Mozambique's $6.4 Billion Hydropower Plan to Get World Bank Funding
The lender plans to provide debt and equity funding as well as risk guarantees and insurance for the $5 billion Mphanda Nkuwa plant on the Zambezi river and an associated $1.4 billion power transmission project, World Bank President Ajay Banga said in an interview in Mozambique.
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The Hill
32 minutes ago
- The Hill
What critics don't understand about Trump's energy policies
A recent New York Times article made some alarming claims: China is racing ahead in clean energy, while America under Trump clings to fossil fuels. Beijing is supposedly building wind turbines, solar panels and electric vehicles for a decarbonized world, while Washington is instead doubling down on obsolete oil, gas and coal. The contrast is stark and seemingly damning — the U.S., the article suggests, is losing the future. But this story is misleading. What the article misses is the deeper logic shaping the Trump administration's energy policy. It has little to do with nostalgia or climate skepticism, and everything to do with the demands of artificial intelligence. Trump's energy agenda is being guided by a different kind of technological revolution. Massive AI models, sprawling data centers and next-generation chip foundries demand vast, uninterrupted flows of energy. However clean or cheap they may be, wind and solar, by their intermittent nature, cannot deliver the stable, high-density power these systems require. That distinction, between intermittent and dispatchable energy, is the real dividing line in global energy strategy today. And it's why Trump's policy may be more forward-looking than critics realize. If you want to understand the real rationale, look to Secretary of Energy Chris Wright. In a recent interview, he stated, 'To achieve Nvidia's and America's dream to win the AI race, we've got to produce a lot more electricity.' Wright's position is blunt but accurate. Natural gas, followed by nuclear and coal, is what now powers most of America's electricity, and it is these sources that will fuel the AI boom. 'Expanded natural gas electricity production … that'll be the workhorse of winning the AI race,' Wright explained. Thus, in Wright's view, the Trump administration policy isn't to reject the future but rather to win it by unleashing American energy production to support the backbone of tomorrow's economy: AI chips, training clusters and data centers. Contrast that with the Biden administration's approach. The Inflation Reduction Act was a landmark in climate legislation, pouring hundreds of billions into renewables, clean tech and place-based development incentives. It was designed to build solar farms, wind capacity and green manufacturing hubs, especially in disadvantaged communities. But for all its strengths, the law was designed in a pre-ChatGPT world. A 2023 Treasury Department fact sheet on the law goes on at length about electric heat pumps, rooftop solar and tax credits for underserved areas. It says nothing about AI, chip fabrication or crypto foundries. The Biden plan focused on equity and emissions, while Trump's plan focuses on watts and AI's electricity demands. That contrast became even sharper with Trump's second-term executive orders. Within days of taking office, Trump moved to dismantle the regulatory infrastructure supporting Biden's climate agenda. He ordered agencies to fast-track fossil fuel development and streamline the permitting of pipelines and power stations. Biden-era climate councils and carbon accounting models were scrapped. Electric vehicle mandates were rolled back. Furthermore, Trump's executive orders on nuclear power called for 300 new gigawatts of nuclear capacity by 2050. Advanced reactors are to be deployed at AI data centers and military bases within two years. Uranium enrichment, the revival of shuttered nuclear plants and fuel recycling are all being ramped up under the banner of national security. From liquefied natural gas exports to uranium enrichment, the Trump message is consistent: deregulate, drill, and build. Trump's coalition is not anti-technology — in fact, it is aggressively trying to corner the energy inputs required for technological supremacy, even if it means tearing up climate policy to get there. That brings us back to the New York Times's climate article's core claims. The piece frames the global energy race as a contest between a clean-energy China and a fossil-fueled America, casting the U.S. as the laggard. But that reading confuses the form of energy with its function. The future won't be won by whoever builds the most solar panels. It will be won by the country best positioned to power the technologies that drive tomorrow's economy. And right now, that technology is artificial intelligence. AI isn't just another app layer. It's a foundational shift in computing, manufacturing, defense and global finance. It demands enormous, stable, always-on energy loads. That means natural gas, nuclear and dispatchable capacity, not just wind and sun. By this logic, it may be China — not the U.S. — that's making the bigger strategic misstep. Beijing is doubling down on renewables, but those technologies weren't built to power the AI revolution. Meanwhile, Washington, under Trump, is retooling its energy policy to meet precisely that demand.
