Business

Sustainable Energy

Sustainable Energy
TV Shows

Masdar says memorandums of understanding relate to facilities earmarked for the Mediterranean coast and Suez Canal Economic Zone.
Projects in Egypt are aiming for an electrolyzer capacity of 4 gigawatts by the year 2030.
Hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport.

Masdar says Egypt’s abundance of solar and wind will “allow generation of renewable power at a highly competitive cost – a key enabler for green hydrogen production.”
Ute Grabowsky | Photothek | Getty Images

The UAE’s Masdar and Egypt’s Hassan Allam Utilities have signed agreements with state-backed Egyptian organizations that will see the parties work together on the development of large-scale green hydrogen projects.
In an announcement Sunday, Masdar — which is owned by Abu Dhabi state fund Mubadala — said the two agreements related to facilities earmarked for the Mediterranean coast and Suez Canal Economic Zone.

The projects in Egypt are aiming for an electrolyzer capacity of 4 gigawatts by the year 2030, with production of as much as 480,000 tons of green hydrogen annually.
Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport.
It can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen.
If the electricity used in this process comes from a renewable source such as wind or solar then some call it green or renewable hydrogen.
While there is excitement in some quarters about hydrogen’s potential, the vast majority of its generation is currently based on fossil fuels.

Read more about clean energy from CNBC Pro

“Masdar and Hassan Allam Utilities see Egypt as a hub for green hydrogen production, targeting the bunkering market, export to Europe, and boosting local industry,” Masdar said in a statement.
“Egypt enjoys abundant solar and wind resources that allow generation of renewable power at a highly competitive cost — a key enabler for green hydrogen production,” it added. “Egypt is also located within close proximity to markets where demand for green hydrogen is expected to grow the most, providing robust opportunity for export.”
Masdar’s mention of Europe is instructive and illustrates how the hydrogen sector could develop in the years ahead as major economies attempt to decarbonize.
In July 2021, the CEO of Italian firm Snam outlined a vision for the future of hydrogen, saying the “beauty” of it was that it could be easily stored and transported.
Speaking to CNBC’s “Squawk Box Europe,” Marco Alverà spoke about how current systems would be used to facilitate the delivery of hydrogen produced using renewable sources as well as biofuels.
“Right now, if you turn on your heater in Italy the gas is flowing from Russia, all the way from Siberia, in pipelines,” he said.
“Tomorrow, we will have hydrogen produced in North Africa, in the North Sea, with solar and wind resources,” Alverà said. “And that hydrogen can travel through the existing pipeline.”

More from CNBC Climate:

For its part, the European Union’s executive arm, the European Commission, has laid out plans to install 40 GW of renewable hydrogen electrolyzer capacity in the EU by the year 2030.
Alongside this goal, the commission’s plan also envisages an extra 40 GW “in Europe’s neighbourhood” that would “export to the EU.”
The past few years have seen a host of companies weigh in on the topic of hydrogen.
In a recent interview with CNBC, Michele DellaVigna, Goldman Sachs’ commodity equity business unit leader for the EMEA region, sought to highlight the important role he felt it would have going forward.
“If we want to go to net-zero we can’t do it just through renewable power,” he said.
“We need something that takes today’s role of natural gas, especially to manage seasonality and intermittency, and that is hydrogen,” DellaVigna argued, going on to describe hydrogen as “a very powerful molecule.”
The key, he said, was to “produce it without CO2 emissions. And that’s why we talk about green, we talk about blue hydrogen.”
Blue hydrogen refers to hydrogen produced using natural gas — a fossil fuel — with the CO2 emissions generated during the process captured and stored. There has been a charged debate around the role blue hydrogen can play in the decarbonization of society.
“Whether we do it with electrolysis or we do it with carbon capture, we need to generate hydrogen in a clean way,” DellaVigna said. “And once we have it, I think we have a solution that could become, one day, at least 15% of the global energy markets which means it will be … over a trillion dollar market per annum.” More

The Biden administration on Monday reversed a Trump administration plan that would have allowed the government to lease more than two-thirds of the country’s largest swath of public land to oil and gas drilling.
The Bureau of Land Management’s decision will shrink the amount of land available for lease in the National Petroleum Reserve in Alaska, a roughly 23 million acre region that’s home to wildlife like caribou and polar bears.
The reserve generated more than $56 million in oil and gas lease revenue in 2019, according to the Bureau of Land Management.

