Climate target walk-backs highlight ‘overzealous’ policy pledges, OPEC chief says
Haitham al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), speaking at the Energy Asia Summit on June 26, 2023.
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LONDON — The recent spate of countries postponing or adjusting their climate targets shows that some of the initial pledges were ‘overzealous,’ the head of the OPEC group of oil producers said Monday.
“I hope they are not U-turns, as much as they are a recognition and the realization that some of the policies may have been a bit overzealous: the timelines, the deadlines, the time constraints,” Haitham al-Ghais, head of the Organization of the Petroleum Exporting Countries, said.
Speaking to CNBC’s Dan Murphy on the first day of the Abu Dhabi International Progressive Energy Congress, he added that an efficient energy transition away from fossil fuels needs “the right infrastructure in place,” such as electrical grids, sufficient charging stations for electric vehicles, and the availability of critical minerals.
Among such climate policy walk-backs, al-Ghais cited Poland’s move to appeal against European Union policies to ban the sale of fossil fuel cars from 2035; the recent EU agreement on a diluted version of the bloc’s ‘Euro 7’ emissions rules; and the U.K.’s shift to delay a prohibition on the sale of new gasoline and diesel cars from 2030 to 2035.
“I think when it comes to consumers feeling a pinch in their pockets, that’s when politicians become aware that it is difficult to implement policies that [are] maybe too aggressive, or a bit overzealous without having the right systems in place, to make sure that whatever new policies are advocated for do not affect the consumers,” al-Ghais said.
Some traders and analysts say a confluence of voluntary and coordinated supply cuts implemented by OPEC and its non-OPEC allies, collectively known as OPEC+, contributed — alongside demand recoveries — to a surge in oil prices that is fueling global inflation. This is a particular risk in Europe, where sanctions in the wake of Moscow’s full-scale invasion of Ukraine have cut off buyers from Russia’s crude and oil products. Ice Brent crude futures with December expiry were trading at $92.67 per barrel at 13:10 London time, up by 47 cents per barrel from the Friday settlement.
Asked about the impact of high oil prices on consumers, al-Ghais said this “depends on the state of the global economy” and noted increases in oil demand.
“I think this in itself answers the points about, are these price levels affecting demand? We’re seeing historically high, phenomenally high growth figures for oil demand,” he said.
Despite this, several European traders and refiners have said that crude prices above $100 per barrel raise the possibility of demand destruction, where — in the case of the oil market — consumers respond to higher prices at the pump with fewer purchases. The Paris-based International Energy Agency has, meanwhile, projected that demand for fossil fuels like oil, gas and coal will peak before 2030 — a forecast that OPEC rejects.
An OPEC+ technical committee convenes digitally on Wednesday to review market fundamentals and the individual production compliance of member countries. While in itself unable to tweak OPEC+ policy, this Joint Ministerial Monitoring Committee can call for an emergency ministerial meeting of the coalition. Three OPEC+ delegates, speaking anonymously because of the sensitivity of the discussions, told CNBC it is unlikely this week’s JMMC meeting will lead to policy adjustments.
OPEC at COP28
The good faith of OPEC+ countries in their climate commitments has been questioned given their role as crude producers and because several members, while in the process of diversifying their economies, depend on oil revenues.
OPEC scored an indirect victory with the naming of its third-largest member, the United Arab Emirates, as host of the upcoming COP28 diplomatic gathering on climate change over Nov. 20-Dec. 12. The controversial appointment — along with that of state-owned Abu Dhabi National Oil Company boss Sultan al-Jaber as president of COP28 — has resulted in vocal public backlash, with critics citing the discrepancy between the UAE’s growing oil production capacity and its professed climate commitments.
“I believe it is the right choice for COP to happen in the UAE, in an oil producing country, to show the world how oil producers can decarbonize, reduce emissions, as well as continue to provide stability and security in terms of world supplies,” al-Ghais said Monday, adding that OPEC will be represented at COP28 with a “nice, big pavilion” to promote the individual climate work of coalition members.
While formally reunited by their common interests in the oil market, some OPEC members have the capacity to produce renewable energy, such as solar, while Saudi Arabia and the UAE have set sights on producing and marketing hydrogen.
Packing up to 852 hp and a cutting-edge technology stack developed by Huawei, Chinese luxury brand Maextro just revealed its latest entry into the Mercedes-Maybach EQS and Rolls-Royce Spectre segment of ultra-luxe EVs. Meet the all-new Maextro S800.
Despite a somewhat steady stream of new Chinese EVs that defy expectations and threaten to re-set the global order of performance cars, semi trucks, and just about everything in between, brands like Maybach, Rolls-Royce, and even Bentley have seemed relatively “safe,” in the sense that their value is based on something a bit less objective than lap times or kW/mile.
The new Huawei Maextro S800, first shown as a series of renderings late last year, seems to have found some of Henry Rolls’ secret sauce – and they’ve sprinkled it liberally all over the S800.
Huawei sparkles – literally
The shimmering, sparkly, fiber-optic headliner was pioneered by Rolls-Royce over a decade ago, pushing back against the more open and accessible glass-roofs that were becoming popular in the higher end market. Huawei goes a step further, adding similar, Swarovski-like shimmer to not just the headliner – but the door handles, the headlights, projections dancing around the car as you approach it in the street.
It looks and feels special, in other words. And these cars are all about making their owners feel special. Different.
When Henry Rolls began work on his first US factory in Springfield, Massachusetts way back in 1919, there was supposedly a mantra that management repeated to the workers. It went, “every time you touch the car, you add cost. Make sure you add value.”
