Alternative and Renewable Energy

Subterms

    Latest story

    138 Shares60 Views

    Senate Proposal Ends Tax Cuts for Clean Energy, Disappointing Climate Advocates

    by

    A Senate tax package softens some blows imposed on renewables by a House version of the bill. But it still terminates many credits for clean power.Climate advocates, Democrats, and even some House Republicans who last month had supported a tax package that gutted federal support for clean energy were hoping the Senate would make fixes to protect energy manufacturing and jobs.But on Monday, Senate Republicans disappointed them, proposing to quickly end most tax breaks for wind and solar power, electric vehicles and other clean energy.Draft legislation released by the Senate Finance Committee would terminate or scale back most of the major tax incentives for clean energy contained in the Inflation Reduction Act of 2022, the Biden administration’s signature climate law.The plan would eliminate within six months a $7,500 consumer tax credit for purchases of electric vehicles as well as home energy rebates for things like electric heat pumps and induction stoves. A tax credit for homeowners who install solar panels on rooftops would end within 180 days. A subsidy for making hydrogen fuels would expire this year.Federal tax credits for wind and solar power, which have been in place for decades but were made more lucrative under the Inflation Reduction Act, would be rapidly phased out. Wind and solar companies could qualify for the full tax break only if they began construction in the next six months. They would receive 60 percent of the tax break if they began construction in 2026, and 20 percent of the tax credit if they began construction in 2027. Projects built after that would get nothing.That’s a slightly longer runway for renewable energy than is in the House version of the bill, which would have ended those tax breaks almost immediately.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 138 Shares76 Views

      in Elections

      Trump’s Trade and Tax Policies Start to Stall U.S. Battery Boom

      by

      Battery companies are slowing construction or reconsidering big investments in the United States because of tariffs on China and the proposed rollback of tax credits.Battery manufacturing began to take off in the United States in recent years after Congress and the Biden administration offered the industry generous incentives.But that boom now appears to be stalling as the Trump administration and Republican lawmakers try to restrict China’s access to the American market.From South Carolina to Washington State, companies are slowing construction or reconsidering big investments in factories for producing rechargeable batteries and the ingredients needed to make them.A big reason for that is higher trade barriers between the United States and China are fracturing relationships between suppliers and customers in the two countries. At the same time, Republicans are seeking to block battery makers with ties to China, as well as those that rely on any Chinese technology or materials, from taking advantage of federal tax credits. The industry is also dealing with a softening market for electric vehicles, which Republicans and Mr. Trump have targeted. The China-related restrictions — included in the version of Mr. Trump’s domestic policy bill passed by the House — would be very difficult for many companies to operate under. China is the world’s top battery manufacturer and makes nearly all of certain components.The Trump policy bill highlights a difficult dilemma. The United States wants to create a homegrown battery industry and greatly reduce its dependence on China — and many Republican lawmakers want to end it altogether. But China is already so dominant in this industry that it will be incredibly hard for the United States to become a meaningful player without working with Chinese companies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares139 Views

      in Elections

      The Vicious Cycle of Extreme Heat Leading to More Fossil Fuel Use

      by

      A new report illustrates a concerning dynamic: Record heat last year pushed countries to use more planet-warming fossil fuels to cool things down.Last year was the hottest on record, and global average temperatures passed the benchmark of 1.5 degrees Celsius above preindustrial times for the first time. Simultaneously, the growth rate of the world’s energy demand rose sharply, nearly doubling over the previous 10-year average.As it turns out, the record heat and rapidly rising energy demand were closely connected, according to findings from a new report from the International Energy Agency.That’s because hotter weather led to increased use of cooling technologies like air-conditioning. Electricity-hungry appliances put a strain on the grid, and many utilities met the added demand by burning coal and natural gas.All of this had the makings of a troubling feedback loop: A hotter world required more energy to cool down homes and offices, and what was readily available was fossil-fuel energy, which led to more planet-warming emissions. This dynamic is exactly what many countries are hoping to halt through the development of renewable energy and the construction of nuclear power plants.Put another way, the I.E.A. estimated that if 2024’s extreme weather hadn’t happened — that is, if weather was exactly the same in 2024 as in 2023 — the global increase in carbon emissions for the year would have been cut in half.It’s not all bad news: Increasingly, the global economy is growing faster than carbon emissions. “If we want to find the silver lining, we see that there is a continuous decoupling of economic growth from emissions growth,” said Fatih Birol, the executive director of the agency.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares99 Views