A polar bear sow and two cubs are seen on the Beaufort Sea coast within the 1002 Area of the Arctic National Wildlife Refuge.
U.S. Fish and Wildlife Service | Reuters

The Biden administration on Monday reversed a Trump administration plan that would have allowed the government to lease more than two-thirds of the country’s largest swath of public land to oil and gas drilling.
The Bureau of Land Management’s decision will shrink the amount of land available for lease in the National Petroleum Reserve in Alaska, a roughly 23 million acre region that’s home to wildlife like caribou and polar bears.

The decision returns to an Obama administration plan that allows fossil fuel extraction in up to 52% of the reserve, compared to the Trump administration’s effort to open up 82% of the land to drilling. It will also reinstate some environmental protections for designated areas of the reserve, including Teshekpuk Lake, a wetland complex that is uniquely rich with wildlife.
The move comes after the number of oil and gas permits approved by the Bureau of Land Management for drilling on public lands declined to its lowest number under the Biden administration earlier this year.

More from CNBC Climate:

In 1923, former President Warren G. Harding set aside the reserve as an emergency oil supply for the U.S. Navy. In 1976, the Naval Petroleum Reserves Production Act designated the area specifically for oil and gas production and moved it under the authority of the Bureau of Land Management.
The reserve generated more than $56 million in oil and gas lease revenue in 2019, according to the Bureau of Land Management.
Oil and gas production on the reserve has the potential to release over 5 billion metric tons of carbon dioxide into the atmosphere, roughly equivalent to the amount of carbon released in the entire country in 2019, according to the US Energy Information Administration.

Kristen Monsell, oceans legal director of the Center for Biological Diversity, said the Biden administration’s reversal isn’t enough to address the climate crisis and end new fossil fuel extraction.
“More Arctic drilling also means more oil spills, more polluted communities and more harm to polar bears and other vulnerable wildlife,” Monsell said in a statement. “Biden officials can and must use their power to help us avoid disastrous climate change and support the transition to a just, renewable economy.” 

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

Loading chart…

Lithium Americas Corp: “These companies are making way too much money. … You have to sell that stock, because it won’t stay like that.”

Loading chart…

Informatica Inc: “It’s now come down so much that I think it’s actually a buy. … But it should not have come public again until things were better.”

Loading chart…

Loading chart…

TechnipFMC PLC: “That’s a gutsy one if you think oil’s going to go back over to $100.”

Loading chart…

Loading chart…

Loading chart…

Canopy Growth Corp: “Until a federal law passes [legalizing cannabis], you can not own this stock.”

WATCH LIVEWATCH IN THE APP More

A New York judge held former President Donald Trump in contempt of court for failing to comply with a subpoena for business documents related to an investigation by the state attorney general’s office.
Trump will have to pay $10,000 per day for as long as he fails to comply with the subpoena.
The contempt finding in a Manhattan courtroom came after a more than two-hour hearing in which lawyers for New York Attorney General Letitia James blasted Trump for dragging his feet in turning over the demanded documents.
James is investigating the Trump Organization over allegations that it improperly manipulated the stated values of various real estate assets to obtain more favorable financial terms for loans and insurance coverage, and to lower their taxes.

A New York judge held former President Donald Trump in contempt of court Monday for failing to comply with a subpoena for business documents related to a civil investigation by the state attorney general’s office of his company.
Trump will have to pay $10,000 per day for as long as he fails to comply with the subpoena.

The contempt finding by Judge Arthur Engoron in Manhattan Supreme Court came after a more than two-hour hearing in which lawyers for New York Attorney General Letitia James blasted Trump for dragging his feet in turning over the demanded documents.
James is investigating the Trump Organization over allegations that it improperly manipulated the stated values of various real estate assets to obtain more favorable financial terms for loans and insurance coverage, and to lower their taxes.
“Mr. Trump … I know you take your business seriously, and I take mine seriously. I hereby hold you in civil contempt,” Engoron said, although Trump was not in the courtroom, Reuters reported.

