Mexico has elected Claudia Sheinbaum, a climate scientist and former mayor of Mexico City, as its next president, making her the country’s first female president. She has significant climate credentials, including a Ph.D. in energy engineering and prior experience as environmental secretary for Mexico City. She has pledged to invest in renewable energy and has a track record of implementing sustainable initiatives in Mexico City.
Sheinbaum will face significant climate challenges in her new role, as Mexico has not made significant progress in reducing greenhouse gas emissions and has prioritized fossil fuel use over renewable energy. The state-owned oil company Pemex is heavily indebted and receives cash infusions from the federal government, making it a key issue for Sheinbaum to address in her presidency. She has pledged to increase support for renewable energy while also supporting Pemex and keeping it under state control.
Octopus Energy, a London-based energy company, is revolutionizing the power grid by incentivizing customers to use less electricity during peak demand times. Customers receive messages urging them to cut usage and can earn money for the electricity they didn’t use. This approach has been successful in the U.K. and Octopus has now launched in the United States, specifically Texas, where regulations allow for variable power pricing based on location.
Investing in battery technology presents challenges and opportunities, with many startups working on various aspects of battery development. It can be difficult to predict which companies will be successful in this space, given the high level of competition and uncertainty surrounding technological advancements. Despite these challenges, the International Energy Agency expects global clean energy investment to reach $2 trillion by 2024, indicating the potential for growth in the renewable energy sector.
In other news, the U.N. chief has called for banning fossil fuel ads to help save the climate, highlighting the importance of transitioning away from fossil fuels. Carbon removal technologies continue to be a focus for reducing emissions, but cost-cutting measures are still a challenge. Additionally, the increasing demand for cryptocurrency in oil-producing regions is putting strain on the power grid, while U.S. tech giants building data centers in Chile are facing pushback from locals concerned about environmental impacts.
