Russia and Saudi Arabia reject calls to end oil and gas spending, call IEA’s net-zero plan ‘unrealistic’
LONDON — Two of the world’s largest oil-producing countries plan to defy the International Energy Agency’s recommendations and continue investing in oil and gas, rejecting calls to drastically scale back the use of fossil fuels despite a deepening climate crisis.
It comes at a time when policymakers are under immense pressure to deliver on promises made as part of the Paris Agreement, a landmark accord widely recognized as critically important to avoid the most devastating impacts of climate change.
Almost 200 countries, including Russia and Saudi Arabia, ratified the Paris climate accord in 2015, agreeing to pursue efforts to limit the planet’s temperature increase to 1.5 degrees Celsius above pre-industrial levels. The agreement requires net-zero greenhouse gas emissions by 2050.
Remarkably, the world’s leading energy advisor delivered its starkest warning yet on global fossil fuel use last month, saying the exploitation and development of new oil and gas fields must stop this year if the world wants to reach net-zero emissions by the middle of the century.
Speaking at the St. Petersburg International Economic Forum on Thursday, Russian Deputy Prime Minister Alexander Novak said the IEA had ostensibly arrived at its findings “by using reverse calculations” on how to achieve net-zero emissions by 2050.
The IEA was not immediately available to return a request for comment. To be sure, the top global watchdog says halting developments in oil, gas and coal is fundamental to reaching the internationally agreed goal of net-zero emissions.
“In my view this a simplistic approach. It is also unrealistic,” Novak told CNBC’s Hadley Gamble, according to a translation.
“There is no doubt we need to move in the green energy and towards the green agenda as there is demand for it in society but we need to be clear what resources this can be done with, who is going to pay for it, what technologies and opportunities we have available to us, including in order to resolve outstanding problems that still await their solutions,” he added.
His comments come shortly after Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman joked about the IEA’s report at an online news conference earlier this week.
“It is a sequel of the La La Land movie. Why should I take it seriously?” Abdulaziz said, according to Reuters.
His reaction to the report came shortly after OPEC and non-OPEC partners — an energy alliance sometimes referred to as OPEC+ — agreed to gradually ease production cuts in the coming months amid a rebound in oil prices.
Saudi Arabia is “producing oil and gas at low cost and producing renewables. I urge the world to accept this as a reality: that we’re going to be winners of all of these activities,” he added.
Speaking to CNBC Thursday, Russia’s Novak said Saudi Arabia’s Abdulaziz had once again reaffirmed Riyadh’s commitment to invest in oil at a SPIEF panel earlier that day.
Novak said it was Moscow’s intention to do the same.
“I can assure you that the Russian Federation, its plans, its strategy [is to] continue to invest in both oil and gas and in coal. But we also invest in renewables as well, in hydrogen, in electric cars and electric charging stations, so we see the coming decade as using a mix of renewables and fossils fuels,” Novak said.
Elon Musk says Tesla has a ‘performance Cybertruck’
Elon Musk reveals that Tesla has a ‘performance Cybertruck’ – indicating that it could be one of the first versions of the electric pickup truck.
Tesla is on the verge of delivering the first Cybertruck.
Despite the automaker having produced likely hundreds of trucks and being about to start deliveries, there’s still a lot we don’t know about the electric pickup truck.
Tesla first unveiled the Cybertruck in 2019 and announced specs and pricing at the time, but the automaker is known to update its vehicles significantly from prototype to production. On top of it, the auto market has changed a lot since then, and that is expected to completely change the prices that Tesla announced for the Cybertruck.
Those expected changes have led to speculation about which Cybertruck models are going to be available, when, and at what prices.
We have recently seen evidence that at least some of Tesla’s Cybertruck release candidates are dual-motor powertrain trucks, which is leading people to believe that it might likely be the first
Now CEO Elon Musk is now adding some information into the mix by saying on X that he recently drove a “performance Cybertruck”:
I just drove the performance Cybertruck today and it kicks ass next-level.
This means that Tesla currently has a “performance” version of the Cybertruck, which could mean it could be amongst the first versions to come to market.
Tesla has previously announced a tri-motor version of the Cybertruck with the following specs:
- Tri Motor AWD with 500+ miles of range, 0-60 mph in 2.9 seconds, top speed of 130 mph, and starting price of $69,900
That could certainly qualify as a “performance version”, but there have also been rumors of Tesla offering a potential quad-motor version of the Cybertruck, which could have even higher performance.
