Carbon Removal Roundup - January 10
Fortum sets net-zero target; Germany ETS revenue; Software to track production of carbon credits; US add CATL to military list;
I enjoyed the diversity of news today, so here’s the Climate news roundup as I see it on Telborg.com. You’ll see my Top 5 picks, followed by Carbon Removal & Biodiversity news and then everything else.
Top 5
Munich Re 2024 Natural Disaster Report: Climate Change Impacts
(January 09)
Munich Re reported that natural disasters in 2024 caused US$320 billion in losses globally, with US$140 billion insured. Weather catastrophes accounted for 97% of insured losses. Hurricanes Helene and Milton in the USA caused the largest losses. Climate change significantly worsened the severity of these events, according to World Weather Attribution studies. The report highlights the increasing trend of non-peak perils and the need for societies to prepare for more severe weather catastrophes.
Nuclear Technology for Plastic Waste Recycling in Southeast Asia
(January 09)
Indonesia, Malaysia, and the Philippines are using nuclear technology to recycle plastic waste and develop sustainable alternatives. The IAEA's NUTEC Plastics initiative supports these efforts through partnerships with private sector companies, such as PT Viro in Indonesia, HDD Technology and Alam Flora in Malaysia, and Envirotech Waste Recycling in the Philippines. These collaborations focus on using radiation technology to transform plastic waste into valuable products, addressing plastic pollution and promoting a circular economy.
International Atomic Energy Agency
US adds CATL to military list, impacting EV battery sector
(January 08)
The US added Contemporary Amperex Technology Co., Limited (CATL), a major EV battery supplier to Tesla and Ford, to its Chinese Military Company list. This could lead to future sanctions, impacting the EV sector and US energy storage systems. CATL has a $3.5 billion project with Ford and supplies batteries to Tesla. The decision comes amid rising trade tensions with China and a recent US ban on a steel acquisition, creating uncertainty for future investment.
Fastmarkets | U.S. Department of Defense
National Grid's £35 Billion Plan for UK Transmission Network
(December 18)
National Grid has published its RIIO-T3 business plan for its National Grid Electricity Transmission (NGET) business, involving a £35 billion investment from 2026-2031. This includes £11 billion for network maintenance and upgrades, and £24 billion for capacity increase, connecting 35GW of new generation and storage. The plan aims to nearly double the amount of energy transported, improve reliability, and reduce emissions by 50% versus 2018/19 baseline.
Germany's Sustainable Aviation Industry: Targets and Opportunities
(December 10)
Germany is striving to become a leader in climate-neutral aviation. Mandatory sustainable aviation fuel (SAF) quotas will apply from 2025, increasing to 70% by 2050. The German government aims for 550,000 to 1.5 million tons of SAF production capacity by 2030, focusing on hydrogen-based PtL-SAF. Airbus plans for all its aircraft to be capable of flying on 100% SAF by 2030 and its first hydrogen-powered commercial aircraft by 2035. Deutsche Aircraft aims to launch its 100% SAF aircraft in 2027.
Carbon Removal & Biodiversity
Fortum sets net-zero target by 2040, validated by SBTi
(January 09)
Finland-based Fortum has introduced ambitious climate targets validated by SBTi, setting a net-zero target by 2040. The targets include an 85% reduction in Scope 1 and 2 GHG emissions by 2030 and 90% by 2040, and a 69% reduction in Scope 1 and 3 GHG emissions from fuel- and energy-related activities by 2030 and 94% by 2040. Fortum aims to exit all coal-based generation by the end of 2027.
Low Carbon and Deep Sky Partner on Renewable Energy for Carbon Removal
(January 08)
UK-based Low Carbon, a renewable energy company, has signed a 10-year Power Purchase Agreement (PPA) with Deep Sky, a Quebec-based carbon removal project developer. The agreement provides 10 GWh of renewable energy annually from Low Carbon’s Lethbridge 1 solar project in Canada to power Deep Sky Alpha, Deep Sky’s first facility in Alberta. This follows a similar PPA with Lloyds Banking Group for 50 GWh of renewable energy from UK solar farms.
