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With the COP26 conference in Glasgow coming up soon, many climate and environmental  groups are urging nations to accelerate the transition to renewable energy. A new report from Wärtsilä entitled Front Loading New Zero argues that nations can adopt 100% renewable systems faster than currently planned.

It says significant cost reductions can be achieved by front loading the deployment of renewables — mostly wind and solar — and by utilizing the technologies needed to balance their inherent intermittency with energy storage and thermal generating stations. The report reveals that by accelerating 100% renewable power systems, substantial benefits are unlocked:

  • Accelerating renewables so they become the main source of electricity drives down fossil fuel usage significantly reduces the levelized cost of electricity by 50% in India by 2050, while California and Germany can cut costs by 17% and 8% by 2040 respectively.
  • Coal-fired power — currently 70% of generation in India and 33% in Germany — can be securely replaced by renewables coupled with energy storage and thermal power as early as 2040.
  • Colossal carbon savings can be made in the short term, enabling national climate targets to be achieved. Germany can avoid 422 million tonnes of carbon dioxide by 2040 by accelerating its coal phase-out, helping it achieve a 65% reduction target compared to 1990 levels by 2030. In addition, renewables would allow Germany to avoid the need to import 550 TWh of power by accelerating the phase-out of coal.

Wärtsilä CEO Håkan Agnevall explains, “As we approach COP26, our Front-Loading Net Zero report should act as a wake-up call for leaders, as this is our last and best chance to get countries on pathways to carbon neutrality. Our modelling shows that it is viable for energy systems to be fully decarbonized before 2050 and that accelerating the shift to renewable power coupled with flexibility will help economies to thrive.

“We have all the technologies that we need to rapidly shift to net zero energy. The benefits of renewable-led systems are cumulative and self-reinforcing — the more we have, the greater the benefits — so it is vital that leaders and power producers come together now to front load net zero this decade.”

Sushil Purohit, president of Wärtsilä Energy adds, “There is no single solution that fits all markets, and this report highlights the different paths and technologies that can be utilized. The ultimate aim, however, is common to all and that is to decarbonize energy production and take the fullest advantage of our natural energy sources.”

Uruguay Shows The Way

In 2007, Uruguay had to rely on electricity imported from neighbors like Brazil and Argentina. That’s when it decided to invest heavily in wind turbines. Within 10 years, it had 4,000 MW of installed capacity. Today, 98% of the electricity for its 3.4 million inhabitants comes from renewables, including hydro. This is a nation that a recent former president of the United States liked to referred to as a “shithole country.”

Since the Kyoto Protocol was signed in 1997, Uruguay has surprised its South American neighbors with its growing list of environmental successes, including conserving native forests, protecting bio-diverse areas, and showing remarkable progress toward a promise to be carbon neutral by 2030.

To transform its energy landscape, the Frente Amplio, or FA, Uruguay’s governing party from 2005 to 2020, recognized the reality of a country dependent on importing fossil fuels while living in an ideal location for solar, wind, and hydraulic power generation. To date, the FA’s vision for an inclusive, people-oriented strategy for energy transformation has shown not only remarkable promise, but results. Throughout Uruguay, there is a strong emphasis on local energy production, particularly solar energy in rural areas that focuses on rural schools and churches far from the grid, as well as hospitals, hotels, sports clubs, and new public buildings.

With its gently rolling landscape, higher than average year-round sunshine, and hundreds of miles of ocean and river coastline, Uruguay has prime space for deploying energy alternatives. In addition, the country has identified significant opportunities for generating energy from biomass produced by the agriculture industry.

Other progressive energy projects include the country’s push toward a network of “electric highways” beginning with the coastal highway that links Colonia and Punta Este, two popular tourist cities. A network of EV charges will eventually be available throughout the entire country. While these projects are impressive, it is the country’s creation of larger energy infrastructure changes that have made the most impact.

According to Earth Island Journal, in the decade leading up to 2017, forward-looking policies and projects made Uruguay a world leader in wind power — along with Denmark, Ireland, and Germany — with more than a third of its electricity coming from wind farms. Adding hydropower generation to the mix, emissions levels in the country have fallen roughly 20 percent from their peak in 2012.

