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The Economic Perspective 11/15/2024

The Latest Trending Economic, Environmental and Infrastructure News Curated for You by The Balmoral Group


The Balmoral Group provides practical, professional and precise Economics, Data Analytics, and Engineering Consulting services and is part of a globally integrated team.


Happy Friday! 


Thank you for checking out this week's issue!  We have several articles focused on the energy transition and also a summary piece about Florida's FY 24/25 budget.


In Seattle news, Amy Bainbridge represented TBG at the City’s Annual Reverse Vendor Trade Show this week, where she met with state and local departments including WSDOT, King County, City of Seattle, Port of Seattle, and Snohomish County, among others.


This week on Thursday The Balmoral Group team hosted a workshop at the Apalachicola Estuarine Research Reserve to present our analysis of management plans throughout the watershed and to gather insights from restoration experts about how to improve restoration collaboration for a healthier watershed and improved habitats.


Please feel free to forward this to anyone you think would be interested. If you’d like to view previous editions please click here, or to subscribe please click here!


Have a great weekend!



 


Plans for World's Largest Renewable Energy Project

The Western Green Energy Hub announced plans for 300 Wind Turbines and 6 Million Solar Panels in Western Australia. This $100 billion wind and solar project, if built, will be able to deliver 70 gigawatts of renewable energy generation, and produce 3.5 million tons a year of green hydrogen, potentially replacing the need for fossil fuels in transport and electricity generation. Read more here.



Washington Governor Approves New Wind Farm

In other renewables news this week, current Washington State Governor, Jay Inslee, approved a plan to build a large wind farm covering around 100 square miles. The wind farm would be located in Horse Heaven hills, near the Tri-Cities area (Kennewick, Pasco, and Richland) in eastern Washington. While the governor has stated the approval is towards the goal of meeting Washington State’s clean energy goals, the planned wind farm has faced much contention from residents for its potential to obstruct the skyline, disrupt native endangered ferruginous hawks that are living in the area around the proposed wind farm, and reduce real estate prices around the wind farm by up to 30%. More details can be found here and here


Reduced Emissions While Achieving Economic Growth

A new study highlights the critical role of national climate actions in decoupling economic growth from CO2 emissions. Analyzing data from 1,500 regions over 30 years, the researchers found 30% had reduced emissions while maintaining economic growth. However, while this progress supports the Paris Climate Agreement, it is insufficient for meeting global net-zero carbon targets by 2050. Regions with high income, low-carbon industries, and strong climate policies showed better results, particularly in Europe. However, decoupling rates must accelerate globally, and the study calls for increased government investment, especially from developed nations, to meet global net-zero goals. Read more here.


Florida FY 2024-2025 Budget Highlights

The Florida FY 2024-25 budget provides significant investments in environmental protection, restoration, and sustainability. Key funding supports the Department of Environmental Protection (DEP) with initiatives including Everglades restoration, with substantial funding for the Everglades Agricultural Area (EAA) Reservoir project and water quality improvements. The budget also strengthens springs protection efforts to protect Florida’s freshwater resources. Additional funding is directed toward coastal resilience, including beach nourishment and storm surge protection, wildlife conservation, and a focus on habitat restoration and endangered species protection. These efforts are integral to ensure long-term environmental sustainability in the face of increasing environmental and urban challenges. Read more on the budget summary here, along with more information on funding allocation within the transportation sector.


AI Data Centers Predicted to Cause Power Shortages by 2027

According to a study published by Gartner, a management consulting firm, AI computing energy demand is expected to exceed power utilities’ capacity by 2027. It was also projected that 40% of data centers may potentially experience power shortages in the next three years. Research conducted by Goldman Sachs estimated that data centers will need 160% more electricity by 2030. However, John Stankey, AT&T’s chief executive, recognized that there is no plan in place on how to produce that much more power without increasing greenhouse gas emissions.  Read more here.



 

Data Visualization of the Week

The Long Drying out of a Great Saltwater Lake

The Aral Sea was once the world’s 4th largest saltwater lake.  Straddling Kazakhstan and Uzbekistan in central Asia, the Aral Sea is now almost complete dried up.  Years of over-use of river water and diversions of the rivers feeding the lake have resulted in the desertification of the area around the lake.  A visual story of maps and photographs tells the decades long story of the Aral Sea’s demise.  See the visuals here: https://apps.npr.org/aral-sea-shrinking-map/


Click the visual below for more information.



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