Tesla is expected to announce all the details of the Cybertruck at a delivery event, which could come within the next few weeks.
This 100 MPH ‘street legal’ 2-seater electric race car from China looks pretty legit
Most of the fun and funky vehicles I manage to dredge up for the Awesomely Weird Alibaba Electric Vehicle of the Week are big on weirdness but short on power. This time that seems to be reversed, as this electric race car is more wild than weird and comes with some seriously impressive performance.
This isn’t some slow crawling electric battle tank or ice-cream truck shaped like a VW bus. Those are more typical of this series on odd Chinese EVs, but this time we’re going all-in for extreme performance.
That means you’d better be ready to buckle in for speeds of up to 160 km/h (100 mph)! And based on some of these product photos, I wouldn’t mind buckling into the passenger seat for the first few rides.
Powering this little racer’s rear wheels is a 10 kW (13.5 hp) electric motor, which might not sound that powerful, but remember just how potent the low end torque from an electric motor is for rocketing off the line.
And since the entire vehicle only weighs 650 kg (1,433 lb), not to mention an extra 45 kg (100 lb) of cover girl model, there just isn’t that much mass here to be accelerated.
Plus the Chinese tend to rate motors with continuous power, not peak power. So there’s probably more kilowatts under the hood than we’re expecting. There’s no information on what kind of controller is powering that motor, but I’d wager that the peak power could be closer to 20 kW (27 hp).
There’s also a surprisingly large battery in this little racer, to the tune of 14.4 kWh. It’s a 96V pack built from LG lithium-ion cells and would give several American electric motorcycles a run for their money.
According to the vendor, it should be enough for 150 km (96 miles) of range per charge, though there’s no mention if that’s on a city street track or the Indianapolis Motor Speedway.
Speaking of city streets, the company says that the vehicle is ECE certified and “can be legally driven on European streets”. I guess we’ll just have to take their word on that, unless someone wants to buy one of these and try it out themselves.
There’s no word on DOT-certification and so it’s likely not street legal in the US. But that might not stop someone from going full-‘Murica doing donuts in the local Krogers parking lot with their bald eagle riding shotgun.
If you want to get some skin in the game (eagle not included), it’s going to cost you a cool US $28,000. Or at least that would be the first payment. There’s no telling how much you’d have to fork over afterwards for ocean freight, import charges, taxes, and other add-on charges along the way.
But for anyone hoping to try their luck with the local European cops, it’s at least comforting to see that these vehicles seem to actually be in real production.
The vendor shared several images of what look like a sea of frames alongside several partially assembled race cars.
I’m not recommending anyone actually try to buy one of these from Alibaba. In fact, I’d probably recommend the opposite. Let’s just treat this as a fun window-shopping exercise.
But for the person who inevitably ignores my warnings (as many of my readers have been known to do) and plunks down some serious cash for one of these, let me know if and when it arrives. I will be there in a second to go for a ride with you!
This EV fast charging station tells you when its power is at its cheapest and greenest
This DC fast charging station tells EV drivers when renewable energy is at its peak in the grid – and thus when charging prices are cheapest.
The “Better Energy Charge” station in Sønderborg, Denmark, is owned by renewable energy company Better Energy. (It sits next to the company’s R&D solar park.)
What makes this charging station unique is its dynamic pricing model. It differs from traditional fixed pricing schemes because it incentivizes EV drivers with lower charging prices when renewable energy is at its peak on the grid.
The charging price, which is available the day before, follows the Danish energy spot prices. Similar to a gas station’s pricing signs, the EV charging station’s price board is visible from the road. (Why don’t all EV charging stations do this?)
“We want to encourage people to charge their cars when there is a lot of renewable electricity in the grid by making it cheaper when the sun is shining and the wind is blowing,” said Peter Munck Søe-Jensen, EVP of power solutions at Better Energy.
The Danish company feels its model helps drivers plan in advance to charge their EVs when energy is at its cheapest. And by charging EVs when solar and wind energy production is high, consumers can also increase the probability that it’s renewable, not fossil fuel-powered, energy.
What do you think of this model? Have you seen anything similar? Let us know in the comments below.
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