Latest news with #EmpireStateBuildings
Newsweek
19-05-2025
- Business
- Newsweek
World's Largest Building Construction Site Shares Development Update
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Saudi Arabia has launched a request for companies to form new consortiums for the Mukaab, a cuboid structure that could become the world's largest building. Why It Matters The $50 billion project is being constructed in the New Murabba of Riyadh and is part of the "Saudi Vision 2030" initiative, aiming to diversify the economy beyond oil and position the capital as a major global city. The government's "Vision 2030" initiative includes several other megaprojects, such as Neom, a linear city being built in the country's northern desert What To Know The New Murabba Development Company (NMDC), which manages the Mukaab's construction site, issued a prequalification notice on May 5, with a June 12 deadline, calling for companies to enter consortiums for the building's central structure, which will be approximately 1,312-feet-tall. The NMDC said the contract would cover main works for the Mukaab, which will cover the central spire that the rest of the cube is built around. The final building will be perfectly symmetrical in height, depth and width. A rendering of the Mukaab, which would be the world's largest building, in Riyadh. A rendering of the Mukaab, which would be the world's largest building, in Riyadh. NMDC This means that the Mukaab will be the largest building in the world by volume once completed, with over 60 million square meters of space inside. That's enough to house 20 Empire State Buildings. For comparison, the current largest building in the world by volume, the Boeing Everett Factory in Washington state, is just 13 million square meters large. The area inside the Mukaab will feature a museum, a technology and design university, multiple theaters, and more than 80 other entertainment and cultural venues, according to the building's official promotional site. Officials also want the first phase of construction to include around 8,000 homes, enough for 35,000 people. What People Are Saying The New Murabba Development Company (NMDC) said in a statement on the Mukaab's website: "Spanning 2 million square meters of floor space, The Mukaab redefines luxury with its immersive shopping, dining, and cultural offerings. It's a hub of connectivity, accessible via major roads, embodying innovation. "Here, the New Murabba Public Art program transforms the space into an immersive, technologically advanced destination, blending the virtual with the real for a unique experience." Michael Dyke, chief executive officer of NMDC, said that the cube structure symbolizes "the next chapter" for Riyadh, making it an "iconic symbol of Saudi ingenuity" while also creating 334,000 new jobs. "Ultimately, a capital city the size of Riyadh deserves to have a global, central icon as other capital cities do," he told Bloomberg in an interview last year. The construction site of the Mukaab, managed by the New Murabba Development Company. The construction site of the Mukaab, managed by the New Murabba Development Company. NMDC What Happens Next Official timelines for the Mukaab say that overall completion is being targeted for 2030, but like many other "Vision 2030" projects, the schedule is in doubt, as construction has been slow to take off.
The Hindu
23-04-2025
- Business
- The Hindu
AI economic gains likely to outweigh emissions cost, says IMF
Economic gains from artificial intelligence will boost global output by around 0.5% a year between 2025 and 2030, outweighing the costs of rising carbon emissions by the data centres needed to run AI models, the International Monetary Fund said on Tuesday. An IMF report released at its annual spring meeting in Washington nonetheless noted that those output gains would not be shared equally across the world, and called on policymakers and businesses to minimise costs to broader society. "Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP from AI are likely to outweigh the cost of the additional emissions," it said. "The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome buildup of emissions," it said in the report titled "Power Hungry: How AI Will Drive Energy Demand". Takeup of AI is seen driving a surge in demand for energy-intensive data processing power in coming years, even as the world struggles to keep promises on reducing carbon emissions. The IMF report noted that the space dedicated to server-filled warehouses in northern Virginia, which has the world's largest concentration of data centres, was already roughly equivalent to the floor space of eight Empire State Buildings. It estimated that AI-driven global electricity needs could more than triple to around 1,500 terawatt-hours (TWh) by 2030 - about the same as India's current electricity consumption and 1.5 times higher than expected demand from electric vehicles over the same period. The carbon footprint of that rise will in part depend on whether tech firms can keep promises to slash emissions from data centres by increased use of renewables and other means. COULD AI LEAD TO ENERGY EFFICIENCY GAINS? The IMF estimated that strong takeup of AI would, under current energy policies, mean a global cumulative increase of greenhouse gas emissions of 1.2%, between 2025 and 2030. Greener energy policies would limit that increase to 1.3 Gt, it estimated. Using a figure of $39 per ton to quantify the social cost of those emissions, it put that extra cost at $50.7 to $66.3 billion - smaller than the income gains associated with the 0.5% point annual boost to global GDP it said AI could yield. Independent analysts say the economic and environmental impact of AI will depend to a large extent on how it is put to use - and notably whether it can lead to efficiency gains in energy use or more sustainable overall consumption patterns. The Grantham Research Institute on Climate Change and the Environment said it could even lead to an overall reduction in carbon emissions if it accelerated advances in low-carbon technologies in the power, food and transport sectors. "But market forces alone are unlikely to successfully drive AI's application toward climate action," said Grantham policy fellow Roberta Pierfederici. "Governments, tech companies and energy companies must play an active role in ensuring AI is used intentionally, equitably and sustainably," she said, citing the need for R&D funding and policies to address inequalities exacerbated by AI advances.