      in Elections

      Swedish Battery Maker Northvolt Collapses, a Blow to Europe

      by

      The company and its assets will be sold after it filed for bankruptcy in Sweden, sinking Europe’s best hope for competing against Asian rivals.Northvolt, Europe’s biggest hope for producing batteries in the region to power the transition to electric vehicles, will be split up and sold after it filed for bankruptcy on Wednesday in its home country, Sweden.The company, which just a few years ago appeared to be Europe’s best chance to compete against Chinese rivals, filed for Chapter 11 bankruptcy protection in the United States last year in an attempt to buy it more time to raise money.But securing funds proved too difficult. On Wednesday, Northvolt said in a statement that a court-appointed Swedish trustee would take over the process of selling off its business and assets.The company’s subsidiaries Northvolt Germany and Northvolt North America are not part of the bankruptcy proceedings in Sweden.Founded in 2016 by a former Tesla executive, Northvolt has been struggling for months, cutting jobs and restructuring operations even before it sought bankruptcy protection.“Despite pursuing all available options to negotiate and implement a financial restructuring, including a Chapter 11 restructuring process in the United States, and despite liquidity support from our lenders and key counterparties, the company was unable to secure the necessary financial conditions to continue in its current form,” Tom Johnstone, the company’s interim chairman, said in a statement.European carmakers get their batteries from South Korea’s LG Energy Solution and Samsung, as well as the world’s leading producer, CATL of China. Northvolt sought to capture 25 percent of the European battery market by 2030.Last year, the company was able to secure a $5 billion loan from the European Union to expand its production.But it was still not enough to counteract the challenges the company faced, from accidents at a plant in Sweden to the loss of a contract with BMW worth 2 billion euros, or $2.15 billion. More

    • 150 Shares99 Views

      in Elections

      The World Bank Pivoted to Climate. That Now May Be a Problem.

      by

      The Trump administration’s deep cuts to clean-energy programs are raising concerns about U.S. commitments to the lender.As the Trump administration imposes deep cuts on foreign aid and renewable energy programs, the World Bank, one of the most important financiers of energy projects in developing countries, is facing doubts over whether its biggest shareholder, the United States, will stay on board.While the Trump administration has voiced neither support nor antipathy for the bank, it has issued an executive order promising a review of U.S. involvement in all international organizations. And Project 2025, the right-wing blueprint for overhauling the federal government, has pressed for withdrawal from the World Bank.If the United States were to withdraw, the bank would lose its triple-A credit rating, two credit-rating companies warned in recent weeks. That could significantly reduce its ability to borrow money. Roughly 18 percent of the bank’s funding comes from the United States.In an interview, Ajay Banga, the bank’s president, said his institution was fundamentally different from the aid agencies, such as U.S.A.I.D., that the Trump administration has been cutting. And he used some of the administration’s own talking points to argue the case: Investment in natural gas and nuclear power is good, he said, and the development projects funded by the bank can help prevent migration.He also said that the bank makes money and shouldn’t be seen as charity from U.S. taxpayers.“The World Bank is profitable,” he said, noting that it more than covers its own administrative costs even if most of its projects are designed to yield slim returns. “It’s not as though we take money every year from taxpayers to subsidize us and our salaries.”The concern about the bank’s future is heightened as the second Trump administration doubles down on its repudiation of climate projects and promotes an accelerated expansion of U.S. oil and gas projects.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares159 Views

      in Elections

      Trump’s Funding Freeze Raises a New Question: Is the Government’s Word Good?

      by

      As the Trump administration continues to withhold billions of dollars for climate and clean energy spending — despite two federal judges ordering the money released — concerns are growing that the United States government could skip out on its legal commitments.Typically, when the federal government spends money through a grant or a loan program approved by Congress, it signs a legally binding agreement, known as an obligation, to deliver the money. Companies, states and other recipients often spend millions of dollars to buy equipment, hire workers, build facilities and more, fully expecting that the federal government will make good on its promise to reimburse the funds.That expectation has been upended by the new administration.Following an order by President Trump, federal agencies, including the Energy Department, Environmental Protection Agency and the Agriculture Department, have paused funding for a wide range of obligated grants related to the 2022 Inflation Reduction Act and 2021 bipartisan infrastructure law, sweeping laws that provided billions for climate and energy programs.In just a few weeks, the consequences have begun to be felt nationwide. School districts that planned to use promised federal dollars to buy electric school buses have seen their accounts frozen. Farmers and store owners that spent hundreds of thousands of dollars of their own money to replace old refrigeration systems or install solar panels are finding their requests for reimbursements delayed.Two federal judges have explicitly ordered the Trump administration to end its freeze and let the money flow again. On Monday, one of those judges, Judge John J. McConnell Jr. in Rhode Island federal court, said the White House was defying his order by withholding funds.Jessica Tillipman, associate dean for government procurement law at the George Washington University Law School, said the administration’s actions had jeopardized the integrity of federal contracting.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares189 Views

