Green Markets - October 2, 2024

Oct 02, 2024

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

California Governor Gavin Newsom signed SB 219 into law, updating the implementation timeline of SB 253, which mandates that companies with annual revenues over $1 billion disclose their full Scope 1-3 greenhouse gas (GHG) emissions starting in 2026.
Chinese regulators have introduced new policy guidelines to promote the "clean and efficient" use of coal throughout the value chain. By 2030, the goal is to optimize mining and transportation, promote pollution reduction in coal-fired power plants, and transition to cleaner coal technologies.
The UAE, through the Abu Dhabi National Oil Company (ADNOC), plans to invest $23 billion over the next five years in low-carbon energy solutions such as hydrogen and ammonia. ADNOC will produce both blue and green hydrogen, which will be converted into ammonia for easier transport, targeting exports to markets like Japan, South Korea, and Europe. Additionally, the UAE plans to capture and store up to 10 million tonnes of carbon dioxide annually by 2030. The country will also electrify its offshore oil fields using renewable and nuclear power to reduce emissions during oil production.

Marex Group has acquired Dropet, a Spanish biofuels company, as part of its strategy to expand its renewable energy offerings and grow its environmental products business. Dropet specializes in physical and paper biofuels across Europe, Latin America, the Middle East, and Africa.

The Nasdaq "2024 Global Net Zero Pulse" report reveals that 57% of corporate buyers plan to invest in carbon removal credits. There is a strong demand for durable carbon dioxide removal (CDR) solutions.

Related Stock List(s): Carbon Credit Stocks

Swedish battery maker Northvolt’s $1.5 billion funding guarantee from the Swedish Debt Office has been put on hold following the company’s decision to suspend a major expansion of its battery factory in Skellefteå. Northvolt, facing financial difficulties, announced job cuts and a scale-down of operations in September. As the expansion has been shelved, the state guarantees and loans are unlikely to be disbursed soon. Northvolt is reportedly working on raising additional funds.

VTTI BV, an energy storage company backed by Abu Dhabi National Oil Company (ADNOC) and Vitol Group, is seeking to invest in LNG import terminals in Asia. VTTI BV highlighted potential markets in India, Bangladesh, Pakistan, and the Philippines.

Related Stock List(s): LNG Stocks

Respira Carbon and Palladium have partnered to launch two new funds, Respira Carbon 2 and Vivair, aimed at investing in nature-based carbon projects globally. These funds will focus on projects that restore and protect forests and wetlands.

Green Investing