Your cart is currently empty!
Tag: Fossil
Exxon foe Engine No. 1 to build fossil fuel plants with Chevron
Stay informed with free updates
Simply sign up to the Energy sector myFT Digest — delivered directly to your inbox.
Engine No. 1, the hedge fund that bested ExxonMobil in a fight over its approach to climate change, is teaming up with the supermajor’s rival Chevron to build fossil fuel plants to meet soaring artificial intelligence-driven power demand.
The former activist investor said on Tuesday it was forming a joint venture with Chevron and agreed to a partnership with energy company GE Vernova to develop natural gas power plants under a fast-track timeline.
The venture comes four years after Engine No. 1 launched one of Wall Street’s most audacious proxy wars against Exxon, arguing that the oil major faced an “existential business risk” by pinning its future to fossil fuels.
At the time the hedge fund claimed Exxon had not adequately considered that oil and gas demand could decline, saying the producer lacked a “credible plan to protect value in an energy transition”.
Although it held only 0.2 per cent of Exxon’s shares, Engine No. 1 won three seats on its board in a victory that sent shockwaves across corporate America and became the emblematic victory of the environmental, social and governance movement.
Chris James, Engine No. 1’s founder and chief investment officer, said the investment with Chevron was consistent with its previous Exxon campaign.
“This is not a pivot. The Exxon campaign was focused on governance and capital allocation as a way to create value for shareholders. It was not about ideology or fossil fuels or renewables,” James told the Financial Times.
“This partnership with Chevron and GE is about allocating capital in an economy that is undergoing a re-industrialisation and needs dramatically more power . . . This will lead to value creation for shareholders.”
The companies plan to co-locate power plants with data centres and deliver up to four gigawatts of electricity — enough to power up to 3.5mn homes — by 2027.
The investment, which analysts estimate at up to $8bn, is part of a race by energy companies to capitalise on surging power demand forecasts linked to the rollout of AI data centres.
“This is the beginning of these AI wars,” James said, referring to the race between China and the US to harness a technology its boosters believe will transform the global economy.
“We all know that China has an enormous amount of power available. But if we are really going to do a digital re-industrialisation of the US we’re going to need to make these investments at scale,” James said.
Engine No. 1’s decision comes as Wall Street and large businesses across the US beat a steady retreat from ESG and other progressive programmes that have drawn fire from President Donald Trump and Republicans.
James, a hedge fund industry veteran who made a fortune as a technology and biotech investor, has taken Engine Number 1 in a different direction since the Exxon campaign. In 2023 he announced the hedge fund would put $780mn into the base metals business of Brazilian miner Vale and told the FT that he never considered himself an activist investor.
“I consider myself an investor and activism is a tool of last resort, not a strategy,” he said.
The investors said they expected the gas plants to be designed with the flexibility to integrate carbon capture and storage — a technology that has yet to achieve full commercial and technical feasibility.
The gas plant joint venture also marks a strategic shift for Chevron, which is entering the electricity business a few months after Exxon also declared plans to build gas power plants to fuel AI data centres.
The announcement on Tuesday came a day after tech stocks slumped on news that China had developed a cheaper AI model that could need far less power than Silicon Valley’s energy-intensive AI systems.
“We still see the growth in electricity demand being significant, just in the rest of this decade, not to mention past it,” said Jeff Gustavson, president of Chevron New Energies.
“AI will be the big driver, but there are other drivers: reshoring of US manufacturing and just overall electrification in the pursuit of a lower carbon energy future.”
Climate Capital
Where climate change meets business, markets and politics. Explore the FT’s coverage here.
Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here
In a surprising turn of events, Exxon foe Engine No. 1 has announced plans to partner with Chevron to build fossil fuel plants. The move comes as a shock to many, as Engine No. 1 has been a vocal critic of Exxon’s fossil fuel practices in the past.The decision to team up with Chevron has raised eyebrows in the environmental community, with many questioning Engine No. 1’s commitment to fighting climate change. Critics argue that building new fossil fuel plants goes against the urgent need to transition to renewable energy sources.