IUCN Red List: Freshwater Animals at Risk
(January 08)
A new IUCN Red List assessment revealed that 24% of the world’s freshwater animals are at high risk of extinction. The study highlights pollution from agriculture and forestry, land conversion, water extraction, dam construction, overfishing, and invasive species as major threats. The IUCN recommends targeted action and calls for governments and industry to use this data in water management and policy.
Germany's Emissions Trading Revenues Hit Record High in 2024
(January 07)
Germany's 2024 emissions trading revenues reached €18.5 billion, exceeding 2023's record. €5.5 billion came from the EU ETS, down 28% from 2023, while the national ETS generated €13 billion, up 21%. These funds support Germany's climate and transformation fund.
Madagascar advances nature-related financial disclosures preparations
(December 19)
Madagascar, with support from the UNDP BIOFIN, has developed an action plan to prepare for nature-related financial disclosures aligned with the TNFD framework. The plan includes harmonizing nature-related information, creating regulations for disclosure, integrating sustainable practices in finance, and engaging stakeholders for data collection and verification.
Scotland's 30x30: Protecting 30% of Land and Sea for Nature by 2030
(December 17)
Scotland has committed to protecting at least 30% of its land and sea for nature by 2030 (30x30 target). This commitment is part of the Kunming-Montreal Global Biodiversity Framework and aligns with the EU Biodiversity Strategy. Currently, around 18% of Scotland’s land is protected; the 30x30 framework aims to increase this through a co-design approach involving workshops and public consultation.
UK Updates Traded Carbon Values for Emissions Modelling
(December 17)
The UK Department for Energy Security and Net Zero (DESNZ) has published updated traded carbon values for modelling purposes, used to estimate the financial cost of purchasing allowances in the UK Emissions Trading Scheme (UK ETS) under different scenarios. The projections cover the period up to 2050 and include four trajectories based on assumptions about Net Zero targets, fossil fuel prices, and economic growth. The 2024 values range from £28/tCO2e to £154/tCO2e depending on the scenario.
GCC enhances carbon market services and liquidity
(December 11)
The Global Carbon Council (GCC) signed two agreements with S&P Global Commodity Insights (SPGCI) and Climate Impact X (CIX) to enhance carbon market services and liquidity. SPGCI will provide registry services for GCC 2.0, and the tri-party agreement with CIX aims to streamline access to global buyers for project developers, improving liquidity and transparency.
Aligning Carbon Markets with SDGs in Least Developed Countries
(December 11)
The UNCTAD published a policy brief outlining key benefits, challenges, and policy recommendations for Least Developed Countries (LDCs) to mitigate risks associated with carbon trading under Article 6 of the Paris Agreement and ensure that carbon markets support sustainable development in LDCs. The brief highlights the need for aligning carbon market projects with broader development goals and the importance of ensuring additionality of climate finance.
Well Done Foundation Launches High-Integrity Carbon Credits
(December 10)
US-based Well Done Foundation (WDF) released 778,000 high-integrity carbon credits from orphan oil and gas wells. WDF partnered with Carbon Path and Cloverly for certification and transparency. The first two projects, Palmer Bow Island 1-4 (128,555 credits) and Palmer Bow Island 2-2 (140,071 credits), totaling 268,626 credits, are available for purchase. Proceeds will fund plugging more orphan wells.
Charm Industrial and Manufacturo Partner to Scale Carbon Removal
(November 25)
US-based Charm Industrial, a climate technology company specializing in carbon capture and removal, partnered with Manufacturo to scale its operations. Manufacturo provided a customized process control solution, integrating with Charm’s carbon accounting software, Ledger, to ensure accurate tracking of production outputs for high-quality carbon credits.
EU urged to lead on methane mitigation amid GMP concerns
(November 15)
35 NGOs urged the EU Commission President Ursula von der Leyen to prioritize methane mitigation. They highlighted the urgency of action, emphasizing methane's role as a potent greenhouse gas and the need for stronger implementation of the Global Methane Pledge (GMP). The letter also stressed the importance of financial support for developing countries and regulatory adoption in sectors like agriculture.
