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An employee with Ipsun Solar installs solar panels on the roof of the Peace Lutheran Church in Alexandria, Virginia on May 17, 2021.
Andrew Caballero-Reynolds | AFP | Getty Images

Ramping up investment in policies and technologies to tackle climate change could play a significant role in the global economy’s recovery from the coronavirus pandemic.

In a recent note, Charles Dumas, chief economist at U.K.-based investment research firm TS Lombard, said that action on climate change is often criticized as moving too slowly. However, with governments increasing spending to aid their post-Covid economies, they may start catching up. 

A key tenet of this is the ever-decreasing cost of electricity per megawatt hour, according to figures from TS Lombard, with costs of solar, offshore and onshore wind dropping over the last 10 years, while gas and coal have remained largely the same.

“Effectively by 2030 the cost of renewable electricity is going to be half that of coal and gas sourced electricity,” Dumas told CNBC.

These trends will bring many of the various pledges to reach net zero more closely in sight.

The fatal floods in Germany in recent weeks have put the impacts of climate change firmly in the spotlight again but they are only the latest in a series of devastating extreme weather events of late, including the sprawling wildfires in Oregon.

COP26 priorities

Amid this backdrop, the United Nations Climate Change Conference, better known as COP26, will meet in Glasgow in November. It will mark one of the most significant multilateral meetings on climate since the Paris agreement.

Dumas said that as COP26 approaches, governments need to understand their key priorities, and among them should be infrastructure investments as numerous technological and engineering challenges continue to obstruct renewable energy.

“I think the intermittency problem is pretty serious and it’s not just that the sun goes down at night,” Dumas said.

In the case of solar power, output can be mixed depending on the location of infrastructure like solar farms.

“There’s huge variation with sunny days in winter and sunny days in the middle of summer so the intermittency takes on a very big seasonal aspect,” Dumas said.

“You can have vicious weather for a long time in the middle of December or January and lo and behold you wouldn’t want to be depending on solar power.”

Energy transmission could be another bottleneck, he said. While the developing world, including several African nations, has great potential in developing sites for generating solar power, that power needs to move easily.

“The issue of transmission technology is really major. If you want Chad to be the new Saudi Arabia, because of the Sahara Desert there’s a lot of sun there, but you want the electricity to be used in Europe then you’re talking about some expensive processes and processes needing a lot of research and a lot of further investment.”

Storage and carbon capture are all areas that require hefty investment, Dumas added, if governments are to reach their net-zero targets.

“What we need is a very clear public policy lead in order to get anywhere near these net zero promises and I suspect that actually what it’s going to be about is a carbon tax, which the Americans may resist but will be necessary,” he said.

Job creation

Paul Steele, chief economist at an independent policy research institute called the International Institute for Environment and Development, said that climate action and renewable energy investments will serve the dual purpose of tackling the climate crisis while creating jobs for the post-Covid economy.

“One of the priorities coming out of Covid is to create labor intensive employment. Both in developed and developing countries, you can provide labor intensive employment through renewable energy,” Steele said.

One example, he said, was the retrofitting of boilers in homes in the U.K., which would help push the country toward its climate targets and create new jobs while being relatively inexpensive in the grand scheme of things.

Steele said that investments to drive a climate-friendly economy cannot be short term or have quick goals.

He pointed to the various government support schemes for the airline industry, which has been battered by the pandemic. Just this week, the European courts gave the nod to a $2.9 billion bailout for Air France-KLM’s Dutch business.

Bailout funds like these should be tied to sustainability commitments by the airline industry, he said, but that can be a dicey proposition to get over the line.

“Governments aren’t making the connections enough and traditionally treasuries and particularly the ministries of transport are still dominated by road building lobbies and people who like to build highways and increase transport rather than people who want to invest in sustainable alternatives.” 

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The Hyundai IONIQ 6 N is here and it’s even better than expected

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The Hyundai IONIQ 6 N is here and it's even better than expected

The Hyundai IONIQ 6 N is finally here, and it delivers. Hyundai’s electric sports car is loaded with fun new features, a sleek design (including a massive rear wing), 641 horsepower, and much more.

Meet the Hyundai IONIQ 6 N

After teasing the new model for the first time last month, Hyundai created quite a buzz. Now, we are finally getting our first look at the upgraded high-performance EV.

Hyundai unveiled the new IONIQ 6 N at the famed Goodwood Festival of Speed on Thursday in West Sussex, England. The upgraded model follows Hyundai’s first high-performance EV, the IONIQ 5 N.

At the event, the company boasted that its new electric sports car marks “a pivotal milestone in Hyundai N’s electrification journey,” adding “Hyundai N is once again redefining the boundaries of high-performance electrification with the debut of the IONIQ 6 N.”

