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Sparks

Al Gore Said Something Funny at COP28

The former U.S. Vice President invoked Dickens in an interview with Bloomberg.

Former Vice President Al Gore at COP28.
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Al Gore is done mincing words. In a TED Talk this past July titled “What the fossil fuel industry doesn’t want you to know,” the former U.S. Vice President and long-time climate champion took aim at the major oil and gas producers. “They have used fraud on a massive scale,” he said. “They’ve used falsehoods on an industrial scale. And they’ve used their legacy political and economic networks, lavishly funded, to capture the policymaking process in too many countries around the world.”

So you can imagine how he might feel attending COP28 in a petrostate (the United Arab Emirates), hosted by a petroexecutive (Abu Dhabi National Oil Company CEO Sultan Ahmed Al-Jaber), surrounded by petrorepresentatives (more than 2,400 of them).

Gore expressed some of his frustration to Bloomberg’s Akshat Rathi in an interview for the Zero podcast. The COP requirement that all nations reach consensus gives oil and gas-producing nations too much power, he said roughly eight minutes into the interview. Except he said it funnier than that:

“The situation that leaves our world community in is that we have to beg for permission from the petrostates. ‘Please, sir, may we protect the future of humanity?’ ‘No, sorry.’”

You can find more excerpts from the interview here or listen to the full episode below.

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Sparks

It’s Been a Big 24 Hours for AI Energy Announcements

We’re powering data centers every which way these days.

Google and Exxon logos.
Heatmap Illustration/Getty Images

The energy giant ExxonMobil is planning a huge investment in natural gas-fired power plants that will power data centers directly, a.k.a. behind the meter, meaning they won’t have to connect to the electric grid. That will allow the fossil fuel giant to avoid making the expensive transmission upgrades that tend to slow down the buildout of new electricity generation. And it’ll add carbon capture to boot.

The company said in a corporate update that it plans to build facilities that “would use natural gas to generate a significant amount of high-reliability electricity for a data center,” then use carbon capture to “remove more than 90% of the associated CO2 emissions, then transport the captured CO2 to safe, permanent storage deep underground.” Going behind the meter means that this generation “can be installed at a pace that other alternatives, including U.S. nuclear power, cannot match,” the company said.

The move represents a first for Exxon, which is famous for its far-flung operations to extract and process oil and natural gas but has not historically been in the business of supplying electricity to customers. The company is looking to generate 1.5 gigawatts of power, about 50% more than a large nuclear reactor, The New York Timesreported.

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Donald Trump.
Heatmap Illustration/Getty Images

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“GET READY TO ROCK!!!” he added.

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Companies are racing to finish the paperwork on their Department of Energy loans.

A clock and money.
Heatmap Illustration/Getty Images

Of the over $13 billion in loans and loan guarantees that the Energy Department’s Loan Programs Office has made under Biden, nearly a third of that funding has been doled out in the month since the presidential election. And of the $41 billion in conditional commitments — agreements to provide a loan once the borrower satisfies certain preconditions — that proportion rises to nearly half. That includes some of the largest funding announcements in the office’s history: more than $7.5 billion to StarPlus Energy for battery manufacturing, $4.9 billion to Grain Belt Express for a transmission project, and nearly $6.6 billion to the electric vehicle company Rivian to support its new manufacturing facility in Georgia.

The acceleration represents a clear push by the outgoing Biden administration to get money out the door before President-elect Donald Trump, who has threatened to hollow out much of the Department of Energy, takes office. Still, there’s a good chance these recent conditional commitments won’t become final before the new administration takes office, as that process involves checking a series of nontrivial boxes that include performing due diligence, addressing or mitigating various project risks, and negotiating financing terms. And if the deals aren’t finalized before Trump takes office, they’re at risk of being paused or cancelled altogether, something the DOE considers unwise, to put it lightly.

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