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This is the third article in a three-part series based around my recent interview with Bill McKibben, a legend in the world of climate activism and climate communication. In the first part, McKibben talked about climate grief, the climate crisis, climate activism, and US climate policy. In the beginning of the second episode, we talked about Tesla, unions, and Elon Musk. This article is about the same episode, but the second part of it, where we focused more on social trust, cryptocurrency, and Libertarianism. Personally, this was my favorite portion of the interview and I think the most important portion. (This portion of the interview starts at 13:07 into the SoundCloud and Spotify embeds below.)

In this part, I started off by asking McKibben to talk about how broken US society’s understanding of the scientific method is. I noted that we long saw this as a climate-specific problem, but that the pandemic highlighted how much it’s a broader problem, especially in times of crisis. Interestingly, McKibben quickly reframed that in an interesting and useful way:

“If you think about it, it’s not really a deep understanding of science that’s required, because I’m not sure people were way more scientifically literate in the ’50s when everyone lined up quite happily to get a polio vaccine. They were just more willing to trust in the sort of social structures of their world. And, you know, I get a front row to see what that old world kind of looks like ’cause I live in Vermont, which has the highest levels of social trust in the country, by all the ways that social scientists measure this. We’re very — you know, it’s a state full of villages. [It’s] the most rural state in the union, so people are used to governing themselves through things like town meeting every spring and things.

“Well, one result of this high level of social trust is that, despite the fact that it’s a rural state, with older people, with a Republican governor — all the things that should’ve led to big problems with COVID, it’s done a better job with it than just about any place in the world. Everybody went and got their vaccines. Everybody wore masks when they were supposed to. Those questions of social trust are really important, and they go back to some of these questions we were talking about when we were talking about, like, multi-zillionaires and things. You have to build societies that work reasonably well for everybody if you want to be able to make progress at all. Otherwise, you’ll end up in these worlds where people are full of rage and resentment and it turns to craziness — you know, someone tells them that it’s because Hillary Clinton eats babies or something, and then before long you’re off to the races. That’s the point I was trying to make before about how things are linked together.”

We talked a bit about how this attack on social trust goes back decades. I brought up former President Ronald Reagan and his attack on institutional trust with the line “I’m from the government, and I’m here to help.” McKibben recalled the whole line: “The nine scariest words in the English language are: ‘I’m from the government, and I’m here to help.’” (I’m finding via Google that he said “most terrifying” rather than “scariest,” which is even more dramatic, but I assume he used both — and they are nearly the same, of course. Also, I guess just be repeating them here we are, to some extent, reinforcing the fear mongering.) With his literary talents, McKibben then stated, “It turns out that the scariest words are ‘we ran out of ventilators or the hillside behind your house just caught on fire.’ And those are things you can’t address by yourself. That’s why you need working governments and working societies.

“Forget Elon Musk, the really dangerous billionaires in our society are people like the Koch brothers, who just have spent their entire lives working to make sure that we don’t have working societies, working governments — and have undermined that so deeply that it’s very difficult now to make the progress we need when we’re faced with an existential crisis.”

I couldn’t have said it better.

I then took that into the topic of “the cryptocurrency craze,” since I think those efforts are a big factor at play here. “It’s basically saying, ‘Let’s drop social trust and trust in governments, and go to a much more energy-intensive system because we don’t trust each other.’” I should give credit where credit is due here and recommend strongly that anyone curious about this matter read: “Why Bitcoin Truly Is Bad For The Climate & Environment, And Counter To Tesla’s Mission” and “How Does Bitcoin Work? What Is Bitcoin Mining? What Is Bitcoin Backed By?” (the former of which was written by the same author who predicted far in advance that Tesla would shift to much greater use of LFP batteries, based on his thorough first-principles analytical nature).

I said, “I mean, yeah, governments are not perfect, unions are not perfect, but they’re better than a free-for-all, don’t-trust-anyone society where we don’t put trust in each other. These all link together.”

McKibben added, “Cryptocurrency’s actually a beautiful demonstration of that, because it’s precisely — the log behind it, the stated logic behind it, is precisely what you said. We don’t want to have to trust anyone, so we trust this strange algorithm or blockchain that almost no one can actually explain to anyone.”

