Renewable capacity set for 50% growth over next few years, IEA says

The Creative Drone | The Image Bank | Getty Images Renewable power capacity is forecast to increase by 50% between 2019 and 2024, the International Energy Agency (IEA) said Monday. According to its « Renewables 2019 » market report, the increase will amount to 1,200 gigawatts (GW) and be driven by drops in cost and what the IEA described as « concerted government policy efforts. » In 2018, renewable capacity hit just over 2,500 GW. If the IEA’s forecast plays out, it would bring total renewable capacity to approximately 3,700…

Electric vehicle prices finally in reach of millennial, Gen Z car buyers

Tesla Model 3 Source: Tesla Members of the millennial and Gen Z generations care more than past generations about climate change, but younger Americans have been slow to show that belief in one important way: electric car buying. Only 10% of electric vehicle buyers are between the ages of 25 and 34, according to Cox Automotive. A big reason: price. Younger generations of Americans are struggling with student debt and wage stagnation at a time when more than 70% of electric car customers’ incomes are at least $100,000. The biggest…

Millions of people are running out of water – how desalination plants are trying to fix that

Today, one out of three people don’t have access to safe drinking water. One reason is that 96.5% of that water is found in our oceans. It’s saturated with salt, and undrinkable. Most of the freshwater is locked away in glaciers or deep underground. Less than 1% of it is available to us. Desalination is an important tool in the fight against water scarcity. Its reliability is becoming critical. If you have a desalination plant, energy and seawater, you can reliably get clean water. But it’s not a cure-all. There…

Electric car start-ups — once seen as threat — now struggle to survive

Faraday Future’s FF 91 prototype electric crossover vehicle is shown at a press event for CES 2017 at The Pavilions at Las Vegas Market on January 3, 2017 in Las Vegas. Getty Images Often billed as China’s Steve Jobs, Chinese entrepreneur Jia Yueting has filed for bankruptcy in a Delaware court, claiming he owes about $3.6 billion to his various creditors. The move could complicate the already perilous situation for the electric car start-up Jia helped launch, Faraday Future. Itself laden with debt after losing about $2.15 billion since it…

Trump nominates Rick Perry deputy and former lobbyist Dan Brouillette to be Energy secretary

Dan Brouillette, United States Deputy Secretary of Energy, seen during an interview with the German Press Agency (dpa) in te course of the 54th Munich Security Conference in Munich, Germany, 16 February 2018. Sven Hoppe | picture alliance | Getty Images President Donald Trump on Friday announced that he has nominated Deputy Energy Secretary Dan Brouillette to replace departing Energy chief Rick Perry. « I am pleased to nominate Deputy Secretary Dan Brouillette to be the new Secretary of Energy. Dan’s experience in the sector is unparalleled. A total professional,…

Watch CNBC’s full interview with outgoing US Energy Secretary Rick Perry

7 Mins Ago Outgoing Energy Secretary Rick Perry joins « Squawk on the Street » to discuss his decision to leave the administration, the work he has done in the Energy department, what he might do going forward and that he has yet to decide if he will comply if the House of Representative were to issue him a subpoena Source: CNBC

Here’s how a traditional boat helped inspire the sustainable features of a 2,000-seat opera house

The skyline of Dubai is dotted with imposing structures. These include the world’s tallest building, the Burj Khalifa, which stretches more than 2,700 feet into the heavens. While these skyscrapers are undoubtedly impressive in terms of their scale and ambition, in the years ahead they will need to become increasingly sustainable. Under Dubai’s Clean Energy Strategy, authorities want to generate 75% of power from clean sources of energy by the year 2050, while authorities have also introduced regulations to ensure that new buildings reduce energy and water consumption, among other…

Surging SUV demand is canceling out the environmental benefit from electric cars

A woman fuels her SUV at an Exxon Mobile gas station in Chicago. Getty Images If worldwide demand for SUVs continues to grow at its current pace, the carbon emissions from these larger vehicles will outweigh the benefits from electric vehicles, a new study from the International Energy Agency found. The number of SUVs on the road around the world grew from 35 million in 2010 to over 200 million last year, representing 60% of the increase in the global car fleet over the 8-year period. The surge in popularity…

South African Reserve Bank chief says debt rating downgrade may be priced in

A possible downgrade of South Africa’s credit rating on November 1 may already be priced into markets, but structural reforms are still needed, the country’s central bank governor has told CNBC. Moody’s is the last of the three major ratings agencies to rate South African government debt at investment grade, but is expected by some to cut to sub-investment grade, colloquially known as ‘junk’ status, at its next review. South Africa faces a range of economic challenges as domestic and international pressures weigh on Africa’s second-largest economy, and the World…