      in Elections

      BP to ‘Reset’ Strategy After Pressure From Investors, C.E.O. Says

      by

      The energy giant was vague on details, but analysts say the changes will likely include less spending on renewable sources and a bigger investment in oil and natural gas production.Murray Auchincloss, the chief executive of the struggling energy giant BP, promised “a fundamental reset” of the company’s strategy on Tuesday while reporting disappointing earnings.The shift comes after a long period of lackluster share performance compared with its industry peers. BP’s weak stock price has attracted interest from Elliott Investment Management, a hedge fund known for shaking up its targets in an effort to improve shareholder value.Mr. Auchincloss is reserving the details of BP’s shift for a presentation to investors on Feb. 26, but analysts seem to have little doubt about its direction.BP is likely to reduce spending on low-emissions energy technologies like wind and hydrogen and try to boost oil and natural gas production, they say. “We would anticipate that there will be major changes in capital allocation, particularly around lower spending in the low-carbon arena,” Alastair Syme, an analyst at Citigroup, wrote in a note to clients on Tuesday.Mr. Auchincloss appears headed toward a major reversal of the course taken by his predecessor, Bernard Looney, who left the company in 2023 after failing to disclose personal relationships with colleagues.In the early part of this decade, when oil prices were low and governments were pressing companies to reduce emissions, Mr. Looney aggressively invested in green technologies like offshore wind and throttled back on oil and gas.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 163 Shares169 Views

      in Elections

      Nuclear Power Was Once Shunned at Climate Talks. Now, It’s a Rising Star.

      by

      Growing worldwide energy demand and other factors have shifted the calculus, but hurdles still lie ahead.For years at global climate summits, nuclear energy was seen by many as part of the problem, not part of the solution.Sama Bilbao y Leon has been attending the annual United Nations climate change talks since 1999, when she was a student of nuclear engineering. And for most of that time, she said, people didn’t want to discuss nuclear power at all.“We had antinuclear groups saying, ‘What are you doing here? Leave!’” she said.These days, it’s a very different story.At last year’s climate conference in the United Arab Emirates, 22 countries pledged, for the first time, to triple the world’s use of nuclear power by midcentury to help curb global warming. At this year’s summit in Azerbaijan, six more countries signed the pledge.“It’s a whole different dynamic today,” said Dr. Bilbao y Leon, who now leads the World Nuclear Association, an industry trade group. “A lot more people are open to talking about nuclear power as a solution.”The list of countries pledging to build new nuclear reactors, which can generate electricity without emitting any planet-warming greenhouse gases, includes longtime users of the technology like Canada, France, South Korea and the United States. But it also includes countries that don’t currently have any nuclear capacity, like Kenya, Mongolia and Nigeria.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares189 Views

      in Elections

      Exxon Chief to Trump: Don’t Withdraw From Paris Climate Deal

      by

      Darren Woods was one of only a few Western oil executives attending a global climate conference in Baku, Azerbaijan.Darren Woods, the chief executive of Exxon Mobil, cautioned President-elect Donald J. Trump on Tuesday against withdrawing from the Paris agreement to curb climate-warming emissions, saying Mr. Trump risked leaving a void at the negotiating table.Mr. Woods, speaking at an annual U.N. climate summit in Baku, Azerbaijan, described climate negotiations as opportunities for Mr. Trump to pursue common-sense policymaking.“We need a global system for managing global emissions,” Mr. Woods said in an interview with The New York Times in Baku. “Trump and his administrations have talked about coming back into government and bringing common sense back into government. I think he could take the same approach in this space.”Mr. Woods also urged government officials to create incentives for companies to transition to cleaner forms of energy in a profitable way.“The government role is extremely important and one that they haven’t been successfully fulfilling, quite frankly,” he said.Mr. Woods’s presence in a stadium teeming with diplomats is all the more noteworthy because of who is not here in Azerbaijan, a petrostate on the Caspian Sea that was once part of the Soviet Union. Many heads of state, including President Biden, have taken a pass, as have the leaders of several big oil companies like Shell and Chevron.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More