Environment

Nearly half of the coal industry is still on an expansion course in ‘reckless’ mining rush

Published

3 years ago

October 6, 2022

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The burning of fossil fuels such as coal, oil and gas is the chief driver of the climate crisis.

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Nearly half of the coal industry intends to develop new projects to exploit the world’s dirtiest fossil fuel, according to German campaign group Urgewald, with many companies refusing to retire assets even as extreme weather events become worse and more frequent across the globe.

An annual update from Urgewald and 40 partner NGOs published Thursday found that 490 of the 1,064 companies on its Global Coal Exit List were pursuing new coal power plants, coal mines or new coal transport infrastructure.

It means 46% of the companies surveyed are committed to expanding despite last year’s U.N. climate summit in Glasgow ending with a global agreement to “accelerate efforts towards the phasedown of unabated coal.”

The research, which represents the world’s most comprehensive public database on the coal industry, said less than 3% of those surveyed had announced timely coal exit dates.

“Pursuing new coal projects in the midst of a climate emergency is reckless, irresponsible behavior,” said Heffa Schuecking, director of Urgewald. “Investors, banks, and insurers should ban these coal developers from their portfolios immediately.”

Coal is the most carbon-intensive fossil fuel in terms of emissions and therefore the most critical target for replacement in the transition to renewable energy sources.

To be sure, the burning of fossil fuels such as coal, oil and gas is the chief driver of the climate crisis.

In just the last few months, historic floods submerged one-third of Pakistan, Europe experienced its hottest summer in 500 years and China recorded the most severe heatwave in climatic history.

At the same time, some European governments have reluctantly turned to coal to help prevent a winter supply shortage amid a dramatic fall in Russian gas flows. Moscow has throttled gas supplies amid a bitter energy stand-off provoked by the Kremlin’s war in Ukraine.

Clear and near coal exit dates

Speaking ahead of the COP27 climate summit in Sharm el-Sheikh next month, U.N. Secretary-General Antonio Guterres warned, “we are in a life-or-death struggle for our own safety today and our survival tomorrow.”

“This is no time for pointing fingers — or twiddling thumbs. It is time for a quantum level compromise between developed and emerging economies,” he added.

The NGOs report said there are currently more than 6,500 coal plant units globally with a combined capacity of 2,067 gigawatts. It says that whether humanity is able to keep global heating from surpassing the critical temperature threshold of 1.5 degrees Celsius depends “first and foremost on how quickly we phase out this enormous coal plant fleet.”

The 1.5 degrees Celsius goal is the aspirational global temperature limit set in the landmark 2015 Paris Agreement. It is recognized as a crucial global target because beyond this level, so-called tipping points become more likely.

The vast majority of companies on the GCEL still have no intention of retiring the coal assets, which are propelling us towards a breakdown of our climate systems.

Heffa Schuecking

Director of Urgewald

Under the IEA’s roadmap to net zero by 2050, published in May last year, the world’s richest countries must retire their coal power plants by the end of the decade — at the latest — and by 2040 for the rest of the world.

In stark contrast to high-income countries like Italy, France and the U.K., however, the U.S. has not yet set a national phase-out date for its coal power plants.

“While the warnings issued by IPCC and UNEP become more and more dire from one UN Climate Summit to the next, our data regarding companies’ transition plans remains depressingly consistent,” Schuecking said.

“The vast majority of companies on the GCEL still have no intention of retiring the coal assets, which are propelling us towards a breakdown of our climate systems. A real transition requires clear and near coal exit dates.”

Today, there are more than 6,500 coal plant units globally with a combined capacity of 2,067 gigawatts.

Saeed Khan | Afp | Getty Images

Urgewald’s Schuecking told CNBC that since the 2015 Paris accord was signed, the global coal plant fleet had seen a net increase of roughly 157 gigawatts. That’s the equivalent of Germany, Russia, Japan and Poland’s coal fleet added up together.

The research found that 467 gigawatts of new coal-fired capacity were still in the pipeline worldwide. And, if realized, these projects would increase the world’s current coal power capacity by 23%.

