EVs, Solar, & Energy Storage: Ignoring The Science That Will Save Us
Ignoring the science that could save Planet Earth is rampant today. People can have empathy, function in society, and survive — even thrive — yet still reject basic premises of scientific climate reasoning. People want to be totally sure, for example, that the changes they make in removing themselves from reliance on fossil fuels, centralized electricity generation, and legacy autos are certain and solid decisions.
But ignoring the science disregards the facts about the climate crisis and the power of renewable technologies.
Cars, trucks, and other forms of transportation are a major producer of air pollution in the world. Climate scientists say vehicle electrification is one of the best ways to reduce planet-warming greenhouse gas emissions. A research team from MIT released data in an interactive online tool to help people quantify the true costs of their car-buying decisions — both for the planet and their budget. EVs are arriving much faster than anyone might have forecast.
The source of solar energy — the sun — is nearly limitless and can be accessed anywhere on earth at one time or another. Yes, it would take around 10 million acres of land, but that’s only about 0.4% of the area of the US to allow enough space for solar photovoltaics (PV) to supply all of the nation’s electricity.
Energy storage has been evolving and creating long-term benefits and reliability for consumers. It is critical for the entire grid as it augments energy resources and can act as a generation, transmission, or distribution asset – sometimes in a single asset. As an enabling technology, it can save consumers money, improve reliability and resilience, integrate generation sources, and help reduce environmental impacts.
If renewable energy technology is so great, then why do so many people deny its potential in our lives?
Ignoring the Science: Denial in Crisis
Public health expert Sara Gorman and psychiatrist/scientist Jack Gorman argue in a recent book that failure to adhere to scientific evidence can have dire outcomes. Their exposition can help us to unpack why well-meaning people hold to notions that sustainable energy methods like EVs, solar, and energy storage are bad.
Denying to the Grave: Why We Ignore the Science that Will Save Us updates a 2016 first edition book. The revision investigates the psychological factors that lead to self-defeating denial of facts; the authors conclude that normal, evolutionary, and adaptive tendencies act against us. If we extend their argument, the costs of wavering on renewable energy technologies are so enormous that we must make transparent theirs benefits — over and over — if we are to overcome denialism and create a citizenry who can sort out scientific climate facts from hype.
Here are some inroads to do just that offered by the authors of Denying to the Grave.
We want to think that charismatic leaders of anti-science movements are just people who hold incorrect ideas about health and well-being. The Gormans discount that notion and say, instead, that such individuals actually masquerade as selfless but gain considerable personal benefits from promulgating false ideas. Activist voices like Greta Thunberg and António Guterres have counterparts like Peter Duesberg, Andrew Wakefield, Jenny McCarthy, Gilles- Éric Séralini, and Wayne LaPierre. Such leaders have such an influence that audiences make decisions or hold beliefs that do not resemble decisions or beliefs they might otherwise hold on their own.
Confirmation bias refers to our tendency to attend only to information that agrees with what we already think is true. Just look at the world’s energy system, which definitely needs to be greened for sustainable development. However, green energy development is fundamentally established upon people’s knowledge about its comparative advantages over other types of energy development. Whether an energy candidate is truly ‘green’ depends on many factors that encompass costs and benefits in various dimensions and range from inputs to outputs along multiple lifecycles. Cognitive biases can lead to misleading language use and further result in entrenched decision-making that only leads to more ignoring the science of renewable technologies.
Ignoring the science of sustainable energy technology can often involve examining causality and filling in ignorance gaps, according to Gorman and Gorman. They say that it is highly adaptive to know how to attribute causality but that people are often too quick to do so. People have a difficult time sitting with uncertainty and accepting coincidence. Revealing ways to better comprehend true causality can be done by examining criteria for causal inference — strength, consistency, specificity, temporality, biological gradient, plausibility, coherence, experiment, and analogy. We might apply those criteria to early studies of demand response or smart grids demonstrated the effective matching of supply and demand in a region.Today, to fill in the knowledge gaps, such analyses can be expanded into linkages among carbon dioxide emissions, energy consumption, and economic growth.
