Green Markets - November 27, 2024

Nov 28, 2024

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

BNP Paribas Asset Management announced it will no longer invest in new bonds issued by companies involved in oil and gas exploration and production. While the firm will continue to hold existing debt and equity in such companies, investments will be reviewed for credible climate commitments and realistic transition plans.

Lufthansa Cargo and Maersk have partnered to decarbonize airfreight by utilizing SAF. Under the agreement, Lufthansa Cargo will use 400 metric tons of SAF in late 2024 on behalf of Maersk. Maersk will apply this reduction in emissions to its ECO Delivery Air product for a European airfreight customer.
Chevron U.S.A. and California Bioenergy (CalBio) have completed a central processing facility for their dairy biomethane project in Merced County, California, through their joint venture CalBioGas Hilmar LLC. The project captures methane from dairy manure using anaerobic digesters, upgrades it to renewable natural gas (RNG), and injects it into Pacific Gas and Electric Company's pipeline for use as low-carbon transportation fuel.

The European Union has approved a €150 million ($163 million) grant for Greece's Prinos Carbon Capture and Storage (CCS) project, led by EnEarth, a subsidiary of Energean. The project will develop an offshore carbon storage facility near Kavala, capturing up to one million metric tons of CO2 annually in its first phase, with plans to expand capacity to 2.5 million tons per year. This funding, part of the EU's Recovery and Resilience Facility, covers 90% of the project's funding gap and supports Greece’s carbon reduction efforts. The project is expected to be fully operational by 2030, with Italy also expressing interest in using the facility.

Related Stock List(s): Carbon Capture Stocks

The United Arab Emirates (UAE) is considering introducing a carbon tax and a cap-and-trade emissions scheme, similar to the European Union's Emissions Trading System (EU ETS).

ADNOC has launched XRG, a new investment unit valued at $80 billion, focused on natural gas, chemicals, and low-carbon energy solutions. The unit aims to support Adnoc's international growth and transformation into a fully integrated energy company.

Green Investing