“Stopping investing in or financing coal developers, that should be a no-brainer. I just don’t see how anyone can be serious about the Paris goals or be an institution that takes climate seriously if you’re still involved with coal developers,” Schuecking said.

China’s coal habit

China was found to be responsible for 61% of all planned coal power capacity additions and, perhaps unsurprisingly, the top four coal plant developers were found to be Chinese companies: China Huaneng Group, China Energy Investment Corporation, China Datang Corporation and China Huadian Corporation.

The report found that with 570 million metric tons, China Energy Investment Corporation was the world’s top thermal coal producer last year. This was closely followed by Coal India, which produced 557 million tons of thermal coal in 2021.

Lidy Nacpil, coordinator of the Asian People’s Movement on Debt and Development, a regional alliance of community organizations and NGOs, said the world welcomed Chinese President Xi Jinping’s announcement last year that Beijing would stop building new coal power plants abroad.

“But China needs to adopt similar measures for its domestic energy system if it wants to become an actor for a 1.5°C world,” Nacpil said.

Environment

ChargePoint just launched EV charger checkups – before they break

Published

3 hours ago

July 29, 2025

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ChargePoint just launched EV charger checkups – before they break

ChargePoint Safeguard Care — Image: ChargePoint

ChargePoint is rolling out a new program called “Safeguard Care” to ensure its EV chargers stay online. The service proactively sends trained technicians into the field to routinely check ChargePoint stations – before things go wrong.

These technicians inspect the chargers, clean them, repair what they can on-site, and run a test charge to ensure everything works before they leave. If they come across something they can’t fix, the issue gets escalated to ChargePoint’s support team for follow-up.

“As the original manufacturer of the chargers, we are able to ensure the highest standards of service and support,” said JD Singh, ChargePoint’s chief customer experience officer. “With Safeguard Care, ChargePoint is giving station owners and EV drivers peace of mind knowing that chargers will be in pristine working order.”

The service, which is starting in five launch markets across the US (ChargePoint hasn’t said which ones, and I’ll update if it answers me), is in addition to ChargePoint Assure, its existing hardware and software monitoring system. It benefits high-traffic charging sites like parking garages, office buildings, and public charging hubs, especially ones that don’t have a dedicated on-site maintenance crew.

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This move is part of ChargePoint’s broader effort to make public EV charging more reliable. In recent months, the company has introduced anti-vandalism upgrades and more proactive monitoring tools. But Safeguard Care marks an interesting shift toward proactive, rather than reactive, boots-on-the-ground support. Technicians usually aren’t dispatched until the EV charger software sends a notification to support that something’s gone wrong. I’ll be curious to see if this new in-person approach makes a difference with EV charger reliability.

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Environment

PayPal beats on earnings, raises full-year outlook as Venmo growth accelerates

Published

4 hours ago

July 29, 2025

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PayPal beats on earnings, raises full-year outlook as Venmo growth accelerates

Stellar's Denelle Dixon on PayPal launching its stablecoin on the foundation's blockchain

PayPal reported better-than-expected results for the second quarter and raised its full-year guidance for transaction margin dollars and earnings per share. The stock slipped more than 4% following the report.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

Earnings per share: $1.40 adjusted vs. $1.30 expected
Revenue: $8.29 billion vs. $8.08 billion expected

Sales increased 5% from $7.89 billion a year earlier, as CEO Alex Chriss worked to roll off lower-margin revenue streams.

Transaction margin dollars, a key measure of profitability, rose 7% to $3.84 billion, marking the company’s sixth straight quarter of growth.

Growth in that metric slowed sequentially, down from 8% in the first quarter when excluding a one-time benefit that boosted results earlier this year. Branded checkout volumes also slowed to 5%, compared with 6% in the first quarter when adjusted for Leap Day.

Total payment volume, an indication of how digital payments are faring in the broader economy, beat estimates, coming in at $443.6 billion, compared with the $433.6 billion analysts had projected, according to StreetAccount. The number of active accounts rose 2% to 438 million, versus expectations of 437.8 million.