Time of India
22-04-2025
- Business
- Time of India
AI economic gains likely to outweigh emissions cost, says IMF
Economic gains from artificial intelligence will boost global output by around 0.5% a year between 2025 and 2030, outweighing the costs of rising carbon emissions by the data centres needed to run AI models, the International Monetary Fund said on Tuesday. An IMF report released at its annual spring meeting in Washington nonetheless noted that those output gains would not be shared equally across the world, and called on policymakers and businesses to minimise costs to broader society. "Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP from AI are likely to outweigh the cost of the additional emissions," it said. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. "The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome buildup of emissions," it said in the report titled "Power Hungry: How AI Will Drive Energy Demand". Takeup of AI is seen driving a surge in demand for energy-intensive data processing power in coming years, even as the world struggles to keep promises on reducing carbon emissions. Live Events The IMF report noted that the space dedicated to server-filled warehouses in northern Virginia, which has the world's largest concentration of data centres, was already roughly equivalent to the floor space of eight Empire State Buildings. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories It estimated that AI-driven global electricity needs could more than triple to around 1,500 terawatt-hours (TWh) by 2030 - about the same as India's current electricity consumption and 1.5 times higher than expected demand from electric vehicles over the same period. The carbon footprint of that rise will in part depend on whether tech firms can keep promises to slash emissions from data centres by increased use of renewables and other means. Could AI lead to energy efficiency gains? The IMF estimated that strong takeup of AI would, under current energy policies, mean a global cumulative increase of greenhouse gas emissions of 1.2%, between 2025 and 2030. Greener energy policies would limit that increase to 1.3 Gt, it estimated. Using a figure of $39 per ton to quantify the social cost of those emissions, it put that extra cost at $50.7 to $66.3 billion - smaller than the income gains associated with the 0.5% point annual boost to global GDP it said AI could yield. Independent analysts say the economic and environmental impact of AI will depend to a large extent on how it is put to use - and notably whether it can lead to efficiency gains in energy use or more sustainable overall consumption patterns. The Grantham Research Institute on Climate Change and the Environment said it could even lead to an overall reduction in carbon emissions if it accelerated advances in low-carbon technologies in the power, food and transport sectors. "But market forces alone are unlikely to successfully drive AI's application toward climate action," said Grantham policy fellow Roberta Pierfederici. "Governments, tech companies and energy companies must play an active role in ensuring AI is used intentionally, equitably and sustainably," she said, citing the need for R&D funding and policies to address inequalities exacerbated by AI advances.
