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Tag: Climate

  • Electrical automobile startup Lordstown Motors names new CEO following Foxconn deal

    Signage out of doors Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, Would possibly 15, 2021.

    Dustin Franz | Bloomberg | Getty Pictures

    Electrical automobile startup Lordstown Motors stated Tuesday that its president, Edward Hightower, will probably be its new CEO, efficient instantly. He replaces Daniel Ninivaggi, who strikes right into a strategic function as the corporate’s government chairman.

    Hightower, a veteran engineer with previous enjoy at Ford Motor and Common Motors, will proceed to guide the corporate’s three way partnership with Taiwanese contract producer Foxconn, which purchased Lordstown’s Ohio manufacturing unit for $230 million in Would possibly. The three way partnership plans to design and expand EVs, which will probably be manufactured via Foxconn.

    “With over 30 years of automobile enjoy and having made vital contributions to the Staying power release preparation and Foxconn transactions, Edward is the very best individual to guide the corporate and release our product construction efforts with Foxconn,” Ninivaggi stated in a commentary. 

    Ninivaggi joined Lordstown in August of 2021 after the corporate’s founder, Steve Burns, was once compelled out amid allegations that he had misled traders. Ninivaggi is credited with main an overhaul of Lordstown’s manufacturing plan for the Staying power, an electrical pickup truck, and with engineering the sale of its manufacturing unit to Foxconn in alternate for much-needed capital. He’ll focal point on “company technique, strategic partnerships, and capital elevating” in his new function, the corporate stated.

    Lordstown’s stocks had been up about 4% in premarket buying and selling following the announcement.

  • Texas grid operator tells citizens to curb energy as warmth hits file highs

    A transmission tower is noticed on July 11, 2022 in Houston, Texas. ERCOT (Electrical Reliability Council of Texas) is urging Texans to voluntarily preserve energy as of late, because of excessive warmth doubtlessly inflicting rolling blackouts.

    Brandon Bell | Getty Photographs

    Texas’ grid operator is caution citizens to preserve power for the second one time this 12 months, as fears mount over doable rolling blackouts amid sizzling temperatures this week.

    The Electrical Reliability Council of Texas, which manages about 90% of the state’s electrical energy load, mentioned that citizens and companies must flip up thermostats by means of no less than one stage Fahrenheit and no longer use any main home equipment between 2 p.m. and eight p.m. Central time on Monday.

    The Texas regulator additionally projected a scarcity in power reserves on Monday “with out a marketplace resolution to be had,” however mentioned it does no longer be expecting systemwide outages. Not up to 10% of wind energy era can be to be had on Monday, ERCOT mentioned, additional reducing the volume of to be had energy within the state.

    “The warmth wave that has settled on Texas and far of the central United States is using greater electrical use,” ERCOT mentioned in a remark. “Whilst solar energy is most often achieving close to complete era capability, wind era is these days producing considerably not up to what it traditionally generated in this period of time.”

    More or less 50 million other people within the U.S. have been below warmth warnings or advisories over the weekend, in step with the Nationwide Climate Provider. Warmth indexes reached over 110 levels in southeast Texas on Sunday, resulting in file prime energy call for that is put drive at the grid.

    Document energy utilization led to by means of excessive climate has brought on issues over the vulnerability of the state’s grid gadget, following a perilous wintry weather hurricane in February 2021 that left hundreds of thousands of citizens with out energy for days.

    Local weather trade has induced extra widespread and intense failures akin to warmth waves, drought and wildfires, that have compelled extra blackouts and beaten one of the crucial nation’s infrastructure. Excessive climate has led to 67% extra main energy outages within the U.S. since 2000, in step with an research by means of analysis workforce Local weather Central.

    ERCOT forecast that electrical energy call for in Texas will height at 79,671 megawatts, moderately underneath the to be had 80,083 megawatts on Monday.

