NZ tops the charts, geothermal for Tonga and energy to be the currency of the future
In this issue:
NZ tops EV uptake chart
Ember is reporting EVs have saved oil importing countries US$20 billion (NZ$35bn) in the 6 months from March to August. Outside the US and China, global growth in EV sales is reported up 45% relative to the preceding 6 months. Growth in Chile was 124%, in Australia 136%, all topped by growth in New Zealand at 165%.
Banks dropping actions and ambitions
In its 2026 State of the Banking Transition report, LSE reveals almost all banks are weakening, and in some cases withdrawing from, their climate commitments. The report analyses the commitments and actions of 36 of the world’s largest banks by market capitalisation. Since peaking across 2022 and 2023, it reports sectoral targets and corporate ambitions have declined sharply. The biggest falls have come in the areas of net zero commitments and disclosures on financing conditions for high emission companies.
Underwater geothermal for Tonga
Seattle based Endurance Energy is claiming a world first having built, operated and generated electricity from an underwater geothermal well. Named Adélie, the test plant sits on an underwater volcano 300 miles off the coast of Oregon. The trial was operated entirely from on shore and generated a net power of 2 kilowatts for nearly 9 seconds. The first commercial project is slated for development off Tonga with a target of delivering its first electrons into the Tongan grid some time next year.
Battery emissions could be reduced 34%
While the lifecycle emissions benefits of EVs are now difficult to dispute, criticism lingers over the emissions generated in production, especially in the production of the batteries. Analysis by scientists at the University of Melbourne has concluded lithium battery supply chain emissions could be reduced by 34% by 2050 through a combination of supply and demand side measures. Against the backdrop of increasing demand for batteries and potentially a 10-fold increase in emissions caused by that, the researchers believe supply side measures such as electrification of the extraction and manufacturing processes could save a cumulative 3.5–4.7 Gt CO2e. Demand side measures, such as improvements in efficiency, longevity and recycling, could save a cumulative 6.0–7.2 Gt CO2e, potentially double that of the supply side measures.
Commercial scale heat pumps double in Australia in 5 years
A2EP is reporting the uptake of commercial scale heat pumps in Australia doubled in the last 5 years and it predicts by the end of 2027 more than 230 industrial and commercial sites will have switched from gas to heatpumps. A2EP suggests the switch saves 40%-60% in energy operating costs.
The naughty corner
The Paris Agreement Implementation and Compliance Committee has recently published its annual report, which reveals over 30 countries have failed to submit NDCs. Amongst them are three that have failed to respond to offers of assistance in collating information and have even failed to respond to communications about them. In the naughty corner sit North Korea, the Democratic Republic of Congo and Senegal.
A gutsy innovation
Binghamton University (US) scientists have developed a bacteria-based generator inspired by the human intestinal system. The device uses finger-like protrusions, not dissimilar to intestinal villi, covered with bacteria. They can be inserted into pipes and are capable of generating small amounts of electricity as contaminated water passes over them and the bacteria get to work. In testing, they generated an output of about 0.75 volts for 14 hours. The next step is to install test units in waste water pipes.
The currency of the future is ……
Energy.
In a podcast with his biographer, Walter Isaacson, Elon Musk predicts the demise of currency as we know it. In a future controlled by AI and robots, Musk believes traditional currencies will be replaced. In this brave, new world value will be founded in physical metrics such as watts and mass. Does that mean the trillion US dollars he has to his name will actually be worthless?