Despite the backlash, Engine No. 1 has defended its decision, stating that partnering with Chevron will allow for more sustainable practices within the fossil fuel industry. The company has emphasized the importance of innovation and technology in reducing carbon emissions and mitigating the impact of fossil fuel production.
Only time will tell how this partnership will unfold, but one thing is clear – the debate over the future of fossil fuels is far from over. Stay tuned for updates on this controversial collaboration between Exxon foe Engine No. 1 and Chevron.
Tags:
Exxon foe Engine No. 1, Chevron, fossil fuel plants, sustainable energy, environmental activism, energy industry, renewable energy, climate change, green energy, clean technology, fossil fuel alternatives, energy transition, carbon emissions, oil and gas industry.
#Exxon #foe #Engine #build #fossil #fuel #plants #ChevronFor Fossil Gen 4 Gen 5 Smart Watch Magnetic Fast Charging Dock USB Cable Charger
For Fossil Gen 4 Gen 5 Smart Watch Magnetic Fast Charging Dock USB Cable Charger
Price :17.48– 11.98
Ends on : N/A
View on eBay
Introducing the Ultimate Charging Solution for Fossil Gen 4 and Gen 5 Smart Watches!Say goodbye to slow and inconvenient charging with our Magnetic Fast Charging Dock USB Cable Charger specifically designed for Fossil Gen 4 and Gen 5 smart watches. This sleek and compact charger is perfect for home, office, or travel use, ensuring that your smart watch is always ready to go when you are.
With its magnetic design, you can simply snap your watch onto the charger for a secure and efficient connection. The fast charging capabilities will have your watch powered up and ready to use in no time, so you can stay connected and on the go without any interruptions.
Don’t settle for subpar charging solutions – upgrade to our Magnetic Fast Charging Dock USB Cable Charger for your Fossil Gen 4 or Gen 5 smart watch today and experience the convenience and reliability you deserve. Say goodbye to tangled cords and slow charging – say hello to a seamless charging experience!
#Fossil #Gen #Gen #Smart #Watch #Magnetic #Fast #Charging #Dock #USB #Cable #Charger,1 smart charging portSmart Watch Magnetic Charger Dock USB Charging Cable Station for Fossil Gen 4 5
Smart Watch Magnetic Charger Dock USB Charging Cable Station for Fossil Gen 4 5
Price :17.48– 11.98
Ends on : N/A
View on eBay
Introducing the Smart Watch Magnetic Charger Dock USB Charging Cable Station for Fossil Gen 4 and 5!Say goodbye to tangled cords and slow charging times with this convenient and efficient charger dock. Simply place your Fossil Gen 4 or 5 smartwatch on the magnetic dock and let the USB charging cable do the rest.
This charging station is compact and portable, making it easy to take with you on the go. Whether you’re traveling or just need a reliable charging solution at home, this dock has got you covered.
Don’t let a dead battery slow you down – grab your Smart Watch Magnetic Charger Dock USB Charging Cable Station for Fossil Gen 4 and 5 today! #SmartWatch #ChargerDock #FossilGen4 #FossilGen5 #TechAccessories
#Smart #Watch #Magnetic #Charger #Dock #USB #Charging #Cable #Station #Fossil #Gen,1 smart charging portEnergy Secretary Pick, Chris Wright, Has Been an Evangelist for Fossil Fuels
Chris Wright, President-elect Donald J. Trump’s pick for energy secretary, tried to reassure Democrats at his confirmation hearing on Wednesday that he believed climate change was a “global challenge that we need to solve” and that he would support the development of all forms of energy, including wind and solar power.
The founder and chief executive of Liberty Energy, a fracking firm, Mr. Wright has been a longtime evangelist for fossil fuels like oil and gas. He has frequently shrugged off the risks of global warming, saying in 2023, “There is no climate crisis, and we’re not in the midst of an energy transition, either.” He has also criticized renewable energy sources like wind and solar power, calling them “unreliable and costly.”
Appearing before the Senate Committee on Energy and Natural Resources, however, Mr. Wright struck a more diplomatic tone. In his opening statement, he said his top priority was to “unleash” domestic energy production, including liquefied natural gas and nuclear power. Yet under questioning from Senate Democrats, he suggested that he agreed with many of their priorities as well.