  • Rivian making plans layoffs that might goal about 5% of body of workers, document says

    Rivian electrical pickup vehicles take a seat in a carpark at a Rivian carrier heart on Might 09, 2022 in South San Francisco, California. 

    Justin Sullivan | Getty Photographs

    Electrical automobile startup Rivian Car is making plans layoffs that might trim its group of workers by means of about 5% after the corporate grew too temporarily in some spaces, Bloomberg reported on Monday.

    The loads of layoffs might be introduced within the coming weeks, Bloomberg reported, mentioning other folks aware of the subject. However the layoffs are nonetheless within the drafting board and no ultimate selections had been made, the document mentioned.

    The Irvine, California-based corporate has about 14,000 staff.

    Rivian’s stocks had been down about 7% in mid-afternoon buying and selling following the scoop.

    Rivian has added hundreds of latest staff during the last 12 months as it all started manufacturing of its personal electrical vehicles and SUVs in addition to a supply van for Amazon. Rivian”s stocks surged amid intense investor passion in a while after it went public overdue closing 12 months, however have since fallen over 80% as the corporate has struggled to ramp up manufacturing amid international supply-chain disruptions.

    A Rivian spokesperson declined to remark at the document.

    Learn the overall document right here.

  • India set to overhaul China as the sector’s maximum populous nation in 2023, UN says

    Folks photographed in Bengaluru, Karnataka, India. Consistent with the UN, India is house to over 1.4 billion other folks.

    Peter Adams | Stone | Getty Photographs

    India is not off course to overhaul China because the planet’s maximum populous nation subsequent 12 months, in keeping with a U.N. document revealed on Monday.

    The document, from the inhabitants department of the U.N.’s Division of Financial and Social Affairs, mentioned China and India have been each and every house to over 1.4 billion other folks in 2022.

    “India is projected to surpass China as the sector’s maximum populous nation all through 2023,” the U.N. mentioned. The Indian govt’s census for 2011 put the rustic’s inhabitants at greater than 1.2 billion.

    “The worldwide human inhabitants will achieve 8.0 billion in mid-November 2022 from an estimated 2.5 billion other folks in 1950,” in keeping with the U.N.’s document.

    Taking a look additional forward, the U.N. mentioned its newest projections confirmed the worldwide inhabitants may achieve more or less 8.5 billion in 2030 and 10.4 billion in 2100.

    Closing 12 months, the U.N. mentioned that the “reasonable fertility” of the planet’s inhabitants amounted to two.3 births in line with lady throughout an entire life.

    This compares to roughly 5 births in line with lady in 1950, in keeping with Monday’s document. “International fertility is projected to say no additional to two.1 births in line with lady by means of 2050,” it mentioned.

    The U.N.’s document used to be launched on International Inhabitants Day. In a remark, U.N. Secretary-Basic Antonio Guterres mentioned the day represented “an instance to have fun our variety, acknowledge our not unusual humanity, and surprise at developments in well being that experience prolonged lifespans and dramatically lowered maternal and kid mortality charges.”

    “On the similar time, this can be a reminder of our shared accountability to maintain our planet and a second to replicate on the place we nonetheless fall in need of our commitments to each other,” Guterres mentioned.

    Learn extra about power from CNBC Professional

    With an enormous inhabitants and a significant financial system, India’s want for assets within the years forward will turn out to be an increasing number of urgent. On Monday, Reuters, mentioning data from Refinitiv and industry resources, mentioned June noticed the rustic’s coal imports achieve “a document top.”

    The deal reached on the COP26 local weather alternate summit in Nov. 2021 confronted obstacles associated with the phasing out of coal, fossil gasoline subsidies and fiscal strengthen to low-income nations.

    India and China, each a few of the global’s largest burners of coal, insisted on a last-minute alternate of fossil gasoline language within the Glasgow Local weather Pact — from a “section out” of coal to a “section down.” After preliminary objections, opposing nations in the long run conceded.

    — CNBC’s Sam Meredith contributed to this document.

