-to-airport conglomerate. "This will be like providing clean energy to almost every house in England," he said. It currently has an operating renewable portfolio of over 9.5 GW and locked-in projects of up to 21.8 Gigawatt (GW). The Gallery explores how the world can generate and use energy more sustainably to urgently decarbonise and to limit dangerous climate change. "Through striking displays of contemporary and historic objects from the UK and abroad, interactive digital exhibits, and specially commissioned models, the gallery shows how the past, present and future are shaped by human imagination and innovation and explores how we all have a role to play in deciding our energy future," a company statement said. The Gallery, which is open to the public for free, examines this century's defining challenge through the lens of imagination across three sections. In Future Planet, visitors can explore how scientists use complex computer-based models to understand our planet, and what these tell us about the range of climate futures that might lie ahead. In Future Energy, technologies and the people behind them that are reimagining how energy is supplied and used are highlighted alongside historic artefacts which provide a longer view of the transition away from fossil fuels. Adani said museums are very important because they teach and inspire. "This new gallery is about more than just clean air - or about moving away from oil and gas. It is about the energy transition we need - this world needs - and it is about the revolution that is taking place in the world of energy." The gallery, he said, was special because it makes us think, dream and wish for change. At the centre of the gallery is Only Breath, a moving sculpture that signifies the power of nature to inspire technological change. Radiating outward from the centre are plinths which display vital low-carbon renewable energy technologies for the transition, from nuclear, hydrogen and solar to wind and tidal power, alongside remarkable historic innovations that remind us how major change is possible and that many of the technologies needed to make the low-carbon energy transition already exist. Objects in this section include a 7m long tidal turbine blade made by Scottish renewable energy company Orbital Marine Power and the first electric taxi, the Bersey cab, hailed by Londoners in 1897. The challenges of electrification, energy storage, and supply and demand are also explored, with visitors invited to play interactive games and use models that show how energy can be generated and distributed. Possible routes to low-carbon transport are featured, as well the decarbonisation of our buildings and construction industries, and visitors can learn about climate modelling and see instruments used to measure climate. Energy Revolution was designed by award-winning architects, Unknown Works. A key element of sustainable design was the reuse of redundant shelves from the Science Museum's former object store. The gallery's carbon footprint has been monitored, and recyclable aluminium was used where possible. The gallery's Title Funder is Adani Green Energy. Sagar Adani, Executive Director, AGEL, said, "The Science Museum has put together the world's best curated gallery on energy transition. As one of the world's largest renewable energy companies, we are committed to making progress towards net zero - and there is no greater resource in the fight against climate change than education. "Through the sponsorship of the gallery, we aim to inspire young minds, scientists and innovators to imagine a future powered by clean energy and build a carbon-free world. It is an initiative to stimulate their interest, curiosity and awareness, and encourage their active participation in creating clean technologies. The gallery brings together the global community to enable the shift towards energy efficiency, clean energy adoption and carbon emissions reduction." Sir Ian Blatchford, Director and Chief Executive of the Science Museum Group, said, "In a week when we're celebrating a record 2.25 million visits by UK residents to the museum, including a million children, this stunning gallery offers even more to ignite curiosity among those who will visit in the year ahead - provoking important conversations about the urgent need for the world to generate and use energy more sustainably."

