oil

India’s Reduction of Import Tariffs on Electric Vehicles Position Tesla for Successful Expansion

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India will lower import taxes on certain electric vehicles for companies committing to invest at least $500 million and setting up a local manufacturing facility within three years, a move that could potentially bolster Tesla’s plans to enter the South Asian market. Firms meeting these requirements will be allowed to import 8,000 EVs a year at a reduced import duty of 15% on cars costing $35,000 and above. India currently levies a tax of 70% to 100% on imported cars depending on their value. The decision could pave the way for Tesla to enter India, as the Elon Musk-led company has been in talks with the government to lower import duties on its electric cars for years. The move also aligns with India’s goal to boost the adoption of EVs and reduce its dependence on oil imports, with the country setting a target of achieving 30% electric vehicle sales by 2030.

“Oil Giants Beware: Methane Leaks Detected by Orbio Earth Pose $9 Billion Threat in Current Year”

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But then there’s methane, which has driven about 30% of climate change, according to the IEA. Leaks are one of the main sources, both from aging natural gas infrastructure and oil and gas fields. The company has been able to observe a significant portion of estimated oil and gas methane emissions in the U.S., the IEA said in a report released Wednesday. Huppertz and co-founder Jack Angela have developed a suite of algorithms to detect methane emissions using freely available satellite data. “And so making sure that methane and natural gas stays within infrastructure and does not leak into the atmosphere will always be a crucial point until the last drop of natural gas is used.”

Fervo Energy Secures $221 Million in Latest Funding Round, According to Filed Documents

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Hot on the heels of the successful completion of its grid-connected geothermal power plant in Nevada, Fervo Energy is raising $221 million per SEC documents, TechCrunch has exclusively learned. Previous geothermal plants have only scratched the surface by accessing hot springs or shallower rock formations. Fervo uses directional drilling techniques pioneered by the oil and gas industry to extend its wells far beyond their surface footprints. Once those wells are drilled, Fervo then strings them with fiber optic cables connected to a range of sensors. Previous investors include BHP Ventures, Breakthrough Energy Ventures, Congruent Ventures, DCVC, and Prelude Ventures.

Gates Foundation Grants Funding to Startup that Utilizes Brewing Byproduct as Sustainable Replacement for Palm Oil

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The Bill and Melinda Gates Foundation is pumping $3.5 million into C16 Biosciences, the Y Combinator-backed company fermenting alternatives to the environmentally destructive palm oil business. While the industry’s given itself something of a makeover lately, deforestation linked to palm oil production is once again on the rise. Using yeast and agriculturally derived feedstocks, C16 already brews an alternative to the seed oil for use in beauty products, under the name Palmless. A 2020 study found that climate pollution from palm oil plantations alone equate to about half that of the whole aviation industry. In addition to the Gates Foundation and Elemental, C16’s previous investors include Bill Gates’ Breakthrough Energy and DCVC.

“Gates Foundation Funds Innovative Startup Using Brewery Waste as Sustainable Alternative to Palm Oil”

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The Bill and Melinda Gates Foundation is pumping $3.5 million into C16 Biosciences, the Y Combinator-backed company fermenting alternatives to the environmentally destructive palm oil business. While the industry’s given itself something of a makeover lately, deforestation linked to palm oil production is once again on the rise. Using yeast and agriculturally derived feedstocks, C16 already brews an alternative to the seed oil for use in beauty products, under the name Palmless. A 2020 study found that climate pollution from palm oil plantations alone equate to about half that of the whole aviation industry. In addition to the Gates Foundation and Elemental, C16’s previous investors include Bill Gates’ Breakthrough Energy and DCVC.

COP28: The Long-Awaited Recognition of Global Truth

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I have a confession to make: I don’t usually follow the UN climate change conference proceedings until the very end. Not because it was hosted by an oil and gas power, and not because neither President Biden nor the Pope attended. Rather, I’ve come to view all Conferences of the Parties (COP) as lagging indicators of what needs to happen. More recently, they’ve also become lagging indicators of what’s actually happening in the world. Documents leaked shortly before COP28 showed that the country was planning to use the meeting to strike oil and gas deals with 15 countries.

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