Governments must ‘make private industry worthwhile’ to invest large sums in carbon dioxide removal technologies, a top US government adviser on clean energy and policy has said. climate change.
“(Governments) can do it through tax incentives… you can do it through public procurement. There are a range of ways to make private industries worthwhile,” said Varun Sivaram, senior director of clean energy and innovation at the US State Department.
The latest report from the United Nations Intergovernmental Panel on Climate Change finds that the deployment of carbon capture technologies lags far behind what is needed to meet internationally set warming targets.
“We need a scale of a factor of 1 million to get where we need to go. And that means that by 2050, this (carbon dioxide removal technology) has to be the size of the oil and gas industry,” said Christian Mumenthaler, chief executive of insurance group Swiss Re.
Nili Gilbert, vice president of carbon removal investment firm Carbon Direct, said the “enormous scale of the opportunity…captures the imagination of finance” and urged significant participation. of the financial sector.
The head of the International Energy Agency urges countries and investors not to use Russia’s invasion of Ukraine as a reason to increase fossil fuel investment.
Speaking during an energy panel on Monday at the World Economic Forum in Davos, Switzerland, Fatih Birol said the immediate response to the energy shocks of war should be more oil and gas on the market. But that did not mean large and sustained investments in fossil fuels.
Instead, he says, efficiency gains, such as reducing methane leaks and even lowering thermostats a few degrees this winter in Europe, would help ensure adequate energy supplies.
Russia is a major supplier of oil and natural gas, with the invasion causing European countries to scramble to reduce their dependence on Moscow.
Occidental Petroleum CEO Vicki Hollub countered that the oil and gas industries had a central role to play in the transition to renewable energy. She says the focus should be on making cleaner fossil fuels by reducing emissions.
Hollub says Occidental had invested heavily in wind and solar power and planned to build the world’s largest direct air intake facility in the Permian Basin, covering parts of Texas and New Mexico. Direct air capture is a process that extracts carbon dioxide from the air and sequesters it.
The mayor of Kyiv, Ukraine, told business leaders and government leaders gathered for meetings in Davos that his country stands for democratic values and human life.
Vitali Klitschko pointed the finger at the public during a World Economic Forum panel on Monday with his brother, Wladimir, and said: “We defend you personally.”
He said “we are fighting, above all, for values” and to be part of the democratic world. He called on those listening “to be proactive because we are paying for this – the greatest price in human lives every day”.
He says Ukraine needs arms and political and economic support.
The head of the UN’s World Food Program tells billionaires it’s ‘time to step in’ amid the threat of growing food insecurity around the world and says he’s seen encouraging signs that super -tycoons like Elon Musk and Jeff Bezos spring into action.
PAM executive director David Beasley relied on a sort of social media confrontation he had with Musk last year, when the Tesla CEO challenged policy advocates to show how a $6 billion donation sought by the UN agency could solve world hunger.
Since then, Beasley has told The Associated Press at the World Economic Forum rally in Davos, Switzerland, that “Musk has invested $6 billion in a foundation. But everyone thought it got to us, but we haven’t received any of it yet. So I’m hopeful. »
He said of Musk: “We’re trying every angle, you know: Elon, we need your help bro.”
Beasley said this message is for all billionaires because “the world is in really big trouble. This is not rhetoric and BS Step up now because the world needs you.
Ukrainian President Volodymyr Zelenskyy said in a virtual speech at the World Economic Forum rally that his country needs funding of at least $5 billion a month to rebuild.
He said at the gathering of business elites and government officials in the Swiss city of Davos on Monday that tens of thousands of lives would have been saved “if we had received 100% of our needs in one go, in February”.
He referred to weapons, funding, political support and sanctions against Russia.
Zelenskyy also said Russia was preventing essential food supplies, such as wheat and sunflower oil, from leaving its ports and being stolen from them.
The head of the UN’s World Food Program has called for ports to reopen, saying farmers in the region “grow enough food to feed 400 million people”.
If these supplies remain off the market, WFP Executive Director David Beasley told The Associated Press in Davos that the world could face a food availability problem in the next 10 to 12 months, and “it will be hell on earth”.
Ukrainian President Volodymyr Zelenskyy calls for “maximum” sanctions against Russia during a virtual speech at the World Economic Forum rally.
He said in a virtual speech Monday that sanctions must go further to stop Russia’s aggression, including an oil embargo, blocking all its banks and completely cutting off trade with Russia.
Zelenskyy says his country has slowed down Russian advances and the courage of its people has sparked a unity invisible to the democratic world.
He pushed for the complete withdrawal of foreign companies to avoid supporting his war.
The World Economic Forum founder said Russia’s war in Ukraine as well as climate change and the global economy are key issues at the gathering of business elites and government leaders in Davos, Switzerland.
Klaus Schwab said in a welcoming speech on Monday that “this war is truly a turning point in history and will reshape our political and economic landscape for years to come.”
But also says the world is at “the end of the most serious health catastrophe of the last hundred years – COVID-19”.
Schwab added that climate change and nature conservation are issues that need to be tackled urgently and that concerns about high inflation will affect how the future of the global economy is viewed. He highlighted the fears of people plunged into poverty and starving to death.
The head of chipmaker Intel said a shortage of advanced equipment to make semiconductors could delay global expansion plans.
CEO Pat Gelsinger said on Monday that there have been “pretty significant extensions” in delivery times for chipmaking equipment for the new chip factories, known as “fabs,” the company is planning. to build in the United States and Europe.
Gelsinger told a press roundtable on the sidelines of the World Economic Forum that “for us that’s now the No. 1 issue, it’s actually delivering equipment.”
A handful of vendors manufacture high-tech semiconductor manufacturing equipment, such as Dutch company ASML. A semiconductor shortage that erupted last year has hurt the availability of everything from automobiles to kitchen appliances and highlighted the industry’s vulnerability to Asia-centric manufacturing.
Intel has announced tens of billions of investments in new chip manufacturing facilities for Europe, including a fabulous new mega site in Germany and expansion in Ireland. In January, he announced a plan for a $20 billion factory in Ohio.
Gelsinger said providing chipmaking equipment is “the most important pinch point for capacity building today.”
He added that he was urging authorities in the United States and Europe, which have each launched their own “Chips Act” to promote domestic manufacturing of semiconductors, to speed up the legislation.
The annual meeting of the World Economic Forum kicked off Monday in Davos, Switzerland.
The village in the Swiss Alps has been transformed into a glitzy venue for the four-day confab ostensibly dedicated to making the world a better place. The in-person event resumes after a two-year hiatus due to the COVID-19 pandemic, which also delayed this year’s meeting from its usual winter slot.
Thousands of business leaders, government officials and other personalities filled the conference room, both chatting and listening to panel discussions on topics such as sustainability, climate change and the Russian-Russian war. Ukrainian.
Attendees also visit nearby pavilions on Davos’ main street set up by companies like Intel, Accenture and Facebook owner Meta.
One of the main attractions of the opening day is a virtual speech by Ukrainian President Volodymyr Zelenskyy. A large Ukrainian government delegation is also present in person, pleading for more Western support in the country’s fight against Russia.