Adani eyes 45 GW renewable energy capacity by 2030

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/coronal-hole-on-sun-blasts-solar-wind-toward-earth-2023-3">The sun</a> has a big year in 2024, starting with a total solar eclipse across the US.</li><li>As the sun builds to maximum activity, watch out for <a target="_blank" href="https://www.businessinsider.com/northern-lights-sky-friday-us-solar-winds-giant-hole-sun-2023-3">the northern lights</a> too.</li></ul>The sun was showing off all last year, with dramatic eruptions, sunspots, <a target="_blank" href="https://www.businessinsider.com/second-giant-coronal-hole-sun-solar-winds-space-weather-aurora-2023-3">giant "holes,"</a> and even a <a target="_blank" href="https://www.businessinsider.com/nasa-video-solar-tornado-plasma-2023-3">14-earths-high tornado of plasma</a>. But 2024 may be our star's biggest year yet.That's what giddy <a target="_blank" href="https://www.businessinsider.com/sun-polar-vortex-video-from-solar-plasma-break-2023-2">NASA</a> scientists told reporters at the fall meeting of the American Geophysical Union in San Francisco in December. In true NASA fashion, they're calling it the "heliophysics big year."<div type="image" title="solar flare" height="627" width="1089" msid="107672113" hostid="261" sizebytes="43108"></div>One of the main events this year will be a <a target="_blank" href="https://www.businessinsider.com/why-2024-total-solar-eclipse-cool-best-special-nasa-2024-1">historically cool total solar eclipse crossing the US in April</a>. It's estimated up to 7.4 million people will travel to the path of totality to witness the rare event.Another exciting event involves NASA's prime solar probe, which is set to skim <a target="_blank" href="https://www.businessinsider.com/sunspots-15-times-size-of-earth-solar-storm-into-view-2023-11">the sun's surface</a> in December, flying closer than any previous spacecraft.<div type="image" title="total solar eclipse 2019" height="1290" width="1960" msid="107188970" hostid="261"></div>Meanwhile, the Northern and Southern Lights are sure to have an impressive year, as well.Already, we've seen beautiful aurora reach as far south as Arizona within the last year. And as <a target="_blank" href="https://www.businessinsider.com/sun-more-active-solar-storms-auroras-power-outages-grounded-flights-2023-2">stormy activity on the sun,</a> which helps spark aurora worldwide, is set to increase, we could continue to see the Northern Lights illuminate skies across the US at unusually low latitudes.For viewers in Australia, New Zealand, and South America, the Southern Lights (aurora australis) will surely make spectacular displays too.<div type="image" title="ribbons of green pink purple northern lights stretch across the night sky above homes and lights of a sprawling town" height="1500" width="2250" msid="107188973" hostid="261"></div>It will be about 11 years — a full <a target="_blank" href="https://www.businessinsider.com/next-solar-maximum-2025-what-expect-cycle-2023-4">solar cycle</a> — before the aurora is so active again."<a target="_blank" href="https://www.businessinsider.com/solar-maximum-could-sooner-than-expected-2023-6">The sun</a> touches everything, and we are challenging you to experience the sun in as many ways as possible," Kelly Korreck, NASA's program manager for the upcoming eclipse, said during the AGU roundtable.<h2>The sun's big year kicks off with a total eclipse</h2><div type="image" title="A cheerleader smiles as she looks up at the sky holding eclipse glasses." height="1333" width="2000" msid="107672115" hostid="261" sizebytes="202708"></div>While the rest of us put on our <a target="_blank" href="https://www.businessinsider.com/how-where-when-see-solar-eclipse-united-states-nasa-map-2023-3">eclipse glasses</a> or look out for the pink and green ribbons of the aurora, astronomers will be busy at work. This year's solar events are a huge scientific opportunity.For example, NASA is launching three rockets during the April total solar eclipse, loaded