How this happened is worth noting. The country’s determination to use solar as an alternative is reflected in the country’s solar thermal mandate established in 2009 by the Solar Thermal Law, with additional provisions enacted in 2011. The law states that after 2014, all new construction and refurbishments of public buildings, hotels, health, and sports facilities in which hot water is expected to account for over 20 percent of the building’s energy consumption must obtain at least 50 percent of water heating energy from solar thermal energy. After 2012, heated pools had to use solar heating unless they used a different renewable energy source.

“The energy policy of Uruguay has focused highly on renewable energies, with the ambitious goal of incorporating them in the short term and providing attractive tax benefits for that purpose,” says Fernanda Panizza, Biz Latin Hub’s country coordinator and corporate lawyer, who counsels both foreign and national business stakeholders in the country. “Uruguay offers not only an advantageous business environment,” she notes, “but also great social stability, and considerable fiscal incentives for investments.”

A New Political Order

While Uruguay has made remarkable progress in expanding its renewable energy infrastructure, the country’s groundbreaking energy initiatives now face a new challenge from a governing party with more conservative views and a new president, Luis Lacalle Pou.

World affairs analyst Frida Ghitis, who has covered political and social issues in the region for over a decade, believes that there is good reason to look for the continuing positive trajectory of Uruguay’s progressive energy policies. “My sense is that Uruguay’s commitment to renewable energy is so deep that it transcends the left/right divide,” she says. “I don’t foresee that the center-right administration in Uruguay will backtrack on progress toward green energy.”

For more perspective on how renewable energy has become embedded in the culture of Uruguay, please take the time to review the DW video below, particularly with regard to concerns that wind turbines would disturb cows and interfere with their milk production. The result? The cows paid no attention to the turbines at all. It would be wonderful if more humans could do the same.

 

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Podcast: Trump/GOP go after EV/solar, Tesla, Ford, GM EV sales, Electrek Formula Sun, and more

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Podcast: Trump/GOP go after EV/solar, Tesla, Ford, GM EV sales, Electrek Formula Sun, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Trump’s Big Beautiful bill becoming law and going after EVs and solar, Tesla, Ford, and GM EV sales, Electrek Formula Sun, and more

Today’s episode is brought to you by Bosch Mobility Aftermarket—A global leader and trusted provider of automotive aftermarket parts. To celebrate Amazon Prime Day July 8th through 11th, Bosch Mobility is offering exclusive savings on must-have auto parts and tools. Learn more here.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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Tesla prototype sparks speculation: a Model Y, maybe slightly smaller

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Tesla prototype sparks speculation: a Model Y, maybe slightly smaller

A new Tesla prototype was spotted again, reigniting speculation among Tesla shareholders, even though it’s likely just a Model Y, potentially a bit smaller, and the upcoming stripped-down, cheaper version.

Over the last few months, there have been several sightings of what appears to be a Model Y with camouflage around Tesla’s Fremont factory.

It sparked a lot of speculation about it being the new “affordable” compact Tesla vehicle.

There’s confusion in the Tesla community around Tesla’s upcoming “affordable” vehicles because CEO Elon Musk falsely denied a report last year about Tesla’s “$25,000” EV model being canceled.

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The facts are that Musk canceled two cheaper vehicles that Tesla was working on, commonly referred as “the $25,000 Tesla” in early 2024. Those vehicles were codenamed NV91 and NV92, and they were based on the new vehicle platform that Tesla is now reserving for the Cybercab.

Instead, Musk noticed that Tesla’s Model 3 and Model Y production lines were starting to be underutilized as the Company faced demand issues. Therefore, Tesla canceled the vehicles program based on the new platform and decided to build new vehicles on Model 3/Y platform using the same production lines.

We previously reported that these electric vehicles will likely look very similar to Model 3 and Model Y.

In recent months, several other media reports reinforced this, and Tesla all but confirmed it during its latest earnings call, when it stated that it is “limited in how different vehicles can be when built on the same production lines.”

Now, the same Tesla prototype has been spotted over the last few days, and it sent the Tesla shareholders community into a frenzy of speculations:

Electrek’s Take

As we have repeatedly reported over the last year, the new “affordable” Tesla “models” coming are basically only stripped-down Model 3 and Model Y vehicles.

They might end up being a little smaller by a few inches, and Tesla may use different model names, but they will be extremely similar.

