The U.N. Climate Change Conference (COP28) is fast approaching, and businesses, politicians and environmental organizations are weighing up how best to slash emissions and tackle climate change both now and in the future.
From wind turbines and green hydrogen to solar panels and fossil fuels like natural gas, a host of sources and innovations are being touted as tools in the fight to safeguard the planet’s future, sparking intense debates about their merits and flaws.
Technologies related to carbon capture are also generating a huge amount of discussion, and the sector’s potential was a hot topic at the recent ADIPEC oil and gas conference in Abu Dhabi.
During an interview with CNBC at ADIPEC, the CEO of energy technology firm Baker Hughes was asked why carbon capture hasn’t been scaled to the point of commercialization and decarbonization.
“It is coming,” Lorenzo Simonelli replied. “And I look at all the different carbon capture processes that exist in our portfolio, but those also available in the market, and we are starting to see scalability,” he added.
“The Inflation Reduction Act in the United States, [and] some of the policies being introduced in Europe, do enable that,” Simonelli said. “And if I look at just our first half order intake, 50% of it was relative to CCUS.”
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According to the U.S. Department of Energy, CCUS — carbon capture, utilization and storage — refers to “a process that captures carbon dioxide emissions from sources like coal-fired power plants and either reuses or stores it so it will not enter the atmosphere.”
CCUS is different from carbon capture and storage, or CCS, which is when CO2 emissions related to industrial processes are captured and stored, rather than reused.
Other processes in the sector include direct air capture, with firms like Climeworks operating in the space.
Climeworks, which specializes in direct air capture and storage, has offices in Switzerland and Germany. Its clients include businesses such as Stripe and Microsoft, and the Microsoft Climate Innovation Fund has invested in the company.
Microsoft co-founder Bill Gates has spoken about using Climeworks to “pay for direct air capture” and while the sector has high-profile backers, it faces challenges.
The International Energy Agency, for instance, notes that capturing carbon dioxide from the air “is more energy intensive — and therefore more expensive — than capturing it from a point source.”
“Carbon removal technologies such as DAC are not an alternative to cutting emissions or an excuse for delayed action, but they can be an important part of the suite of technology options used to achieve climate goals,” the Paris-based organization adds.
Ex-BP CEO on the Paris Agreement and CCUS
Another high-profile figure speaking to CNBC at ADIPEC was Bob Dudley, the ex-CEO of energy giant BP.
He sought to contextualize the role of CCUS within the wider energy transition.
“By 2050 there’ll be 2 billion more people on the planet,” he said, arguing that every form of energy — including increases in nuclear — would be needed.
“We’ve got to have everything and decarbonize it, and there’s great new technologies that are doing that,” he said.
“I don’t know of a single scenario to get us to Paris without natural gas — cleaned up natural gas — displacing coal, that’s really important,” Dudley added, referring to 2015’s Paris Agreement.
“And second is CCUS,” he said. “And people say CCUS is only a tool for the oil and gas industry to perpetuate its life — that’s not true.”
While carbon capture has its advocates, the technology is divisive and has been questioned by a range of organizations.
In March 2023, for example, the environmental group Greenpeace expressed strong views on the subject in a political briefing published ahead of announcements from the U.K. government related to energy security.
“Carbon capture is not zero carbon; is unlikely to see dramatic cost reductions or be scalable; and is often used for greenwashing by oil and gas companies so they can carry on polluting,” it said.
“It doesn’t do what it says on the tin and certainly should not be prioritised as part of a green industrial strategy,” it added.
‘Pushing a snowball down a hill’
Pope Francis is another high-profile figure who’s weighed in on the subject.
In a recent letter titled Laudate Deum, or Praise God, Francis touched upon the use of technology to mitigate the effects of climate change.
Among other things, he noted that “some interventions and technological advances that make it possible to absorb or capture gas emissions have proved promising.”
“Nonetheless, we risk remaining trapped in the mindset of pasting and papering over cracks, while beneath the surface there is a continuing deterioration to which we continue to contribute,” he added.
“To suppose that all problems in the future will be able to be solved by new technical interventions is a form of homicidal pragmatism, like pushing a snowball down a hill.”
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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.
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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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.
“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.
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.