Oil prices fall as data points to huge build in US stocks

The oil tanker ‘Devon’ prepares to transfer crude oil from Kharg Island oil terminal to India in the Persian Gulf, Iran, on March 23, 2018. Ali Mohammadi | Bloomberg | Getty Images Oil prices slid on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, adding to concerns that demand for oil around the world may weaken amid further signs of a global economic slowdown. Global benchmark Brent crude oil futures had fallen by 40 cents, or 0.7%, to $59.02 a barrel by 0110 GMT.…

We finally know what caused the refinery blast that rocked Philadelphia

Source: WCAU Philadelphia The June 21 fire at the Philadelphia Energy Solutions refining complex was likely caused by a faulty pipe, a preliminary report from the U.S. Chemical Safety and Hazard Investigation Board has found. The fire, which raged for more than 24 hours, released 5,239 pounds of deadly chemicals into the air. [embedded content] The blaze broke out early in the morning on June 21st when an elbow pipe most likely failed, allowing flammable fluid containing propane and other chemicals to escape. The leaking fluid quickly turned into a…

Energy firm backed by Warren Buffett to build a $150 million wind farm in Canada

Tali Aiona | Getty Images Construction work on a 117.6-megawatt (MW) wind farm in the oil-rich province of Alberta, Canada, will start next year. In an announcement Tuesday, BHE Canada — a wholly owned subsidiary of Warren Buffett’s Berkshire Hathaway Energy — said the Rattlesnake Ridge Wind project would generate « enough energy to supply the equivalent of 79,000 homes. » Costing over 200 million Canadian dollars ($151.2 million), the scheme is being privately financed by BHE Canada using equity and debt. The firm added that a « large Canadian corporate…

US ‘green economy’ generates $1.3 trillion and employs millions, new study finds

The green economy is driving growth and job creation in the United States, but as the rest of the world catches up, the U.S. will have to enact new and supportive policies to remain competitive, a new study from University College London found. Palm Springs, California Murat Taner | Photographer’s Choice | Getty Images The green economy generates $1.3 trillion in annual sales revenue in the United States, while creating 9.5 million full-time jobs, according to the study, authored by UCL Professor Mark Maslin and Dr. Lucien Georgeson and published…

Researchers develop ‘fully autonomous’ drones that can inspect and fix wind turbines

Researchers in the U.K. have developed autonomous drones that can inspect offshore energy sites. The drones were developed by the Offshore Robotics for the Certification of Assets (ORCA) Hub. Launched in 2017, the ORCA Hub is a consortium of five universities working with partners from industry sectors such as energy and technology. It’s led by the Edinburgh Centre for Robotics, which is in itself a partnership between the University of Edinburgh and Heriot-Watt University. Imperial College London, the University of Liverpool and University of Oxford are also involved. In a…

Geothermal project gets green light in UK after securing $21 million in funding

The Eden Project in Cornwall is home to an indoor rainforest. John Beedle | Photolibrary / Getty Images Plus | Getty Images A geothermal heat and power project in the southwest of England has secured £16.8 million ($21.23 million) in funding. In an announcement Monday, educational charity the Eden Project and EGS Energy Limited said the money would enable the first phase of the scheme, which includes the drilling of a 4.5 kilometer-deep well and a research program, to start. The well will be used to provide heat to parts…

Harley-Davidson halts production of new electronic motorcycles

Harley-Davidson LiveWire electric motorcycle  Source: Harley-Davidson  Harley-Davidson has halted production and deliveries of its new LiveWire electric motorcycle after reportedly discovering a problem with its charging mechanism. « We recently discovered a non-standard condition during a final quality check; stopped production and deliveries; and began additional testing and analysis, which is progressing well, » the company said in an emailed statement to CNBC on Monday. « We are in close contact with our LiveWire dealers and customers and have assured them they can continue to ride LiveWire motorcycles. As usual,…

Oil prices edge up, supported by Iran ship attack and US-China trade detente

Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018. Benjamin Lowy | Getty Images Oil prices were little changed on Monday, holding onto 2% gains from Friday amid renewed geopolitical tensions in the Middle East, while a detente in the U.S.-China trade war buoyed market sentiment. Brent crude futures rose 9 cents to $60.60 a barrel by 1208 GMT, while U.S. West Texas Intermediate (WTI) crude futures was at $54.79 a barrel, up 9 cents. Both contracts rose more than 3% last…

Russian wealth fund chief points to Saudi Arabia as a precedent for repairing relations with the US

Russia’s President Vladimir Putin (L) and Russian Direct Investment Fund CEO Kirill Dmitriev during a meeting with Russian Direct Investment Fund experts and representatives of international investment community at Konstantin Palace. Mikhail Klimentyev | TASS via Getty Images The head of Russia’s $10 billion state investment vehicle is optimistic about repairing relations with Washington, he told CNBC on Sunday, pointing to Moscow’s growing bond with Saudi Arabia as a precedent. Russia isn’t trying to fill a void in the Middle East left by what some describe as an inward-turning America,…