  • Europe on top alert as Russia quickly halts fuel flows by way of primary pipeline

    The Nord Flow 1 pipeline, by which Russian herbal fuel has been flowing to Germany since 2011, shall be close down for round 10 days for scheduled upkeep paintings.

    Image Alliance | Image Alliance | Getty Pictures

    Europe is bracing for a longer shutdown of Russian fuel provides as upkeep works start at the Nord Flow 1 pipeline that brings fuel to Germany by way of the Baltic Sea.

    Operator Nord Flow AG showed the upkeep works, that are scheduled to run from Monday thru to July 21, were given underway as deliberate on Monday morning. Russian fuel flows by way of the pipeline are anticipated to drop to 0 later within the day.

    The Nord Flow 1 pipeline is Europe’s unmarried greatest piece of fuel import infrastructure, wearing round 55 billion cubic meters of fuel in step with yr from Russia to Germany.

    Europe fears the suspension of deliveries might be prolonged past the 10-day timeline, derailing the area’s iciness provide arrangements and exacerbating a fuel disaster that has triggered skyrocketing power expenses for families and emergency measures from policymakers.

    It comes as Ecu governments scramble to fill underground garage with fuel provides to supply families with sufficient gas to stay the lighting on and houses heat right through iciness.

    The EU, which receives kind of 40% of its fuel by way of Russian pipelines, is attempting to impulsively scale back its reliance on Russian hydrocarbons in keeping with President Vladimir Putin’s months-long onslaught in Ukraine.

    Klaus Mueller, the pinnacle of Germany’s power regulator, believes that the Kremlin might proceed to throttle Europe’s power provides past the scheduled finish of the upkeep works.

    “We can not rule out the chance that fuel delivery may not be resumed afterwards for political causes,” Mueller instructed CNBC ultimate week.

    Power analysts agree that the chance of a brief interruption is top, specifically as Russian fuel flows have already dropped by means of about 60% in contemporary months.

    Russia’s state-backed power large Gazprom has cited the behind schedule go back of kit serviced by means of Germany’s Siemens Power in Canada for its diminished flows.

    Canada mentioned over the weekend that it could go back a repaired fuel turbine again to Germany to be used within the Nord Flow 1 pipeline, whilst additionally increasing the sanctions towards Russia’s power sector.

    Russia mentioned ultimate week that it could building up fuel provides to Europe if the turbine being serviced in Canada was once returned. Kremlin spokesperson Dmitry Peskov additionally pushed aside claims that Russia was once the use of oil and fuel to exert political force over Europe, Reuters reported.

    ‘Most financial battle’

    Analysts at political chance consultancy Eurasia Team mentioned that if Putin orchestrated a complete cut-off of fuel provides past the scheduled finish of upkeep works at the Nord Flow 1 pipeline, Germany would most likely be compelled to transport to stage 3 of its three-stage emergency fuel plan.

    At this stage, Germany’s regulator Bundesnetzagentur would wish to make a decision the way to distribute fuel provides national.

    Henning Gloystein, director of power, local weather and assets at Eurasia Team, instructed CNBC that this type of transfer would constitute a “most financial battle” state of affairs.

    “Germany has change into a hotspot for all of the EU,” Gloystein mentioned. “Germany has Europe’s greatest inhabitants, it is the greatest financial system, it is the greatest fuel shopper, it is the greatest unmarried importer of Russian fuel, and it’s got 9 land borders. So, no matter occurs in Germany spills into the remainder of Europe.”

    Russia has bring to a halt fuel provides to a number of Ecu international locations that refused to conform to Putin’s gas-for-rubles fee call for.

    “This is in fact why despite the fact that … we expect Russia will go back a little bit bit,” Gloystein mentioned. “They would like a little bit little bit of a bargaining chip in case the Europeans tighten the sanctions additional so then the Russians can retaliate with that.”

    German Financial system Minister Robert Habeck and Chancellor Olaf Scholz are pictured right through a weekly cupboard assembly on July 1, 2022.

