Plus: Jaguar goes electric; Euro consortium to deliver 67GW hydrogen by 2030; $43B offshore wind in South Korea
Hi Everyone,
Packaging made by letting mushrooms grow into the desired form – how cool is that? Check out the circular economy story below. Also, the profile story for this week: A new technology harnessing geothermal energy is the subject of my profile story this week – one being piloted in my home province of Alberta. I posted about the technology back in August of 2019. A year and a half later, BP and Chevron are investing. Another one to watch for sure.
Check out my comments section and offer your take. Keep forwarding this on to others you think would appreciate it and encourage them to subscribe.
Thanks and have a great couple weeks,
Peter
Observations, Comments & Questions
Winter storm hits Texas hard
The winter storm that put much of Canada and the US into a deep freeze had a disproportionately negative effect on Texas. The power outages there showed just how vulnerable Texas was to freezing temperatures. Supply of gas from wells was affected, as were gas-fired power generators along with wind turbines that didn’t have the cold weather packages installed like those in colder climates. That didn’t stop opportunists taking aim to throw blame at renewables, even though they represent only 13% of the state’s generating capacity. This piece provides a decent explainer: What caused the deadly power outages in Texas and how Canada’s grid compares.
How will the grid manage to charge all those EVs?
I am spending more time thinking about how the grid is going to manage all the electrification planned, especially the charging of electric vehicles. GM expects 80% of charging to be done at home. The time of day people charge their vehicles matters, which is why it is interesting to watch utilities incentivize off-peak charging. Though a question emerges just how much load can be shifted to off-peak times and will those time be powered by lower carbon energy sources. Grids in places like California and Australia have times in the day when solar supplies nearly all or all of the power needed. Overnight charging is much more likely than middle of the day. Wind power could be a possible source, though wind speeds drop at night. So where does that leave us with all that EV charging to likely coming? In the near term, a fair bit will still need to come from nuclear or gas. Hearing talk of going to 100% renewables makes me wonder how that will work. It underscores for me the importance of energy storage, in whatever form that takes – batteries, pumped hydro, compressed air, gravity systems and even hydrogen. Tell me what you think…I’d appreciate hearing how you’re thinking about how the challenge will be met.
GLOBE Series Webinar: Canada’s Net-Zero Future: Finding Our Way in the Global Transition
I took in this one hour webinar on Friday, so thought you too may be interested. Here is the tagline pitch:
The Canadian Institute for Climate Choices released the first comprehensive national modelling report on how Canada could achieve net-zero emissions by 2050. Join the Institute and GLOBE Series for an interactive virtual event to delve into the report’s findings in depth and explore potential net-zero pathways for Canada.
Profile Story: Oil giants BP and Chevron become part-owners of ‘world-changing’ deep-geothermal innovator Eavor | Recharge
Canadian start-up attracts $40m of new funding from six strategic partners to support the commercialisation of its ‘holy grail’ technology. BP and Chevron have become part-owners of Eavor, the Canadian start-up that offers unlimited, on-demand renewable energy anywhere in the world through an innovative deep-geothermal solution.
Consumers & Finance
The Boom in ESG Shows No Signs of Slowing | BNN Bloomberg
The numbers are simply astounding. Governments, corporations and other groups raised a record $490 billion last year selling green, social and sustainability bonds. A further $347 billion poured into ESG-focused investment funds—an all-time high—and more than 700 new funds were launched globally to capture the deluge of inflows.
BlackRock presses energy companies to set ‘rigorous’ emissions targets | edie
The world’s largest investor, BlackRock, has urged energy firms and other high emitters to disclose the full extent of their emissions and set climate targets in line with science. It is warning that failure to do so could result in stranded assets.
Shell says its oil production has peaked and will fall every year | CNN
Royal Dutch Shell (RDSA) said its oil production and carbon emissions have peaked as it detailed plans to gradually wean itself off fossil fuels. Climate activists said it hadn’t gone far enough.
[Meat lovers take note] A new seaweed supplement can eliminate most emissions from cows and sheep | Reneweconomy
An Australian company will fast-track the commercialisation of a locally discovered seaweed supplement that could be the key to almost entirely solving the problem of greenhouse gas emissions from livestock production, after securing financial backing from the federal government.
Technology
Hydrogen
European consortium to deliver 95GW of solar and 67GW of hydrogen by 2030 | RenewEconomy
A consortium of 30 European energy companies and financial institutions have launched the HyDeal Ambition project, which aims at delivering 100% green hydrogen across Europe at a price of just €1.5/kg before 2030 by building 95GW worth of solar capacity and 67GW worth of hydrogen electrolysis capacity.
Cement giants turn to green hydrogen and carbon capture in efforts to curb emissions |CNBC
A subsidiary of multinational building materials firm HeidelbergCement is working with researchers from Swansea University to install and operate a green hydrogen demonstration unit at a site in the U.K.
Yara Finds Partners for Biggest-Ever Green Ammonia Plant | Financial Post
Yara International ASA said it’s brought on two partners for a project that will enable its flagship chemical plant to produce ammonia and hydrogen in the greenest way possible
Carbon Capture
Commercial Carbon Capture And Use Takes A Step Forward With Carbon Clean | Forbes
The US Department of Energy has awarded a grant to RTI International, CEMEX (a leading supplier of cement, concrete and aggregates), Carbon Clean and Oak Ridge National Laboratory to jointly work on development of a CO2 capture system and commercially viable carbon utilization solution.
