Climate Finance, Carbon Removal & Government Action - January 28
Manulife closes $480 million Forest Fund; SLB & Aker partner for CCS; Nuada & MLC to reduce lime emissions; CarbonScape to make biographite for batteries; Greenbacker raises $950 for largest NY solar
Top Stories
Manulife's $480 Million Forest Climate Fund Closes
(January 27)
US-based Manulife Investment Management announced the final close of its Manulife Forest Climate Fund LP with $480.1 million in commitments. The fund aims to sequester over 6 million tons of carbon dioxide and deliver carbon credits to investors. It has already acquired over 150,000 acres of forestland.
Canada to Fund Carbon Management Technologies in Alberta, EV battery tech, and Climate Adaptation
(January 27)
Canada will announce funding to support
the growth and expansion of EV battery technologies in Canada on January 28, 2025
carbon management technologies in Alberta on January 29, 2025
for climate change adaptation in northern Ontario on January 29, 2025
Samotics secures €20M for AI-powered energy efficiency tech
(January 27)
Dutch-based Samotics, a leader in electrical data analytics, secured €20 million in funding from the European Investment Bank (EIB) to advance its AI-powered technology for enhancing the reliability and energy efficiency of electrical motors. The EIB financing is supported by the European Commission’s InvestEU initiative.
Nuada and MLC Partner to Reduce Lime Production Emissions
(January 27)
US-based Nuada and MLC have partnered to implement Nuada’s advanced MOF-based VPSA carbon capture system at MLC’s Ste. Genevieve, Missouri facility. This aims to reduce CO2 emissions by 95% in lime production, aligning with MLC’s commitment to sustainable development and net-zero goals.
Aker Solutions and SLB Capturi Awarded Carbon Capture Contract
(January 27)
Norway-based Aker Solutions and SLB Capturi have been awarded a contract for Hafslund Celsio’s carbon capture and storage solution at its waste-to-energy plant in Oslo. The project, part of Norway’s Longship project, will capture 350,000 metric tonnes of CO2 per year and is expected to be completed by 2029. The contract value is between NOK 2.5 billion and NOK 4.0 billion.
akersolutions.com | investorcenter.slb.com
CarbonScape Secures Feedstock for Biographite Production
(January 27)
Finland and New Zealand-based CarbonScape signed agreements for renewable feedstock supply (woodchips) to support biographite production in the US and Europe. The agreements secure a 10-year supply for industrial plants starting construction in 2027, with commercial production expected in early 2029. CarbonScape aims to produce biographite, a sustainable alternative to traditional graphite for lithium-ion batteries.
Amphitrite uses AI to optimize shipping routes and reduce emissions
(January 27)
France-based startup Amphitrite uses AI and satellite data to simulate and predict ocean currents, helping ships optimize routes, reduce fuel consumption, and lower carbon emissions. A case study showed a 10% reduction in carbon emissions for one shipping line using Amphitrite’s solution. The company uses NVIDIA AI and Earth-2 platforms and collaborates with organizations like NASA and the European Space Agency.
Greenbacker Finances New York's Largest Solar Project
(January 27)
US-based Greenbacker Renewable Energy Company LLC has secured $950 million in financing to acquire, construct, and operate the 674 MWdc/500 MWac Cider solar farm in New York State, making it the largest solar project in the state. The financing includes an $869 million construction-to-term loan, tax equity bridge loan, and letters of credit from six leading banks, and an $81 million development loan from Voya Investment Management. The project is expected to power over 120,000 homes and create hundreds of green jobs. Greenbacker partnered with Hecate Energy LLC on the project, marking their third collaboration.
Biden-Harris Administration's Climate Action and Investments
(January 26)
The Biden-Harris Administration has implemented the most ambitious climate, conservation, and environmental justice agenda in history. This includes passing the Inflation Reduction Act, the largest ever investment in clean energy and climate action, and the Bipartisan Infrastructure Law, a once-in-a-generation investment in infrastructure. Over $1 trillion in private sector investments in clean energy and manufacturing have been attracted, creating over 1.6 million jobs. The Administration has also taken action to accelerate clean energy deployment, bolster climate resilience, and conserve lands and waters, exceeding previous conservation efforts.
In this newsletter:
Climate Finance - 8 stories
Carbon Removal & Biodiversity - 7 stories
News from Governments - 7 stories
Climate Finance
FSB publishes climate risk assessment framework and toolkit
(January 27)
The Financial Stability Board (FSB) published a report containing a framework and analytical toolkit to assess climate-related vulnerabilities in the global financial system. The framework focuses on assessing climate-related vulnerabilities holistically, considering cross-border and cross-sectoral impacts. An accompanying toolkit provides metrics to monitor climate-related vulnerabilities from a forward-looking perspective.