    Image Alliance | Image Alliance | Getty Pictures

    A spokesperson for Germany’s Federal Ministry of Economics and Local weather Motion instructed CNBC ultimate week that the federal government was once intently tracking the fuel marketplace scenario forward of the scheduled upkeep works.

    “Safety of provide is recently nonetheless assured, however the scenario is critical,” the spokesperson mentioned.

    “At this time, the amounts will also be procured available on the market, albeit at top costs. Garage may be proceeding at the present. We’re in shut alternate in this with the investors, who’re making ready for this date,” they added.

  • ECB pressure check presentations maximum banks do not come with weather chance of their credit score fashions

    Environmental protesters take to the streets all over an indication via Fridays for Long term within the economic district of Frankfurt, Germany, in August closing yr.

    Bloomberg | Bloomberg | Getty Photographs

    The result of the Eu Central Financial institution’s first weather chance pressure check display that almost all banks don’t sufficiently incorporate weather chance into their stress-testing frameworks and inner fashions.

    In a record revealed Friday, the ECB mentioned the findings reaffirm the view that banks should sharpen their center of attention on weather chance.

    “Euro house banks should urgently step up efforts to measure and organize weather chance, final the present knowledge gaps and adopting excellent practices which are already provide within the sector,” Andrea Enria, chair of the ECB’s supervisory board, mentioned in a commentary.

    A complete of 104 banks participated within the check, which is the primary of its sort, the ECB mentioned, offering knowledge over 3 modules, or classes. The ones integrated their very own weather stress-testing functions; their reliance on carbon-emitting sectors; and their efficiency below other eventualities over a number of time horizons.

    The result of the primary module discovered that more or less 60% of banks don’t but have a weather chance stress-testing framework.

    In a similar fashion, the ECB mentioned maximum banks don’t come with weather chance of their credit score chance fashions and simply 20% believe weather chance as a variable when granting loans.

    As for the reliance of banks on carbon-emitting sectors, the ECB mentioned that on mixture, virtually two-thirds of banks’ source of revenue from non-financial company shoppers stems from greenhouse gas-intensive industries.

    In lots of circumstances, the record discovered banks’ “financed emissions” come from a small collection of massive counterparties, which will increase their publicity to emission-intensive sectors.

    Inside the 3rd module, the effects have been restricted to 41 without delay supervised banks to verify proportionality towards smaller banks. It required lenders to mission losses in excessive climate occasions below other transition eventualities.

    The effects warned that credit score and marketplace losses may quantity to round 70 billion euros ($70.6 billion) on mixture this yr for the 41 without delay supervised banks.

    The ECB famous, then again, that this “considerably understates the real climate-related chance” because it displays just a fraction of the particular danger. This was once due, partially, to a lack of to be had knowledge.

    “This workout is a an important milestone on our trail to make our economic gadget extra resilient to weather chance,” mentioned Frank Elderson, vice-chair of the ECB supervisory board. “We think banks to take decisive motion and expand powerful weather stress-testing frameworks within the brief to medium time period.”

    ECB President Christine Lagarde prior to now mentioned the central financial institution was once taking steps to include weather trade “into our financial coverage operations.”

    Bloomberg | Bloomberg | Getty Photographs

    The ECB mentioned it accumulated each qualitative and quantitative knowledge, to be able to assessing the sphere’s weather chance preparedness and accumulating easiest practices for coping with climate-related chance.

    The record concluded that almost all banks would want to paintings additional on bettering their pressure check frameworks’ governance construction, knowledge availability and modeling tactics.

  • Volkswagen CEO says EV outlook is ‘superb,’ expects to scale back supply occasions this 12 months

    An ID. Buzz photographed at a plant in Hanover, Germany, on June 16, 2022. Provide chain constraints — together with the ones associated with semiconductors — were a significant problem for automakers in recent years.

    Ole Spata | Image Alliance | Getty Photographs

    The CEO of German car massive Volkswagen sought to soothe considerations about electrical automobile gross sales and semiconductor provides on Thursday, predicting supply occasions for EVs gets shorter because the 12 months progresses.