Anti-Trump demonstrators gather outside of the New York County Supreme Court in New York City, U.S., April 25, 2022. 
David Dee Delgado | Reuters

Engoron cited Trump’s “repeated failures” to turn over material sought by James’ investigators.
The fine associated with the contempt order immediately takes effect.

James promptly tweeted. “Today, justice prevailed.”
“For years, Donald Trump has tried to evade the law and stop our lawful investigation into him and his company’s financial dealings,” James later said in a statement.
“Today’s ruling makes clear: No one is above the law.”
Trump’s lawyer in the case, Alina Habba, in a statement said he would appeal the contempt finding.
“We respectfully disagree with the court’s decision,” Habba said. “All documents responsive to the subpoena were produced to the attorney general months ago. The only issue raised by the attorney general at today’s hearing was with an affidavit submitted which copied the form mandated by the attorney general.”
“This does not even come close to meeting the standard on a motion for contempt and, thus, we intend to appeal,” she said.
Habba had told Engoron during Monday’s hearing that Trump did not deserve to be held in contempt, saying the Trump Organization was “right on schedule” with turning over documents sought by the attorney general.
Habba also called the probe by the Democrat James “a political crusade,” echoing criticism of the investigation by the Republican Trump.
Last week, Habba said in a legal filing that a search of records found that Trump “was not in possession of any documents responsive to the Subpoena and that all potentially responsive documents were in the possession, custody or control of the Trump Organization.”

Anti-Trump demonstrators gather outside of the New York County Supreme Court in New York City, U.S., April 25, 2022. 
David Dee Delgado | Reuters

James had asked Engoron on April 7 to hold Trump in contempt of court, saying the ex-president had failed to meet a March 31 deadline for giving her investigators documents pursuant to the subpoena. Trump already had received a nearly month-long extension of the original deadline for that subpoena.
“The judge’s order was crystal clear: Donald J. Trump must comply with our subpoena and turn over relevant documents to my office,” James said in a statement.
“Instead of obeying a court order, Mr. Trump is trying to evade it. We are seeking the court’s immediate intervention because no one is above the law.”
Trump is appealing another order by Engoron that he answer questions under oath by James’ investigators.
– Additional reporting by Kevin Breuninger

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer on Monday offered two airline stocks that he believes investors should pick up for their portfolios.
“Just remember to ring the register gradually on the way up, because remember, these are airlines. They tend to be a very boom and bust industry,” the “Mad Money” host said.

CNBC’s Jim Cramer on Monday offered two airline stocks that he believes investors should pick up for their portfolios.
“There’s always a bull market somewhere and right now it’s flying at 30,000 feet high. My favorites are the two most profitable, that’s [Delta Air Lines] and [Alaska Air Group]. Just remember to ring the register gradually on the way up, because remember, these are airlines. They tend to be a very boom and bust industry,” the “Mad Money” host said.

Shares of Delta fell 0.96% on Monday while Alaska stock slipped 0.19%.
Delta said earlier this month that it expects unit revenues to increase double digits in the second quarter compared to pre-pandemic, three years ago. The company also expects overall sales to recover up to 97% of 2019 levels
Chief executive Ed Bastian said on “Squawk Box” on the heels of the company’s latest quarterly results that the airline recorded its highest ever monthly sales in terms of bookings in March and that this trend is continuing into April. 
“I’m still stunned,” Cramer said of Bastian’s comments.
Alaska set a sales record in March but trimmed its schedule 2% through the end of June due to a pilot shortage.

“Although they’re not one of the majors, it is extremely well-run, still, with a much higher mix of leisure travelers compared to business ones,” Cramer said.
“The only problem with this stock is that everybody knows Alaska Air’s one of the strongest players in the industry, which makes it harder for them to deliver an upside surprise. That’s why the stock is actually down a few bucks from where it was trading before the quarter,” he added.
Cramer said that even though there is a bull market in airlines, there are a few companies whose stocks investors should avoid.
“I’d steer clear of the companies involved in the bidding war for Spirit Airlines – that’s JetBlue, Frontier and Spirit itself,” he said.
Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
Disclaimer

