In order to power its AI expansion and data centres, tech giant Google plans to invest $20 billion along with partners to build renewable energy, battery storage and grid upgrades. Google signed a deal with renewable developer Intersect Power and investment fund TPG Rise Climate. The plan is to have 1 GW of wind, solar and battery storage if there is a 1 GW scale data centre, with enough capacity to last two to four hours.
UK and Qatar strike £1bn deal to bolster climate technology
The UK and Qatar struck an economic and technological partnership of £1 billion to foster the growth of climate technology across both nations. It will lead to the creation of climate tech hubs, generate employment and investment in startups focused on green technologies like carbon management, energy efficiency and renewable energy. British auto and engineering giant Rolls Royce is also part of this deal, and will invest in technologies to improve energy efficiency and low carbon emissions in the auto sector, and create new sustainable fuels.
Climate tech investment falls 29%: PwC Report
In the 12 months through September 2024, climate financing has fallen 29%, found PwC’s ‘State of Climate Tech 2024’ report. It fell lower than even 2019 levels, before the climate tech market took an upswing. The total investment in this period was $56 billion, reflecting a macro-economic trend of market slowdown, due to higher interest rates. However, there are silver linings in the US and UK markets. In the US, investments in climate tech startups was steady, while the UK showed a 24% increase in climate tech investment.
China poised to hold more than half of global EV fleet by 2025
China is expected to account for more than 50% of the global electric vehicle (EV) fleet by 2025 as global EV ownership rises significantly to hit 85 million and the Asian behemoth will be at this apex position over the next decade, according to a new forecast by consulting firm Gartner. Growth in 2025 will be driven primarily by higher EV sales in China and the EU, which combined can potentially make up 82% of total EVs in use worldwide, according to the firm.
US commits to $7.5 bn loan for building two electric vehicle battery plants
The US government committed to loaning $7.5 billion to build two electric vehicle battery plants in Kokomo, Indiana, reported the Associated Press. The loan will be received by a joint venture between Stellantis and Samsung SDI. Expected to create around 2,800 direct new jobs, and many more in subsidiary parts-supplier industries coming up in a nearby park, the project will be undertaken by StarPlus Energy LLC.
About The Author
You may also like
Hyperlocal air quality monitoring identifies pollution hotspots in Indian cities: Study
Mineral sourcing has the biggest carbon footprint in lithium battery production: Report
EV maker Tesla’s shares soar on Trump’s return
With COP29 underway, new report reveals how Big tech fuels false climate information
BYD won’t set up manufacturing facility in India, will only import