Because it’s impossible to keep up with the enormous amount of scientific articles that are published, we rely on a variety of sources (like CleanTechnica 😀 ) to sift through them. Gorman and Gorman argue that the public needs to overcome an avoidance of complexity of science to judge independently what publications are important. In the world of EVs, solar energy, and energy storage, this means drawing upon a complexity science perspective in which an appreciation of the complex, dynamic, and interconnected relationships occurring within a complex system or problem. Renewable energy fundamental understanding and scientific breakthroughs in new materials and chemical processes make possible new energy technologies and performance levels — staying current with these innovations is essential to gaining renewable energy scientific literacy.
It’s common today to hear people problem-solve through a risk-cost-reward equation. Sometimes, we work through those equations based on skewed risk perception and probability. Risk perception is prone to change based on type of risk, and many people still consider renewables a risky venture. Yet over the last decade a surge in lithium-ion battery production has led to an 85% decline in prices, making electric vehicles and energy storage commercially viable for the first time in history. Comparing energy storage needs and priorities in 2010 vs 2021, important applications continue to emerge including decarbonization of heavy-duty vehicles, rail, maritime shipping, and aviation and the growth of renewable electricity and storage on the grid.
Ignoring the Crisis OR Zeroing in on Clean Technologies
The scientific process is slow and methodical. Analyzing claims can lead to peer-reviewed consensus so that, eventually, the scientific community converges on a shared reality that becomes scientific fact. Spread of misinformation is common in any time of social change and has produced much science denial in crisis over the last decade. Especially during times of political polarization, audiences tend to reject an entire body of beliefs, rather than examining each belief separately.
Surveys show that people in the US have a very high regard for science and its potential to accomplish much that will benefit individuals. When agencies like the EPA have their necessary funding, scientific expertise can be restored to full strength. Gorman and Gorman argue that “the science that is used to help guide policy must be unencumbered by political intrusion and represent solid, data-driven research. We need an end to censorship, banished words, and firing of scientists whose findings are inconvenient for politicians.”
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Environment
Fintechs like Block and PayPal are battling like never before to be your all-in-one online bank
Jack Dorsey, co-founder of Twitter Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Jack Dorsey’s Block got started as Square, offering small businesses a simple way to accept payments via smartphone. Affirm began as an online lender, giving consumers more affordable credit options for retail purchases. PayPal upended finance more than 25 years ago by letting businesses accept online payments.
The three fintechs, which were each launched by tech luminaries in different eras of Silicon Valley history, are increasingly converging as they seek to become virtual all-in-one banks. In their latest earnings reports this month, their lofty ambitions became more clear than ever.
Block was the last of the three to report, and the high-level numbers were troubling. Earnings and revenue missed estimates, sending the stock down 18%, its steepest drop in five years. But to hear Dorsey discuss the results, Block is successfully implementing a strategy of offering consumers the ability to pay businesses by smartphone, send money to friends through Cash App, and access credit and debit services while also getting more ways to invest in bitcoin.
“In 2024, we expanded Square from a payments tool into a full commerce platform, enhanced Cash App’s financial services offerings, and restructured our organization,” Dorsey said on Block’s earnings call on Thursday after the bell.
Block and an expanding roster of fintech rivals have all come to see that their moats aren’t strong enough in their core markets to keep the competition away, and that the path to growth is through a diverse set of financial services traditionally offered by banks. They’re playing to an audience of digital-first consumers who either didn’t grow up using a brick-and-mortar bank or realized at an early age that they had no need to ever set foot in a physical branch, or to meet with a loan officer or customer service rep.
“Longer term, we see a significant opportunity to grow actives, particularly among that digital-native audience like Millennial and Gen Z,” Block CFO Amrita Ahuja said on the earnings call.