If this is it, which is possible, you can see it looks almost exactly like a Model Y.

It’s hard to confirm if it’s indeed smaller because of the angle of the vehicle compared to the other Model Ys, but it’s not impossible that the wheelbase is a bit smaller – although it’s hard to confirm.

Either way, the most significant changes for these stripped-down, more affordable “models” are expected to be cheaper interior materials, like textile seats instead of vegan leather, no heated or ventilated seats standard, no rear screen, maybe even no double-panned acoustic glass and a lesser audio system.

As previously stated, the real goal of these new variants, or models, is to lower the average sale price in order to combat decreasing demand and maintain or increase the utilization rate of Tesla’s current production lines, which have been throttled down in the last few years to now about 60% utilization.

If this trend continues, Tesla would find itself in trouble and may even have to close its factories.

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Ethereum is powering Wall Street’s future. The crypto scene at Cannes shows how far it’s come

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Ethereum is powering Wall Street's future. The crypto scene at Cannes shows how far it's come

Ethereum succeeded beyond anyone's expectations, says network co-founder Vitalik Buterin at EthCC

CANNES — Wall Street’s new plumbing is being built on Ethereum and this week its architects took over the same French Riviera villas and red carpet venues that host the Cannes Film Festival in May.

The Ethereum Community Conference, or EthCC, took over the beachside town that was swarming with crypto founders, developers, and some of the institutional giants now building atop the infrastructure.

The crypto elite climbed the iconic red-carpeted steps of the Palais des Festivals — a cinematic landmark now repurposed as the stage for Ethereum’s flagship European event.

“The atmosphere this year was palpable in Cannes,” said Bettina Boon Falleur, the powerhouse behind EthCC for the past seven years. “The prestige of the location, combined with the quality of talks, has reinforced Ethereum’s stature and purpose in the wider ecosystem.”

Private parties sprawled across cliffside estates and exclusive resorts, but the conversations were less about price action and more about the blockchain’s evolving role as the back-end of global finance.

EthCC, now in its eighth year, has tracked Ethereum’s trajectory from scrappy experiment to institutional backbone.

“That impact was unmistakable this year,” Falleur said. “From Robinhood embracing decentralized finance infrastructure via Arbitrum to local governments like the City of Cannes exploring deeper integration with the crypto economy.”

Indeed, one of the boldest moves came this week from Robinhood, which became the first publicly traded U.S. company to launch tokenized stocks on-chain.

At a product showcase held inside a Belle Époque mansion overlooking the sea, Robinhood unveiled a sweeping new crypto strategy — including the ability for European users to trade tokenized U.S. stocks and ETFs via Arbitrum, a Layer 2 network built on Ethereum.

The announcement helped push Robinhood stock past $100 for the first time, capping off a week of fresh all-time highs and a more than 30% rally since being snubbed by the S&P 500 during a recent rebalance.

Inside the Palais des Festivals, ETHCC draws founders, developers, and institutions into the same halls that host the world’s biggest film premieres — this time, for the future of finance.

MacKenzie Sigalos

Ether, the token native to the Ethereum blockchain, was up nearly 6% on the week and several public equities tied to the blockchain have rallied alongside it.

BitMine Immersion Technologies, a company that mines bitcoin, gained more than 1,200% since announcing it would make ether its primary treasury reserve asset. Bit Digital, which recently exited bitcoin mining to “become a pure play” ethereum staking and treasury company, gained more than 34% this week. And SharpLink Gaming, which added more than $20 million in ether to its balance sheet this week, jumped more than 28% on Thursday.

Ether ETF inflows are rising again too — a sign that institutional investors are warming back up.

Ether is still down more than 20% this year and lags far behind bitcoin in market cap and adoption. But funds tracking ETH have seen two straight months of mostly net inflows, according to CoinGlass data. Still, ether ETFs total just $11 billion — compared to $138 billion in bitcoin ETFs.

Institutions aren’t betting on Ethereum for hype — they’re betting on infrastructure.

Even as prices stall and the network faces headwinds from slower base layer revenues and faster rivals like Solana, the momentum is shifting toward utility.

“Ethereum is getting plugged into these core transactional systems,” Paul Brody, global blockchain leader at EY, told CNBC on the sidelines of EthCC. “Investors, savers, people moving money — they are going to start shifting from some of the older mechanisms of doing this into Ethereum ecosystems that can do these transactions faster, cheaper, but also very importantly, with significant new functionality attached to it.”