European Banking Authority consults on ESG scenario analysis guidelines
(January 27)
The European Banking Authority has published a consultation paper on its draft guidelines on ESG scenario analysis. These guidelines specify how ESG risks, particularly those from climate change, should be incorporated into credit risk stress testing. The EBA will finalize the guidelines in the second half of 2025, with application dates set for January 11, 2026, for most institutions, and January 11, 2027, for small and non-complex institutions.
US withdraws from Paris Agreement amid climate disasters
(January 27)
The US administration has announced a withdrawal from the Paris Agreement, joining only Iran, Libya, and Yemen as countries outside this critical climate framework. This decision rolled back the nation's commitment to reducing climate impacts at a time when the country faces escalating climate-related disasters. In 2024 alone, there were 27 climate-related disasters in the US that resulted in losses exceeding $1 billion each, causing nearly 600 deaths and significantly increasing insurance premiums for homeowners.
Natural Resources Defense Council
Kyoto Climate Treaty: Reality vs. Expectations
(January 27)
The Kyoto climate treaty, while hailed on stage, is showing a different reality in practice. The Guardian article highlights this discrepancy.
South Africa's G20 Presidency: A Focus on Sustainable Development
(January 27)
South Africa outlined its G20 Presidency plans, focusing on debt sustainability for low-income countries and mobilizing finance for a just energy transition. The plan also includes mobilizing special financing for countries recovering from natural disasters and harnessing critical minerals for inclusive growth. President Ramaphosa stated that cooperation among countries is crucial for sustainable growth and that the G20 priorities resonated positively with WEF participants.
South African Government News Agency
SA G20 DWG Meeting Focuses on SDGs
(January 27)
The South African G20 Development Working Group (DWG) held its first meeting in January 2025, focusing on global development challenges. The meeting emphasized investing in global public goods, universal social protection, financing for development, and addressing illicit financial flows (IFFs) to achieve the Sustainable Development Goals (SDGs). Discussions highlighted the need for additional financing, stronger regulatory frameworks, and partnerships to curb IFFs and support sustainable development, particularly in Africa.
Biodiversity Credit Integrity Guide: McKinsey's Ten Guardrails
(January 27)
McKinsey published a guide for biodiversity credit buyers, offering ten key integrity guardrails to assess projects and mitigate market risks. The guide builds on the World Economic Forum’s 2022 principles, focusing on Indigenous peoples and local communities' rights, benefit-sharing, legal rights, transparency, validation, monitoring, reporting, verification, third-party issuance, additionality, durability, and leakage.
Carbon Removal & Biodiversity
Rubicon purchases forest-based carbon credits from Ecobase
Rubicon Carbon, a carbon credit management firm, today announced a strategic partnership with Ecobase, an Estonian-based developer of European forestry carbon projects with over 7 million hectares under management, to purchase credits from a pan-European afforestation project.
…Ecobase is the largest developer of afforestation projects in Europe, with its Verra-certified pan-European project estimated to remove more than 300 million tons of CO₂ over its 100-year lifespan.
Canada's Direct Air Carbon Capture and Geological Storage Offset Protocol
(January 27)
Canada has published a preliminary draft of the Direct Air Carbon Dioxide Capture and Geological Storage (DACCS) federal offset protocol for a 60-day comment period. The protocol aims to incentivize projects capturing CO2 directly from the atmosphere and storing it in geological formations, generating GHG removals. The deadline for comments is March 28, 2025.
South Africa enacts Marine Pollution Amendment Bill for ocean protection
(January 28)
South Africa has enacted the Marine Pollution (Prevention of Pollution from Ships) Amendment Bill, which aims to strengthen protections against ship-related pollution in its extensive coastal waters. The legislation amends the Marine Pollution Act by incorporating international regulations that address sewage treatment and greenhouse gas emissions from ships. Fines for serious offences have been significantly increased from R500,000 to R10 million. This law is seen as vital for South Africa’s environmental health and its marine economy, which supports approximately 400,000 jobs.
Advansor Launches Three New CO2 Climate Solutions
(January 27)
US-based Advansor, part of Dover Food Retail and Dover, launched three CO2 climate solutions: the enhanced ValuePack, ValueBox Combi, and SteelXL. These energy-efficient solutions are designed for food retail, industrial, and energy sectors, promoting sustainability and energy efficiency by using natural CO2 refrigerant.
