Norway’s sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector.
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Norway’s $1.4 trillion sovereign wealth fund says it is prepared to start dropping companies for mismanaging climate risk starting next year, adding to the decarbonization pressure that activist shareholders are already piling on firms.
It comes shortly after the world’s the biggest investment fund said it would vote for shareholder proposals at Chevron and Exxon Mobil‘s respective annual meetings on Wednesday.
The resolutions seek to compel the U.S. oil majors to align their climate targets with the landmark Paris Agreement and commit to absolute carbon emission cuts by 2030.
Norway’s oil fund had refused to back similar shareholder proposals tabled in recent weeks at European oil majors, such as BP and TotalEnergies.
The fund says it assesses every shareholder proposal individually and notes there are differences between how European and U.S. oil majors tackle the Scope 3 emissions generated by customers’ use of their oil and gas.
“We are a particularly active owner when it comes to climate,” Carine Smith Ihenacho, chief governance and compliance officer at Norges Bank Investment Management, told CNBC via telephone.
Established in the 1990s to invest the surplus revenues of Norway’s oil and gas sector, the fund said last year that it would take a tougher line on companies that failed to adopt credible climate plans.
It may come to a point where we feel the company is absolutely not listening to us, they are not reporting anything, we see no changes, we may then sell out.
Carine Smith Ihenacho
Chief governance and compliance officer at Norges Bank Investment Management
“We clearly said it is in our long-term interest that the companies in our portfolio will get to net zero by 2050 because, for our financial returns in the long term, we think that will be beneficial,” Ihenacho said, reflecting on the fund’s 2025 climate action plan.
“As an active owner, we really want to influence and push the companies towards setting net-zero 2050 targets and also push them towards having credible transition plans. By that, we mean science-based transition plans,” she added.
Palpable frustration
Norway’s oil fund has invested in more than 9,000 companies in 70 countries around the world and acknowledges that “companies care how we vote at AGMs.”
Ihenacho said that the main tools the fund seeks to use when engaging with corporate directors on environmental, social and governance factors are dialogue and voting, but added that the fund could soon be forced to consider selling out of climate laggards.
“It is something we have to balance the whole time,” Ihenacho said. “I think our starting point is very much that we want to be an owner and want to influence the companies. Selling out is not going to solve the climate crisis at all. You just sell to somebody else who may care less about climate as an owner than we do.”
“Having said that, it may come to a point where we feel the company is absolutely not listening to us, they are not reporting anything, we see no changes, we may then sell out. We may decide to sell out,” Ihenacho said.
“The earliest there will be any companies either on an observation list or excluded will be next year or maybe the year after that. We will try to use our ownership tools first,” she added.
Protesters outside the Salle Pleyel venue in Paris could be heard chanting “all we want is to knock down Total” and “one, two, three degrees, we have Total to thank.”
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It comes amid a sense of palpable frustration among climate activists during the proxy voting season, with demonstrations taking place both inside and outside the AGM venues of oil giants.
Burning fossil fuels, such as oil, gas and coal, is the chief driver of the climate emergency.
Dutch group Follow This, a small activist investor and campaign group, has tabled resolutions at several Big Oil companies in recent weeks calling for faster green transition plans.
A rebellion of 30% voted in favor of a resolution at TotalEnergies’ AGM last week, reflecting a significant rebuke by the typical standards of annual shareholder meetings.
By comparison, support for a similar resolution at BP’s AGM last month came in at just 17%, up from 15% last year, while backing for a climate resolution tabled at Shell‘s annual meeting last week came in at 20%, or the same level as in 2022.
Chevron and Exxon Mobil have urged shareholders to reject the shareholder proposals put forward by Follow This at their respective annual meetings.
In a high-tech move that we can all get behind and isn’t dystopian at all, the City of Barcelona is feeding camera data from its city buses into an advanced AI, but they swear they’re not using the footage to to issue tickets to bad drivers. Yet.
Barcelona and its Ring Roads Low Emission Zone have earned lots of fans by limiting ICE traffic in the city’s core. The city’s latest idea to promote mass transit is the deployment of an artificial intelligence system developed by Hayden AI for automatic enforcement of reserved lanes and stops to improve bus circulation – but while it seems to be working as intended, it’s raising entirely different questions.
