Volume 13 Issue 6
March 28, 2022 – April 3, 2022
Riti Bhandarkar ‘23 | Zihan Lin ‘23 | Sunay Joshi ‘24 | Wilder Crosier ‘25 | Freddy Hernandez ‘25 | Michael Tsai ‘25 | Jackson Lichtenberger ‘25
Koch Industries, Built on Oil, Bets Big on U.S. Batteries
March 22, 2022 | The Wall Street Journal | Amrith Ramkumar
Koch Industries’ investment arm has poured at least $750 million into a range of companies involved in battery manufacturing in the US. This marks a significant change from the CEO’s past stances on energy and the environment. Koch is an oil and gas company, and for years it has lobbied against environmental regulations. Although battery companies have recently been struggling amidst global turmoil, Koch has reiterated its commitment to its investments. Companies in its portfolio include Li-Cycle Holdings Corp., Solid Power Inc., and Aspen Aerogels. – SJ
Rich countries must stop producing oil and gas by 2034, says study
March 21, 2022 | The Guardian | Matthew Taylor
A study conducted recently by the Tyndall Centre for Climate Change Research at Manchester University found that wealthy countries must halt all oil and gas production by 2034. Furthermore, this ambitious goal will only give humanity a 50% chance to prevent a 1.5°C temperature rise. For poorer countries with heavy reliance on fossil fuels, the study suggests that this halt can happen by 2050 without devastating their economy. The study quantifies the timeline for different countries by categorizing countries according to their capacity and average non-oil GDP. For the US and Saudi Arabia, the deadlines are 2034 and 2039, respectively. During this transition, wealthy nations must act vigorously and support poorer countries financially. - ZL
Tech Billionaires Rally Around Nuclear as Energy Crisis Looms
March 22, 2022 | Bloomberg | Lizette Chapman
Nuclear energy has been the source of explosive debates for decades. Government regulation and common opinion have stifled its development over the past half century as many fear the dangers of reactors and the challenges of waste storage. However, other individuals believe nuclear power is essential for our transition away from fossil fuels. They see it as an energy source with zero carbon emissions that, unlike wind and solar, can produce energy all day. Venture capitalist Marc Andreessen called for “1000 new state of the art nuclear power plants” and Elon Musk called nuclear power “critical” to national security as it reduces our dependence on foreign energy. Jeff Bezos, Bill Gates, and Peter Thiel have also been large backers of nuclear startups. As the war in Ukraine shakes the energy industry, many governments may be finding nuclear power increasingly appealing. -WC
Biden’s chance to tackle climate change is fading amidst global energy upheaval
March 18th, 2022 | The Washington Post | Anna Phillips & Tony Romm
With the spike in oil prices, the West now seeks new methods of energy. Environmentalists view this as an opportunity to push the United States off of fossil fuels; however, a Democrat-dominated Congress has made minimal efforts to shift towards renewable energy. Instead of prioritizing the rising cost of gasoline, experts worry that Congress will not put much effort into pushing for a pro-renewable power USA, which consists of modifying provisions for costs and federal tax breaks for renewable energy producers. Sen. Tina Smith (D-Minn) sees these Congressional meetings as more of a “casual conversation” rather than “organized negotiations.” Although renewable energy producers have advanced in their efficiency these past couple of years, the current usage across the country remains 45 percent of what’s required to stay on track with Biden’s goal of a “carbon-free power sector.” As of now, the U.S. Energy Information Association published a report stating that oil and gas will lead the power sector by 2050, which is the same year scientists recommend we achieve a “net zero emissions” rate. Currently, Congress is unable to achieve or stick to an agenda. . -FH
There’s A Messaging Battle Over America’s Energy Future
March 19, 2022 | New York Times | David Gelles and Lisa Friedman
The emerging global consensus that there will and must be an ‘energy transition’ to prevent the worst effects of climate change as soon as possible seems promising, but the ambiguity of the term obscures reality: climate activists and the fossil fuel industry are defining ‘energy transition’ in radically different ways. When climate-concerned organizations talk about the energy transition, they mean that we need to swifty cut down our use of fossil fuels and replace them with renewable energy. When oil executives talk about it, as they did two weeks ago at CERAweek, an energy industry conference in Houston, the term seemed to have no definition at all. It was used to describe plans that included very little or no fossil fuel energy and at the same time plans that maintained our use of oil and gas along with increased renewable energy. -JL