The Current Climate newsletter this week highlighted a case of fraud in the green hydrogen industry, where a company called Rhino Onward International (ROI) raised $31 million from investors with promises of a green hydrogen plant in Arizona worth $530 million, but allegedly diverted the funds to their own pockets. Promoters Paul Croft and J.D. Frost raised $46 million through phony renewables investment schemes, leaving investors with losses and unanswered questions about the true business plan of ROI.
In another story, billionaire Wes Edens celebrated the start of construction of Brightline West, a high-speed railway project in Las Vegas, with Transportation Secretary Pete Buttigieg. The $12 billion project, delayed by the pandemic, aims to connect Sin City to Southern California at speeds of 200 miles per hour, in time for the 2028 Los Angeles Olympics. Edens expressed confidence in the project’s timeline and long-lasting impact, hoping for more high-speed rail projects in the future.
Sunrun CEO Mary Powell discussed the challenges facing the U.S. electricity grid and the role of solar and battery storage in easing its strain. Powell highlighted the slow pace of utility-scale projects and emphasized the importance of on-site generation for a cost-effective and reliable grid. She also addressed the bureaucratic hurdles in the U.S. that contribute to higher costs and slower installation of solar power systems compared to other countries like Australia.
In other news, a Nobel Prize-winning economist proposed taxing the rich to protect the poor from climate change, while Honda and Toyota pledged billions to North American EV and battery plant projects. Carbon dioxide levels reached a new milestone, prompting calls for urgent action to combat climate change. California unveiled plans to use over half its land to address climate issues, while Asia experienced a severe heatwave affecting hundreds of millions of people.
The newsletter also highlighted ongoing research on the role of wolves in Yellowstone Park’s ecosystem, and the EPA’s efforts to clean up pollution from coal-burning power plants in Kentucky. Polling data on public perceptions of climate change and Biden Administration’s initiatives to tackle pollution were also discussed. For more sustainability coverage and updates on current environmental issues, readers were encouraged to visit the Forbes website.
The diverse range of topics covered in the current climate newsletter underscored the complex challenges and opportunities in the sustainability and renewable energy sectors. From fraudulent schemes in the green hydrogen industry to ambitious high-speed railway projects and innovations in solar power technology, the newsletter provided a glimpse into the dynamic landscape of environmental issues and solutions. With a mix of news, analysis, and expert insights, the newsletter aimed to inform and engage readers on the latest developments shaping the business of sustainability and climate action.