UK-France to Deepen Energy Cooperation
(January 09)
The UK and France agreed to deepen cooperation on energy during a bilateral summit. Both leaders discussed their aims to deepen cooperation on growth, defence, security, AI and energy to deliver for people in both the UK and France.
Nucor Expands Utility Structures Production with Low-Carbon Steel
(January 09)
US-based Nucor Corporation is expanding its utility structures production, investing $200 million in a new facility in Brigham City, Utah, creating 200 jobs. This expansion aims to meet growing demand for utility infrastructure in the West driven by distributed energy projects and data centers. The company emphasizes using American-made, low embodied carbon steel for the nation's energy infrastructure.
NREL Improves Tandem Solar Module Efficiency, Reducing Costs
(January 09)
US-based researchers at the National Renewable Energy Laboratory (NREL) have developed a manufacturing cost model for perovskite/silicon tandem solar modules. The model shows that a 2.5% increase in module efficiency has the same cost-reducing effect as doubling factory size. The research was funded by the U.S. Department of Energy’s Solar Energy Technologies Office.
EQT acquires Scale Microgrids to accelerate clean energy transition
(January 09)
EQT Transition Infrastructure, a strategy aimed at scaling businesses enabling the transition to clean energy, has acquired Scale Microgrids, a leading vertically integrated developer and operator of microgrids and distributed energy resources in North America. Scale Microgrids has roughly 250 MWs of operating and in-construction assets, with another 2.5 GWs of near-term pipeline. EQT will invest in Scale’s commercial processes, tech platform and project execution capabilities.
Manure Recycling for Vermiculture: Environment Agency Guidance
(January 08)
The Environment Agency in England published a regulatory position statement (RPS 316) on storing and using manure to breed worms for wormeries. The RPS clarifies that while environmental permits are legally required, enforcement action will not normally be taken if the requirements in the RPS are met. This relates to sustainability through waste management and composting.
Environment Agency (EA) | GOV.UK
The Energy Transition in 2025: Key Trends and Forecasts
(January 08)
Globally, solar module prices fell 35 percent to 9 cents/kWh; EV batteries are now below $100/kWh. Solar additions grew to 600 GW, EV sales climbed 25 percent, and battery storage additions nearly doubled. Indonesia plans to switch fully to renewables in the next 15 years. Ethiopia banned imports of non-electric cars. The EU, UK, and Mexico have redoubled their commitments to a 1.5oC-aligned emissions path and net-zero goals.
Grid Reliability Needs More Than Dispatchable Generation
(January 08)
US-based Rocky Mountain Institute (RMI) has published an article emphasizing that grid reliability needs a broader approach than focusing solely on dispatchable generation. They advocate for diverse supply-side resources, demand-side options (like virtual power plants), and advanced grids. RMI also suggests policy changes to value various grid services and incentivize investments beyond dispatchability.
Ofgem Extends Deadline for UK Energy Pathway Methodology
(January 08)
The UK's Ofgem granted a time extension to National Energy System Operator (NESO) for submitting its Future Energy Pathways Methodology, from December 31, 2024, to January 31, 2025.
German Steelmakers Committed to Green Steel Despite Subsidy Concerns
(January 08)
Germany's steelmakers are cautiously responding to calls for a shift away from green steel due to billions of euros in EU and national subsidies tied to green steel production. The German government has already disbursed over €7 billion in subsidies for green steel initiatives. Major steel producers, such as thyssenkrupp and ArcelorMittal, emphasize their commitment to green steel to maintain German jobs and value creation.
Taiwan's 807 Billion NTD Plan to Reduce Water Leakage and Promote Energy Transition
(January 08)
Taiwan's Executive Yuan has approved an 807 billion New Taiwan dollar investment plan to reduce water leakage rate to 10% within the next eight years. The plan aims to ensure sufficient and safe water resources in the face of climate change. Additionally, the Yuan passed amendments to the Electricity Act to promote energy transition and a healthy green energy market.
