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The current German coalition government is seeking to accelerate the country’s transition away from fossil fuels and nuclear to renewable and sustainable production energy means.

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The global energy transition is off track to prevent the worst impact of the climate emergency, according to the head of the International Renewable Energy Agency, and a fundamental course correction is required to successfully pivot away from fossil fuels.

A report published by IRENA on Tuesday said an additional $35 trillion of investments in transitional technologies would be needed by 2030 to curb global heating to 1.5 degrees Celsius above pre-industrial levels.

This temperature threshold refers to the aspirational goal of the landmark Paris Agreement.

It is widely regarded as a crucial global target because so-called tipping points become more likely beyond this level of global heating. Tipping points are thresholds at which small changes can lead to dramatic shifts in Earth’s entire life support system.

“We are off track,” Francesco La Camera, director general of IRENA, told CNBC’s “Squawk Box Europe” on Tuesday.

La Camera said that IRENA’s findings show energy transition progress has been made, particularly in the power sector where renewables account for 40% of installed power generation worldwide — but the scale and extent of the change to date fall far short of the 1.5 degrees Celsius pathway.

IRENA said deployment levels must grow from some 3,000 gigawatts today to more than 10,000 GW in 2030.

The agency also noted that deployment is limited to certain parts of the world, with China, the EU and the U.S. accounting for two thirds of all additions in 2022, leaving low-income nations further behind.

‘Survival guide for humanity’

The IRENA report comes shortly after the world’s leading climate scientists published a “survival guide for humanity.”

The U.N.’s Intergovernmental Panel on Climate Change said earlier this month that the unprecedented challenge of keeping global warming to 1.5 degrees Celsius had become even greater in recent years because of the relentless increase in global greenhouse gas emissions.

The IPCC said deep, rapid and sustained greenhouse gas emission reductions across all sectors would be necessary to limit warming to 1.5 degrees Celsius.

The IRENA report meanwhile said that a successful global energy transition must see bold and transformative measures reflecting the urgency of the climate crisis.

A vehicle drives past a dry, cracked lake bed on its way to Boulder Harbour in drought-stricken Lake Mead on September 15, 2022 in Boulder City, Nevada.

Frederic J. Brown | Afp | Getty Images

Investment, comprehensive policies across the world and all sectors must take steps to grow renewables, the report adds, and implement the structural changes required for a predominantly renewables-based energy transition.

“The process we are assisting on is unstoppable. So, we are moving to a new energy system that will be largely dominated by renewables, complimented by hydrogen — mainly green hydrogen — and the sustainable use of biomass,” La Camera told CNBC.

“In the medium to long term, this will happen, so the question is not where we are going,” he added. “It is important to understand that the most important variable is time.”

Stranded assets warning

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

Big Oil raked in record profits last year, as fossil fuel prices soared following Russia’s full-scale invasion of Ukraine. The firm’s executives have sought to defend bumper revenues amid a barrage of criticism in recent months, typically highlighting the importance of energy security in the transition to renewables.

Saudi Arabia’s state-controlled oil giant Aramco on Sunday announced plans to build a $10 billion refining and petrochemical complex in northeast China over the next three years, saying the company is seeking to support Beijing’s growing demand across fuel and chemical products.

Asked about companies choosing to invest in the traditional oil and gas sector, and whether this equates to a lost investment in renewables, La Camera replied, “There is no doubt that from our point of view, this is not the right direction. It will produce stranded assets.”

“That’s the reason why we are insisting … to work on focusing on infrastructure but also on changing our attention from the supply side of the problem to the demand side,” he added.

“We strongly hope that the Dubai UNFCCC conference will lead the way to build a new narrative that can better orient the investment in the years to come and accelerate the energy transition too,” La Camera said.

The UAE will host the COP28 climate summit from Nov. 30 through to Dec. 12.

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Peak Energy’s $500M deal will deploy the world’s largest sodium-ion battery system

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Peak Energy’s 0M deal will deploy the world’s largest sodium-ion battery system

Burlingame, California-based Peak Energy just scored a huge win for sodium-ion batteries. The company announced a multi-year deal with utility-scale battery storage developer Jupiter Power to supply up to 4.75 GWh of sodium-ion battery systems between 2027 and 2030.

Under the agreement, Peak will deliver 720 MWh of storage in 2027 – the largest single sodium-ion battery deployment announced so far. The deal also includes an option for an additional 4 GWh of capacity through 2030, bringing the total contract value to more than $500 million.

Sodium-ion vs. lithium-ion

Peak Energy says its sodium-ion batteries degrade less over time and have lower operations and maintenance costs than lithium-ion systems. Because the batteries don’t degrade as quickly, operators don’t need to add more capacity later in a project’s life to maintain performance. They also use a fully passive cooling system that eliminates pumps, fans, and other components used in lithium-ion setups, reducing maintenance and safety risks.

The company claims its grid-scale sodium-ion system uses up to 97% less auxiliary power, offers about 30% better cell degradation performance over 20 years, and comes with a lower total cost of ownership.

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Why this deal matters

The agreement marks a significant step forward for the emerging sodium-ion sector, which has been gaining momentum as a safer and lower-cost alternative to lithium-ion for long-duration and grid-scale energy storage. It also underscores the growing effort to build a domestic sodium-ion battery supply chain in the US.