As part of its expansion, Block has encroached on Affirm’s turf, with an increasing focus on buy now, pay later (BNPL) offerings that it picked up in its $29 billion purchase of Afterpay, which closed in early 2022. Block’s market share in BNPL increased by one point to 19%, while Affirm held its position at 17%, according to a recent report from Mizuho. Both companies are outperforming Klarna in BNPL, the report said.
Block’s BNPL play is now tied into Cash App, with an integration activated this week that gives users another way to make purchases through a single app. With Cash App monthly active users stagnating at 57 million for the last few quarters, the company is focused on engagement rather than rapid user acquisition.
“We think that there is significant opportunity for growth longer term, but there are some deliberate decisions we’ve made as part of our banker-based strategy in the near term” that have kept user numbers from increasing, Ahuja said. “This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base.”
Compared to Block, Wall Street had a very different reaction to Affirm’s earnings earlier this month, pushing the stock up 22% after the company’s results sailed past estimates.
Affirm founder and CEO Max Levchin, who was previously a co-founder of PayPal, built his company with the promise of giving consumers lower-cost and easy-to-tap intstallment loans for purchases like electronics, jewelry and travel.
The BNPL battlefront
In its latest earnings report, Affirm posted a 35% increase in gross merchandise volume to $10.1 billion. Revenue surged 47% to $770 million, while its active consumer base grew 23% to 21 million.
Beyond BNPL, Levchin has pushed Affirm into debit with the Affirm Card, which now has 1.7 million active users, up 136% year-over-year.
“Anything we can do to personalize the experience, to give people a chance to feel like this is the best alternative they have to their debit or their credit card is what we’re busy with,” Levchin said on the earnings call. He said the goal is to get the card to 20 million users, spending on average $7,500 per year.
Affirm is also partnering with FIS to bring its debit card functionality to traditional banks.
Levchin left PayPal in 2002, after the company was acquired by eBay. It was a decade before he’d start working to help popularize the modern day BNPL market.
Now his former employer, which spun back out from eBay in 2015, is in on the BNPL game.
Under the leadership of CEO Alex Chriss, who took over the company in September 2023, PayPal is in the midst of a turnaround that involves working to better monetize products like Braintree and Venmo and joining the world of physical commerce with a debit card inside its mobile app.
Investors responded positively in 2024, pushing the stock up almost 40% after a brutal few years. But the stock dropped 13% after its earnings report, even as profit and revenue were better than expected. PayPal’s total payment volume for the quarter hit $437.8 billion, slightly below projections, while transaction margins rose to 47% from 45.8% — a sign of improving profitability.
One of Chriss’ big pushes is to get more out of Venmo, which has long been a popular way for friends to pay each other but hasn’t been a big hit with businesses. Venmo’s total payment volume in the quarter rose 10% year-over-year, with increased adoption at DoorDash, Starbucks, and Ticketmaster.
PayPal is also promoting Venmo’s debit card and “Pay With Venmo,” which saw 30% and 20% monthly active growth in 2024, respectively. The company is introducing new services to improve merchant retention, including its Fastlane one-click checkout feature, designed to compete with Apple Pay and Shopify’s Shop Pay.
Last year, the company launched PayPal Everywhere, a cashback-driven initiative designed to boost engagement within its mobile app. Chriss said on the earnings call that it’s “driving significant increases in debit card adoption and opening new categories of spend.”
As with virtually all financial services products, the new offerings from Block, Affirm and PayPal are designed to produce growth but not at the expense of profit. Banks operate at low margins, in large part because there’s so much competition for lower-priced loans and better cash-back options. There’s also all the costs associated with underwriting and compliance.
That’s the environment in which fintechs have to operate, though without the costs of running a network of physical branches.
Levchin talks about helping customers spend less, not more. And Block acknowledges the need for hefty investments to reach the company’s desired outcome.
