Plus: Japan, South Korea and ConocoPhillips declare net-zero ambitions; Impressive role for retired EV batteries;
Hi Everyone,
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As usual, please give my comments a quick read and then skim the rest of the headlines. Did I miss any big stories? Let me know.
Thanks,
Peter
Observations, Comments & Questions
- Storing residential solar and saving it for longer durations, though expensive now, could see even greater reliance on renewable power. That’s why I thought this new residential system that uses hydrogen as the storage medium was of particular interest. “It’s about the size of Tesla Inc.’s Powerwall, but can store up to three times as much energy over a longer period. That’s the promise of a new hydrogen-based energy-storage system for homes and businesses being developed by Australian startup Lavo Hydrogen Technology Ltd.” BNN Bloomberg
- Global climate ambition took a significant step this week as both Japan and South Korea joined a growing list of countries aiming for net-zero emissions, with China doing so last month. In China, coal fired power makes up 51% of total installed capacity and 62% of total electricity generation in 2019. With millions of workers in the sector, they have their work cut out for them.
- In the transportation arena, Tesla has recently made a new beta version of its improved self driving software available to selected drivers. These drivers are now posting some video of its performance – both good and bad. Since these software updates can be issued ‘over the air’, Tesla is also looking to increase the price of the software to US$10,000, an amount Musk considers a good deal. Consumer Reports has found that Tesla’s self-driving software came in second to GMs Super Cruise as the latter has better driver monitoring. Meanwhile, Waymo and Daimler are teaming up on self-driving big rigs. See story below in ‘transportation’.
- Lazard issued its updated Levelized Cost of Energy report. They manage to pack a lot of info into one graph…take a look. This Financial Post piece noted “Wind and solar power have become even cheaper compared to fossil fuels in the past year, making them an attractive way to stimulate economies recovering from the Covid-19 pandemic, according to Lazard Ltd.
- Bloomberg New Energy Finance has put out their annual New Energy Outlook (Executive Summary available for download). Nat Bullard commented recently: “If we look at the period beginning in 2012, when BNEF began doing its NEO analyses, and ending in 2050, where most major forecasters terminate their long-term analyses, we not only see coal and gas converging as sources of global power, we also see what overtakes them. Coal- and gas-fired power both end up generating around 5,000 terawatt-hours in 2050, good for 11 to 12% of total power generation that year. Solar, though, is nearly double that, and wind is higher still.”
Consumers
First US oil company sets goal for net-zero emissions | Washington Examiner
ConocoPhillips’ $9.7 billion deal to buy Concho Resources made the headlines yesterday, but tucked within that announcement was an update to the oil company’s climate plans: The Texas-based producer is the first U.S. oil company to target net-zero emissions by 2050. ConocoPhillips is aiming to reach net-zero emissions for its operations by 2050, the company announced Monday. It is also significantly strengthening its greenhouse gas intensity targets, setting a goal to reduce its emissions intensity by 35% to 45% in the next decade (up from a 5% to 15% goal previously).
Finance industry gets pushed closer to key sustainability rules | BNN Bloomberg
The accelerating climate crisis is increasing pressure on regulators and corporate executives to set universal standards for the burgeoning sustainable finance industry.
Investors worth $8.5trn call for mandatory climate risk reporting for big businesses | edie
Ahead of its annual general meeting earlier this month, the Investment Association (IA), which represents investors with more than £8.5trn in assets under management, asked all FTSE-share companies on its reports to report in line with the Task Force on Climate-Related Disclosures’ (TCFD) recommendations.
Technology
Hydrogen
South Australia names hydrogen hubs to foster “epic” growth in wind and solar | RenewEconomy
The South Australia Liberal government has named three hydrogen hubs that it expects will result in an “epic” growth in wind and solar capacity in the state, and enable it to become a major energy exporter to the rest of the country and the world.
Tesla Powerwall Rival Seeks to Bring Hydrogen Into Your Home | BNN Bloomberg
It’s about the size of Tesla Inc.’s Powerwall, but can store up to three times as much energy over a longer period.
Carbon Capture
Energy giants launch Northern Endurance Partnership to explore carbon capture opportunities | edie
A group of businesses including BP, Shell and the National Grid have formed the Northern Endurance Partnership (NEP), which is aiming to develop carbon transportation and storage infrastructure in the North Sea to assist with plans to decarbonise the UK’s industrial clusters.
Nuclear
[Canada] Feds fund small nuclear reactor ahead of national strategy to adopt more of them | JWN
An Ontario nuclear power company is getting $20 million from Ottawa to try to get its new small modular reactor in line with Canada’s safety regulations.