I’m not here to argue that Huawei is living up to the same maxim with the Maextro, but I am here to argue that this car’s bespoke, purpose-built platform doesn’t share any parts with a lesser offering from the Mercedes or BMW or Volkswagen lineup in the way that a Maybach, Rolls-Royce, or Bentley does. That may not mean much to you and me, but the people shopping six- and seven-figure cars, it might.
Those well-heeled buyers will get a choice of EREV or “pure” battery electric powertrains good for between 480 and 852 all-electric horsepower. 32 ADAS sensors including both radar and lidar compliment a suite of cameras analyze the road ahead and feed data to Huawei’s ADS road perception system, which is constantly adjusting torque distribution, suspension compression and rebound, and front and rear steering to deliver a tech-driven chauffeur experience that Huawei insists is second to none.
That digital chauffeur is also pretty handy when the weather goes sideways, too. Huawei says the Maextro’s sensor array can help it to increase the detection distance in rain, fog, and dust by 60% compared to the benchmark, while delay was reduced by 40%.
In the event a collision is unavoidable, the car can adjust its stance, seating position, raise the windows, and unlock the central control lock to enable outside help to open the doors. Following the collision, the Maextro S800 switches the redundant power supply and calls for help, as well.
Finally, reports indicate that the Maextro S800 supports the 800V high-voltage system in some trims, suitable for 6C charging, which means it can be energized with up to 390 kW of charging power, taking just 10.5 minutes to charge the 66 kWh battery in the EREV version (523 hp) from 10% to 80%.
The Maextro S800 will enter the Chinese in May this year with a price range of 1 – 1.5 million yuan (about $135–205,000 US).
Maextro S800 | gallery
SOURCE | IMAGES: Maextro, via CarNewsChina.
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Volvo Penta will debut its latest modular and scalable battery energy storage system (BESS) platform for the off-grid construction and mining industries at the bauma equipment show – here’s what you can expect.
Best-known for its marine engines and gensets, Volvo Penta is the power production arm of the Volvo Group, specializing in putting energy to work. Operating under the tagline, ‘Made to Move You’, Volvo Penta is headed to bauma 2025 with a plan to keep construction, port shipping, and mining operations moving productively and competitively throughout their transitions to battery and (in theory, at least) hydrogen power.
To that end, the company will show off a job site ready version of the scalable and modular BESS subsystem concept shown last year.
Volvo says its new, modular BESS subsystem will enable other OEMs and third party system integrators to seamlessly deploy electric power to meet the ever-exceeding energy needs in construction and mining.
“Our modular and scalable battery-electric platform is designed to support the electrification ecosystem—combining high-performance drivelines with the crucial energy storage subsystems for efficient charging and operation in construction and mining,” says Hannes Norrgren, President of Volvo Penta Industrial. “We want to meaningfully collaborate with our customers on value-added customization that will enable them to stay productive, efficient, and future-ready.”
The Penta substation at bauma will be built around the company’s “Cube” battery pack, an energy-dense solution with a favorable C-rate designed to make it easy for BESS manufacturers to offer more compact job site solutions capable of charging and discharging energy with high levels of speed and efficiency, enabling both stationary and mobile BESS configurations that can change and grow to meet the evolving needs of a given asset fleet or project.
A Volvo Penta-developed DC/DC unit converts the voltage from the Cube battery packs (600 V) into lower voltage (24 V) for powering auxiliaries and portable offices.
Electrek’s Take
Volvo Penta has always provided power. Historically that’s been from combustion, but the company is looking ahead, developing products that will bring energy to job sites, tractors, and more long after the last ICE engine shuts down.
SOURCE | IMAGES: Volvo Penta.
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Just days after Rivian announced that it would be making its iconic electric delivery vans available to anyone willing to pay for one, the company launched the new Rivian Upfit Program, offering a “one-stop shop” to help fleet managers put its EVs to work.
Launched in partnership with commercial vehicle heavyweights Ranger Design, Sortimo of North America, Bush Specialty Vehicles, Holman, LEGEND, and EV Sportline, the Rivian Upfit Program helps fleet buyers make the switch to electric by simplifying the ordering process and delivering an experience that more closely reflects the experience fleet managers get at dealerships.
Despite partnering with leading brands and launching into a well-establish market, however, the program’s web page seems largely aimed at people outside the space – even kicking off with an explanation of what upfitting is:
Upfitting is the process of customizing a vehicle in order to meet fleet, business, or individual consumer needs to tackle the job at hand. This work is done after the vehicle has been built and released from the factory, and can include everything from shelving modifications, flooring options, to sirens and flashers and much more.
The program was announced on LinkedIn with a number of photos indicating upfit options for Rivian’s R1T and R1S vehicles focused on lifeguard and roadside assistance duty, and Rivian’s van upfit with a HVAC/telecom style toolbox arrangement.
No word on pricing or turnaround time.
Electrek’s Take
The general consensus around the Electrek water cooler is that the direct-to-consumer model offered by Rivian, Tesla, and even CarMax deliver a superior customer experience, I’ve consistently drunk the franchise dealer Kool-Aid, arguing that the industry-leading margins enjoyed by these companies actually indicate they’re giving consumers an objectively worse deal than they’d get in a more competitive dealer landscape.
That same competitiveness has led to talented fleet managers at those franchise dealers putting in the effort to get to know the needs of the businesses and buyers in their regions, to understand what upfit options makes sense for their local markets, and – crucially – what to stock for quick turnaround when their customers need it.
Rivian is hoping its upfit partners will do a lot of that heavy lifting for them, but my two cents is that if building cars is hard, building relationships is harder, and Rivian isn’t going to make a good first impression by talking down to its customers. If you think differently, let me know how I got it wrong in the comments.
SOURCE | IMAGES: Rivian, via LinkedIn.
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