“This is a part of our continuous enhancements to drive healthy customer engagement as we bank our base,” Ahuja said. “We’ve made investments in critical areas like compliance, support and risk. And as we’ve done that, we’ve progressed more of our actives through our identity verification process, which in turn, unlocks greater access to those actives to our full suite of financial tools.”
The Trump administration is shutting down EV chargers at all federal government buildings and is also expected to sell off the General Services Administration‘s (GSA) newly bought EVs.
GSA, which manages all federal government-owned buildings, also operates the federal buildings’ EV chargers. Federally owned EVs and federal employee-owned personal EVs are charged on those 8,000 charging ports.
The Verge reports it’s been told by a source that plans will be officially announced internally next week, and it’s seen an email that GSA has already sent to regional offices about the plans:
“As GSA has worked to align with the current administration, we have received direction that all GSA-owned charging stations are not mission-critical.”
The GSA is working on the timing of canceling current network contracts that keep the EV chargers operational. Once those contracts are canceled, the stations will be taken out of service and “turned off at the breaker,” the email reads. Other chargers will be turned off starting next week.
“Neither Government Owned Vehicles nor Privately Owned Vehicles will be able to charge at these charging stations once they’re out of service.”
Colorado Public Radio first reported yesterday that it had seen the email that was sent to the Denver Federal Center, which has 22 EV charging stations at 11 locations.
The Trump/Elon Musk administration has taken the GSA’s fleet electrification webpage offline entirely. (An archived version is available here.)
The Verge‘s source also said that the GSA will offload the EVs it bought during the Biden administration, although it’s unknown whether they’ll be sold or stored.
Read more: Trump just canceled the federal NEVI EV charger program
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Ben Zhou, chief executive officer of ByBit, during the Token2049 conference in Singapore, on Thursday, Sept. 14, 2023.
Joseph Nair | Bloomberg | Getty Images
Bybit, a major cryptocurrency exchange, has been hacked to the tune of $1.5 billion in digital assets, in what’s estimated to be the largest crypto heist in history.
The attack compromised Bybit’s cold wallet, an offline storage system designed for security. The stolen funds, primarily in ether, were quickly transferred across multiple wallets and liquidated through various platforms.
“Please rest assured that all other cold wallets are secure,” Ben Zhou, CEO of Bybit, posted on X. “All withdrawals are NORMAL.”
Blockchain analysis firms, including Elliptic and Arkham Intelligence, traced the stolen crypto as it was moved to various accounts and swiftly offloaded. The hack far surpasses previous thefts in the sector, according to Elliptic. That includes the $611 million stolen from Poly Network in 2021 and the $570 million drained from Binance in 2022.
Analysts at Elliptic later linked the attack to North Korea’s Lazarus Group, a state-sponsored hacking collective notorious for siphoning billions of dollars from the cryptocurrency industry. The group is known for exploiting security vulnerabilities to finance North Korea’s regime, often using sophisticated laundering methods to obscure the flow of funds.
“We’ve labelled the thief’s addresses in our software, to help to prevent these funds from being cashed-out through any other exchanges,” said Tom Robinson, chief scientist at Elliptic, in an email.
The breach immediately triggered a rush of withdrawals from Bybit as users feared potential insolvency. Zhou said outflows had stabilized. To reassure customers, he announced that Bybit had secured a bridge loan from undisclosed partners to cover any unrecoverable losses and maintain operations.
The Lazarus Group’s history of targeting crypto platforms dates back to 2017, when the group infiltrated four South Korean exchanges and stole $200 million worth of bitcoin. As law enforcement agencies and crypto tracking firms work to trace the stolen assets, industry experts warn that large-scale thefts remain a fundamental risk.
“The more difficult we make it to benefit from crimes such as this, the less frequently they will take place,” Elliptic’s Robinson wrote in a post.
WATCH: Crypto stocks plunge
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