Energy Storage
Retired EV batteries could meet global energy storage needs by 2030 | RenewEconomy
A new report published by Greenpeace East Asia shows that repurposing the lithium-ion batteries decommissioned from electric vehicles (EVs) could meet the entire world’s energy storage needs as early as 2030, solving “a billion dollar, billion-ton-of-carbon dioxide question.”
Alberta Electric System Operator announces new energy storage procurement opportunity | Osler
On October 14, 2020, the Alberta Electric System Operator (AESO) announced plans for an upcoming Fast Frequency Response (FFR) Technology Pilot project.
Tesla Powerwall Rival Seeks to Bring Hydrogen Into Your Home | BNN Bloomberg
It’s about the size of Tesla Inc.’s Powerwall, but can store up to three times as much energy over a longer period.
Zinc-air flow batteries target Australia market with minimum eight hours storage | One Step Off The Grid
The Canadian company behind a zinc-air flow battery energy storage solution targeting both off-grid and on-grid network solutions has signed an agreement to explore opportunities for the technology in Australia.
Solar and Wind
Consortium of global power system operators launched to help cut worldwide emissions by 50% | Current
Power system operators from across the world, including [UK] National Grid ESO, have teamed up to launch a consortium dedicated to reducing emissions.
World’s biggest power producer buys $750 million wind project in NSW | RenewEconomy
Engie, the world’s biggest independent power producer, is reviving its push into the Australia renewable energy market with the purchase of development rights to the $750 million Hills of Gold wind project in northern New South Wales.
Australia to host the latest world’s largest solar farm | Electrek
It looks as though the latest holder of the title, “world’s largest solar farm,” is set to be Newcastle Waters in Australia’s Northern Territory. The solar farm in the Outback will be capable of producing 10 gigawatts and will be so big that it will be able to be seen from space.
Australian electricity demand tumbles in Q3 as country embraces rooftop solar | PV Tech
Australia’s rooftop PV boom combined with changes in energy use due to COVID-19 drove electricity demand to record lows in three states during Q3.
Poland’s PGE to Invest $19 Billion to Meet Zero-Emissions Goal | Financial Post
Poland’s largest utility plans to spend 75 billion zloty ($19.4 billion) by 2030 as it aims to become climate-neutral by mid-century.
Transportation
BMW to bring 2 new Mini electric crossovers to market | Electrek
BMW announced that it will release several new all-electric vehicles under the Mini brand in the next few years, including electric crossovers..
GM to invest more than $2 billion in U.S. to expand electric vehicles | Axios
General Motors said Tuesday it will invest $2 billion to renovate a Tennessee factory for electric vehicle production, starting with the Cadillac Lyriq in 2022
Tesla battery researcher shows new test results pointing to batteries lasting over 2 million miles | Electrek
A Tesla battery researcher showed updated test results pointing to batteries lasting over 15,000 cycles or the equivalent of over 2 million miles (3.5 million km) in an electric car.
Waymo and Daimler are teaming up to build fully driverless semi trucks | The Verge
Waymo and Daimler, the parent company of Mercedes-Benz, announced that they are forming a “broad, global, strategic partnership” to deploy fully driverless trucks. Daimler will integrate Waymo’s autonomous driving technology, widely considered to be among the best in the world, into its fleet of heavy-duty Freightliner Cascadia semi-trailer trucks.
Policy
PM Suga says Japan will attain zero-emissions, carbon neutral society by 2050 | Reuters
Japanese Prime Minister Yoshihide Suga on Monday committed to cutting greenhouse gases to zero on a net basis by 2050 and achieving a carbon-neutral society, a major shift in its position on climate change.
South Korea to seek carbon neutrality by 2050: Moon | AFP
South Korean President Moon Jae-in on Wednesday pledged his country will try to become carbon neutral by 2050, although he stopped short of promising to achieve the ambitious goal, seen as crucial to the fight against climate change.
Government seeks big money’s help to reach carbon goal | BNN Bloomberg
China is enlisting financial institutions and international investors to help fund the country’s drive toward carbon neutrality.
[UK] Government to release Net Zero Strategy ‘raising ambition’ ahead of COP26 | Current
In its response to the Committee on Climate Change’s (CCC) Progress Report – which was released in June and called on the country to seize the “once-in-a-lifetime opportunity to address” the urgent challenges of climate change and COVID-19 together – the UK government has promised to release a comprehensive decarbonisation plan that will help guide the country towards its net zero by 2050 target.
N.J. calls for 100% EVs by 2035, a first for East Coast | News Break
New Jersey officials called last week for a ban on gas car sales by 2035, a move that would make the state the first outside California to enact such a policy. The proposal from the Department of Environmental Protection (DEP) came as part of an official road map that would allow the state to reach its goal of 80% carbon dioxide reductions by 2050.