    “The outlook is excellent, we’ve got [a] superb order consumption in Asia,” Herbert Diess instructed CNBC’s Annette Weisbach on Thursday.

    Provide chain constraints — together with the ones associated with semiconductors — have confirmed to be a significant problem for automakers in recent years.

    “We are seeking to stay supply occasions quick,” Diess stated, “however we’ve got a lead time of a 12 months or so lately, so we’re ramping up manufacturing … 5 meeting crops are getting into manufacturing now.”

    Stocks of Volkswagen traded up 5% all through afternoon offers in London. The Frankfurt-listed inventory value is down over 28% year-to-date.

    “We will be able to see a ramp-up in the second one part of the 12 months to in reality have the ability to cut back supply occasions for our EVs,” he added. “There may be prime call for in Europe and in addition in the US.”

    Semiconductors, Diess famous, nonetheless represented a bottleneck, however stated this used to be prone to trade quickly. “We will be able to see an alleviation via the following weeks,” he stated.

    Diess’ feedback got here at the similar day his corporate broke flooring on a cellular manufacturing facility in Salzgitter, Germany, and introduced a battery corporate referred to as PowerCo. In a commentary, it stated PowerCo could be “liable for international battery actions of the Volkswagen Team.”

    It added that, within the duration as much as 2030, PowerCo would “make investments greater than €20 billion [$20.4 billion] along with companions within the construction of the trade house, to generate annual gross sales in far more than €20 billion and to make use of as much as 20,000 folks in Europe by myself.”

    By way of the 12 months 2030, VW says it needs no less than 70% of its Ecu earnings to return from electrical automobiles. In China and North The us, its function is no less than 50% of earnings from EVs.

    Previous this 12 months, VW introduced plans to re-launch the long-lasting Scout logo as a fully-electric pick-up and “rugged” SUV, with prototypes because of be printed in 2023 and manufacturing deliberate to start out in 2026.

    The corporate may be concentrating at the construction of cars such because the totally electrical ID Buzz, which is encouraged by means of the T1 Microbus or “hippie” van.

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  • Shell to construct Europe’s ‘greatest’ renewable hydrogen plant to lend a hand energy Dutch refinery

    On Wednesday, Shell stated the Holland Hydrogen I facility could be “Europe’s greatest renewable hydrogen plant” when operations get started in 2025. Shell is one in every of a number of giant companies having a look to put down a marker within the sector.

    Ina Fassbender | AFP | Getty Photographs

    Plans to construct a big hydrogen plant within the Netherlands will pass forward following a last funding choice through subsidiaries of oil and gasoline massive Shell.

    In a press release Wednesday, Shell stated the Holland Hydrogen I facility could be “Europe’s greatest renewable hydrogen plant” when operations get started in 2025.

    In line with Shell, the 200 megawatt electrolyzer might be positioned within the Port of Rotterdam, Europe’s greatest seaport, producing up to 60,000 kilograms of renewable hydrogen each day.

    Hydrogen has a various vary of programs and may also be deployed in quite a lot of industries. It may be produced in quite a few techniques. One way contains the usage of electrolysis, with an electrical present splitting water into oxygen and hydrogen.

    If the electrical energy used on this procedure comes from a renewable supply equivalent to wind or sun then some name it “inexperienced” or “renewable” hydrogen.

    Shell stated the electrolyzer within the Netherlands would use renewable energy from the Hollandse Kust (noord) offshore wind farm, a 759 MW mission set to be operational in 2023. Shell is a part-owner of the wind farm.

    The hydrogen generated through the plant might be funneled to the Shell Power and Chemical compounds Park Rotterdam the usage of a brand new hydrogen pipeline known as HyTransPort.