CNA
22-04-2025
- Business
- CNA
AI economic gains likely to outweigh emissions cost, says IMF
Economic gains from artificial intelligence will boost global output by around 0.5 per cent a year between 2025 and 2030, outweighing the costs of rising carbon emissions by the data centres needed to run AI models, the International Monetary Fund said on Tuesday. An IMF report released at its annual spring meeting in Washington nonetheless noted that those output gains would not be shared equally across the world, and called on policymakers and businesses to minimise costs to broader society. "Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP from AI are likely to outweigh the cost of the additional emissions," it said. "The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome buildup of emissions," it said in the report titled "Power Hungry: How AI Will Drive Energy Demand". Takeup of AI is seen driving a surge in demand for energy-intensive data processing power in coming years, even as the world struggles to keep promises on reducing carbon emissions. The IMF report noted that the space dedicated to server-filled warehouses in northern Virginia, which has the world's largest concentration of data centres, was already roughly equivalent to the floor space of eight Empire State Buildings. It estimated that AI-driven global electricity needs could more than triple to around 1,500 terawatt-hours (TWh) by 2030 - about the same as India's current electricity consumption and 1.5 times higher than expected demand from electric vehicles over the same period. The carbon footprint of that rise will in part depend on whether tech firms can keep promises to slash emissions from data centres by increased use of renewables and other means. COULD AI LEAD TO ENERGY EFFICIENCY GAINS? The IMF estimated that strong takeup of AI would, under current energy policies, mean a global cumulative increase of greenhouse gas emissions of 1.2 per cent, between 2025 and 2030. Greener energy policies would limit that increase to 1.3 Gt, it estimated. Using a figure of $39 per ton to quantify the social cost of those emissions, it put that extra cost at $50.7 to $66.3 billion - smaller than the income gains associated with the 0.5 per cent point annual boost to global GDP it said AI could yield. Independent analysts say the economic and environmental impact of AI will depend to a large extent on how it is put to use - and notably whether it can lead to efficiency gains in energy use or more sustainable overall consumption patterns. The Grantham Research Institute on Climate Change and the Environment said it could even lead to an overall reduction in carbon emissions if it accelerated advances in low-carbon technologies in the power, food and transport sectors. "But market forces alone are unlikely to successfully drive AI's application toward climate action," said Grantham policy fellow Roberta Pierfederici. "Governments, tech companies and energy companies must play an active role in ensuring AI is used intentionally, equitably and sustainably," she said, citing the need for R&D funding and policies to address inequalities exacerbated by AI advances. (Writing and reporting by Mark John in LondonEditing by Ros Russell)
The Star
22-04-2025
- Business
- The Star
AI economic gains likely to outweigh emissions cost, says IMF
FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Economic gains from artificial intelligence will boost global output by around 0.5% a year between 2025 and 2030, outweighing the costs of rising carbon emissions by the data centres needed to run AI models, the International Monetary Fund said on Tuesday. An IMF report released at its annual spring meeting in Washington nonetheless noted that those output gains would not be shared equally across the world, and called on policymakers and businesses to minimise costs to broader society. "Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP from AI are likely to outweigh the cost of the additional emissions," it said. "The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome buildup of emissions," it said in the report titled "Power Hungry: How AI Will Drive Energy Demand". Takeup of AI is seen driving a surge in demand for energy-intensive data processing power in coming years, even as the world struggles to keep promises on reducing carbon emissions. The IMF report noted that the space dedicated to server-filled warehouses in northern Virginia, which has the world's largest concentration of data centres, was already roughly equivalent to the floor space of eight Empire State Buildings. It estimated that AI-driven global electricity needs could more than triple to around 1,500 terawatt-hours (TWh) by 2030 - about the same as India's current electricity consumption and 1.5 times higher than expected demand from electric vehicles over the same period. The carbon footprint of that rise will in part depend on whether tech firms can keep promises to slash emissions from data centres by increased use of renewables and other means. COULD AI LEAD TO ENERGY EFFICIENCY GAINS? The IMF estimated that strong takeup of AI would, under current energy policies, mean a global cumulative increase of greenhouse gas emissions of 1.2%, between 2025 and 2030. Greener energy policies would limit that increase to 1.3 Gt, it estimated. Using a figure of $39 per ton to quantify the social cost of those emissions, it put that extra cost at $50.7 to $66.3 billion - smaller than the income gains associated with the 0.5% point annual boost to global GDP it said AI could yield. Independent analysts say the economic and environmental impact of AI will depend to a large extent on how it is put to use - and notably whether it can lead to efficiency gains in energy use or more sustainable overall consumption patterns. The GranthamResearch Institute on Climate Change and the Environment said it could even lead to an overall reduction in carbon emissions if it accelerated advances in low-carbon technologies in the power, food and transport sectors. "But market forces alone are unlikely to successfully drive AI's application toward climate action," said Grantham policy fellow Roberta Pierfederici. "Governments, tech companies and energy companies must play an active role in ensuring AI is used intentionally, equitably and sustainably," she said, citing the need for R&D funding and policies to address inequalities exacerbated by AI advances. (Writing and reporting by Mark John in LondonEditing by Ros Russell)
