Green Markets - October 22, 2024

Oct 23, 2024

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

The Canadian Sustainability Standards Board (CSSB) plans to release its first climate disclosure reporting standards in December, aiming for voluntary adoption by early 2025. These standards will focus on non-financial risks related to climate change. The Canadian government is also advancing plans to mandate climate-related financial disclosures for large companies, potentially aligning with the CSSB's forthcoming standards.

Verra, the largest verifier of carbon projects, has announced a 25% workforce reduction, citing the need for restructuring to better align resources with the company's core priorities.

Related Stock List(s): Carbon Credit Stocks

Form Energy has raised $405 million in a Series F funding round and is expanding its manufacturing facility in Weirton, West Virginia, by 300,000 square feet. This expansion is part of the company's plan to achieve a one million-square-foot manufacturing footprint with a production capacity of 500 MW/50 GWh by 2028. Form has also announced a collaboration with GE Vernova to enhance manufacturing, supply chain, and financing operations. The company aims to commercialize its iron-air battery technology, capable of storing electricity for 100 hours at competitive costs, and is set to deploy a 1.5 MW/150 MWh commercial pilot project with Great River Energy by the end of 2025.

Germany has approved plans for a €19 billion hydrogen network aimed at facilitating the transition to hydrogen as a key energy source. The German Federal Network Agency confirmed the construction of a 9,040-kilometer hydrogen grid, which is expected to be operational by 2032. Approximately 60% of the network will be converted from existing gas pipelines, with the remaining segments being newly constructed. This initiative is part of Germany's goal to achieve climate neutrality by 2045. The first sections of the network are anticipated to begin operations next year.

Related Stock List(s): Hydrogen Stocks

NextDecade, the parent company of Rio Grande LNG, has filed a petition for a rehearing with the U.S. Court of Appeals regarding a ruling that found the Federal Energy Regulatory Commission (FERC) had not conducted a thorough environmental review of its LNG projects. The company argues that the ruling, which raised procedural concerns, threatens the future of the $18.4 billion Rio Grande LNG project, expected to supply 6% of global LNG needs.

Related Stock List(s): LNG Stocks

Top executives from BRICS+ nuclear companies have launched an Atomic Energy Platform aimed at promoting best practices and advanced nuclear technologies for peaceful purposes among member nations. The platform seeks to develop incentive mechanisms for nuclear projects and is seen as crucial for meeting the growing energy demands of BRICS countries, which are expected to provide half of the world's energy by 2050. Legal formalities for the platform are already being developed, with unanimous support from attendees at the meeting.

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