    The theory is this renewable hydrogen “will substitute one of the crucial gray hydrogen” — which is produced the usage of fossil fuels — used on the web page. “This may occasionally in part decarbonise the power’s manufacturing of power merchandise like petrol and diesel and jet gasoline,” Shell stated.

    In a remark, Anna Mascolo, who’s govt vice chairman for rising power answers at Shell, stated renewable hydrogen would, “play a pivotal position within the power machine of the long run and this mission is crucial step in serving to hydrogen fulfil that possible.”

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  • Rivian confirms it is on target to construct 25,000 electrical cars this 12 months

    Manufacturing of electrical Rivian R1T pickup vehicles on April 11, 2022 on the corporate’s plant in Standard, Unwell.

    Michael Wayland / CNBC

    Electrical-vehicle startup Rivian Automobile stated it produced greater than 4,000 cars in the second one quarter and that it stays on target to construct 25,000 cars in 2022.

    Stocks of Rivian opened sharply upper and held directly to the beneficial properties, finishing the day at $29.66, up 10.4%.

    Rivian stated in a observation that it produced 4,401 of its electrical R1T pickups and R1S SUVs within the quarter and that 4,467 cars had been brought to consumers within the duration. The corporate did not escape manufacturing or deliveries by means of type.

    The corporate stated final 12 months in its IPO roadshow that it anticipated to construct 50,000 cars in 2022. But it surely minimize that steerage by means of part in March, pronouncing that ongoing world supply-chain problems had “added a layer of complexity” to its efforts to ramp up manufacturing. The corporate stated Wednesday it nonetheless expects to make 25,000 cars this 12 months.

    Even if nonetheless small, the marketplace for electrical pickups is anticipated to develop impulsively over the following couple of years. Ford Motor stated Tuesday that it bought 1,837 of its electrical F-150 Lightnings in June and that it has bought 2,296 in overall since starting manufacturing in past due Would possibly.

    From the start of manufacturing in past due 2021 throughout the finish of June, Rivian produced a complete of seven,969 cars.

  • Toyota hits electric-vehicle gross sales milestone, joins Tesla and GM in triggering phaseout of tax incentives for patrons

    A Toyota bZ4X on show on the New York Auto Display, April 13, 2022.

    Scott Mlyn | CNBC

    Toyota Motor mentioned it offered its 200,000th plug-in electrical automobile all through the second one quarter, triggering a phaseout of U.S. tax incentives of as much as $7,500 for individuals who purchase the automobiles.

    The Eastern automaker joins Tesla and Normal Motors in beginning a phaseout of the credit score for long run customers who acquire an all-electric or plug-in hybrid electrical automobile. The milestone comes at an inopportune time, with Toyota ramping up manufacturing of its new all-electric bZ4X.

    In June, the CEOs of Normal Motors, Ford Motor, Chrysler mum or dad Stellantis and Toyota Motor North The us recommended Congress to raise the cap at the collection of EVs a producer sells earlier than the credit get started phasing out. However Toyota and different automakers with nonunion workforces within the U.S. adverse a tax credit score program final yr via the Biden management that incorporated further credit for EVs constructed via arranged hard work.

    Warring parties of the tax program say that the credit have in large part benefited the rich and that the federal government mustn’t subsidize the purchases. Supporters of the credit say they’ve spurred adoption of electrical cars and assisted in decreasing the price of the expensive cars for customers.

    The winding down of the federal tax credit begins two quarters after an automaker sells 200,000 plug-in cars. The worth of the tax credit score is halved each six months till it hits 0.

    Toyota’s wind-down of the credit score will start Oct. 1 and be whole via October 2023, the corporate showed Wednesday to CNBC.

    The winding down of the credit is pending any adjustments to the EV tax credit score program, which began in 2008 and was once expanded in 2009.

    Nissan and Ford Motor are the following nearest producers with regards to tapping out on credit, in line with Bloomberg Information, which first reported Toyota’s phase-out beginning. Nissan has offered 166,000 electrical cars as of the tip of 2021, adopted via Ford’s 157,000, in line with Bloomberg.