with instruments to study how the sudden darkness changes our upper atmosphere.A total solar eclipse offers scientists a unique opportunity to observe the corona — the outer layer of the sun's atmosphere. The corona is over 100 times hotter than the sun's surface, but scientists can't explain why and it's one of the biggest mysteries in our solar system. Because the moon blocks the main disc of the sun during an eclipse, only the corona is visible.NASA's Parker Solar Probe and the European Space Agency's Solar Orbiter will also be watching the eclipse from two different vantage points in space, as they orbit close to the sun. That extra data can help scientists get 3D observations of the corona, as well as validate measurements from Earth-based observatories.That's just one fleeting moment of the sun's big year. Throughout 2024, as solar activity builds, countless observatories and physicists will be watching closely.<h2>The sun will get more and more active</h2><div type="image" title="X-class solar flare erupting off the sun." height="747" width="800" msid="107188979" hostid="261"></div>When <a target="_blank" href="https://www.businessinsider.com/solar-flare-from-sunspot-caused-widespread-radio-blackouts-earth-2023-5">the sun belches</a> plasma and charged particles into space, they can speed toward Earth, travel down our planet's magnetic field lines toward the poles, and interact with molecules in our atmosphere to make the aurora. They can also bump satellites out of orbit and surge through technologies on the ground, triggering radio blackouts and meddling with GPS.<div type="image" title="solar flare red orange plasma erupting from the sun's surface" height="1500" width="1500" msid="107672116" hostid="261" sizebytes="153010"></div>There's always a steady flow of this "<a target="_blank" href="https://www.businessinsider.com/nasa-discovered-solar-wind-disappear-around-mars-2023-12">solar wind</a>," but eruptions on the sun can send a powerful flood of solar wind careening toward our planet. That's what scientists call space weather. These storms are happening more and more as the sun climbs toward peak activity.<div type="image" title="Solar Wind" height="360" width="640" msid="107188982" hostid="261"></div>People on Earth are safe from these blasts of solar activity, with the exception of rare cases where they might cause power or <a target="_blank" href="https://www.businessinsider.com/titanic-theory-suggests-aurora-borealis-solar-storm-affected-crash-2020-9">radio blackouts</a>. But as NASA and other space agencies send humans back to the moon and on to Mars, space weather will become a safety issue for them.Studying solar eruptions and flares can help scientists forecast space weather better in the future. That could be crucial for long-distance spaceflights."If we want to win the <a target="_blank" href="https://www.businessinsider.com/china-up-the-ante-space-race-sky-ladder-to-mars-2021-6">race to Mars</a> then we have to have awareness of space weather all over the place," Nour Raouafi, a lead scientist for the Parker Solar Probe, said at the roundtable.<h2>NASA to almost land on the sun at the end of the year</h2><div type="image" title="nasa parker solar probe plus sun mission illustration" height="1687" width="3000" msid="107188983" hostid="261"></div>The "crown jewel" of the sun's big year comes on December 24, though, Raouafi said. That's when the Parker Solar Probe will fly closer to the sun than any spacecraft has ever gone, about 3.8 million miles from its surface.For comparison, Earth is 93 million miles from the sun.On this close flyby, the probe will face unfathomably extreme heat and radiation, with temperatures as high as 2,600 degrees Fahrenheit.Collecting data so close to the source of the solar wind will help scientists understand how it forms. It will also fuel the study of the corona."This is a monumental achievement for all of humanity. This is equivalent to the moon landing of '69. Now we are basically almost landing on a star," Raouafi said.

