India announces new $631m funding scheme to build battery energy storage, inter-state transmission charges waived

India announced a ₹54 billion ($631 million) viability gap funding scheme to build 30 gigawatt-hours (GWh) of new battery energy storage systems (BESS) to “ensure round-the-clock renewable energy capacities”. This will be in addition to the already existing incentive worth ₹3,700 crore under which 13.2 GWh of BESS is currently under implementation, reported Moneycontrol. The scheme is targeted at 15 states, which will receive allocations of 25GWh, and 5GWh to the state-run National Thermal Power Corporation (NTPC), the report said. 

The outlet added that to push developers to build energy storage systems as urgently as renewable projects, the Union government on June 10 also approved a 100% waiver on Inter-State Transmission (ISTS) charges for BESS projects that are co-located or built within renewable energy projects and are commissioned by June 30, 2028.

China, US reach a ‘done deal’, Trump says, pending sign-off by President Xi Jinping

China and the US struck a deal that includes rare earth exports from China and Chinese students attending colleges in America, President Donald Trump said, reported South China Morning Post. “Our deal with China is done, subject to final approval with President Xi [Jinping] and me,” Trump posted on social media, as negotiating teams from the two countries concluded two days of talks in London.

“Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!),” Trump wrote.

Tesla stock plunges, wiping $150 billion off market, as Musk feuds with Trump

The ‘bubbling conflict’ between Elon Musk and US President Donald Trump erupted after Musk publicly slammed the Republican’s domestic policy bill, which caused EV manufacturer Tesla’s shares to plunge, ‘wiping out $150 billion off’ the market valuation. The NYT reported that, “The shares fell 14.3% for the day as Mr Musk, Tesla’s chief executive, ramped up his public criticism of the House Republican domestic policy bill, calling it an ‘abomination’. The tumble – the company’s worst day since March and its second worst since 2020 – wiped out about $150bn from Tesla’s market valuation.” Responding to Musk’s criticism of the bill on his social messaging service Truth Social, Trump posted: “I took away his EV mandate that forced everyone to buy electric cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!,” the newspaper said. 

Associated Press reported that after Musk said that Trump wouldn’t have gotten elected without his help, Trump implied that he may turn the federal government against his companies, including Tesla and SpaceX. Trump posted: “The easiest way to save money in our budget, billions and billions of dollars, is to terminate Elon’s governmental subsidies and contracts.” 

Reuters warned Tesla could face a technology setback, stating: “openly feuding with Trump could pose multiple hurdles for Tesla and the rest of Musk’s sprawling business empire”, particularly as “the US transportation department regulates vehicle design standards” and “would have a big say” in whether Tesla can mass produce self-driving cars.

India, Central Asia to conduct joint rare earth exploration amid alarm over China curbs

India and central Asian countries expressed interest in joint rare earth exploration, amid global alarm over China’s decision to curb exports of rare earth alloys, mixtures and magnets, spooking industries ranging from automobiles and clean energy to defence, Reuters reported. India Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan also called upon “relevant authorities” for an early meeting of the India-Central Asia Rare Earth Forum, which last met in September.

Rare earths are a group of 17 elements whose most key uses include creation of magnets that power motion for cars, cellphones, missiles, and other electronics. China mines about 60% of the world’s rare earths and makes 90% of rare earth magnets, but announced export restrictions on these in April as part of its sweeping response to U.S. President Donald Trump’s tariffs.

Tech giants’ carbon emissions up 150% with AI growth

The operational emissions of four big AI-focused technology companies increased by an average of 150% from 2020 to 2023. Amazon, Microsoft, Alphabet, and Meta experienced a surge in their global indirect emissions due to the substantial energy demands of powering the data centres, reported Energy Monitor citing a new report by the World Benchmarking Alliance (WBA) and the International Telecommunication Union (ITU), a UN agency for digital technologies. 

According to the findings, in 2023, Amazon recorded the highest increase in operational carbon emissions at 182% compared to three years prior, with Microsoft following at a 155% rise. Meta’s emissions grew by 145%, while Alphabet saw an increase of 138% in the same period.

Electricity consumption by data centres, crucial for AI operations, surged by an average of 12% annually from 2017 to 2023, outpacing global electricity growth fourfold.

The report highlighted that with rising investments in AI, the highest-emitting AI systems could potentially produce up to 102.6 million tonnes of CO₂ equivalent (tCO₂e) annually.

Meanwhile, AP reported that Amazon plans to spend $20 billion on data centres in Pennsylvania, including one next to a nuclear power plant.

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