Crypto founders and developers climb the iconic red-carpeted steps of the Palais des Festivals — a familiar backdrop for the Cannes Film Festival, now repurposed for Ethereum’s flagship European event.

MacKenzie Sigalos

Deutsche Bank recently announced it’s building a tokenization platform on zkSync — a faster, cheaper blockchain built on top of Ethereum — to help asset managers issue and manage tokenized funds, stablecoins, and other real-world assets while meeting regulatory and data protection requirements.

Coinbase and Kraken are also racing to own the crossover between traditional stocks and crypto.

Coinbase has filed with the SEC to offer trading in tokenized public equities, a move that would diversify its revenue stream and bring it into more direct competition with brokerages like Robinhood and eToro.

Kraken announced plans to offer 24/7 trading of U.S. stock tokens in select overseas markets.

BlackRock‘s tokenized money market fund, BUIDL — launched on Ethereum last year — offers qualified investors on-chain access to yield with redemptions settled in USDC in real time.

Stablecoins, meanwhile, continue to serve as the backbone of Ethereum’s financial layer.

Circle’s USDC — the second-largest stablecoin — still settles around 65% of its volume on Ethereum’s rails. According to CoinGecko’s latest “State of Stablecoins” report, Ethereum accounts for nearly 50% of stablecoin market share.

“The builders and contributors at EthCC aren’t chasing the next bull run,” Falleur said, “they’re laying the groundwork to make Ethereum home for the next billion users.”

Even as newer blockchains tout faster speeds and lower fees, Ethereum is proving its staying power as a trusted network.

Vitalik Buterin, Ethereum’s co-founder, told CNBC in Cannes that there is an assumption that institutions only care about scale and speed — but in practice, it’s the opposite.

Ethereum co-founder Vitalik Buterin delivers a keynote at ETHCC, laying out the network’s next steps — and its values test — as institutional adoption accelerates.

EthCC

“A lot of institutions basically tell us to our faces that they value Ethereum because it’s stable and dependable, because it doesn’t go down,” he said.

Buterin added that firms often ask about privacy and other long-term features — the kinds of concerns that institutions, he said, “really value.”

Tomasz Stańczak, the new co-executive director of the Ethereum Foundation, said institutions are choosing Ethereum for the same core reasons.

“Ten years without stopping for a moment. Ten years of upgrades, with a huge dedication to security and censorship resistance,” he said.

He added that when institutions send orders to the market, they want to be “absolutely sure that their order is treated fairly, that nobody has preference, that the transaction actually is executed at the time when it’s delivered.”

Those guarantees have become increasingly valuable as stablecoins and tokenized assets move into the mainstream.

The Senate’s recent passage of the GENIUS Act, along with Circle’s IPO, gave the industry a regulatory tailwind and helped reinforce Ethereum’s role as the infrastructure layer for tokenized finance.

Ethereum’s core values — neutrality, security, and censorship resistance — are emerging as competitive advantages.

The real test now is whether Ethereum can scale without losing its values.

“We don’t just want to succeed,” Buterin said from the mainstage of the Palais this week. “We want to be something that is worthy of succeeding.”

He said the hope is that future generations will look back and see a network that truly delivered openness, freedom, and permissionless access to the masses.

White-clad guests dance poolside at the rAAVE party in Cannes.

MacKenzie Sigalos

But the week didn’t end in the conference halls, it closed with tradition. On the balcony of Villa Montana, overlooking the Bay of Cannes, the rAAVE party lit up.

White-clad guests sipped cocktails as the DJ spun by the pool, haze curling from smoke machines.

This year, Chainlink co-founder Sergey Nazarov and DeFi icon Stani Kulechov, founder of Aave, stood atop the balcony overlooking the crowd and the light-dotted skyline of Cannes.

It was a fitting snapshot of the momentum behind Ethereum’s institutional rise and symbolic of Web3’s shift from niche experiment to financial mainstay.

WATCH: Robinhood CEO Vlad Tenev explains ‘dual purpose’ behind trading platform’s new crypto offerings

Robinhood CEO Vlad Tenev explains 'dual purpose' behind trading platform's new crypto offerings

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