Watch the sun show off all year with a total eclipse, strong solar storms, and NASA almost landing on the solar surface

<ul class="summary-list"><li>US solar companies accused Chinese firms in Southeast Asia of dumping cheap solar panels on the market.</li><li>A glut of solar panels has cut prices in half in the past year to as low as 10 cents per watt.</li></ul>The world is awash in solar panels after Chinese-owned firms flooded the market with cheap exports.Now, seven US solar companies are fighting back against what they say is a dire threat to <a target="_blank" href="https://www.businessinsider.com/how-georgia-became-green-manufacturing-capital-2024-3">America's efforts to build up a manufacturing sector of its own</a>.Companies including Qcells, First Solar, and Swift Solar on Wednesday asked the Biden administration to slap tariffs on solar cells from four countries in Southeast Asia. The US solar companies allege that Chinese-owned firms operating in Cambodia, Malaysia, Thailand, and Vietnam are illegally undercutting the market.The request follows an unprecedented wave of imports from the region last year. Those four countries combined accounted for about 80% of US solar panel imports during the second half of 2023, <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/extreme-dependence-us-solar-panel-imports-boom-to-record-54-gw-in-2023-80448513">according to S&amp;P data</a>. There is now an 18-month supply of solar panels sitting in warehouses, and prices have been cut in half in the past year to as low as 10 cents per watt. In Germany, panels are so cheap that they're <a target="_blank" href="https://www.businessinsider.com/china-flood-solar-panel-cell-market-garden-fence-overcapacity-yellen-2024-4">being used to line garden fences</a>."In the past, we've been dependent on foreign oil from our adversaries," Tim Brightbill, a partner at Wiley Rein LLP representing the solar companies, told reporters. "We should not make the same mistake with respect to solar power. Solar was invented here. It was perfected here. There is no reason why America should be dependent on Chinese companies."The petition by US solar companies comes at a critical time for President Joe Biden. On the campaign trail, he's touted how his policies to tackle the climate crisis are creating jobs. More than $111 billion worth of investment has been announced<a target="_blank" href="https://e2.org/announcements/"> in renewable energy manufacturing projects alone</a>, largely fueled by tax breaks in the Inflation Reduction Act.But US solar makers say their businesses can't compete without stronger safeguards against China, which is outpacing US investment by hundreds of billions of dollars a year. CubicPV, a Massachusetts-based company, in February canceled plans for a new factory and cut its workforce in half, <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/electric-power/020924-bill-gates-backed-solar-upstart-cancels-us-factory-in-reshoring-gut-check">citing the collapse in solar prices.</a>Industry <a target="_blank" href="https://www.woodmac.com/press-releases/china-dominance-on-global-solar-supply-chain/">analysts estimate that China accounts</a> for more than 80% of global solar production, with much of the rest occurring in Southeast Asia and funded by Chinese-headquartered firms.US trade policy blocks solar panel imports directly from China. But the Commerce Department <a target="_blank" href="https://www.commerce.gov/news/press-releases/2023/08/department-commerce-issues-final-determination-circumvention-inquiries">last year determined</a> that five Chinese companies were shipping products through Southeast Asian countries to avoid steep taxes at the US border. Despite the findings, the Biden administration held off on imposing tariffs because they will be reinstated in June when a two-year waiver expires. That waiver was initially implemented to ensure the US could keep expanding solar power to meet climate goals while domestic manufacturers built up their operations.But in recent weeks, administration officials, <a target="_blank" href="https://www.youtube.com/watch?v=S-y3YnAlU1o">including Treasury Secretary Janet Yellen,</a> have said the US is evaluating new strategies to counter China's dominance over green technology, including tariffs.The petition by US solar companies — known as an anti-dumping and countervailing duty case — could lead to that. It kicks off a yearlong investigation by the US Commerce Department and International Trade Commission. The agencies will look at solar subsidies in Southeast Asian countries, as well as subsidies from the Chinese government. The probe will help determine whether solar panels were sold in the US at prices below the cost of production.China, for its part, has dismissed the concerns. After Yellen met with Chinese Premier Li Qiang in April, his office <a target="_blank" href="https://www.nytimes.com/2024/04/19/business/chinese-export-surge-solar-boom.html">told The New York Times</a>: "The development of China's new energy industry will make an important contribution to the worldwide green and low-carbon transition."

The US is preparing to hit back at China's glut of cheap solar panels by targeting its allies