At one point, Senator Catherine Cortez Masto, Democrat of Nevada, told Mr. Wright that “the conversation around energy should be balanced and not just focused on fossil fuels.”
“I agree entirely,” Mr. Wright replied, going on to talk about the importance of less-polluting sources of energy like nuclear, geothermal, hydropower, wind and solar power.
The greenhouse gases from burning oil, gas and coal are the main driver of global warming, which made last year the hottest in recorded history.
In one tense exchange, Senator Alex Padilla, Democrat of California, brought up this month’s catastrophic wildfires in Los Angeles. He noted that Mr. Wright had once written in a social media post, “The hype over wildfires is just hype to justify more impoverishment from bad government policies.”
“Do you still believe that wildfires are just hype?” Mr. Padilla asked angrily.
Mr. Wright said that “climate change is a real and global phenomenon” but did not disavow his past writing. Later, however, he clarified that the Energy Department had an important role to play in tackling global warming.
“Do I wish we could make faster progress? Absolutely,” he said. “Are there things we can do, investments together, through the Department of Energy, to accelerate development of new energy technologies that are really the only pathway to address climate change? Absolutely.”
Yet Mr. Wright also promised to enthusiastically support Mr. Trumps’s energy plans, saying, “I will work tirelessly to pursue his bold agenda.”
Mr. Trump, who has repeatedly called global warming a “hoax,” wants to dismantle existing U.S. policies to reduce emissions and has promised to “drill, baby, drill.”
If confirmed, Mr. Wright would run the Energy Department, which plays a central role in developing new energy technologies. The agency oversees a network of 17 national laboratories that conduct cutting-edge research as well as a $400 billion lending program that under President Biden backed dozens of projects, including battery factories in Ohio and Tennessee and a novel rooftop solar expansion in Puerto Rico.
Mr. Wright would also imanage approvals of liquefied gas export terminals, which the Biden administration has tried to slow, angering industry groups.
Managing an agency so sprawling can be challenging. About 80 percent of the Energy Department’s $52 billion annual budget goes toward maintaining the nation’s nuclear arsenal, cleaning up environmental messes from the Cold War and conducting research in areas like high-energy physics.
At his hearing, Mr. Wright declined to go into details about how he would run the department, seeming to signal to Republican and Democrats alike that he was on their side.
Senator Mike Lee, Republican of Utah, raised concerns about potential conflicts of interest at the agency’s Loan Programs Office, the $400 billion lending program that has been an engine of Mr. Biden’s clean energy agenda. The senator asked Mr. Wright to freeze new loan activity on Day 1. Mr. Wright declined to promise that and merely said he would “immediately engage” with the concerns.
Democrats asked Mr. Wright about proposals by conservative groups to dismantle the agency office that works to expand high-voltage power lines across the country. Those lines can greatly benefit wind and solar power, though experts say they are also critical for avoiding blackouts and keeping electricity prices low.
Mr. Wright sidestepped the question but said that building new transmission lines was “very important.”
When asked by Democrats if he would try to rescind spending for clean-energy programs funded by laws passed under the Biden administration — as many of Mr. Trump’s allies have urged — Mr. Wright said that he would follow the law, but he did not elaborate.
On podcasts and in speeches, Mr. Wright frequently makes a moral case for fossil fuels, arguing that the world’s poorest people need oil and gas to realize the benefits of modern life. Researchers have accused him of downplaying the risks of a warming planet: He said on a podcast last year that climate change would have “a slow-moving, modest impact two or three generations from now.”
Mr. Wright graduated from the Massachusetts Institute of Technology and did graduate work on solar energy at the University of California, Berkeley. In 1992, he founded Pinnacle Technologies, which created software to measure the motion of fluid beneath the Earth’s surface. The software, which Mr. Wright has called “super nerdy,” helped bring about a commercial shale-gas revolution.
Mr. Wright started Liberty Energy in 2011, and the company has worked with others on geothermal energy and small, modular nuclear reactors.