Before changing topics, I just felt a need to put extra emphasis on the inconvenient truth of Bitcoin and similar such systems that many fans of the concept would like to ignore: “It’s not a comparable system to like ATMs, banks, and whatnot. This is specifically a highly, extremely energy-intensive system, and even if it’s using renewables, you’re taking renewable energy potential away from other uses, and every single plan that tells us how we deal with the climate crisis says — you need a huge growth in renewables, electric vehicles, and a huge cut in energy use. …

“And you saw Tesla adopted it, saw humongous spikes in energy use and coal use — I don’t know where they found that data, but they did — and said, ‘okay, we’re not doing this any more because we saw the results.’”

McKibben rightfully and insightfully circled back to the political predecessors to this. “Your remark about Reagan before and that whole ‘the government is the problem’ thing — that’s the most important thing that happened in our political lives, in my political lifetime — the rise of this Libertarian notion that we should all just look out for ourselves — turns out to be the most dangerous of ideas, and it’s incarnated in things like Bitcoin that are quite clearly about not wanting to trust anybody else. And the fact that you have to burn a huge amount of energy in order to make it happen is just sort of the cherry on the top, you know.

“But it is unbelievably aggravating to think of people trying to desperately win this race to get more low-carbon energy out there and having, by now, non-trivial amounts — one, two percent or something of the planet’s energy — you know, the equivalent of a Scandinavian country worth of energy — being used for no good reason.”

Indeed.

McKibben also talked a bit further about the deeper history of Libertarians like the Koch brothers buying their control of the Republican Party, and the party’s now total blockade of good climate and energy policies. He also made an interesting comparison by pointing out that although those old oil, gas, and coal guys have very little in common with the Silicon Valley community, “the one place that they overlap is in this devotion to the idea everything would be better if government would just get out of their way. And everything isn’t better when government gets out of the way.” It’s an insightful link, and it does of course bring to mind Tesla’s recent decision to move its HQ to Texas, something that had not happened at the time of this interview. Texas, the land of — “We will take away voting rights. We will take away companies’ rights to mandate that their employees be vaccinated. We will take away basic rights of women. We will make it easier and incentivized for women who have been raped to also be criminalized. We will block human rights. But we will let corporations pollute as they wish and do whatever they want just as long as it isn’t too progressive.” But let me get back to what McKibben was saying:

“Yes, government is annoying, other people are annoying some of the time. Here’s a way to think about it that I try to think about it sometimes — when you think about this basic question of whether you want other people around, or whether you want to go off in a space capsule. Most people will tell you that college was maybe the best years of their lives. That’s what all the old alumns who come back to the college where I teach are always going on about. It’s not because, you know, they loved Sociology 101 so much. It was because it was the only 4 years in an American life where you actually lived the way that most people have lived for most of human history — in close physical and emotional proximity to a lot of other people. And that’s annoying. Sometimes the guy down the hall has the stereo on too loud at two in the morning. But it’s also deeply gratifying. There’s always people around to bounce ideas off of, do things with. You have a community, you know.”

I’ll leave it there. To hear more, listen to the full podcast.

You can subscribe and listen to CleanTech Talk on: AnchorApple Podcasts/iTunesBreakerGoogle Podcasts, Overcast, Pocket, Podbean, Radio Public, SoundCloud, Spotify, or Stitcher.

See part one of the Bill McKibben interview here: “Bill McKibben On Climate Crisis, Climate Grief, Climate Action, & US Climate Policy — CleanTechnica Interview.” See part two here: “Bill McKibben On Unions, Tesla, & Elon Musk — CleanTechnica Interview.”

 

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Oil giant BP to sell 65% stake in $10 billion Castrol unit

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Oil giant BP to sell 65% stake in  billion Castrol unit

Britain’s BP has agreed to sell a 65% shareholding in lubricants business Castrol to Stonepeak for $6 billion, months on from the oil giant seeking a buyer for the unit.

The deal comes as the company looks to launch a strategic reset, including a green strategy U-turn and the divestment of $20 billion of assets by the end of 2027. The sale values Castrol at $10.1 billion.

Energy companies, including India’s Reliance Industries and Saudi Arabia’s oil behemoth Aramco, as well as private equity firms Apollo Global Management and Lone Star Funds, had all been touted as suitors for BP’s Castrol unit in May, according to Bloomberg, citing people familiar with the matter.

“With this, we have now completed or announced over half of our targeted $20bn divestment programme, with proceeds to significantly strengthen bp’s balance sheet,” interim CEO Carol Howle said in a statement.