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PayPal shares are nearly 10% lower so far this year.

PayPal shares have fallen 8.4% for the year, as of Monday’s close, while the Nasdaq is up about 10% in 2025.

Venmo revenue grew more than 20% from a year earlier, following a 20% jump in the first quarter, though the company didn’t provide a dollar figure. Total payment volume for Venmo increased 12%, its highest growth rate in three years.

Chriss has focused on better monetizing key acquisitions such as Braintree and Venmo. DoorDash, Starbucks and Ticketmaster are among businesses now accepting Venmo as one way consumers can pay.

GENIUS Act stablecoin rules are great for PayPal, says Mizuho's Dan Dolev

“We delivered another quarter of profitable growth, driven by continued strength across many of our strategic initiatives ranging from PayPal and Venmo branded experiences” to acting as payment service provider and other services, Chriss said in the statement.

For the third quarter, PayPal forecast adjusted earnings per share of $1.18 to $1.22, compared with the average analyst estimate of $1.20. Transaction margin dollars are expected to increase 4% to between $3.76 billion and $3.82 billion, the company said.

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Ahead of PayPal’s earnings, some analysts had struck a cautiously optimistic tone. Goldman Sachs noted that branded checkout growth was likely to improve sequentially to around 6%, up from 4% in the first quarter.

Morgan Stanley pointed to stronger e-commerce data and progress on PayPal’s checkout initiatives. Advanced integrations are now live at 45% of U.S. merchants, up from 30% in December, and are expected to help branded checkout volumes reaccelerate. The bank also flagged ongoing momentum in Braintree volumes.

PayPal now expects full-year adjusted earnings per share of $5.15 to $5.30, up from its prior forecast of $4.95 to $5.10. While third-quarter guidance is roughly inline with expectations, the updated outlook implies a stronger fourth quarter. The company also projects free cash flow of $6 billion to $7 billion for the year.

WATCH: PayPal’s crypto lead on allowing merchants to buy and sell virtual assets

Environment

’70 MPH e-bikes’ prompt one US state to change its laws

Published

4 hours ago

July 29, 2025

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'70 MPH e-bikes' prompt one US state to change its laws

Electric bikes are booming in popularity in just about every demographic in the US. From teens riding to school all the way to elderly folks getting back on a bicycle for the first time in years, electric bikes are becoming ubiquitous. But as speeds and power levels have increased, Connecticut is responding with new laws.

Westport Police Lt. Serenity Dobson recently spoke to CTInsider about the phenomenon of more teens riding their e-bikes to school instead of being driven by their parents. “The whole entire bike rack is filled with these bikes that look like electric dirt bikes.”

Moped-style e-bikes have become increasingly popular with teens, with companies like Super73 ushering in a new wave of electric bikes with design cues borrowed from classic mopeds of decades past.

But Dobson says that these e-bikes are too easily modifiable, increasing speed and motor power past acceptable limits.

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“These bikes come stock at 30 mph, but you can cut the controller, and so then they can go 60, 70 mph, and the kids know how to do this,” Dobson said, adding that there has been a “huge increase in middle school-aged kids” riding e-bikes, particularly in the summer when school is out. “There are a lot of YouTube videos where it can show you how easy it is for someone to modify it.”

It’s not clear that such speeds are actually capable on stock parts from nearly any electric bicycle, and legal electric bikes are not capable of exceeding either 20 or 28 mph, depending on their classification, but Dobson may be referring to Sur Ron-style electric motorbikes, which are off-road electric motorcycles that look like small dirt bikes.

Connecticut already uses the common three-class system that codifies legal e-bikes as up to 20 mph (32 km/h) and 750W (one horsepower) for Class 1 and 2, or up to 28 mph (45 km/h) for Class 3 e-bikes.

But now the state is updating its e-bike laws, adding that any e-bike with over 750W of power will be considered a “motor-driven cycle” and require a driver’s license. Over 3,500W? That will be considered a motorcycle and require a motorcycle endorsement to legally ride, as well as registration and insurance like a motorcycle.

The new laws are expected to come into effect in October.

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