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One Winner Amid the Iran Conflict: China’s Green Industrial Complex
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Today: Beijing’s push to sell solar and wind power to the world gets boost from war in Mideast; high gas prices are tempting Americans back to EVs; AI is using so much energy that computing firepower is running out.
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A solar thermal power station in Dunhuang, Gansu province, China. Photo: Cfoto/Zuma
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WSJ Pro Sustainable Business's Yusuf Khan and the WSJ's Hannah Miao and Ed Ballard report that the closure of the Strait of Hormuz has led to what the Internaltional Energy Agency called the biggest disruption to energy supplies in history.
Four years after Russia’s full-scale invasion of Ukraine, the Iran conflict has been another reminder that oil and gas puts import-dependent nations at the mercy of wars and chokepoints.
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The answer for many is more solar and wind power plus electric vehicles—even if that means more dependence on a single country.
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China accounts for about four-fifths of solar-technology manufacturing and more than 70% of global electric-vehicle production, according to the IEA. In February, it exported close to $20 billion of clean technology, according to data compiled by Ember.
If countries follow through on their renewable plans, however, one outcome of the Iran war will be increased demand for Chinese solar panels and wind turbines.
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This would be an unlikely legacy for a president who has referred to wind and solar power as “the scam of the century.”
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Oil prices climbed back above $100 a barrel as the U.S. prepares to block ships passing through the Strait of Hormuz to and from Iran. (WSJ)
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The war with Iran is causing a severe global jet fuel shortage, with prices surging to over $200 a barrel and supply issues persisting. (WSJ)
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This week on the Dow Jones Risk Journal Podcast: The U.S. and Iran agreed to a two-week cease-fire ahead of a deadline from President Trump that threatened widespread destruction. Also, cyber insurance is struggling to keep up with threats from geopolitical flashpoints. You can listen to new episodes every Friday on Apple Podcasts, Spotify and Amazon.
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High Gas Prices Are Tempting Americans Back to EVs
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Drivers are unlikely to see gas prices drop soon. Photo: Joe Raedle/Getty
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The WSJ's Christopher Otts and Patrick George write that new EV sales remain depressed in the second Trump administration. The EV tax credit ended last September, and automakers no longer face the stricter fuel-economy regulations that once drove the development of more electric models.
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Automakers have shown little interest in shifting back to battery-powered vehicles after scaling back their production plans.
But, there are signs of life again: Used EV sales jumped 12% in the first quarter, according to data from Cox Automotive. The market is seeing a surge of off-lease EVs going for much lower prices than when they were new.
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AI Is Using So Much Energy That Computing Firepower Is Running Out
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The artificial intelligence gold rush is rapidly drying up the supply of the one resource that AI developers can’t do without: computing power.
The Journal's Angel Au-Yeung and Robbie Whelan write that the capacity crunch has caused consternation among power users, forced companies to scuttle products and led to reliability problems. The issues are a warning sign for the AI boom, as they may limit the utility of powerful new AI tools just as massive amounts of users have begun to rely on them to boost productivity.
All of it points to a classic problem that has popped up in technology booms throughout history, from the 19th-century railroad expansion to the telecom and internet explosion of the early 2000s. Demand is growing far faster than companies are able to access resources and build out infrastructure. Historically, price increases have been among the only ways to address a supply crunch, but such a move could be perilous for frontier AI companies, who are in a ferocious competition to gain users.
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Dow Jones Risk Journal Summit London
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The Dow Jones Risk Journal Summit London on May 7 will convene senior business professionals for discussions on a range of corporate risks including climate and sustainability, supply chains, artificial intelligence, geopolitics and financial crime. Speakers include: Kathy Wengel, EVP, Chief Technical Operations and Risk Officer, Johnson & Johnson; Nish Imthiyaz, Global Privacy and Responsible AI Counsel, Vodafone; and Will Mayes, Chief Executive, Cyber Monitoring Centre.
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Download an invitation here using the code COMPLIMENTARY. Attendance is limited, and all requests are subject to approval.
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Emirates Global Aluminium and Century Aluminum will build the first new U.S. aluminum smelter since 1980—in Inola, Okla. (WSJ)
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Ascend Elements, a battery recycling startup, filed for bankruptcy due to “insurmountable” financial difficulties. (Bloomberg)
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GFL Environmental agreed to acquire Secure Waste Infrastructure for an enterprise value of $4.62 billion. (WSJ)
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Knowing what prompts to give AI and in what order isn't an engineering decision. It's a sustainability one. (Trellis)
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The EU will give gas producers more leeway on methane import rules to avoid gas being diverted from the bloc. (FT)
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New Jersey has become the sixth state in the past decade to repeal its moratorium on building new nuclear power stations. (Canary Media)
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