Action on climate change can provide a shot in the arm for the global economy, economist says
Ramping up investment in policies and technologies to tackle climate change could play a significant role in the global economy’s recovery from the coronavirus pandemic.
In a recent note, Charles Dumas, chief economist at U.K.-based investment research firm TS Lombard, said that action on climate change is often criticized as moving too slowly. However, with governments increasing spending to aid their post-Covid economies, they may start catching up.
A key tenet of this is the ever-decreasing cost of electricity per megawatt hour, according to figures from TS Lombard, with costs of solar, offshore and onshore wind dropping over the last 10 years, while gas and coal have remained largely the same.
“Effectively by 2030 the cost of renewable electricity is going to be half that of coal and gas sourced electricity,” Dumas told CNBC.
These trends will bring many of the various pledges to reach net zero more closely in sight.
The fatal floods in Germany in recent weeks have put the impacts of climate change firmly in the spotlight again but they are only the latest in a series of devastating extreme weather events of late, including the sprawling wildfires in Oregon.
Amid this backdrop, the United Nations Climate Change Conference, better known as COP26, will meet in Glasgow in November. It will mark one of the most significant multilateral meetings on climate since the Paris agreement.
Dumas said that as COP26 approaches, governments need to understand their key priorities, and among them should be infrastructure investments as numerous technological and engineering challenges continue to obstruct renewable energy.
“I think the intermittency problem is pretty serious and it’s not just that the sun goes down at night,” Dumas said.
In the case of solar power, output can be mixed depending on the location of infrastructure like solar farms.
“There’s huge variation with sunny days in winter and sunny days in the middle of summer so the intermittency takes on a very big seasonal aspect,” Dumas said.
“You can have vicious weather for a long time in the middle of December or January and lo and behold you wouldn’t want to be depending on solar power.”
Energy transmission could be another bottleneck, he said. While the developing world, including several African nations, has great potential in developing sites for generating solar power, that power needs to move easily.
“The issue of transmission technology is really major. If you want Chad to be the new Saudi Arabia, because of the Sahara Desert there’s a lot of sun there, but you want the electricity to be used in Europe then you’re talking about some expensive processes and processes needing a lot of research and a lot of further investment.”
Storage and carbon capture are all areas that require hefty investment, Dumas added, if governments are to reach their net-zero targets.
“What we need is a very clear public policy lead in order to get anywhere near these net zero promises and I suspect that actually what it’s going to be about is a carbon tax, which the Americans may resist but will be necessary,” he said.
Paul Steele, chief economist at an independent policy research institute called the International Institute for Environment and Development, said that climate action and renewable energy investments will serve the dual purpose of tackling the climate crisis while creating jobs for the post-Covid economy.
“One of the priorities coming out of Covid is to create labor intensive employment. Both in developed and developing countries, you can provide labor intensive employment through renewable energy,” Steele said.
One example, he said, was the retrofitting of boilers in homes in the U.K., which would help push the country toward its climate targets and create new jobs while being relatively inexpensive in the grand scheme of things.
Steele said that investments to drive a climate-friendly economy cannot be short term or have quick goals.
He pointed to the various government support schemes for the airline industry, which has been battered by the pandemic. Just this week, the European courts gave the nod to a $2.9 billion bailout for Air France-KLM’s Dutch business.
Bailout funds like these should be tied to sustainability commitments by the airline industry, he said, but that can be a dicey proposition to get over the line.
“Governments aren’t making the connections enough and traditionally treasuries and particularly the ministries of transport are still dominated by road building lobbies and people who like to build highways and increase transport rather than people who want to invest in sustainable alternatives.”
Aptera’s clever new community funding program prioritizes your SEV delivery the more you invest
One week after sharing details of its Launch Edition Solar EV, Aptera Motors has announced a community funding program called Accelerate Aptera, hoping to raise between $20 and $50 million. By investing a predetermined minimum, reservation holders have a better chance at receiving delivery of one of the 2,000 Launch Edition Apteras planned. Better still, the person who invests the most on the leaderboard (yes there’s a leaderboard) locks in delivery slot #1.
It’s been a newsworthy week for Aptera Motors and solar EV companies in general. With one fellow SEV startup toiling through a bankruptcy filing and another fighting for its life, our hope in a future of EVs powered by the Sun currently rests heavily on Aptera.
Last Friday, the company’s cofounders Steve Fambro and Chris Anthony held a live streamed webinar, where they walked the public through the specifications of Aptera’s unified, preconfigured Launch Edition solar EV.
The startup’s loyal community was up in arms about the lack of DC charging capability, but it took just three days for the cofounders to take to YouTube once again and quickly makes things right. ALL Aptera solar EVs will now come equipped with DC fast charging, including the Launch Edition. Phew.
While most of last week’s Aptera news was exciting, one discouraging aspect was the fact that deliveries of the Launch Editions remain at least a year away and that the startup needs another $50 million in funding to reach its first gate of scaled production.
Well, the guys at Aptera are back with another video, this time explaining the launch of a new competitive community funding campaign called Accelerate Aptera, complete with a leaderboard.
Aptera’s accelerated funding program starts at $10,000
The company shared details of its new accelerator program in a post to its website this afternoon, which also included a new video from its cofounders you can peep below. First off, Aptera’s team is working through a Series B2 funding round, but says that will take time to secure and finalize.
Aptera has received a $21.9 million grant, but it is all but guaranteed and the process will not be completed until February or March. Furthermore, the grant is a reimbursement, so Aptera must complete eligible purchases (production equipment, machines, etc.) up to $21.9 million with its own money first.