Silixa to Exhibit at CCUS Conference 2025
(January 27)
Silixa, a UK-based company, will exhibit at the SPE, AAPG, SEG Carbon Capture, Utilization, and Storage (CCUS) Conference & Exhibition 2025 in Houston, TX, USA. Their distributed sensing-based carbon capture monitoring solution, Carina® CarbonSecure™, provides reliable CCS monitoring for all stages of carbon storage operations.
Webinar Series Explores Carbon Dioxide Removal Science and Strategies
(January 27)
The Climate Center, California Environmental Voters, and Project 2030 co-hosted a six-part webinar series on Carbon Dioxide Removal (CDR). The series aims to facilitate co-learning between stakeholders, address knowledge gaps, and emphasize community engagement in CDR projects. California’s 2022 Scoping Plan targets 7 million metric tons of CDR by 2030 and 75 million metric tons by 2045.
PEC Opposes Bill to Abrogate CO2 Budget Trading Program
(January 27)
The Pennsylvania Environmental Council (PEC) and Environmental Defense Fund (EDF) opposed Senate Bill 186, which would abrogate the CO2 Budget Trading Program. They argued that this would be a step backward, hindering efforts to meet growing energy demands with cleaner generation and attracting clean energy investments. The Governor’s Task Force previously recognized a market-based cap and investment program as the most efficient approach to emissions reduction. PEC and EDF urged the Senate Environmental Resources & Energy Committee to reject the bill.
News from Governments
Executive Order on FEMA and Climate Resilience
(January 27)
US-based FEMA is facing scrutiny over its disaster response capabilities, exacerbated by climate change impacts leading to increasing disaster frequency and severity. The agency currently operates with 35% fewer staff than necessary for effective disaster response. Senator Peter Welch has expressed willingness to collaborate with the administration to enhance FEMA's service delivery amidst ongoing challenges. Key recommendations include updating national floodplain development standards and reinstating the Federal Flood Risk Management Standard to improve disaster preparedness.
Natural Resources Defense Council
Joint statement on climate action by Commonwealth nations
(January 27)
The Commonwealth of Australia, Canada, the European Union, New Zealand, and the United Kingdom have issued a joint statement emphasizing their commitment to tackling climate change. They have collectively recognized the urgent need to reduce carbon emissions and to support developing countries in their transition to sustainable energy. The statement underscores financial commitments and collaborative efforts to enhance climate resilience and promote green technologies.
UK and Ireland leaders discuss energy collaboration
(January 27)
UK and Ireland leaders, including Prime Minister and Taoiseach Micheál Martin, discussed the importance of their relationship in the context of ongoing geopolitical challenges. They recognized the need for collaboration in various areas, notably business, innovation, and energy, during their upcoming summit. They also paid tribute to the response efforts for Storm Éowyn, highlighting the importance of restoring electricity and supporting affected communities.
UK Invests in African Clean Energy
(January 27)
The UK has announced a £5.3 million investment through British International Investment (BII) in MOPO, a UK cleantech firm, to expand its pay-per-use battery rental operations in the DRC. Additionally, £8.5 million in UK support will go towards the African Development Bank’s Sustainable Energy Fund for Africa (SEFA) to expand access to clean energy across the continent. This builds on existing efforts to connect millions with clean power, accelerating renewable energy adoption and improving energy efficiency.
US wholesale and retail electricity price forecast for 2025
(January 27)
The U.S. Energy Information Administration forecasts that U.S. wholesale power prices will average slightly higher in 2025 than in 2024 in most regions, except Texas and the Northwest. The average U.S. residential electricity price is expected to be 2% higher than in 2024, but relatively unchanged after accounting for inflation. Higher natural gas costs are a primary driver of increased wholesale prices in many regions, with the largest increases expected in the Southwest and California. Increased hydropower and solar power generation are contributing to lower prices in some areas.
U.S. Energy Information Administration
Idaho's SPEED Act to Streamline Mining Permits
(January 27)
US-based Perpetua Resources Corp praised Idaho Governor Brad Little’s Executive Order 2025-02, the Strategic Permitting, Efficiency, and Economic Development (SPEED) Act. The act aims to streamline permitting for projects promoting energy independence and economic growth, benefiting projects like Perpetua’s Stibnite Gold Project. This project is expected to create 550 jobs and provide a domestic source of antimony, vital for defense and technology. Perpetua Resources has received $59.2 million in Defense Production Act Title III funding to advance the project.
UK Launches Deposit Return Scheme to Tackle Waste
(January 27)
England and Northern Ireland implemented legislation for a deposit return scheme (DRS) for drinks containers, aiming to reduce waste and encourage recycling. The scheme, launching in October 2027, will cover 150ml to three-litre containers. The government also announced plans to ban single-use vapes and implement stricter standards for new waste incinerators.
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