Future low-carbon materials projects need $1.6 trillion in funding, report says
Newly industrialised countries such as Indonesia and Morocco have already secured a fifth of the $250 billion investment in clean industrial plants so far, the report by the Mission Possible Partnership said.
Some 69 projects are in operation using clean energy to produce materials, while 65 others have secured financing, the report said.
The report also tracked $1.6 trillion of projects announced but not yet financed, with newly industrial "sunbelt" countries accounting for 59% of the investment pipeline, versus 18% for the United States, 10% for the European Union, and 6% for China.
"The new generation of energy-intensive industrial plants will go to where they can access abundant, reliable, cheap, clean electricity to produce materials, chemicals and fuels," said Faustine Delasalle, CEO of the organisation.
The MPP is a U.S.-based non-profit group seeking to boost the growth of low-emission industry and supported by the Bezos Earth Fund and the World Economic Forum.
"The new industrial sunbelt of the world is poised to overtake Western nations in sectors like ammonia, causing major ripples throughout the global economy," said Delasalle.
The MPP is supported by the Industrial Transition Accelerator, set up at the COP28 summit in Dubai to stimulate needed investment in green projects. Delasalle is also executive director of the ITA.
The fastest-growing clean industry sectors are green ammonia, which is used for fertiliser, and sustainable aviation fuels, the report said.
In the metals sector, steel has 33 near-zero emission primary steel plant projects, but needs 90 projects to be financed by 2030 to meet net-zero goals, while aluminium has 44 projects but needs 165 projects, the report said. (Reporting by Eric Onstad. Editing by Jane Merriman)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
an hour ago
- The Hindu
India will continue to buy Russian oil, government sources tell NYT
India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Government sources told The New York Times, not wishing to be identified due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Mr. Trump last month indicated in a Truth Social post that India would face additional penalties for purchases of Russian arms and oil. On Friday (August 1, 2025), Mr. Trump told reporters that he had heard that India would no longer be buying oil from Russia. Soured relations: The Hindu editorial on Trump's 25% tariff, 'penalty' The New York Times on Saturday (August 2, 2025) quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week, following a narrowing of discounts in July. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," Foreign Ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Mr. Jaiswal added that India has a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stand on their own merit and should not be seen from the prism of a third country. The White House in Washington did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners — Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd — have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. India's top oil supplier On July 14, Mr. Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft . Last month, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO. Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported late last month.
Economic Times
5 hours ago
- Economic Times
Grok Imagine goes live on Elon Musk's X platform
Elon Musk's artificial intelligence company xAI has officially rolled out Grok Imagine, a text-to-video generation tool integrated within the X platform (formerly Twitter).The feature, which was previously being tested with a limited group of users, is now more widely accessible. According to Musk, users can update their X app and request access to the waitlist by navigating to the 'Grok' section in settings and selecting 'Imagine.' 'Grok Imagine is still in early beta, so will improve almost every day,' Musk wrote in a post on X, adding that real-time improvements are expected as the model scales. Grok Imagine allows users to generate videos and still images from text prompts, with videos of up to six minutes in duration. In addition, it can animate static images into moving visuals with synchronized sound, offering creators a more seamless workflow without needing external tools or software. Early users have compared the feature to Twitter's Vine, the once-popular short-form video app that was discontinued in 2017. However, Grok Imagine appears to be aimed at much broader use cases—including entertainment, education, and meme culture—leveraging generative AI for creative expression. The feature is available both via the standalone Grok app and within the main X platform. According to a post by the official Grok handle, full public rollout is expected in phases beginning October 2025. The launch follows xAI's recent disclosure that it is also working on a kid-friendly version of its Grok chatbot, suggesting the company is eyeing wider demographic adoption as it refines its AI capabilities. Meanwhile, xAI is in the process of preparing a fresh funding round, which could value the company between $170 billion and $200 billion, according to a July 12 Reuters report. The company expects to generate over $13 billion in annual earnings by 2029, as per financial projections shared by Morgan Stanley and reported by Bloomberg in June. With Grok Imagine now live, Musk appears to be positioning X as not just a social media platform but an AI-powered content engine, blending user-generated media with proprietary infrastructure and models built by xAI.
Time of India
6 hours ago
- Time of India
Kuwait introduces new e-Visa for four visa categories; no embassy visit needed
In a recent update, Kuwait has officially launched and went live with its complete online e‑Visa platform for four visa categories, including tourist, family, business, and official. This is a big leap forward in the country's digital transformation under its Vision 2035 initiative. With this new change, citizens of several Western, Asian, and GCC‑residents will be able to complete the entire visa process remotely. They won't even have to step inside an embassy for a visa. Let's have a closer look at the whole process: Fully Online visa types: Now people can apply visa under: Tourist visas : This visa remains valid up to 90 days. It is perfect for those wanting to explore Kuwait. Family visas : This will allow close relatives of Kuwaiti residents to visit for up to 30 days. Business visas : This visa is also for up to 30 days. Now this one is perfect for professionals attending meetings, trade events or negotiations. Official visas : This is perfect for diplomats and government delegations on formal missions. Eligibility Citizens from over 50 countries across Europe, North America, Australia, Japan, and numerous Asian nations are eligible. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 22 Illustrations of a Husband and Wife in Everyday Life Watch More Undo GCC resident expatriates who have held valid residency for at least six months. It includes professions such as lawyers, doctors, engineers, teachers, journalists, and business managers. GCC citizens enjoy visa‑free entry using their national ID cards. They do not require any visa. How to apply Interested people can register via the Ministry of Interior's official portal (e.g. or Kuwait Visa platform linked from government websites). They need to: Create an account Log in with government credentials Choose desired visa category Upload required documents (passport bio‑page, photo, travel itinerary, accommodation or invitation, sponsor or official letter where required) Pay the fee online (typically USD 10–30 or about 3 KWD depending on nationality and category) Submit and track the application by reference code or passport number You'll receive the approved e‑Visa via email. You can get it printed or it is usable on a mobile device upon arrival. The processing usually takes between 1 and 3 business days. Delay is possible during peak travel season. Things to Remember Valid passport Provide clear documents—especially photos meeting portal specifications. Apply at least one week before travel. For family and business visas, make sure Kuwait‑based sponsors are aware of their responsibilities. If e‑Visa is refused, you may still be eligible for visa-on-arrival depending on nationality and category. The best part of this is that people don't require embassy visits. The paperwork has also reduced and its speedy approvals. With this new introduction, Kuwait aims to boost inbound tourism, attract international business, and strengthen political relationships with other nations. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