“Bus lanes are designed to help deliver reliable, fast, and convenient public transport service. But private vehicles illegally using bus lanes make this impossible,” explains Laia Bonet, First Deputy Mayor, Area for Urban Planning, Ecological Transition, Urban Services and Housing at the Ajuntament de Barcelona. “We are excited to partner with Hayden AI to learn where these problems occur and how they are impacting our public transport service.”
Currently operating as a pilot program on the city’s H12 and D20 bus lines, the system uses cameras installed on the city’s electric buses to detect vehicles that commit static violations in the bus lanes and stops (read: stopping or parking where you shouldn’t). The Hayden AI system then analyses that data and provides statistical information on what it captures while the bus is driving along on its daily route.
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Hayden AI says that, while it photographs and records video sequences and collects contextual information of the violation, its cameras do not record license plates or people and no penalties are being issued to drivers or owners of the vehicles.
So far so good, right? But it’s what happens once the six mont pilot is over that seems like it should be setting off alarm bells.
Big Brother Bus is watching
“You are being recorded” sign in a bus; via Barcelona City Council.
The footage is manually reviewed by a Transports Metropolitans de Barcelona (TMB) officer, who reportedly reviewed some 2,500 violations identified by AI in May alone. But, while the system isn’t being used to issue violations during the pilot program, it easily could.
And, in fact, it already has … and the AI f@#ked up royally.
AI writes thousands of bad tickets
NYC issued hundreds of thousands of tickets; via NBC.
When AI was given the ability to issue citations in New York City earlier this year, it wrote more than 290,000 tickets (that’s right: two-hundred and ninety thousand) in just three months, generating nearly $21 million in revenue for the city. The was just one problem: thousands of those drivers weren’t doing anything wrong.
What’s more, the photos generated by the AI powered cameras were supposed to be approved only after being verified by a human, but either that didn’t happen, or it did happen and the human operator in question wasn’t paying attention, or (maybe the worst possibility) the violations were mistakes or hallucinations, and the human checker couldn’t tell the difference.
In OpenAI’s tests of its newest o3 and o4-mini reasoning models, the company found the o3 model hallucinated 33% of the time during its PersonQA tests, in which the bot is asked questions about public figures. When asked short fact-based questions in the company’s SimpleQA tests, OpenAI said o3 hallucinated 51% of the time. The o4-mini model fared even worse: It hallucinated 41% of the time during the PersonQA test and 79% of the time in the SimpleQA test, though OpenAI said its worse performance was expected as it is a smaller model designed to be faster. OpenAI’s latest update to ChatGPT, GPT-4.5, hallucinates less than its o3 and o4-mini models. The company said when GPT-4.5 was released in February the model has a hallucination rate of 37.1% for its SimpleQA test.
I don’t know about you guys, but if we had a local traffic cop that got it wrong 33% of the time (at best), I’d be surprised if they kept their job for very long. But AI? AI has a multibillion dollar hype train and armies of undereducated believers talking about singularities and building themselves blonde robots with boobs. And once the AI starts issuing tickets to the AI that’s driving your robotaxi, it can just call its buddy AI the bank to send over your money. No human necessary, at any point, and the economy keeps on humming.
But, like – I’m sure that’s fine. Embrace the future and all that … right?
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A new report from global energy think tank Ember says batteries have officially hit the price point that lets solar power deliver affordable electricity almost every hour of the year in the sunniest parts of the world.
The study looked at hourly solar data from 12 cities and found that in sun-soaked places like Las Vegas, you could pair 6 gigawatts (GW) of solar panels with 17 gigawatt-hours (GWh) of batteries and get a steady 1 GW of power nearly 24/7. The cost? Just $104 per megawatt-hour (MWh) based on average global prices for solar and batteries in 2024. That’s a 22% drop in a year and cheaper than new coal ($118/MWh) and nuclear ($182/MWh) in many regions.
Ember calls it “24/365 solar generation,” and it’s not just a theoretical model. Cities like Muscat, Oman, and Las Vegas can hit that steady power mark for up to 99% of the hours in a year. Hyderabad, Madrid, and Buenos Aires can reach 80–95% of the way there using that same solar-plus-storage setup with some cloud cover. And even cloudier cities like Birmingham in the UK can cover about 62% of hours annually.
