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Andrew Forrest, Mukesh Ambani, and Larry Fink walk into a bar — “looks like it’s coke zero all round,” says the bartender. The richest man in India (Ambani) has set a goal of net-zero emissions by 2035 for his company. Australia’s Andrew Forrest has pledged net-zero emissions in phases, mostly by 2030 (scope 1 & 2) and but then the rest by 2040 (scope 3). BlackRock, meanwhile, is seeing massive capital flow into the renewable energy sector.

The Glasgow Financial Alliance for Net-Zero is now “collectively holding assets under management of a staggering US$90 trillion to invest in alignment with a 1.5°C trajectory — and one might think that billionaires and the financial industry are acting ahead of governments to deliver on global solutions to the climate crisis at the scale and speed needed,” IEEFA writes.

On the weekend, Reliance Industries (Ambani) announced the “acquisition of REC Solar, a global scale solar module manufacturing pioneer founded in Norway. This immediately gives Reliance Industries the management capacity necessary to underpin one of four proposed gigafactories at its Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, Gujarat, with a near term target of 9 gigawatts (GW) of annual module manufacturing capacity globally. […]

“Meanwhile in Australia, Andrew Forrest’s Fortescue Future Industries (FFI) has announced numerous (as yet non-binding) memorandums of understanding (MoUs) from around the globe as part of its world-leading investment of US$400-600m in 2021/22 alone in research, development and deployment of breakthrough hydrogen technologies spanning green ammonia for shipping, hydrogen fuel buses, and green iron to accelerate decarbonisation of the global steel industry.”

Andrew Forrest, Twiggy, has been in the news a lot this weekend, holding hands with a lot of politicians as he announces a massive electrolyser manufacturing facility on land near one of Queensland’s major coal exporting hubs (Gladstone). When operational, this facility is expected to double green hydrogen production capacity across the globe. 

Billionaires like Ambani and Forrest are leading the way, supported by global financial institutions looking to invest in a socially acceptable green energy revolution. They are not waiting for political leadership. Just as well. 

Sources: IEEFA & ABC.net.au

 

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Daily EV Recap: NJ signs law approving a punitive $250 new EV registration fee

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Listen to a recap of the top stories of the day from Electrek. Quick Charge is now available on Apple PodcastsSpotifyTuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links):

‘Pro-EV’ New Jersey just OK’ed the US’s highest dumb EV fee

BYD says EVs have entered the ‘knockout round’ with next-gen tech rolling out

Ford drastically cuts workforce at F-150 Lightning EV plant amid ‘much slower’ demand

XPeng (XPEV) launches two EVs in Germany with plans to enter more EU nations later this year

Tesla starts using ‘Supervised Full Self-Driving’ language

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The first entirely US-made crystalline solar panels are coming to market

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The first entirely US-made crystalline solar panels are coming to market

All US-made solar panels featured only imported solar cells until now, but two US manufacturers just struck a three-year, $400 million deal. 

Canada-headquartered Heliene, which makes solar panels in Minnesota, will incorporate Georgia-based Suniva’s US-made monocrystalline silicon solar cells into its panels, and those “Made in the USA” panels will hit the market in mid-2024, thanks to a new three-year strategic sourcing contract between the two companies.

Heliene’s modules will be the first crystalline solar panels with US-made solar cells. Suniva says the catalyst for the pairing was solar project owners and developers wanting their projects to qualify for the 10% Domestic Content Bonus Investment Tax Credit. That’s achieved by using US-made cells based on the US Department of Treasury’s guidance published in May 2023 – and that’s in addition to the 30% IRA tax credit for renewable energy factories.

US Treasury Secretary Janet Yellen, who visited Suniva’s Norcross, Georgia, factory yesterday, said, “Before this Administration, solar companies across the United States were struggling. Between 2016 and 2020, nearly 20% of solar manufacturing jobs were lost. Now, though there remain significant challenges, Inflation Reduction Act tax credits are helping change the game.”

Cristiano Amoruso, CEO of Suniva, said, “We are proud to fulfill our long-standing promise to bring back cell manufacturing to the United States at our Norcross facility.”

Read more: The US’s oldest solar factory filed for bankruptcy in 2017 – but now it’s back


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Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming

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Porsche retires gas-powered Boxster and Cayman in the EU with all-electric model coming

The gas-powered Porsche 718 Boxster and Cayman models are being discontinued in Europe as an all-electric version approaches its debut.

Porsche retires gas-powered 718 Boxster, Cayman cars

After announcing plans to retire its best-selling SUV in Europe, the Macan, Porsche will do the same with its 718 Boxster and Cayman models.

Porsche retired the gas-powered Macan early due to new cybersecurity rules. Its availability ends in July 2024. The gas-powered 718 Boxster and Cayman are now set for the same fate.

In a statement to Auto Express, Porsche said as a result of the rule changes “sale of the 718 models with an internal combustion engine is discontinued in the EU and some states that apply EU legislation from now on, thereby ensuring that the vehicles can be delivered to customers and registered by the deadline.”

Porsche did note the 718 Cayman GT4 RS and 718 Spyder RS are not impacted “due to small series regulations.”

Porsche-Macan-EV-Turbo
Porsche Macan EV (left) and Turbo (right) versions (Source: Porsche AG)

Although the regulation applies to all vehicles (ICE and EV), Porsche is preparing to launch an all-electric 718 model. It’s not expected to have any issues with the new rules.

Like with the Macan, updating the gas-powered version would be too costly with an electric model rolling out anyways.

Porsche’s electric 718 is getting closer to production ahead of its debut. We got a sneak peek of the EV this week after it was spotted testing in the Arctic Circle rocking production headlights.

Porsche 718 EV testing (Source: CarSpyMedia)

The German automaker is expected to reveal the electric 718 model before the end of the year with deliveries kicking off in 2025. Porsche has already begun preparing its Zuffenhausen plant for the new EV.

Porsche CEO Oliver Blume confirmed plans to begin Macan EV deliveries later this year. Up next will be an electric 718 model followed by the long-awaited Cayenne EV.

Porsche-retires-Boxster
(Source: Porsche AG)

Porsche said it’s expanding “upward” with plans for an ultra-luxury electric SUV, slated to sit above the Cayenne. Blume called it “a very sporting interpretation of an SUV.”

Despite several automakers pulling back Porsche is sticking to its target of an 80% EV delivery share by 2030.

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