Green Markets - November 21, 2024

Nov 21, 2024

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

Indonesia has announced an ambitious plan to retire all coal-fired and fossil-fueled power plants within 15 years, aiming for net-zero emissions by 2050— 10 years ahead of its previous target. The country plans to replace fossil fuels with over 75 GW of renewable energy, including geothermal, solar, wind, and biodiesel. The country is backed by initiatives like the $20 billion Just Energy Transition Partnership (JETP) and a $65 billion green economy fund.

BASF has signed a Memorandum of Understanding (MoU) with Shenergy Group to collaborate on biomethane commercialization and certification. Shenji will purify biomethane from livestock farms and waste facilities, while BASF will integrate the certified biomethane into its products to reduce its carbon footprint.

BP and its partners have approved a $7 billion gas project in Indonesia to expand the Tangguh LNG facility in Papua. This project aims to develop the Ubadari gas field, incorporating CCUS to enhance gas recovery and reduce CO2 emissions. BP holds a 40% stake, along with other partners, including Cnooc and Nippon Oil. Production is expected to start in 2028.

Related Stock List(s): LNG Stocks

Exxon Mobil is investing over $200 million to expand its advanced recycling facilities in Baytown and Beaumont, Texas, aiming to increase its recycling capacity to 500 million pounds per year by 2026 and over 1 billion pounds globally by 2027. Exxon is also collaborating with partners like Agilyx and LyondellBasell to address recycling challenges.

Related Stock List(s): Recycling Stocks

Silfab Solar has secured $100 million in funding to expand its solar cell manufacturing facility in Fort Mill, South Carolina, set to begin operations by year-end. The financing includes a $50 million equity investment led by ARC Financial and a $50 million Green Loan arranged by Breakwall Capital.

BNP Paribas Asset Management has launched the BNP Paribas Future Forest Fund, a $500 million sustainable forestry initiative developed in collaboration with the International Woodland Company (IWC). The fund focuses on certified sustainable timber investments in the U.S., Australia, New Zealand, and Europe, with an initial $130 million raised.

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