Mr. Wright holds 2.6 million shares in the company, which are worth more than $55 million based on the current stock price. He has said he intends to step down from Liberty Energy and divest his holdings if confirmed.
While the hearing at several points was interrupted by protesters, who accused Mr. Wright of ignoring climate change while Los Angeles burned, the exchanges were mostly devoid of drama. Republicans, who have a 53-47 majority in the Senate and are confident they can confirm Mr. Wright, praised the nominee’s experience in the energy sector. But even many Democrats seemed to find him acceptable.
At the start, Senator John Hickenlooper, Democrat of Colorado, introduced Mr. Wright, saying the two men had been friendly for years despite often disagreeing on issues like global warming.
“Some people would be surprised that I’m introducing him here,” said Mr. Hickenlooper. “He is indeed an unrestrained enthusiast for fossil fuels in almost every regard.” But, he added, Mr. Wright was “also a scientist who is open to discussion.”
Lisa Friedman contributed to this report from Washington.
President-elect Joe Biden’s choice for Energy Secretary, Chris Wright, has raised eyebrows with his staunch advocacy for fossil fuels. Wright, a former CEO of an oil and gas company, has been a vocal supporter of the industry, despite growing concerns about its impact on climate change.Critics of Wright’s nomination argue that his close ties to the fossil fuel industry could hinder the Biden administration’s efforts to transition to renewable energy sources and combat climate change. They fear that he may prioritize the interests of oil and gas companies over the need to reduce carbon emissions and invest in clean energy technologies.
Supporters of Wright, on the other hand, point to his experience in the energy sector and believe that his industry knowledge will be an asset in navigating the complex challenges facing the Department of Energy. They argue that his background in fossil fuels does not necessarily mean he will oppose renewable energy initiatives, but rather that he will bring a pragmatic and realistic perspective to the role.
As Wright’s nomination moves forward, the debate over his suitability for the position will likely intensify. It remains to be seen how he will balance his past advocacy for fossil fuels with the Biden administration’s commitment to tackling climate change and promoting clean energy.
Tags:
Energy Secretary Pick, Chris Wright, fossil fuels, energy sector, clean energy, renewable resources, energy policy, environmental impact, energy conservation, energy transition, sustainable energy, energy development, energy innovation, energy technologies, energy security, climate change, carbon emissions, energy independence, energy efficiency.
#Energy #Secretary #Pick #Chris #Wright #Evangelist #Fossil #FuelsSmart Watch Buckle Fit For Huawei Fit For Garmin Fossil Watch Stainless Steel Clasp Black Silver Rose Gold Buckle Watch Clasp Accessories Table buckle
Price: $53.82
(as of Dec 19,2024 10:41:30 UTC – Details)
The lightweight and portable characteristics highlight the practicality and convenience of the watch clasp. Can showcase your unique taste and personality
Buckle width: 12mm 14mm 16mm 18mm 20mm
Buckle color: RoseGold/ black
Buckle Material: stainless steel
Package Dimensions : 1.18 x 0.79 x 0.39 inches; 1.76 ounces
Item model number : AYAUPGVQVC
Date First Available : December 14, 2024
Manufacturer : AYAUPGVQVC
ASIN : B0DQGSBSJS
Looking for a stylish and durable buckle for your smartwatch? Look no further! Our stainless steel buckle is the perfect fit for Huawei, Garmin, Fossil, and other smartwatches. Available in black, silver, and rose gold, this buckle is both functional and fashionable.Made from high-quality stainless steel, this buckle is built to last. Its sleek design adds a touch of elegance to any watch band, while its secure clasp ensures that your watch stays in place all day long. Whether you’re hitting the gym or heading to a business meeting, this buckle is the perfect accessory for your smartwatch.
Upgrade your watch band with our stainless steel buckle today and add a touch of sophistication to your wrist. Shop now and elevate your smartwatch game! #watchaccessories #smartwatchbuckle #stainlesssteelbuckle
#Smart #Watch #Buckle #Fit #Huawei #Fit #Garmin #Fossil #Watch #Stainless #Steel #Clasp #Black #Silver #Rose #Gold #Buckle #Watch #Clasp #Accessories #Table #buckle