Brewer Carlsberg wants to produce a ‘paper bottle’ for its beer

Carlsberg has released details of two new « paper bottle » research prototypes it’s working on. In an announcement made during the C40 World Mayors Summit in Copenhagen on Friday, the Danish brewing giant said the « Green Fibre Bottle » prototypes were produced from sustainably sourced wood fibres and « fully recyclable. » The business has been developing the idea since 2015, working with packaging experts and academics on the project. An « inner barrier » is used to ensure the bottles can carry beer. One prototype uses a…

Oil prices jump 2% after Iran says two missiles struck one of its tankers

Six oil tankers and a U.S. spy drone have been attacked since May either in, or near, the Strait of Hormuz — a strategically important waterway which separates Iran, Oman and the United Arab Emirates. ATTA KENARE | AFP | Getty Images Oil prices rose sharply on Friday morning after Iranian officials said that two rockets had struck an Iranian tanker traveling through the Red Sea. Brent crude futures were up 2.07% at $60.33 a barrel by 8:00 a.m. London time, shortly after the news, with West Texas Intermediate (WTI) futures…

Oil rises on hopes for deeper OPEC output cuts, US-China trade talks

An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Simon Dawson | Bloomberg | Getty Images Oil prices climbed early on Friday, building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. International benchmark Brent crude futures were at $59.26 a barrel…

If PG&E now has power to shut you down, it is time to take control of your energy needs

PG&E workers install conduit in trenches for underground electric lines in Paradise, California on October 1, 2019. The utility company started switching off power to an unprecedented number of households in the face of hot, windy weather that raises the risk of wildfires. ROBYN BECK | AFP | Getty Images Another season of big wildfire risks in California was never an if, always a when. And so here we are again. Whatever you think of PG&E’s management before last year’s fires and its fire mitigation plans since it entered into…

PG&E power outage could cost the California economy more than $2 billion

A customer shops for groceries at La Tapatia Market during a blackout in Napa, California, on Wednesday, Oct. 9, 2019. David Paul Morris | Bloomberg | Getty Images The economic impact of PG&E’s preventative power cuts could be upwards of $2 billion, according to some estimates. The state’s largest utility company began cutting power for customers in Northern and Central California on Wednesday as a precautionary measure aimed at preventing the outbreak of wildfires. Amid peak fire season and forecasts of wind gusts of up to 45 mph this week,…

OPEC cuts oil demand growth forecast for a third consecutive month

The OPEC logo is seen at the Organization of the Petroleum Exporting Countries (OPEC) building in Vienna on June 20, 2018. Omar Marques | SOPA Images | LightRocket via Getty Images OPEC trimmed its forecast for oil demand growth for the third month in a row on Thursday, citing weaker-than-expected data in the Asia Pacific region as well as advanced economies in the Americas. The move is likely to add to growing pressure on the Middle East-dominated group to impose a deeper round of production cuts at its December meeting.…

Facing slowing growth and credit downgrades, South Africa’s economy is stuck in the mire

South Africa looks increasingly likely to miss its projections for GDP (gross domestic product) growth and faces a potential « junk » credit rating from all three major ratings agencies, as domestic and international pressures weigh on Africa’s second-largest economy. The World Bank has cut South Africa’s growth forecast for 2019 through to 2021, citing weak investor sentiment and lingering policy uncertainty. Growth for 2019 is now projected at 0.8%, half a percentage point lower than April’s forecast and unchanged from 2018, according to the bank’s October Africa’s Pulse report.…

Oil prices drop as hopes for US-China trade progress wilt

Journalists gather next to a damaged installation in Saudi Arabia’s Abqaiq oil processing plant on September 20, 2019. Fayez Nureldine | AFP | Getty Images Oil prices slid on Thursday as hopes faded for any significant progress in U.S.-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand. Global benchmark Brent crude futures fell 26 cents, or 0.5%, to $58.05 a barrel by 0133 GMT, while U.S. West Texas Intermediate crude was at $52.38 per barrel, down 21 cents, a 0.4%…

Michael Bloomberg’s $500 million plan to halt the growth of gas is ‘irresponsible,’ BP boss says

Outgoing BP Chief Executive Bob Dudley believes Michael Bloomberg’s $500 million plan to halt the building of gas-fired power plants in the U.S. is « irresponsible. » Speaking to CNBC’s Steve Sedgwick at the Oil & Money conference in London Wednesday, Dudley said: « Every scenario I look at, we cannot carpet the world with renewables fast enough. » In June, Michael Bloomberg, the former mayor of New York City, said that he would donate $500 million to a co-ordinated campaign called « Beyond Carbon. » The campaign, according to its website,…