“The sale marks an important milestone in the ongoing delivery of our reset strategy. We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan.”

BP has the option to sell its remaining 35% stake in Castrol after a two-year lock-up period.

Strategy reset

The Castrol majority stake sale comes days on from the oil giant announcing it was appointing a new CEO — it’s fourth in six years.

Woodside Energy boss Meg O’Neill will take up the role on April 1, replacing Murray Auchincloss, who lasted less than two years in the role.

Stephen Isaacs, strategic advisor at Alvine Capital, which holds a position in BP, told CNBC’s “Squawk Box Europe” last week that while BP has been “a very poor performer for a long, long time,” the CEO change could be “the last piece of the jigsaw” in getting its house in order.

“I think there’ll be further stake sales of different parts of BP” going forward, Dan Boardman-Weston, CEO at BRI Wealth Management, told CNBC on Wednesday. The shift will see the company “getting back to their bread and butter of focusing on oil and gas exploration and development.”

The London-listed company has underperformed compared with its peers in recent times, having reported declining annual profits in both 2023 and 2024.

BP’s shares opened at 1.3% on Wednesday before paring gains slightly to last trade 0.9% higher. Its share price is up around 9% so far this year, following a 15.7% drop in 2024. Pressure on the stock eased in 2025 following a leadership shakeup, a cost-cutting program, and a string of oil discoveries.

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China’s mineral dominance gives Western magnet makers a moment in the sun

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China’s mineral dominance gives Western magnet makers a moment in the sun

Annealed neodymium iron boron magnets sit in a barrel at a Neo Material Technologies Inc. factory in Tianjin, China on June 11, 2010.

Bloomberg | Bloomberg | Getty Images

Rare earth magnet makers are having a moment as Western nations scramble to build domestic “mine-to-magnet” supply chains and reduce their dependence on China.

A turbulent year of supply restrictions and tariff threats has thrust the strategic importance of magnet manufacturers firmly into the spotlight, with rare earths surging toward the top of the agenda amid the U.S. and China’s ongoing geopolitical rivalry.

Magnets made from rare earths are vital components for everything from electric vehicles, wind turbines, and smartphones to medical equipment, artificial intelligence applications, and precision weaponry.

It’s in this context that the U.S., European Union and Australia, among others, have sought to break China’s mineral dominance by taking a series of strategic measures to support magnet makers, including heavily investing in factories, supporting the buildout of new plants, and boosting processing capacity.

The U.S. and Europe, in particular, are expected to emerge as key growth markets for rare earth magnet production over the next decade. Analysts, however, remain skeptical that Western nations will be able to escape China’s mineral orbit anytime soon.

“Frankly, we were the solution to the problem that the world didn’t know it had,” Rahim Suleman, CEO of Canadian group Neo Performance Materials, told CNBC by video call.

Photo taken on Sept. 19, 2025 shows rare-earth magnetic bars at NEO magnetic plant in Narva, a city in northeastern Estonia.

Xinhua News Agency | Xinhua News Agency | Getty Images

“The end-market is growing from the point of physics, not software, so therefore it has to grow in this way,” he continued. “And it’s not dependent on any single end market, so it’s not dependent on automotive or battery electric vehicles or drones or wind farms. It’s any energy-efficient motor across the spectrum,” Suleman said, referring to the demand for magnets from fast-growing industries such as robotics.

His comments came around three months after Neo launched the grand opening of its rare earth magnet factory in Narva, Estonia.

Situated directly on Russia’s doorstep, the facility is widely expected to play an integral role in Europe’s plan to reduce its dependence on China. European Union industry chief Stéphane Séjourné, for example, lauded the plant’s strategic importance, saying at an event in early December that the project marked “a high point of Europe’s sovereignty.”

How Europe is scrambling to reduce dependence on China’s rare earths

Neo’s Suleman said the Estonian facility is on track to produce 2,000 metric tons of rare earth magnets this year, before scaling up to 5,000 tons and beyond.

“Globally, the market is 250,000 tons and going to 600,000 tons, so more than doubling in ten years,” Suleman said. “And more importantly, our concentration is 93% in a single jurisdiction, so when you put those two factors together, I think you’ll find an enormously quick growing market.”