Questions for Cramer?Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer’s world? Hit him up!Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram
Questions, comments, suggestions for the “Mad Money” website? [email protected]

WATCH LIVEWATCH IN THE APP More

A New York judge ordered commercial real-estate services giant Cushman & Wakefield to comply with subpoenas about its appraisals of several Trump Organization properties.
The subpoenas were issued as part of a civil investigation by the New York Attorney General’s Office.
The order by Manhattan Supreme Court Judge Arthur Engoron came hours after the same judge held former President Donald Trump in contempt of court for failing to comply with another subpoena issued by Attorney General Letitia James seeking business documents as part of her probe.
James’ investigation is focused on allegations that the Trump Organization misstated the true values of multiple real-estate assets when it applied for loans and insurance coverage, and in tax-related filings, in an effort to obtain more favorable financial terms.

Anti-Trump demonstrators gather outside of the New York County Supreme Court in New York City, U.S., April 25, 2022. 
David Dee Delgado | Reuters

A New York judge Monday ordered commercial real-estate services giant Cushman & Wakefield to comply with subpoenas about its appraisals of several Trump Organization properties that are being eyed in a civil investigation by the New York Attorney General’s Office, a spokesperson for that office said.
The order by Manhattan Supreme Court Judge Arthur Engoron came hours after the same judge held former President Donald Trump in contempt of court for failing to comply with another subpoena issued by Attorney General Letitia James seeking business documents as part of her probe.

The judge, a Democrat who was elected to the bench in 2015, said Trump would have to pay $10,000 per day in penalties for every day he failed to turn over the documents. Trump’s lawyer said she would appeal that ruling.
“For the second time today, a judge has made clear that no one is above the law,” James said in a statement issued Monday afternoon, after a hearing on the Cushman & Wakefield subpoenas.
“Cushman & Wakefield’s work for Donald J. Trump and the Trump Organization is clearly relevant to our investigation, and we are pleased that has now been confirmed by the court,” James said. “Our investigation will continue undeterred.”
James’ investigation is focused on allegations that the Trump Organization misstated the true values of multiple real-estate assets when it applied for loans and insurance coverage, and in tax-related filings, in an effort to obtain more favorable financial terms.

CNBC Politics

Read more of CNBC’s politics coverage:

James’ office on Monday said that Engoron had given Cushman & Wakefield, which had refused to comply with the demand for documents, until May 27 to turn over the documents pursuant to her subpoenas.

“Cushman & Wakefield’s work for the Trump Organization is significant to our ongoing investigation into Donald J. Trump and the Trump Organization’s financial practices,” said James said earlier this month.
Cushman & Wakefield in an emailed statement said,  “While we acknowledge today’s ruling, any suggestion that Cushman & Wakefield has not responded in good faith to the Attorney General’s investigation continues to be fundamentally untrue.”
“We made it clear during the hearing that our firm has devoted significant time, resource and expense in our efforts to cooperate with the Attorney General’s investigation including sharing tens of thousands of items of information,” the company said. “Once again, Cushman & Wakefield affirms that we stand behind our appraisals and appraisers.”
A Cushman spokeswoman also told CNBC that contrary to some published reports Monday, the company itself is not a focus of the investigation by James.
The attorney general on April 8 filed a motion seeking to compel Cushman & Wakefield to comply with subpoenas related to its work for the Trump Organization.

Former U.S. President Donald Trump speaks during a rally to boost Ohio Republican candidates ahead of their May 3 primary election, at the county fairgrounds in Delaware, Ohio, U.S. April 23, 2022. 
Gaelen Morse | Reuters

Her office said the company “has refused to comply with subpoenas for information related to its appraisals of three specific Trump-owned properties — the Seven Springs Estate, Trump National Golf Club, Los Angeles, and 40 Wall Street — and information about Cushman’s larger business relationship with the Trump Organization,” according to a news release.
James’ office also said that in regards to the Seven Springs Estate in Westchester County, New York, and the Trump National Golf Club in L.A., “evidence indicates that the Trump Organization submitted fraudulent or misleading valuations of conservation easements to the Internal Revenue Service.”
“Those valuations were used to obtain tax deductions and involved appraisals issued by Cushman,” the release said.
The news release also noted that “Cushman issued multiple appraisals of 40 Wall Street in downtown Manhattan,” including three appraisals issued to “to Capital One Bank between 2010 and 2012, valuing the Trump Organization’s interest in the property between $200 million and $220 million.”