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The IONIQ 6 N delivers an impressive 641 horsepower (478 kW) and 77 Nm of torque, enabling a 0 to 100 km/h (0 to 62 mph) sprint in just 3.2 seconds. Its top speed is about 160 mph (257 km/h).

Hyundai-IONIQ-6-N-EV
Hyundai IONIQ 6 N (Source: Hyundai)

That’s when using Hyundai’s Launch Control, one of the many performance features the new EV offers. Like its other N models, the IONIQ 6 is based on three pillars: Corner Rascal, Racetrack Capability, and, of course, an Everyday Sportscar.

Powered by two electric motors, a 223 hp (166 kW) at the front and another 378 hp (282 kW) motor at the rear, for a combined 600 hp (448 kW).

Hyundai-IONIQ-6-N-EV
Hyundai IONIQ 6 N (Source: Hyundai)

Redefining the EV driving experience

The upgraded IONIQ 6 “redefines the EV driving experience,” according to Hyundai, thanks to its advanced in-house vehicle control software.

Central to this is Hyundai’s N Active Sound + system, which mimics the feel and sound of a traditional engine. An added N e-Shift simulates shifting gears.

Hyundai-IONIQ-6-N-EV
Hyundai IONIQ 6 N interior (Source: Hyundai)

And that’s just the start. Other performance features, such as N Drift Optimizer, N Grin Boost, and N Torque Distribution, give you even more control over the vehicle while delivering increased power.

The IONIQ 6 N is powered by an 84 kWh battery, providing a WLTP range of up to 291 miles (469 km). However, EPA figures will be revealed closer to launch. Given the IONIQ 5 N has an EPA-estimated range of up to 221 miles, you can expect it to be slightly higher when it arrives.

With a 350 kW DC fast charger, Hyundai’s new performance EV can recharge from 10% to 80% in about 18 minutes.

With a length of 4,935 mm, a width of 1,940 mm, and a height of 1,495 mm, the IONIQ 6 N is about the size of the Porsche Taycan.

Hyundai will showcase the new high-performance EV during the hillclimb event alongside other models like the IONIQ 5 N, IONIQ 6 N Drift Spec, and IONIQ 6 N with N Performance parts. Hyundai promises each vehicle brings unique capabilities to the event, “guaranteeing a dynamic and thrilling on-track experience for all attendees.” Check back soon for more info.

What do you think of Hyundai’s new electric sports car? Would you buy one over the Porsche Taycan? Let us know in the comments.

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Elon Musk says Grok is coming to Tesla vehicles just after it went full Hitler

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Elon Musk says Grok is coming to Tesla vehicles just after it went full Hitler

Elon Musk said that Tesla owners will “soon” have access to Grok, a large language developed by Musk’s xAI startup, days after the AI started calling itself ‘MechaHitler’.

Yesterday, xAI launched Grok 4, the latest version of its large language model.

The new model is benchmarking very well, but that’s generally the case with the latest model to come out. It edges the latest models from Google and OpenAI on intelligence by a few points, but it falls behind on speed:

At the launch event, Musk announced that Grok will “soon” be integrated into Tesla vehicles.

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This is something that the CEO has been discussing since founding xAI, which has been controversial because Musk has also positioned Tesla to compete in the AI space. He even stepped down from his role at OpenAI due to a “conflict of interest with Tesla.”

The announcement of the imminent integration of Grok into Tesla vehicles comes just days after the language model went haywire on X and started praising Hitler, referring to itself as ‘MechaHitler’, and made several antisemitic comments.

xAI acknowledge the issue and put Grok on timeout while they fixed it:

We are aware of recent posts made by Grok and are actively working to remove the inappropriate posts. Since being made aware of the content, xAI has taken action to ban hate speech before Grok posts on X. xAI is training only truth-seeking and thanks to the millions of users on X, we are able to quickly identify and update the model where training could be improved.

The “bug” came just a few weeks after Musk stated that he was displeased with Grok supporting left-wing narratives, even though it didn’t say anything inncurate, and that he would update Grok to “fix” it.

Now, the large language model (LLM) is expected to power the new voice assistant inside Tesla vehicles.

LLMs are becoming quite common in cars, especially premium vehicles. Ford, Mercedes-Benz, Stellantis, and a few others have all integrated Chat-GPT in some models.

Many Chinese automakers have also developed their own and deployed them in cars, even entry-level ones.

Tesla is playing catch up on that front.

Electrek’s Take

As I have previously stated, I think Musk is setting up Tesla to invest or even merge with xAI at a ridiculous valuation – making Tesla shareholders virtually pay twice for Twitter, which is now part of xAI.