<ul class="summary-list"><li>China has produced an excess of solar panels, causing overcapacity issues domestically and abroad.</li><li>The US, the European Union, and China are facing challenges because of the glut of solar panels.</li></ul>China has made a lot of solar panels, dramatically lowering prices and helping the country's clean-energy transition.The problem is that Chinese manufacturers seem to have made <a target="_blank" href="https://www.businessinsider.com/china-flood-solar-panel-cell-market-garden-fence-overcapacity-yellen-2024-4">too many solar panels</a>, according to the US, the European Union, and their allies. They're now calling on Beijing to <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">rein in the overcapacity</a> of the panels and other goods, raising prospects of a trade war.China's facing its own overproduction problem at home following a breakneck pace of growth in solar energy — one key pillar of the country's <a target="_blank" href="https://www.businessinsider.com/china-economy-new-growth-areas-electric-vehicles-batteries-solar-property-2024-1">"new three" economic drivers</a>. <a target="_blank" href="https://www.reuters.com/business/energy/chinas-blistering-solar-power-growth-runs-into-grid-blocks-2024-05-22/">Reuters</a> reported on Wednesday that China had installed so many solar panels that they were generating excess power that the country didn't have storage or transmission capacity for.Such overcapacity prompted Chinese authorities to withdraw some price support for the sector, leading to fewer solar-panel installations, Reuters reported.China was setting up solar panels at a rapid pace in the first quarter of 2024, with the installation rate jumping by more than one-third year on year, according to official data. But this growth was much slower than in the 154% surge in the same quarter of 2023.As of March this year, China — the world's largest solar-energy market — had installed <a target="_blank" href="https://www.gov.cn/lianbo/bumen/202404/content_6946830.htm">660 gigawatts</a> of capacity. The US, meanwhile, ended 2023 with <a target="_blank" href="https://www.seia.org/solar-industry-research-data">179 gigawatts</a>, enough to power 33 million American homes.<h2 id="44870cd7-3e4f-4538-8a4f-f8d96b274a15">China's solar-panel overcapacity may be exported</h2>A <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-04-02/us-europe-gripes-on-china-overcapacity-aren-t-all-backed-by-data?srnd=all">Bloomberg analysis</a> in April found that Chinese manufacturers were producing more solar panels than people wanted to buy domestically,Given the oversupply at home, this development points to one possibility that won't be welcomed by the West: China continuing to dump its excess solar panels on the international market.Chinese manufacturers are feeling the heat from solar-panel overcapacity, too.In March, <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-03-19/longi-layoffs-speed-shift-in-solar-production-away-from-china">Longi Green Energy Technology</a>, the world's largest solar-cell manufacturer, announced it was laying off thousands of workers amid overcapacity and low prices.China's solar-panel overcapacity is so bad that the China Photovoltaic Industry Association is calling for more mergers and acquisitions, as well as restrictions on domestic competition to control capacity, as it said in a post on its official <a target="_blank" href="https://mp.weixin.qq.com/s/HYtcKQ-9RLARZNkRM3Aj7w">WeChat</a> account on Tuesday.Earlier this month, US President Joe Biden announced he would <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/05/14/fact-sheet-president-biden-takes-action-to-protect-american-workers-and-businesses-from-chinas-unfair-trade-practices/">double tariffs on Chinese solar-cell imports</a> from 25% to 50%.<a target="_blank" href="https://english.news.cn/europe/20240507/0606e58b4cec4bb5ac749eacbda8d567/c.html">China has pushed back</a> against the West's idea of industrial overcapacity. Beijing says the bloc is trying to contain its economic growth.<h2 id="6a9de6c9-0378-4c75-a4ba-972b729ed56e">Germany's energy prices are under pressure from too much solar energy</h2>It's not just China getting hit by an excess of solar energy.<a target="_blank" href="https://markets.businessinsider.com/news/commodities/solar-panel-supply-german-electricity-prices-negative-renewable-demand-green-2024-5">Germany</a>, too, has been producing so much solar energy that energy prices have fallen into negative territory when output peaks.But experts say these are just bumps in the world's energy transition away from fossil fuels to green energy, which, in its next phase, will focus on optimizing supply and demand."Every country in the world that is installing a lot of renewables and then facing the challenges that arise from all this variable intermittent generation is searching for smart ways, intelligent AI-enabled or at least model-backed approaches to distributing this power and using it in the most efficient and effective way," David Fishman, a senior manager at the economic consultancy The Lantau Group, told Reuters."Certainly, that's where China is heading," he added.

China made so many solar panels that even its own grid can't support all the energy produced