“This is a turning point in the clean energy transition,” said Kostantsa Rangelova, global electricity analyst at Ember. “Around-the-clock solar is no longer a distant dream; it’s an economic reality of the world. It unlocks game-changing opportunities for energy-hungry industries like data centres and manufacturing.”
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This is an enormous opportunity for sunny regions in Africa and Latin America. Manufacturers and data centers could also tap into solar-plus-storage and skip long waits (and big bills) for new grid connections.
It’s not a silver bullet for grid-wide reliability, but it lets solar carry much more of the load, especially where sunshine is abundant. Batteries also help avoid costly grid expansions by allowing up to five times more solar to plug into existing connections.
In 2024 alone, global battery prices dropped 40%, which helped drive down solar-plus-storage costs by 22%. Record-low tenders from countries like Saudi Arabia point to even cheaper options coming soon.
Real-world projects are already online: The UAE built the world’s first gigawatt-scale 24-hour solar facility. Arizona is already home to solar-powered data centers. And as battery tech keeps improving, round-the-clock solar could become the backbone of clean energy systems in the world’s sunniest places.
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The Honda Prologue continues to surprise, ranking among the top ten most leased vehicles (gas-powered or EV) in the US in the first quarter. It was the only EV, outside of Tesla’s Model Y and Model 3, that made the list.
Honda Prologue EV ranks among most leased vehicles
After launching the Prologue in the US last March, Honda’s electric SUV took off. In the second half of the year, it was the second-best-selling electric SUV, trailing only the Tesla Model Y.
The Prologue remains a top-selling EV in the US this year, with over 13,500 units sold through May. That’s not too bad, considering it only sold 705 through May of last year.
According to a new Experian report (via Automotive News), Honda’s success is being driven by ultra-affordable lease rates. In the first quarter, nearly 60% of new EV buyers in the US chose to lease, up from just 36% a year ago.
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Three EVs ranked in the top ten most leased vehicles, including the Tesla Model Y, Model 3, and Honda Prologue.
2025 Honda Prologue Elite (Source: Honda)
Tesla’s Model Y and Model 3 took the top two spots, while the Honda Prologue ranked number seven. Those who leased Tesla’s Model 3 paid $402 per month, Honda Prologue lessees paid $486 a month.
Given the average loan rate was $708 a month for those who bought it, it’s no wonder nearly 90% chose to lease. Under 9% chose to buy, while less than 2% paid cash.
To give you a better idea, the average monthly payment for a new vehicle lease in the US in the first quarter was $595.
With over $20,000 in discounts, Honda’s luxury Acura brand is selling a surprising number of EVs in the US. The nearly $65,000 Acura ZDX is sold for under $40,000 on average in May, according to Cox Automotive’sEV Market Monitor report for May.
2024 Acura ZDX (Source: Acura
The trend is primarily thanks to the $7,500 federal EV tax credit, which is being passed on to customers through leasing.
With the Trump administration and Senate Republicans aiming to kill off federal subsidies, the savings could soon disappear. If the Senate’s recently proposed bill is passed, the $7,500 credit would expire within 180 days. It would not only make electric vehicles more expensive, but it would also put the US further behind China and others leading the shift to electrification.
2025 Chevy Equinox EV LT (Source: GM)
Some automakers, including GM, are expected to continue offering the incentives. “GM has been very competitive on the incentives on their end, and that is not scheduled to end.”
After outselling Ford, GM’s Chevy is now the fastest-growing EV brand in the US through May. Chevy is starting to chip away at Tesla’s lead, largely thanks to the new Equinox EV, or “America’s most affordable +315 range EV,” as GM calls it.
2025 Chevrolet Equinox EV RS (Source: GM)
According to Xperian, those who leased a new Chevy Equinox EV in Q1 paid $243 less than those who financed it. The electric Equinox stood out in Cox Automotive’s EV Market Monitor report with an average selling price under $40,000, even without incentives.
The Chevy Equinox EV remains one of the most affordable EVs on the market. Starting at just $34,995, the base LT FWD model offers an EPA-estimated range of 319 miles.
Looking to test out some of the most popular EVs for yourself? With Honda Prologue leases as low as $259 per month and Chevy Equinox EV leases starting at just $289 per month, the deals are hard to pass up right now while the incentives are still here. You can use our links below to find models in your area.
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