Enter #AccelerateAptera – the company’s latest community funding program intended to put money in the bank and bridge to gap toward prospective grants and series funding rounds. Per the release:
We want to deliver solar mobility to the world as quickly as possible. Our Launch Edition vehicle is only one of many future products we hope to build that will make the world a better place. Once funded, we expect it will be 12 months until production of our first vehicle commences. Without funding, we anticipate our timelines will continue to be pushed back. Our community has always been our biggest asset and we’re asking our order holders and other supporters to now help us to accelerate our growth. If we can raise $20-50 million to execute on the first phase of our production plan, it will help tremendously. We expect our use of proceeds to include capital expenditures such as equipment and tooling and assisting in completing the requirements for obtaining the grant.
Here’s how the accelerated funding program works.
From now through March 26, anyone can invest a minimum of $10,000 in Aptera to join the Launch Edition leaderboard. Investments over $10k qualify you for a $100 coupon (okay?) and a 5% discount on your Aptera solar EV (up to $2,500 and does not include purchase price).
Whoever contributes the highest investment by the end of the funding round will receive the first delivery slot of 2,000 planned Launch Editions. The remaining 1,999 slots will be prioritized down the leaderboard.
Lastly, those reservation holders who already have their hard earned money invested in Aptera will have those amounts added to their leaderboard funding total… as soon as they donate an additional $10,000.
You can join the funding leaderboard by investing here, and can follow the “competition” here. If you still haven’t reserved an Aptera, you can do so here and get $30 off the $100 fee. To learn more about the Accelerate Aptera campaign, see the video below where the cofounders explain it best.
Norway just greenlit this vertical-axis floating wind turbine
Swedish wind turbine maker SeaTwirl got the go-ahead to test its 1 megawatt (MW) S2X vertical-axis floating offshore prototype in Norway.
Vertical-axis floating wind turbine pilot
In March 2022, Norway’s Ministry of Energy gave approval to SeaTwirl and Norwegian offshore wind test center Marine Energy Test Centre to pilot the vertical-axis floating wind prototype for five years at a former fish farm in Boknafjorden, northeast of Lauplandsholmenoff, 700 meters (2,297 feet) from the coast.
But four groups – the Norwegian Environmental Protection Association, the Norwegian Fishermen’s Association, and two campaign groups – appealed against SeaTwirl’s permit, and so the project was put on ice.
Yesterday, the Norwegian Water Resources and Energy Directorate rejected the appeal, so SeaTwirl’s S2X pilot can now proceed, and no further appeals will be considered.
CEO Peter Laurits said:
Our main focus is the commercialization of large turbines, SX, in floating wind farms. The outcome provides freedom to choose and plan the installation of S2x in the way that best supports that goal.
How S2X works
SeaTwirl says that “multiple S2xs can be placed in a dense pattern for increased output.” The company’s reasoning for building vertical (instead of horizontal) axis floating turbines is this:
The simplicity of the design and low center of gravity are the big advantages. All moving parts and electrical systems are easily accessible [and] close to the water’s surface, lowering maintenance costs.
The S2X prototype is 55 meters (180 feet) above sea level, and it’s around 80 meters (262 feet) below sea level. The turbine diameter is 50 meters (164 feet). Its rotor blade height is around 40 meters (131 feet). Its optimal operating depth is 100 meters (328 feet) and deeper.
SeaTwirl isn’t the only company testing vertical-axis wind turbines off the Norwegian coast – earlier this month, aluminum and energy giant Hydro and floating wind specialist World Wide Wind announced that they’re going to test a vertical-axis wind turbine made out of aluminum.
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Audi hints at luxury electric 4×4 to compete with Mercedes Benz and Land Rover
The luxury electric 4×4 you’ve been waiting for is set to emerge in 2027, and no, it’s not the Mercedes Benz G-Class or Land Rover Defender. It’s a new secret project from Audi.
A luxury electric Audi 4×4 coming in 2027
In a first from Audi, the German automaker is showing interest in the luxury 4×4 segment. The secret new electric SUV will feature a top-notch interior with the ability to perform its best on and off the road.
Audi unveiled its new activesphere concept Thursday, a four-door crossover coupe that doubles as a truck. The concept combines a luxury SUV, sports car, and off-roading pickup into one versatile EV.
Although this is a separate concept from the planned electric Audi 4×4, the off-road EV gives us an impression of where the automaker is headed.
In an interview with Autocar, Audi’s head of design, Marc Lichte, hinted at the idea of a new 4×4, saying:
I think there is space [for a rugged SUV in Audi’s lineup]. There is potential because there are only two premium players, and I think there is space for a third one.
Lichte didn’t give up details other than mentioning it will ride on one of Volkswagen’s platforms other than the Audi-Porshce co-developed PPE platform like the activesphere concept.
Since Volkswagen’s next-gen SSP platform designed for all segments has been delayed until at least 2028, there’s a good chance Audi’s new 4×4 will share technology with VW’s recently revived Scout off-road brand of vehicles.
Following Volkswagen’s announcement last year that it would revive the Scout brand for an all-electric lineup and bring rugged SUVs to the United States, reports surfaced VW was considering Canadian parts manufacturer Magna (which also builds the Mercedes Benz G-Class) to help build the vehicles.
The initial plans called for Audi to build Scout models in a new US facility but were later scrapped. According to Autocar, the two brands may still benefit from each other.
Audi is already working with Magna to develop electric vehicle batteries for the Scout brand. With VW reportedly leaning toward having the part supplier build 100,000 Scout EVs, there could be room for an additional 50,000 electric Audi 4×4 models to be built alongside.
Audi is already familiar with electric off-road technology with its beastly RS Q e-tron rally car (and Quattro four-wheel drive tech) and is well known for its premium luxury interior. It seems like a match made in heaven to me.
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