Allen Weisselberg (C) former US President Donald Trumps company chief financial officer arrives to attend the hearing for the criminal case at the criminal court in lower Manhattan in New York on July 1, 2021.
Timothy A. Clary | AFP | Getty Images

“In 2015, that same Cushman team prepared another appraisal on the property for Ladder Capital Finance LLC, this time, valuing the building at $550 million,” James’ office said at the time. That appraisal was used by the Trump Organization to secure a loan.”
Jack Weisselberg, the son of Trump Organization chief financial officer Allen Weisselberg works at Ladder Capital. Allen Weisselberg and the Trump Organization last year were indicted in criminal charges that accuse them of a scheme that since 2005 had sought to avoid taxes on compensation for the CFO and other Trump Organization executives.
Allen Weisselberg and the Trump Organization have pleaded not guilty in that criminal case, which is being prosecuted by the Manhattan District Attorney’s Office.

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

Whirlpool is handling inflationary pressure and has seen supply chain shortages start to ease, CEO Marc Bitzer told CNBC’s Jim Cramer on “Mad Money.”
“Inflation challenges are real, but I think we’ve been able to demonstrate we can cope with them,” Bitzer said.

Whirlpool is handling inflationary pressure and has seen supply chain shortages start to ease, CEO Marc Bitzer told CNBC’s Jim Cramer on “Mad Money.”
“Inflation challenges are real, but I think we’ve been able to demonstrate we can cope with them,” Bitzer said Monday. “Covid-induced inflation, I think we had a pretty good sense and we dealt with it very well. And we also thought we had a pretty good grip on inflation coming into this year.” 

Whirlpool missed Wall Street expectations on first-quarter sales and earnings, according to Refinitiv. Shares of the company rose about 2% during extended trading following an initial dip.
Bitzer said that Whirlpool is expanding capacity in the U.S but still expects industry-wide supply shortages to last through the rest of the year.
“I still believe in the future of American manufacturing going forward. We’re not going to change our mind,” he said. 
“Shortages will be around this industry probably for the entire ’22. However, they start easing. We start seeing them easing so it’s getting better, but it’s been a painful two years, to be honest,” he added.
Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer

Questions for Cramer?Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer’s world? Hit him up!Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram
Questions, comments, suggestions for the “Mad Money” website? [email protected]

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer explained why he believes Coca-Cola is an endurable, investable stock on the heels of its latest quarterly earnings report.
“Coca-Cola put on a clinic, showing you how a seasoned management team can overcome just about any challenge you might throw at them. That’s long-lasting strength. That’s a great stock to put away,” the “Mad Money” host said.

CNBC’s Jim Cramer explained why he believes Coca-Cola is an endurable, investable stock on the heels of its latest quarterly earnings report.
“Coca-Cola put on a clinic, showing you how a seasoned management team can overcome just about any challenge you might throw at them. That’s long-lasting strength. That’s a great stock to put away,” the “Mad Money” host said.

Coca-Cola reported better-than-expected quarterly earnings and revenue on Monday.
Shares of Coke rose 1.06%, notching a new 52-week high earlier in the day.
“The quarter’s a reminder that sometimes you just want to own the best of breed companies in unassailable positions. … It’s not that Coca-Cola’s got no problems — they’re dealing with the same issues as everyone else — it’s that they’ve been able to safely navigate their way through the thicket,” Cramer said.
He attributed Coke’s success to the popular Topo Chico Hard Seltzer, its DoorDash collaboration and other efforts to gain market share and get products to customers.
Coke said it is seeing higher costs for core supplies like high fructose corn syrup and aluminum. But Cramer noted “the good news is that the companies that make cans are finally adding capacity after holding back for a long time, mostly because of Covid.” 

“If we’re going to get out of this inflationary spiral, we either need to see lots of companies adding capacity, or the Federal Reserve will have to crush the economy. When it comes to Coke, obviously its suppliers boosting their production is what really matters,” he said.

WATCH LIVEWATCH IN THE APP More