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Last year, water levels at China’s Yangtze River plummeted to nearly half their normal width due to triple-digit temperatures and the worst drought on record, completely drying up some reservoirs and forcing leaders in the Sichuan and Chongqing provinces to halt operations at hundreds of factories that on hydroelectric power.
Countries were forced to turn to fossil fueled power plants last year to replace the lost hydropower capacity, the report found, with the U.S. and China generating 8.1% and 8% more power from coal and gas plants, respectively. Yellen will then travel to Luxembourg for the Eurogroup Finance Ministers Meeting to meet with EU leaders on efforts to deepen their cooperation on clean energy manufacturing— including developing a potential cooperation agreement on critical minerals.
“Russia has spent a great deal of money and time and effort to provide services for the export of its oil,” Yellen said. “They have added to their shadow fleet, provided more insurance and that kind of trade is not prohibited by the price cap.” “For the first time, the Inflation Reduction Act allows consumers to reduce the up-front cost of a clean vehicle, expanding consumer choices and helping car dealers expand their businesses,” Laurel Blatchford, Treasury’s chief implementation officer for the Inflation Reduction Act, said in a statement. Read more on that here.
AFRICA’S FIRST DAC PLANT RAISES QS ON CLIMATE SOLUTIONS: A proposed direct carbon capture plant in Kenya could be the first carbon removal facility on the African continent – and could remove up to 1 million tons of carbon dioxide from the atmosphere every year, CNBC reports. STEPS CLOSER TO A PIONEER-EXXON MERGER: Exxon Mobil is closing in on a deal to purchase Pioneer Natural Resources, a stunning acquisition that could be worth roughly $60 billion and reshape the U.S. oil industry, according to reporting by the Wall Street Journal.
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