‘Skyrocketing demand’

To be sure, the global supply of rare earths has long been dominated by Beijing. China is responsible for nearly 60% of the world’s rare earths mining and more than 90% of magnet manufacturing, according to the International Energy Agency.

A recent report from consultancy IDTechEx estimated that rare earth magnet capacity in the U.S. is on track to grow nearly six times by 2036, with the expansion driven by strategic support and funding from the Department of Defense, as well as increasing midstream activity.

Magnet production in Europe, meanwhile, was forecast to grow 3.1 times over the same time period, bolstered by the EU’s Critical Raw Materials Act, which aims for domestic production to satisfy 40% of the region’s demand by 2030.

Regional composition of rare earths and permanent magnet production in 2024, according to data compiled by the International Energy Agency.

IEA

John Maslin, CEO of Vulcan Elements, a North Carolina-based rare earth magnet producer, told CNBC that the company is seeking to scale up as fast as possible “so that this fundamental supply chain doesn’t hold America back.”

Vulcan Elements is one of the companies to have received direct funding from the Trump administration. The magnet maker received a $620 million direct federal loan last month from the Department of Defense to support domestic magnet production.

“Rare earth magnets convert electricity into motion, which means that virtually all advanced machines and technologies—the innovations that shape our daily lives and keep us safe—require them in order to be operational,” Maslin told CNBC by email.

“The need for high-performance magnets is accelerating exponentially amid a surge in demand and production of advanced technologies, including hard disk drives, semiconductor fabrication equipment, hybrid/electric motors, satellites, aircraft, drones, and almost every military capability,” he added.

Separately, Wade Senti, president of Florida-based magnet maker Advanced Magnet Lab, said the only way to deliver on alternative supply chains is to be innovative.

“The demand for non-China sourced rare earth permanent magnets is skyrocketing,” Senti told CNBC by email.

“The challenge is can United States magnet producers create a fully domestic (non-China) supply chain for these magnets. This requires the magnet manufacturer to take the lead and bring the supply chain together – from mine to magnet to customers,” he added.

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Watch BYD’s insanely fast EV charger add nearly 250 miles range in 5 minutes [Video]

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Watch BYD's insanely fast EV charger add nearly 250 miles range in 5 minutes [Video]

BYD is closing the gap between gas pumps and EV chargers. A new video shows one of its EVs gaining nearly 250 miles (400 km) of range in just five minutes.

BYD’s 5-minute EV charging matches refuel speeds

“The ultimate solution is to make charging as quick as refueling a gasoline car,” BYD’s CEO, Wang Chuanfu, said after unveiling its new Super e-Platform in March.

Chuanfu was referring to the so-called “charging anxiety” that’s holding some drivers back from going electric. BYD’s Super e-Platform is the first mass-produced “full-domain 1000V high-voltage architecture” for passenger vehicles.

BYD also launched its Flash Charging Battery during the event, with charging currents of 1000A and a charging rate of 10C, both new records.

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The ultra-fast charging battery can deliver 1 megawatt (1,000 kW) of charging power, which BYD claims enables EVs equipped with the setup to regain 400 km (248 miles) of CLTC driving range in just 5 minutes of charging.

BYD-EV-charger-5-minutes
BYD CEO Wang Chuanfu unveils Super e-Platform with Flash Charging Battery enabling EVs to add 400 km of range in 5 minutes (Source: BYD)

BYD launched its first vehicles based on the Super e-Platform, the Han L and Tang L, a month later, starting at just 219,800 yuan ($30,000).

With the new models rolling out across China, we are getting a look at the ultra-fast charging speeds in action. A video posted on X by user Dominic Lee shows BYD’s EV charging at up to 746 kW, with an estimated charging time to 70% of around 4 minutes and 40 seconds.

In just six minutes, BYD said the Han L, based on its Super e-Platform, can recharge from 10% to 70%, and in 20 minutes, the battery can be fully charged.

The Tang L SUV, also based on BYD’s 1000V architecture, can add 370 km (230 miles) of range in 5 minutes, while a full charge takes about 30 minutes.

BYD said its Flash Charging Battery enables EVs to gain the same range as a gas-powered vehicle would at the pump, “ultimately making the charging time as short as refueling time.”

Although 400 km (250 miles) is more than enough range for most drivers, BYD is out to make gas stations a thing of the past. And it’s not just in China, BYD plans to bring its Flash Charging system to Europe and likely other overseas markets.

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