Retired Coal Mines Can Give a Boost to Solar Energy, Report Says

Coal mines abandoned this decade could be used to house about 288 gigawatts of solar panels, more than all the power plants in Germany, from otherwise deserted land, according to a new report by Global Energy Monitor.
Dozens of such projects have already been built in China, the world's biggest coal miner and solar developer, while there are also massive opportunities in Australia, Indonesia and the US, the report's authors found. The developments would also create jobs in former mining areas and provide incentives to clean up land scarred by heavy industrial activity.

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News24

22 minutes ago

• News24

Emile Ormond: South Africa unready for AI-era job disruption

Emerging economies like South Africa may be partially shielded from the initial waves of AI automation, but when it inevitably arrives, the country could be especially vulnerable due to its large, predominantly young labour force, writes Emile Ormond. As artificial intelligence (AI) grows more sophisticated and pervasive, its potential to disrupt labour markets demands urgent attention. Will AI displace workers? Could it trigger unprecedented unemployment? There has been an influx of news articles, predictions, and expert claims that AI will be highly disruptive to the workforce. For instance, McKinsey estimates 400-800 million people globally may need new jobs by 2030, while a BCG survey found 42% of workers fear their roles may vanish within a decade. For South Africa, with an unemployment rate of 32.9% and 46.5% for youth, these predictions are dire. The country simply cannot afford large-scale job losses without jeopardising fragile social stability, deepening poverty and inequality, increasing crime, and threatening fiscal sustainability. As the government of national unity prioritises 'inclusive growth and job creation,' understanding AI's impact on jobs is not just critical - it's urgent. Impact yet to materialise Despite these warnings, evidence of current AI-driven job losses remains limited. In advanced economies like the US and EU, unemployment is near historic lows. Research has found that, for now, AI's impact on employment is minimal, often boosting productivity instead. In South Africa, high unemployment predates AI, rooted in structural economic challenges. So far, AI has not significantly shrunk job markets globally or locally. Historical, technological leaps, like the Industrial Revolutions, sparked similar fears of mass labour market disruption but ultimately resulted in substantially higher employment and productivity. For instance, more than two-thirds of the world's population lived in extreme poverty before the Industrial Revolution – today, it is less than 10%. This precedent, combined with AI's limited impact to date, may have bred complacency among South Africans, especially policymakers, that AI's impact will be manageable and a net positive. However, this view is shortsighted and lacks nuance. Rapidly increasing advances in areas such as multi-modal and agentic AI are poised to transform workplaces. The vast majority of organisations are planning on introducing or expanding their use of AI. This will see workers requiring new skills, creating new roles, and eliminating others. While the balance of these changes is debated, massive labour market disruption is almost certain. This time is different AI's unique traits, distinct from past technologies, will amplify its impact on jobs. These features include: Cognitive capabilities: Unlike earlier automation that targeted manual tasks, AI can handle complex cognitive work, such as analysis and decision-making. General-purpose technology: Like electricity or the internet, AI's application spans all sectors, driving broad economic impact and broadly fuelling productivity at an unrivalled pace. Self-improvement: AI can help enhance future iterations of itself, unlike previous technologies. For instance, the most advanced nuclear reactor cannot design new reactors, but AI can make better AI. Democratised access: Many AI tools are freely or cheaply available, unlike costly previous industrial technologies that were often limited to large, wealthy organisations. Rapid adoption: Generative AI, for example, surged from obscurity to global prominence in just three years. Now, South African workers use generative AI more than those in the US and UK. These characteristics illustrate why AI will disrupt labour markets at an unprecedented pace and scale, but not all countries and groups are equally vulnerable. SA has breathing room High-income countries, with more white-collar jobs, face earlier AI-driven disruption. For instance, 34% of European Union jobs are exposed to AI automation, compared to 19% in the African Union, according to the International Labour Organisation (ILO). Ageing populations and high labour costs may also accelerate AI adoption in developed markets. Young workers, often in entry-level roles, are particularly at risk. The ILO notes that youth hold jobs most susceptible to automation, potentially blocking their entry into the labour force. This is particularly pressing for Africa, with 350 million young Africans expected to reach working age by 2050. In other words, emerging economies like South Africa may be partially shielded from the initial waves of AI automation, but when it inevitably arrives, the country could be especially vulnerable due to its large, predominantly young labour force. In conjunction with this, AI will likely also drive massive productivity gains and create new, currently unforeseen jobs, but the transition period could be long and hard. Moreover, it could ultimately further entrench South Africa's world-leading inequality. Charting a path forward South Africa has a narrow window, as short as two to three years, to harness AI's productivity gains while mitigating its fallout. Key actions stakeholders can take include: Policy development: Political leaders must move beyond vague rhetoric and adopt nuanced, thoughtful policy positions on AI. The government should finalise a national AI strategy, released for comment in mid-2024, to address labour market impacts. Digital infrastructure: Expand reliable, high-speed internet nationwide, resolving disputes over providers like Starlink to ensure equitable AI access. Reskilling programmes: Invest in large-scale training to equip workers with AI-relevant skills and update school and tertiary education curricula for emerging roles. Responsible AI governance: Regulators and organisations should integrate AI oversight into corporate governance, aligning innovation with national development goals. Moreover, AI needs to be a cross-cutting responsibility in government. Social protections: Plans for displaced workers need to be considered now – there are nearly 19 million grant recipients, compared to a tax base of 7 million. Growth measures and/or new revenue sources will need to be found if the if the South Africa stands at the edge of an epoch-defining labour shift. The question is whether we act proactively or react in a crisis. - Dr Emile Ormond has an interest in policy analysis and risk managment.

