Green Markets - December 18, 2024

Dec 19, 2024

Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.

The U.S. Department of Energy's Office of Clean Energy Demonstrations (OCED) has announced the opening of applications for up to $1.3 billion in funding aimed at advancing carbon capture, utilization, and storage (CCUS) technologies. The funding will support three key areas: carbon capture demonstration projects, large-scale pilot projects, and infrastructure planning for CO2 transport and storage.

Related Stock List(s): Carbon Capture Stocks

The Frontier coalition, including Google, Stripe, H&M, and Shopify, has invested $80 million in carbon removal technologies from startups CO280 and CREW Carbon. This funding supports the removal of CO₂ through innovative methods, such as limestone filtration and carbon capture. Frontier’s goal is to accelerate the development of scalable, cost-effective carbon removal solutions by purchasing over $1 billion in carbon removal credits by 2030.

Related Stock List(s): Carbon Credit Stocks

Quebec has announced new regulations banning the sale of most new gasoline-powered vehicles by 2035. Starting January 1, 2034, the sale of new and used gas-powered vehicles, including hybrids, from the 2035 model year will be prohibited. By December 31, 2035, sales and leases of all new gas-powered vehicles, including those from earlier model years, will be banned. Exemptions include mopeds, motorcycles, emergency vehicles, and vehicles used by rental companies.

Lightsource BP has chosen Hithium to supply battery storage technology for its 222MW/640MWh solar project in Queensland, Australia.

BP has approved the 100 MW Lingen Green Hydrogen (LGH2) project, set to become its largest industrial green hydrogen plant and the first fully owned and operated by the company. The plant will produce up to 11,000 tonnes of green hydrogen annually, powered by offshore wind through a power purchase agreement. Construction begins in 2025, with commissioning planned for 2027.
Air Products has exited its $4 billion green hydrogen project in Texas, citing a lack of market maturity for green hydrogen as a key factor. The 1.4 GW plant, which was planned to produce 200 metric tons of hydrogen per day using renewable energy, was a joint venture with AES. The decision, announced by CEO Seifi Ghasemi, follows a delay in May due to uncertainties around the Inflation Reduction Act.

Related Stock List(s): Hydrogen Stocks

Korea Gas (Kogas) is shifting its focus to the U.S. for LNG procurement, moving away from long-term contracts with Middle Eastern suppliers like Oman and Qatar, whose agreements expire by the end of 2024. This decision aims to diversify energy sources and reduce Korea's trade surplus with the U.S.

Related Stock List(s): LNG Stocks

Kazakhstan’s Kazatomprom announced that Russia’s Rosatom has sold its stakes in two uranium projects to Chinese companies. Uranium One Group, a Rosatom unit, sold its 49.979% stake in the Zarechnoye mine to SNURDC Astana Mining Company, owned by China’s State Nuclear Uranium Resources Development Company. Additionally, Rosatom is divesting its 30% stake in the Khorasan-U joint venture to China Uranium Development Company, part of China General Nuclear Power Corporation (CGN).
Aecon Group and Westinghouse Electric Company have signed a Strategic Cooperation Agreement and Memorandum of Understanding to advance nuclear new-build projects globally, with a focus on Canada. The collaboration includes the fabrication of AP1000 modules and developing advanced nuclear technologies.

The European Commission has approved a $10.2 billion state aid scheme to support the construction of 17.65 GW of new renewable energy capacity in Italy. The funding, part of the EU's Temporary Crisis and Transition Framework, will back onshore wind, solar, hydropower, and sewage gas power plants.

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