Green Markets - July 23, 2024

Jul 24, 2024

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

Australia has awarded $65 million in grants to seven carbon capture projects through its Carbon Capture Technologies Program (CCTP). The funding supports innovations in capturing and repurposing CO2 from challenging industrial processes, with the aim of reducing greenhouse gas emissions and moving towards a net zero carbon footprint. Major recipients include Calix Limited, which received $15 million for methanol production from cement CO2, and MCi Carbon Pty Limited, awarded $14.5 million for building materials from CO2.
Smog Armor is expanding into Northern Arizona to establish new manufacturing hubs for precast concrete materials, integrating direct air capture (DAC) technology from Carbon Limit. The new facilities will be located in southern Nevada and the Colorado River region, focusing on producing eco-friendly concrete blocks.
Skytree has launched the Stratus Hub, a modular solution for large-scale CO2 removal and storage or utilization. Designed for diverse applications in industries like cement, e-fuels, and greenhouses, the Stratus Hub can capture between 10,000 and over 1 million tons of CO2 annually per site. Its modular design allows for scalable deployment and cost-effective expansion, leveraging existing infrastructure and industrial waste heat to reduce energy consumption. With Stratus Hub, Skytree aims to capture at least 10 million tons of CO2 in the coming years.

India has released draft rules for a carbon credit compliance mechanism targeting sectors like aluminum, cement, and power plants, which will have to meet specific greenhouse gas (GHG) intensity targets. Companies that meet their targets will receive carbon credit certificates, while those that fall short can purchase credits from the Indian carbon trading market. The Bureau of Energy Efficiency (BEE) will oversee baseline calculations, target setting, and verification processes.

Carbon Direct, in collaboration with Microsoft, has released the 2024 edition of the Criteria for High-Quality Carbon Dioxide Removal, building on their ongoing efforts since 2021 to address quality challenges in the voluntary carbon market. The updated Criteria align with the latest scientific and policy advancements and offer enhanced guidance on environmental harms and benefits. The 2024 edition includes clarified benchmarks for carbon accounting to ensure clarity and effectiveness.
Paris 2024 aims to halve the Olympic Games' carbon footprint compared to previous editions by integrating sustainability into all aspects of planning and execution. Key strategies include minimizing construction by building only one new venue, prioritizing renewable energy, and offering more plant-based meals. The Games will also fund carbon avoidance and capture projects in France and internationally, focusing on long-term environmental benefits.

Alphabet (Google) is investing an additional $5 billion into Waymo over the next few years. This funding will support Waymo’s efforts to advance its autonomous driving technology and expand its operational capabilities. Currently, Waymo provides over 50,000 paid rides per week and operates fully driverless ride-hail services in San Francisco, Phoenix, Los Angeles, and Austin.

EnBW plans to invest €1 billion to establish and expand a national hydrogen core network in Germany, aiming for completion by 2032. This network will connect major industrial centers and power plants, and facilitate hydrogen imports, forming part of the European Hydrogen Backbone. The investment is part of EnBW’s €40 billion commitment by 2030.

Condor Energies has secured an agreement to supply LNG for Kazakhstan's national railway, aiming to replace diesel fuel with cleaner LNG. The deal is part of a broader effort involving Kazakhstan Temir Zholy National Co. and Wabtec Corp. to retrofit locomotives for LNG use. Condor will build Kazakhstan's first LNG production plant, capable of producing 600,000 metric tons annually. The first facility is expected to start operations in 2026.
Energean has approved a $1.2 billion final investment decision (FID) on the Katlan gas field in Israel. The field will be developed in phases and linked to the existing Energean Power FPSO. First gas production is expected in early 2027, with significant reserves including 35 billion cubic meters of gas.

French utility company EDF has signed an agreement with equipment firms Ansaldo Energia and Ansaldo Nucleare, and the Italian steelmakers industry body Federacciai to explore joint investments in nuclear energy. The memorandum of understanding aims to promote the construction of small modular reactors (SMRs).
The Nuclear Regulatory Commission (NRC) has completed its final safety evaluation for Kairos Power's application to construct the Hermes 2 molten salt–cooled reactor test facility in Oak Ridge, Tennessee. The evaluation found no safety issues that would prevent issuing a construction permit, though the permit cannot be issued until the NRC completes its final environmental assessment later this summer and the Commission conducts a mandatory hearing in the fall.

The U.S. Department of Energy has pledged a conditional loan guarantee of up to $182.6 million to IRG Erie for a new plastics recycling facility in Pennsylvania. The facility will mechanically recycle PET, HDPE, and PP plastics, converting 160,000 tons of post-consumer waste annually into 100,000 tons of recycled materials and 20,000 tons of CleanRed, a coking coal replacement.

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