Executive Yuan (Taiwan Cabinet)
GB Battery Energy Storage Market: 2024 Year in Review
(January 08)
Great Britain's battery energy storage market saw significant growth in 2024, with total capacity reaching 4.7 GW and 6.5 GWh. New services like Balancing Reserve and Quick Reserve were launched, boosting battery revenues. Twelve new owners and eight new operators entered the market. The buildout, while lower than projected, showed a trend towards higher-duration batteries.
Novelis Prices $750M Senior Notes Offering for Sustainability Initiatives
(January 08)
US-based Novelis Inc., a leading sustainable aluminum solutions provider, priced an offering of $750 million of 6.875% senior notes due in January 2030. The company intends to use the net proceeds to repay $738 million of outstanding borrowings and for general corporate purposes.
Singapore Budget 2025: KPMG & SID's Sustainability Proposals
(January 08)
Singapore's KPMG and the Singapore Institute of Directors (SID) have jointly released recommendations for Budget 2025, focusing on ESG adoption, innovation in sustainable technologies, and talent development. Key recommendations include fostering ESG adoption through national frameworks and grants, accelerating innovation through funding for sustainable technologies, and strengthening workforce capabilities with targeted programs. The proposal aims to position Singapore as a global leader in value creation and sustainability.
EU Report: Urgent need for clean energy in heating and cooling
(January 07)
The European Union, through the Joint Research Centre (JRC), has found that heating and cooling systems are a major source of air pollution. The study highlights the urgent need to increase the use of cleaner energy technologies, particularly heat pumps, to meet stricter air quality targets by 2030. While renewable energy in heating and cooling reached 25% in 2022, heat pump use accounts for only 15%. Several member states need to increase efforts to comply with new EU requirements.
joint-research-centre.ec.europa.eu
Biden-Harris Administration Announces $1.35 Billion for Climate Resilience
(January 06)
The Biden-Harris Administration announced $1.35 billion for FEMA’s grant programs to increase climate resilience nationwide. $750 million is for Building Resilient Infrastructure and Communities (BRIC) and $600 million for Flood Mitigation Assistance. The Bipartisan Infrastructure Law significantly increased funding for these programs, aiming to deliver 40% of benefits to disadvantaged communities (Justice40 Initiative).
CenterPoint Energy Prepares for Major Cold Snap
(January 03)
US-based CenterPoint Energy has prepared its electric and natural gas infrastructure across Texas, Louisiana, Mississippi, Indiana and Ohio for severe cold weather. Actions included inspecting and testing critical equipment, hardening infrastructure, maintaining freeze protection, repairing insulation, and conducting emergency training. The company also positioned CNG trucks and coordinated with regulatory bodies to ensure natural gas reliability.
investors.centerpointenergy.com
Dow and Innventure Collaborate on Waste-to-Value Platform
(December 18)
US-based Dow and Innventure announced a collaboration to develop and commercialize waste-to-value technologies. Their new subsidiary, Refinity, will convert mixed waste, including plastic, into petrochemical feedstocks, replacing fossil fuel-based ones. Dow aims to commercialize three million metric tons of circular and renewable solutions by 2030.
Scotland Expands Marine Protected Areas to 37% of Seas
(December 18)
Scotland has expanded its Marine Protected Area (MPA) network, now protecting 37% of its seas. 17 new MPAs were designated, including the West of Scotland MPA (over 100,000 km2), safeguarding deep-sea biodiversity. The Fair Isle D&R MPA, a community-led initiative, focuses on research into the relationship between healthy seas and a local island community.
Microsoft's AI solutions for sustainable mining practices
(December 17)
Microsoft has highlighted the mining industry's role in achieving a sustainable energy future and presented case studies of companies like Epiroc, Sandvik, Emirates Global Aluminum, and Boliden using Microsoft's AI and data solutions to improve efficiency and sustainability in mining operations. These solutions include Azure AI services and Microsoft Copilot, resulting in improved steel quality, optimized resource allocation, faster AI response times, and reduced carbon emissions.
Aecon-Westinghouse collaboration on advanced nuclear projects
(December 17)
Canada: Aecon and Westinghouse signed two agreements to collaborate on the development and deployment of advanced nuclear new-build projects globally, focusing on AP1000 modules and new-build projects in Canada. For each four-unit AP1000 project in Canada, nearly 8,000 jobs will be created during construction and 12,000 for ongoing operations.