Yahoo

an hour ago

• Yahoo

Soybeans Soften Late to Close with Fractional Gains

The soybean market is trading with 3 to 5 cent gains early on Friday, with strength out of the Juneteenth holiday break. Soybeans closed the Wednesday session with contracts fractionally higher. Preliminary open interest was up 6,070 contracts, as July was down 9,391 contracts, and November was up 11,509. The cmdtyView Cash Bean price is up 1/2 cents to $10.26 1/2. Soymeal futures were down 10 to 30 cents/ton. Soy Oil was down 2 to 11 points higher on Wednesday. July options expire today. The next week is looking for heavy rains from NE, the southeast corner or SD, MN, WI and parts of MI in the next week totaling from 1 to up to 5 inches in some parts. The Southern Plains, through MO and the Eastern Corn Belt is looking at little totals. Heat is expected to hit much of the Corn Belt, with the 5-10 day looking 7-15˚F in in the ECB. What We Know About Soybeans Sugar Futures Remain Bearish- Can the Sweet Commodity Rally? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. This morning's Export Sales report is expected to show between 0 and 400,000 MT of old crop soybeans in that week, with 0 to 200,000 MT for 2025/26. Soybean meal sales are seen at 150,000 to 450,000 MT, with 0 to 32,000 MT for bean oil. Chinese soybean imports in May totaled 12.11 MMT from Brazil, well above last years according to the country's customs data. Imports originating from the US were 11.7% higher yr/yr to 1.63 MMT. Jul 25 Soybeans closed at $10.74 3/4, up 3/4 cent, currently up 3 3/4 cents Nearby Cash was $10.26 1/2, up 1/2 cent, Aug 25 Soybeans closed at $10.76 3/4, up 1/2 cent, currently up 4 1/4 cents Nov 25 Soybeans closed at $10.68 1/4, up 1/2 cent, currently up 4 1/2 cents New Crop Cash was $10.14 1/4, up 1/2 cent, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on

Yahoo

2 hours ago

• Yahoo

Is Enphase Energy Stock Underperforming the S&P 500?

Fremont, California-based Enphase Energy, Inc. (ENPH) designs, develops, manufactures, and sells solar energy equipment for the solar photovoltaic industry internationally. Valued at $4.8 billion by market cap, the company offers home and commercial solar and storage solutions. Companies worth $2 billion or more are generally described as 'mid-cap stocks,' and ENPH perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the solar industry. Enphase's technological prowess drives its market leadership, with industry-leading microinverter technology and integrated solar-plus-storage solutions. Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Despite its notable strength, ENPH shares slipped 72% from their 52-week high of $130.08, achieved on Aug. 26, 2024. Over the past three months, ENPH stock has declined 40.7%, considerably underperforming the S&P 500 Index's ($SPX) 5.4% rise during the same time frame. In the longer term, shares of ENPH dipped 47% on a YTD basis and declined 69.4% over the past 52 weeks, significantly underperforming SPX's YTD gains of 1.7% and 9% returns over the last year. To confirm the bearish trend, ENPH has been trading below its 50-day and 200-day moving averages since early October, with slight fluctuations. ENPH has underperformed due to Senate cuts to wind and solar incentives, considerably hurting Enphase's business. Solar stocks have struggled due to competition and regulatory issues. The future of solar subsidies is uncertain, leading to volatility in Enphase's stock, and it may take years for the company to thrive without incentives. On Apr. 22, ENPH reported its Q1 results, and its shares closed down more than 15% in the following trading session. Its adjusted EPS of $0.68 missed Wall Street expectations of $0.71. The company's revenue was $356.1 million, missing Wall Street forecasts of $362.1 million. For Q2, ENPH expects revenue in the range of $340 million to $380 million. In the competitive arena of solar, SolarEdge Technologies, Inc. (SEDG) has taken the lead over the stock, with a 24.9% gain on a YTD basis and 54.2% losses over the past 52 weeks. Wall Street analysts are cautious on ENPH's prospects. The stock has a consensus 'Hold' rating from the 32 analysts covering it, and the mean price target of $58.37 suggests a potential upside of 60.4% from current price levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on