This is how he will be able to gain wider control over the company’s share.

Of course, it will be widely challenged in court. In fact, shareholders have already filed a lawsuit alleging that Musk was in breach of fiduciary duties to Tesla shareholders when he started xAI.

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Alaska is America’s worst state for business in 2025 as falling oil prices sink economy

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Alaska is America's worst state for business in 2025 as falling oil prices sink economy

Pipeline Winding in Summer Mountain Landscape

Sarkophoto | Istock | Getty Images

From the first discovery in Prudhoe Bay in 1968, Alaskans have had a love-hate relationship with oil.

On one hand, it allowed Alaska to abolish its state income tax, fund most government operations and provide every Alaskan with a dividend that continues to this day. On the other hand, it has left the state at the near total mercy of the global oil market.

In recent years, that has proven to be a bad bet. And it is the major reason Alaska finishes at the bottom of the CNBC America’s Top States for Business rankings in 2025.

With the price of Alaska North Slope crude oil down by double digits from a year ago, according to the Alaska Department of Revenue, Alaska has America’s worst economy as measured by the CNBC study. Economy is the heaviest-weighted category under this year’s methodology.

More coverage of the 2025 America’s Top States for Business

Alaska’s gross domestic product growth is in the bottom ten nationally. The state’s economy grew by just 1.5% last year, compared to 2.8% nationally.

More crucially, the state’s fiscal year 2026 budget is based on a forecast of $68 per barrel for crude oil, and it is unclear if that will hold. Alaska North Slope crude traded as low as $63.49 on May 5 before rebounding above $70 in recent weeks. State forecasters are counting on oil for around 70% of the state’s revenue over the next ten years, or nearly half the state’s operating budget. And some localities are far more dependent.

“When you look at the economic engine by default,” North Slope Borough Mayor Josiah Patkotak told CNBC last month, “That happens to be oil and gas by about 98% of our operating budget.”

$40 billion bet on natural gas as diversifier

For decades, Alaska has sought ways to diversify its economy, but it has had limited success. Proposals have involved alternative energy, agriculture, and the state’s tourism sector.

Alaska Governor Mike Dunleavy speaks during a news conference at his office in Anchorage, Alaska, U.S. March 22, 2022.

Yereth Rosen | Reuters

In 2023, Gov. Mike Dunleavy, a Republican, signed legislation to put Alaska into the carbon market, using the state’s vast public lands for carbon storage, and to generate carbon offset credits for high carbon emitters in other states. But the program is still in the study phase. A report to the legislature in January said the program is not expected to generate any revenue until at least 2027.

More recently, the Trump administration is backing a proposal to build a natural gas pipeline alongside the Trans-Alaska oil pipeline, allowing the U.S. to ship liquid natural gas — a byproduct of North Slope oil production — to Asia.

North Carolina becomes America's Top State for Business

The idea has been around for years, but the price tag, estimated at around $40 billion, was impossible for the industry to swallow even when petroleum prices were high.

Now, however, administration officials think that trade tensions might change the economics.

“There [are] countries around the world looking to shrink their trade deficit with the United States, and of course, a very easy way to do that is to buy more American energy,” U.S. Energy Secretary Chris Wright told CNBC’s Brian Sullivan in Prudhoe Bay last month.

“If you get the commercial offtakers for the gas, financing is pretty straightforward,” Wright said.

If the project gets off the ground, it could provide a huge boost to Alaska’s economy, though it would still be at the mercy of commodity prices.

Lack of tech infrastructure, high costs

Alaska’s struggling economy is a major reason for its poor competitive performance, but it is not the only one.

The state ranks No. 49 in Infrastructure. While the state’s roads and bridges are in better shape than in many states in the Lower 48, its virtual infrastructure leaves much to be desired. Fewer than 2% of Alaskans have access to affordable broadband service, according to BroadbandNow Research. The data center boom has passed Alaska by thus far, with only four in the entire state.

Alaska is a notoriously expensive place to live, especially in the many remote parts of the state.

“When you’re paying 16 bucks a gallon for milk, we’ve got to figure out how to make sure that you can afford to buy the milk so you can live here. We’ve got to make sure you can afford to buy the gas so you can hunt here,” said Patkotak.

But one aspect of life is a bargain in Alaska. At a time of soaring homeowner premiums, online insurance marketplace Insurify projects Alaska homeowners insurance premiums will average $1,543 this year, the second lowest in the nation.

Join the conversation. Didn’t see your state mentioned? You can see where it ranked overall, and in all 10 categories of competitiveness, in the full rankings of the 2025 America’s Top States for Business.

Top States for Business: Here are the runners-up

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