New York Post
4 hours ago
- New York Post
Trump rolling back ‘trillion dollars' of Dem green car regulations
A trillion dollars worth of Obama-era greenhouse gas regulations for cars, trucks, and engines will be axed this year, along with the unpopular stop-start feature in vehicles, EPA boss Lee Zeldin plans to announce Tuesday. The EPA proposal to repeal the 2009 'Endangerment Finding' represents a major rollback of US climate action, and follows President Trump's Day One Executive Order, 'Unleashing American Energy.' It will be released for public comment before going into effect later this year. EPA boss Lee Zeldin is set to announce the proposal Tuesday. REUTERS 'With this proposal, the Trump EPA is proposing to end 16 years of uncertainty for automakers and American consumers,' said EPA Administrator Zeldin. 'Stakeholders have told me that the Obama and Biden EPAs twisted the law, ignored precedent, and warped science to . . . stick American families with hundreds of billions of dollars in hidden taxes every single year.' Zeldin claims the repeal will save Americans as much as $50 billion annually on cheaper cars by slashing greenhouse gas emissions standards on vehicles, including the Biden electric vehicle mandate. He was set to unveil the proposal in Indianapolis Tuesday with Secretary of Energy Chris Wright, Indiana Governor Mike Braun, Attorney General Todd Rokita, Rep. Jim Baird, the Indiana Motor Truck Association, and the National Automobile Dealers Association. 'We heard loud and clear the concern that EPA's greenhouse gas emissions standards themselves, not carbon dioxide which the Finding never assessed independently, was the real threat to Americans' livelihoods,' said Zeldin. 'If finalized, rescinding the Endangerment Finding and resulting regulations would end $1 trillion or more in hidden taxes on American businesses and families.' The repeal of the Endangerment Finding likely will face fierce legal challenges from blue states and climate activists. Another obstacle is the fact that Congress codified greenhouse gases as pollutants in 2022 in the so-called Inflation Reduction Act.
Business Insider
5 hours ago
- Business Insider
Top 10 African countries with the highest income levels
Income levels across African countries vary significantly, shaped by a complex mix of natural resource endowments, economic diversification, governance, and demographic pressures. Countries with the highest income levels tend to be those with relatively robust GDP figures, diversified economies, and sustained investment in sectors such as energy, finance, telecommunications, and tourism. Income levels in African countries differ substantially due to diverse factors like natural resources, governance, and economic policies. The World Bank classifies global incomes into four categories using the GNI per capita Atlas method; only nine African nations are in the highest brackets. Seychelles is Africa's sole high-income country, driven by tourism, strong institutions, and high per capita income. In many cases, high-income African countries either benefit from abundant extractive resources such as oil, gas, or minerals, or have built dynamic service sectors anchored by financial hubs and trade-friendly policies. However, a high GDP does not always translate to equitable income distribution or improved living standards for the broader population. Some economies with impressive per capita income figures still grapple with high unemployment, regional disparities, and underinvestment in healthcare and education. Additionally, external shocks ranging from global commodity price fluctuations to geopolitical instability, can influence both short-term income trends and l ong-term development trajectories. World bank's global income categories - 2025 The World Bank's 2025 global income classification update ranks 223 economies based on Gross National Income (GNI) per capita using the Atlas method. Countries are grouped into four categories: low, lower-middle, upper-middle, and high income. The latest data shows 93 economies now hold high-income status, while 55 are upper-middle, 50 lower-middle, and 25 remain low-income. Shifts in classification reflect changes in economic performance, exchange rates, and demographics, and help guide development aid and investment strategies. Among African countries, only nine were classified in the highest income brackets—either upper-middle or high income. S/N Countries Income bracket 1 Seychelles High Income 2 Algeria Upper-middle Income 3 Botswana Upper-middle Income 4 Cabo Verde Upper-middle Income 5 Equatorial Guinea Upper-middle Income 6 Gabon Upper-middle Income 7 Libya Upper-middle Income 8 South Africa Upper-middle Income 9 Mauritius Upper-middle Income The income classification of African countries highlights the continent's economic diversity. Seychelles is the only African nation classified as high-income, buoyed by tourism, high per capita income, and strong institutions. Eight others which include Algeria, Botswana, Cabo Verde, Equatorial Guinea, Gabon, Libya, South Africa, and Mauritius fall under the upper-middle income bracket. Oil exporters like Algeria, Libya, Gabon, and Equatorial Guinea owe their status to hydrocarbon revenues, while Botswana and Mauritius have achieved steady growth through diversified economies and sound governance. South Africa, despite deep challenges, remains an economic leader due to its industrial strength and financial systems.
