Australia’s eastern state of Queensland yesterday unveiled plans to build the world’s largest pumped hydroelectric energy storage scheme in a major shift toward renewables for the fossil fuel-rich region.
The project, promised to be delivered by 2035, would be able to store 5 gigawatts of renewable energy — more than double Australia’s largest pumped hydro scheme, Snowy 2.0.
GLOBAL LEAD
“This is world-leading,” Queensland Premier Annastacia Palaszczuk told reporters. “We know that Queenslanders understand climate change. Today, the government understands that we need to take action.”
Queensland has long been one of Australia’s fossil fuel heartlands, with mining pouring nearly A$40 billion (US$25.5 billion) into the state’s economy in 2019-2020 — the largest contributor by far.
The pumped hydro scheme sits at the center of a new A$62 billion “energy and jobs plan,” which will also see Queensland legislate a target to generate 80 percent of its energy from renewable sources by 2035.
Pumped hydro technology allows for the long-term storage of renewable energy — such as power generated by solar and wind — which is a key challenge for the transition to net zero carbon dioxide emissions by 2050.
‘GIANT BATTERY’
“We will use cheap solar electricity during the day to pump water up the mountain to store it,” Queensland Deputy Premier Steven Miles said. “Then at night we can release the water to generate electricity. It’s like a giant battery.”
While mining continues to dominate Queensland’s economy, voters in the state’s big cities have become increasingly concerned about climate change — many backing Green and climate-aware candidates in May elections.
A recent poll conducted by YouGov in resource-rich northern Queensland found 75 percent of those surveyed under 35 want the government to invest in renewables over coal or gas.
STEADY: Prices are to rebound following inventory rebuilding demand, TrendForce said, with Samsung Electronics Co further trimming capacity as it slashes DDR4 lines The contract prices of DRAM chips are to rise by as much as 18 percent sequentially this quarter — the first price upticks in about eight quarters — driven mainly by inventory rebuilding demand for DRAM chips used in mobile devices and PCs, TrendForce Corp (集邦科技) projected yesterday. The price rebound is led by a quarterly increase of mobile DRAM chips, which are to climb between 13 percent and 18 percent quarter-on-quarter this quarter, which has not been seen since the fourth quarter of 2021, the Taipei-based market researcher predicted. Likewise, the price of mainstream PC DDR4 DRAM is expected to bounce
SOLID FOUNDATION: Given its decades of expertise in megatronics, manufacturing and robotics, Japan has the wherewithal to create its own AI, Jensen Huang said Nvidia Corp plans to help build an artificial intelligence (AI) tech-related ecosystem in Japan to meet demand in a country eager to gain an edge in this emerging technology. The US company will seek to partner with Japanese research organizations, companies and start-ups to build factories for AI, Nvidia CEO Jensen Huang (黃仁勳) said yesterday during opening remarks in a meeting with Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura. The company is to set up an AI research laboratory, and invest in local start-ups and educate the public on using AI, Huang said. Huang earlier this week met with Japanese Prime
A Hong Kong court postponed a court hearing on troubled Chinese property developer Evergrande Group’s (恆大集團) winding-up petition scheduled for yesterday until Jan. 29. Evergrande is trying to win support from its creditors for a plan to restructure more than US$300 billion in debt to stave off liquidation. The company’s lawyer told the court it was requesting an adjournment to “refine” its new debt restructuring plan. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. Judge Linda Chan (陳靜芬) had said in October that yesterday’s hearing would be the last before a decision is handed down. Chan
Huawei Technologies Co (華為) is among a field of “very formidable” competitors to Nvidia Corp in the race to produce the best artificial intelligence (AI) chips, Nvidia chief executive officer Jensen Huang (黃仁勳) said yesterday. Huawei, Intel Corp and an expanding group of semiconductor start-ups pose a stiff challenge to Nvidia’s dominant position in the market for AI accelerators, Huang told reporters in Singapore. Shenzhen-based Huawei has grown into China’s chip tech champion and returned to the spotlight this year with an advanced made-in-China smartphone processor. “We have a lot of competitors, in China and outside China,” Huang said. “Most of our competitors