“From day one, we’ve believed sodium-ion will be the winning technology for grid-scale storage, which is essential to meet rising demand from hyperscalers and AI,” said Landon Mossburg, Peak Energy’s CEO and cofounder. “Deploying the world’s largest sodium-ion energy storage system with one of the nation’s top independent power producers proves that sodium is ready for today and will dominate the future.”

Mike Geier, CTO at Jupiter Power, said the company is “excited to support domestic battery energy storage manufacturing as we continue to increase the deployment of firm, dispatchable energy when and where it’s most needed,” and called Peak’s approach to sodium-ion “a potential game changer for the industry.”

Read more: The US’s first grid-scale sodium-ion battery is now online


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The new 2026 Lexus ES is an upgrade in just about every way [Video]

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The new 2026 Lexus ES is an upgrade in just about every way [Video]

Lexus claims the new ES “takes sedan styling, luxury, and refinement to a higher level” with a complete redesign. With the 2026 ES arriving soon, Lexus offered a closer look at the upgrades inside and out.

The new 2026 Lexus ES debuts in EV and hybrid forms

The eighth-gen ES is bringing more than a sharp new style. Lexus overhauled its flagship sedan from the ground up for the 2026 model year, which will include battery electric (BEV) and hybrid (HEV) powertrain options.

Inspired by the radical LF-ZC show car, the 2026 ES has been fully redesigned with what Lexus calls the “Experience Elegance and Electrified Sedan” concept, aimed at further refining the driving experience.

The new design centers on a redesigned “spindle body” that extends from the hood to the bumper. It also features a redesigned grille, replacing the signature Lexus spindle grille as the brand looks for a new identity in the electric era.

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Inside, the new 2026 ES features the latest version of the Lexus Interface multimedia system. The setup includes a 14″ touchscreen with wireless Apple CarPlay and Android Auto, and a 12.3″ driver display cluster.

new-2026-Lexus-ES-EV
The 2026 Lexus ES 350e (Source: Lexus)

Based on the redesigned TNGA GA-K platform, the new ES will be available in battery electric (BEV) and hybrid (HEV) powertrains for the first time.

The 2026 Lexus ES lineup consists of two models: the ES 350e, a front-wheel-drive (FWD) model, and the ES 500e, an all-wheel-drive (AWD) model.

2026-Lexus-ES-EV-interior
The 2026 Lexus ES 350e interior (Source: Lexus)

Lexus expects the ES 350e to have a driving range of 300 miles when fitted with 19″ wheels, while the ES 500e has an estimated driving range of 250 miles.

Both the ES 350e and 500e feature a built-in NACS port to recharge at Tesla Superchargers. Using DC fast charging, it can recharge from 10% to 80% in about 30 minutes under “ideal conditions,” according to Lexus.

With its debut just around the corner, Lexus offered a closer look at the new 2026 ES inside and out in a new video.

Lexus has yet to announce prices, but the redesigned ES is expected to start at about $45,000 to $50,000, or slightly more than the outgoing model.

After launching the upgraded RZ earlier this month, Lexus said the ES would be next. It’s expected to go on sale in Spring 2026.

What do you think of the redesigned 2026 ES? Do you like the new Lexus design? Let us know your thoughts in the comments below.

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Tesla launches new Model Y+ with 510 miles (821 km) of range

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Tesla launches new Model Y+ with 510 miles (821 km) of range

Tesla has launched a new version of the Model Y in China, and it’s achieving an impressive new range rating – thanks to a new battery cell from South Korea’s LG.

The new variant, a five-seat, rear-wheel drive long-range model, has been released with an 821-km range based on China’s CLTC standard.

While the CLTC rating is known to be optimistic, 821 km (about 510 miles) is an impressive number and the longest range Tesla has offered in its Model Y lineup to date, which is going to help it be more competitive in the Chinese market.

This new extended range Model Y version is made possible by using the 78.4-kWh ternary lithium-ion battery pack from LG Energy Solution, the same pack found in the also recently launched 830-km range Model 3 variant.

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The new long-range RWD Model Y starts at RMB 288,500, which translates to just over $40,500 USD.

The launch comes at a critical time for Tesla in China, which has seen its sales slump in recent months. The automaker recorded its lowest monthly sales in October since November 2022, falling out of the top 10 list for new energy vehicle (NEV) sales.

That’s despite a continued surge in electric vehicle sales in China. Tesla is not benefiting from it amid strong competition.

According to local Chinese media reports, the new 821-km Model Y is already gaining traction with some anecdotal reports of enthusiasm at Tesla stores.

The reports are partly supported by Tesla quickly extending delivery timelines from 2-4 weeks to 4-6 weeks just hours after launch.

Electrek’s Take

I think this is going to be suitable for a decent short-term bump in demand, but it’s still on the expensive side for the Chinese market.

For example, now the Model Y beats the Xpeng G6’s max range of 755 km, but the G6 with this range costs 234,900 RMB (approximately $32,900 USD), which is significantly cheaper.

Every 10,000 RMB tranche lower means a lot more demand in China.

Tesla needs to launch its new “standard” versions to start making a difference with demand long term in China.

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