Green Markets - September 5, 2024

Sep 05, 2024

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

Former President Donald Trump has vowed to rescind unspent funds from the Inflation Reduction Act (IRA) as part of his proposed economic agenda. While a complete repeal of the IRA, which provides significant tax credits and incentives for clean energy, would need congressional approval, Trump could alternatively delay spending or alter tax credit guidelines to limit their use.
- This would likely negatively impact Methane Corp (watch listed)
Poland has set a target of achieving 56% renewable energy in its electricity mix by 2030, with a $205 billion investment plan to reduce its reliance on coal. This updated goal aligns with the European Union's broader climate objectives, including a 55% reduction in greenhouse gas emissions by 2030.
South Korea plans to cut its renewable energy budget by 7.7% for 2025, reducing support from 619.6 billion won ($428 million) to 571.7 billion won. At the same time, the funding for nuclear energy programs, including the development of small modular reactors, will increase by 42% to 166.9 billion won. South Korea aims to balance its renewable energy mix and increase the share of renewables in power generation to 21.6% by 2030 and 32.9% by 2038.

Rio Grande LNG has withdrawn its application to include a carbon capture and sequestration (CCS) project in its liquefied natural gas terminal at the Port of Brownsville. The decision, communicated to the Federal Energy Regulatory Commission (FERC) in August 2024, followed challenges in providing requested engineering and environmental data, as the CCS project was not sufficiently developed.
European oil giants Shell and Eni have led a $30 million Series A funding round for Mantel Capture, a climate tech start-up using molten salts for carbon dioxide capture. Mantel aims to capture 95% of CO2 emissions from industrial sites, leveraging high-temperature environments to reduce energy costs compared to traditional methods. The funding will support a demonstration project at a paper mill, with the potential to lower carbon capture costs to $30-$50 per ton, making it economically viable.
Bank of America has invested $205 million in a pioneering tax credit deal with Harvestone Low Carbon Partners for a carbon capture project at an ethanol plant in North Dakota, capturing 200,000 metric tons of CO2 annually. This investment reflects a renewed interest in carbon capture technologies, driven by expanded tax credits from the 2022 climate law.

Related Stock List(s): Carbon Capture Stocks

BMW has announced a collaboration with Toyota to produce a hydrogen fuel-cell vehicle, set for release in 2028. The new model will use Toyota's third-generation fuel-cell stack and may be based on BMW's Neue Klasse platform, potentially as an SUV. While the vehicle's U.S. availability is uncertain, BMW plans to focus on regions with strong hydrogen fueling infrastructure.
Beta Technologies has inaugurated a net-zero “air taxi” production facility at Vermont's Burlington International Airport to manufacture its ALIA eVTOL aircraft. The nearly 200,000-square-foot plant, powered by geothermal wells and solar energy, aims to produce up to 300 aircraft annually. Beta is focusing on military and cargo applications while awaiting Federal Aviation Administration (FAA) certification for commercial passenger operations.

Hydro-Québec's EVLO Energy Storage Inc. is set to deploy 300MWh of battery energy storage systems (BESS) in Virginia. The deployment will involve grid-scale BESS products across three separate projects. These projects are scheduled to begin commercial operation in 2025 and 2026.
Construction has commenced at the Melbourne Renewable Energy Hub (MREH) in Victoria, Australia, which will be one of the largest energy storage projects in the region with a capacity of 600MW/1,600MWh. The project has begun with the installation of 444 Tesla Megapack battery components. MREH is developed by Singapore-based Equis and Victoria's State Electricity Commission (SEC).

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