Financing Nature: Improving Biodiversity Funding in the EU
(December 17)
The Bruegel think tank published a policy brief on financing nature, highlighting the insufficient funding for biodiversity protection. The brief summarizes options for valuing nature, financial tools for biodiversity, and assesses suitable tools for the European Union. The EU's most impactful immediate action would be eliminating nature-harming subsidies, starting with the Common Agricultural Policy. The Kunming-Montreal Global Biodiversity Framework aims to raise an additional $700 billion annually, including phasing out $500 billion in harmful subsidies. The EU's Environmental Implementation Review estimated additional investment needs of €21.5 billion annually to implement its biodiversity strategy.
Scotland's 30x30: Protecting 30% of Land and Sea for Nature by 2030
(December 17)
Scotland has committed to protecting at least 30% of its land and sea for nature by 2030 (30x30 target). This commitment is part of the Kunming-Montreal Global Biodiversity Framework and aligns with the EU Biodiversity Strategy. Currently, around 18% of Scotland’s land is protected; the 30x30 framework aims to increase this through a co-design approach involving workshops and public consultation.
Monaco Awarded Prestigious EEA Gold Label for Energy and Climate Efforts
(December 16)
The Principality of Monaco has been awarded the European Energy Award Gold label with a score of 80.2%, demonstrating its commitment to reducing its carbon footprint, preserving biodiversity, and adapting to climate change. This is the result of a collaborative effort between various directorates and services of the Prince's Government and Monaco City Hall.
NANO Nuclear and Digihost Collaborate on Microreactor Technology for Clean Energy
(December 13)
US-based NANO Nuclear Energy Inc. and Digihost Technology Inc. announced a collaboration to integrate advanced nuclear reactor technology at Digihost’s 60 MW power plant in Upstate New York. NANO Nuclear will provide consulting services, including regulatory advice and site assessment, aiming for reactor integration by 2031. NANO Nuclear also acquired Ultra Safe Nuclear Corp.’s Micro Modular Reactor (MMR®) and Pylon Space Reactors for $8.5 million.
Antares uses Manufacturo for microreactor production
(December 17)
US-based Antares Nuclear Inc. chose Manufacturo’s integrated software solution to enable the production of its microreactors for terrestrial and space applications. These microreactors will be a critical asset for the Department of Defense and will also play an important role in commercial markets for providing clean energy.
VertexOne acquires Accelerated Innovations to expand in energy customer engagement
(December 16)
US-based VertexOne acquired Accelerated InnovationsLLC, a provider of customer engagement solutions for the energy and utility industry, expanding its SaaS applications to enhance customer experience and engagement. This is VertexOne’s third strategic acquisition in four years.
NANO Nuclear and Digihost Collaborate on Microreactor Technology for Clean Energy
(December 13)
US-based NANO Nuclear Energy Inc. and Digihost Technology Inc. announced a collaboration to integrate advanced nuclear reactor technology at Digihost’s 60 MW power plant in Upstate New York. NANO Nuclear will provide consulting services, including regulatory advice and site assessment, aiming for reactor integration by 2031. NANO Nuclear also acquired Ultra Safe Nuclear Corp.’s Micro Modular Reactor (MMR®) and Pylon Space Reactors for $8.5 million.
European Fire Model: Simulating Cropland and Non-Cropland Burning
(December 12)
A new fire model, BASE, has been developed to simulate burnt area across Europe, distinguishing between cropland and non-cropland vegetation. The model uses GLMs and incorporates fire weather, vegetation properties, and socioeconomic indicators. Cropland burning comprised 74% of the total burnt area in the study domain (2001-2020).
EU urged to lead on methane mitigation amid GMP concerns
(December 12)
35 NGOs urged the EU Commission President Ursula von der Leyen to prioritize methane mitigation. They highlighted the urgency of action, emphasizing methane's role as a potent greenhouse gas and the need for stronger implementation of the Global Methane Pledge (GMP). The letter also stressed the importance of financial support for developing countries and regulatory adoption in sectors like agriculture.
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