<ul class="summary-list"><li>Global solar panel prices have crashed by 50% as China has flooded the market with modules.</li><li>But US prices saw a much smaller decline, given barriers to its trade with China.</li></ul>A massive pileup of solar panels last year has halved the average price of the modules, as China's blowout manufacturing sent supply soaring. According to the International Energy Agency, the country is on track to account for 85% of global solar-module manufacturing by 2028. Its output has been so strong that it recently <a href="https://markets.businessinsider.com/news/stocks/solar-panel-oversupply-price-crash-europe-production-plant-meyer-burger-2024-1?utm_source=twitter&amp;utm_campaign=markets-sf&amp;utm_medium=social">forced the closure</a> of one of Europe's largest solar production plants, while fueling a <a href="https://markets.businessinsider.com/news/commodities/solar-panel-oversupply-prices-iea-renewables-production-green-transitions-inventory-2024-1?mrfhud=true">panel supply glut</a> that has yet to be unwound."Prices in Europe have significantly cratered, because of that oversupply and stockpiling," David Feldman of the National Renewable Energy Laboratory told Business Insider. "In the US, it's a different story."Instead, the US solar market has largely stayed insulated from the supply flood, with less than 0.1% of module imports coming from China. Between the first and third quarter last year, US modules depreciated by only 10%-15%, Wood Mackenzie reported in December.That's as US legislation effectively bars solar panel trade with China. Restrictions include tariffs, as well as the US <a href="https://www.businessinsider.com/congress-passes-ban-on-all-imports-from-chinas-xinjiang-2021-12">Uyghur Forced Labor Prevention Act</a> (UFLPA), a 2022 law that prohibits imports from China's Xinjiang region. Still, some of the domestic depreciation was a result of the ripple effects from China's output, Feldman said. Some Chinese companies have set up manufacturing in other parts of Southeast Asia, allowing them some access to American markets.But for the most part, US price declines and stockpiling result from internal changes. There was indeed some level of oversupply, as the enactment of UFLPA and other trade barriers with China created supply crunch worries."There were just concerns about installers getting panels," Feldman said. "So developers and installers were working to sort of get a good supply chain, and there was potentially a little bit of an overwhelm."Meanwhile, demand has generally jumped, incentivized by the Inflation Reduction Act and the technology's increasing efficiency and cheapness.But the pipeline for new projects has slowed considerably, Feldman said. On a national level, demand for solar has been dampened by higher interest rates, and debt financing has become much more expensive. As projects are set to run dry in California as well as the Northeast, residential solar installations could decline by 12% this year, Wood Mackenzie estimated.But the research firm expects this to be a singular dip, and for the market to recover by an annual rate of 10% between 2025 and 2028."[Analysts] are expecting significant increases, but that said, manufacturing has probably grown more than that. So it might be a few years for demand to catch up with the amount of manufacturing that has happened," Feldman said.

An overload of solar panels cut prices in half last year — but not in the US

<keyword id="20196387" type="General" weightage="20" keywordseo="avaada-group" source="keywords">Avaada Group</keyword> on Monday said it has committed investments worth Rs 40,000 crore for development of 6,000 MW hybrid <keyword id="3418615" type="General" weightage="20" keywordseo="wind-solar" source="Orion">wind-solar</keyword> projects in <keyword id="19906863" type="General" weightage="20" keywordseo="gujarat" source="keywords">Gujarat</keyword>. The agreement was signed in the presence of Gujarat Chief Minister Bhupendrabhai Patel on the sidelines of the Vibrant Gujarat Global Summit 2024 on January 10-12 at Gandhinagar, a company statement said. According to the statement, <keyword id="20197400" type="General" weightage="20" keywordseo="avaada" source="keywords">Avaada</keyword> Group has signed a Memorandum of Understanding (MoU) with the <keyword id="6370685" type="General" weightage="20" keywordseo="gujarat-government" source="Orion">Gujarat government</keyword>. This <keyword id="116175" type="General" weightage="20" keywordseo="strategic-alliance" source="Orion">strategic alliance</keyword> aims to set up hybrid wind-solar projects with an aggregate 6,000 MW (6 GW) capacity in the state with an investment of about Rs 40,000 crore. The group's commitment to green initiatives in Gujarat is underscored by substantial investments in the development of a robust renewable energy ecosystem. The <keyword id="6476394" type="General" weightage="20" keywordseo="hybrid-projects" source="Orion">hybrid projects</keyword>, located in various districts of Gujarat, predominantly in the underdeveloped wastelands of Kutch, will supply power to various utilities of India including GUVNL (Gujarat Urja Vikas Nigam Ltd), and for captive use of Avaada's green hydrogen/ammonia projects. These projects will substantially reduce the carbon emissions and dependability of conventional power sources. With an estimated annual generation of 17.5 billion units of green electricity, this will lead to a reduction of approximately 16.3 million tonnes of CO2 equivalent emissions annually, contributing significantly to India's green energy supply and powering nearly 12.6 million households. Moreover, it will generate 1,200 direct and indirect jobs, thereby contributing to local and regional economic development. "This strategic partnership signifies our unwavering commitment to foster a robust, clean energy ecosystem. Besides the signing of the new 6 GW capacity in the state, we already have projects of 2 GW capacity that are operational or at various stages of implementation in the state of Gujarat," Vineet Mittal, Chairperson of Avaada Group, said in the statement. Avaada Group is into production of solar modules, renewable power generation, and the development of large-scale projects for green hydrogen, green methanol, green ammonia, and sustainable aviation fuel.

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