Climate Finance & Carbon Removal - Feb 28
EIB backs Africa Finance Corp's Climate Resilience Fund; Standard Chartered's first Net Zero Transition Plan; CCS projects in the Netherlands and Norway; First Forest Conservation Credits
Climate Finance
Mitsubishi Heavy Industries Concludes Positive Impact Finance Agreement
European Investment Bank (EIB) backs Africa Finance Corporation $750 Million Climate Resilient Infrastructure Fund
EU provides €10 million to help reduce maritime emissions
Standard Chartered publishes Transition Plan for Net Zero Goals
EU simplifies sustainability rules, boosts investment capacity
Carbon Removal
Expro Wins Contract for CCS Project in The Netherlands
On the path towards full-scale carbon capture at NorFraKalk
MODEC and Samsung E&A launch offshore carbon capture project
Chestnut Carbon Issues First Forest Conservation Credits
I’m also sharing the full news briefing subscribers received from Telborg for Feb 27. If this useful I can help you sign up.
Climate Finance
MHI Concludes Positive Impact Finance Agreement
(February 28)
Japan-based Mitsubishi Heavy Industries (MHI) has concluded a Positive Impact Finance agreement with Meiji Yasuda Life Insurance Company, amounting to JPY 2.0 billion. This agreement supports MHI's efforts to combat climate change by pursuing goals to reduce total CO2 emissions from business activities by 50% by 2030 and achieve net zero emissions by 2040. In addition, MHI Group aims to decarbonize its entire value chain and promote AI and digitalization in energy solutions as part of its medium-term business strategy.
European Investment Bank (EIB) backs Africa Finance Corporation $750 Million Climate Resilient Infrastructure Fund
(February 27)
Cape Town, South Africa - The European Investment Bank (EIB) has committed to invest $52.48 million into Africa Finance Corporation's (AFC) $750 million Infrastructure Climate Resilient Fund (ICRF). This initiative aims to enhance climate resilience and sustainable infrastructure across Africa, with an emphasis on integrating resilience measures throughout the infrastructure development process. The launch marks a significant collaboration in addressing climate adaptation challenges and is supported by commitments from other investors, including $253 million from the Green Climate Fund and funds from the Nigeria Sovereign Investment Authority.
EU provides €10 million to help reduce maritime emissions
(February 27)
The European Commission has contributed €10 million to establish a global network of Maritime Technology Cooperation Centres in developing countries aimed at reducing greenhouse gas emissions from shipping through technical assistance and capacity building. A new study indicates that transitioning to ammonia as a major shipping fuel could significantly lower emissions, but stringent regulations are necessary to mitigate harmful air pollutants. Specifically, using ammonia-hydrogen engines could lead to reduced public health risks compared to pure ammonia engines.
Standard Chartered publishes Transition Plan for Net Zero Goals
(February 27)
UK-based Standard Chartered has published its Transition Plan, outlining how it will integrate climate considerations into decision-making to achieve net zero financing by 2050 and net zero operations by 2025. The framework aims to support clients in their transition strategies, with sustainable finance income projected to exceed USD 1 billion by the end of 2024. The bank committed to reduce financed emissions in high-emitting sectors by 29% by 2030 and has received confirmation for its targets from EY as in compliance with the Paris Agreement.
EU simplifies sustainability rules, boosts investment capacity
(February 26)
The European Union has announced a new package of proposals aimed at simplifying EU rules to boost competitiveness and unlock additional investment capacity. The European Commission aims to reduce administrative burdens by at least 25% and 35% for SMEs, with a focus on sustainable finance reporting, sustainability due diligence, EU Taxonomy, and carbon border adjustment mechanism. These proposals are expected to save around €6.3 billion in annual administrative costs and mobilize €50 billion in public and private investment. The changes will simplify sustainability reporting, due diligence, and the carbon border adjustment mechanism, benefiting SMEs and large companies alike.
ireland.representation.ec.europa.eu
Carbon Removal
Expro Wins Contract for CCS Project in The Netherlands
(February 27)
Netherlands-based Expro has secured a contract to supply Tubular Running Services (TRS) as part of a major Carbon Capture and Storage (CCS) project. The contract includes the recompletion and conversion of legacy offshore gas production wells into COâ‚‚ injection wells, decommissioning of shallow wells, and drilling of platform slot recovery wells. This project marks the first offshore CCS storage system in the Netherlands and aligns with Expro's sustainability objectives, utilizing proprietary technology to ensure longevity and well integrity.
On the path towards full-scale carbon capture at NorFraKalk
(February 27)
Norway-based Ocean GeoLoop AS and partners announced the plan for the next phase towards full scale carbon capture at the NorFraKalk plant, aiming to achieve this by 2030. They are set to realize a 10,000 tonnes CO2 capture demonstration plant at the lime kiln in Verdal Industrial Park. A feasibility study was conducted last year, leading to the modular concept development including CAPEX, OPEX, and energy consumption assessments. Financing for the demo plant will include applying for Enova grants, with an investment decision expected by the end of Q2 2025.
MODEC and Samsung E&A launch offshore carbon capture project
(February 27)
Japan-based MODEC has initiated an offshore carbon capture project for its Floating Production, Storage and Offloading (FPSO) vessels using Carbon Clean’s CycloneCC technology. The project involves a Front End Engineering and Design (FEED) contract with South Korea's SAMSUNG E&A to optimize the technology for offshore conditions. This marks the first deployment of CycloneCC in an offshore setting, aiming to reduce CO2 emissions as part of MODEC's Vision 2034 plan. The project is a collaboration between MODEC, SAMSUNG E&A, and UK-based Carbon Clean, focusing on decarbonizing offshore oil and gas operations.
Chestnut Carbon Issues First Forest Conservation Credits
(February 26)
US-based Chestnut Carbon announced the completion of the first issuance and sale of Improved Forest Management (IFM) credits through their Forest Carbon Works program. Over 64,000 credits, representing tons of carbon removal, were sold to corporate buyers including JPMorganChase, totaling $2.2 million. The program allows private forest owners in 36 states to access carbon markets while preserving their land. These credits are certified through Verra and undergo third-party audits, ensuring high quality and durability.
