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EU countries want oil exploration to be classed as a green investment
20 days ago
- EU governments verbally support the fossil fuel phase-out but continue facilitating green investments in companies building new fossil fuel projects.
- A new EU deal allows private investments for green activities to fund companies involved in both renewable projects and new oil and gas infrastructure.
- Major oil and gas firms investing in renewables or carbon capture can remain in sustainable investment funds despite ongoing fossil fuel expansion.
Elon Musk quietly buys a $1 billion gas turbine company to power Grok
6 days ago
- Elon Musk acquired APR Energy, a mobile gas and diesel turbine company with over 1 GW capacity, to power xAI's Grok data centers.
- The $1 billion+ deal was uncovered via an FTC notice, with no public announcement, and involves fossil-fuel combustion for quick deployment.
- xAI uses unpermitted gas turbines in Memphis, facing legal challenges from environmental groups over pollution and health risks in nearby communities.
- Grok's primary traffic is driven by adult content, including porn generation and AI companions, raising ethical concerns about its use.
- Musk's move contrasts with his past advocacy for solar energy, as Tesla dropped 'sustainable' from its mission and he now owns a fossil fuel company.
- Critics argue Musk could use Tesla's clean energy solutions like Megapacks but chose gas turbines for speed, prioritizing AI ambitions over environmental principles.
World shift to clean energy is unstoppable, IEA report says
a day ago
- The world is on an unstoppable shift towards renewable energy, but the phase-down of fossil fuels is not happening quickly enough.
- Renewables are predicted to provide half of the world's electricity by 2030, yet emissions remain too high to prevent a 1.5°C temperature rise.
- Investment in fossil fuels needs to be cut in half, while current levels are double what they should be.
- Clean energy growth is impressive, with electric car sales rising from 1 in 25 in 2020 to 1 in 5 in 2023.
- Oil and gas will continue to play a role, but new oil fields like Rosebank are criticized as inconsistent with climate goals.
- World leaders at COP28 may agree to phase out unabated fossil fuels, but abatement technologies are not yet scalable.
- Rising tensions in the Middle East add uncertainty to energy markets, drawing parallels to the 1973 oil crisis.
- Expansion of solar and wind energy offers a long-term solution to energy volatility.

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#fossil fuels

EU countries want oil exploration to be classed as a green investment

Elon Musk quietly buys a $1 billion gas turbine company to power Grok

World shift to clean energy is unstoppable, IEA report says