Energy Storage
Powering up: UK hills could be used as energy ‘batteries’ | The Guardian
Hundreds of hills across the UK could be transformed into renewable energy “batteries” through a pioneering hydropower system embedded underground. [Excerpt]….the “high-intensity” hydro projects use a mineral-rich fluid, which has more than two and a half times the density of water, to create the same amount of electricity from slopes which are less than half as high.
Total buys 2.2GW of Texas solar projects in development with 600MW of battery storage | Energy Storage News
Global energy major Total has continued its flurry of utility-scale solar acquisitions, picking up a 2.2GW pipeline of assets in Texas.
World’s biggest battery storage project announced by Australian renewables fund | Energy Storage News
CEP. Energy, a specialist renewable energy fund company in Australia, has just announced the largest proposed grid-scale battery project in the world so far, with up to 1,200MW rated output.
Cryogenic long-duration storage company Highview Power raises US$70m to take on baseload fossil fuel | Energy Storage News
A US$70 million funding round has been successfully closed by Highview Power, a UK-headquartered company which has developed a liquid air energy storage (LAES) system called the ‘CRYOBattery’.
UK’s energy storage pipeline passes 16GW | edie
The UK has more than 16GW of battery storage capacity planned across more than 700 projects, with the technology emerging as a key enabler of the net-zero target, new research has revealed.
Vistra proposes California battery project twice the size of ‘world’s largest’ facility to date | Energy Storage News
Retail power company Vistra Energy has followed up its recent completion in California of the world’s biggest battery storage facility by proposing a new facility in the state with twice the rated output [600MW]
Solar and Wind
Oil majors BP and Total, and Australia’s Macquarie win big in UK offshore wind | RenewEconomy
UK’s Crown Estate awards leases to six new offshore wind projects, with just under 8GW going to the likes of BP and Total, and Macquarie’s Green Investment Group
South Korea unveils $43 billion plan for world’s largest offshore wind farm | Reuters
South Korea unveiled a 48.5 trillion won ($43.2 billion) plan to build the world’s largest wind power plant by 2030 as part of efforts to foster an environmentally-friendly recovery from the COVID-19 pandemic.
Oil major Total targets 100GW of wind and solar capacity by 2030 | RenewEconomy
French oil and gas super-major Total has set itself a new target of growing its renewable energy capacity to 100GW by 2030, building on the company’s short-term pledge of having developed 35GW by 2025.
Why the CEO of one of the world’s biggest energy companies believes renewables are in bubble territory | Financial Post
Renewable energy assets are in a bubble that has led to a string of deals with “crazy” valuations, according to the chief executive of Total SE, one of the world’s biggest oil and gas companies.
When sheep can help solar energy | Enel Green Power
This may sound unusual, but grazing sheep are being used to prevent grass and other plants from damaging solar panels. This best practice is a great example of agrivoltaics: the harmonious co-existence of agriculture and photovoltaics on the same land.
Transportation
Tesla’s dirty little secret: Its net profit doesn’t come from selling cars | CNN
Tesla posted its first full year of net income in 2020 — but not because of sales to its customers. Eleven states require automakers sell a certain percentage of zero-emissions vehicles by 2025. If they can’t, the automakers have to buy regulatory credits from another automaker that meets those requirements — such as Tesla, which exclusively sells electric cars.
Ford invests $1 billion in building electric vehicle factory in Germany | Electrek
Ford announced today plans to invest $1 billion in transforming its Cologne, Germany, factory into its first electric vehicle factory and “center” in Europe.
Jaguar will be an all-electric car brand from 2025 | The Verge
UK automaker Jaguar Land Rover (JLR) says its Jaguar luxury brand will be all-electric by 2025. Meanwhile, its Land Rover brand will release its first all-electric vehicle in 2024, the first of six fully electric models planned for release over the next five years. JLR’s transition will be funded by a £2.5 billion (around $3.5 billion) a year investment into electrification and related technologies.
The Chevy Bolt is now a compact SUV with 250 miles of range and ‘hands-free’ driving | The Verge
The Chevy Bolt is undergoing a growth spurt. General Motors unveiled two new versions of the Bolt on Sunday: an updated Bolt EV hatchback with longer range and new high-tech features, and the brand new Bolt EUV — essentially a compact SUV — with more legroom room and less range than the Bolt EV.
How General Motors is planning to become carbon neutral by 2040 | PBS
[Comment] Check out this short (6 min) video where GM explains their plan for getting to net zero emissions by 2040, using far less offsets than you might imagine.
Circular Economy
2021 could be year for packaging EPR, nearly a dozen state bills in play | Waste Dive
Lawmakers throughout the U.S. are increasingly interested in shifting more of recycling’s financial implications to packaging manufacturers, with many taking a coordinated approach. Groups who want to shift recycling costs away from taxpayers and onto product packaging producers are racing to be the first to pass extended producer responsibility (EPR) laws this year.
Lessons from 3 emerging bio-based material technologies | GreenBiz
Creating human-made materials from living or biological sources is by no means a new development, yet newly invented bio-based materials are garnering significant hype as of late.
- Mushrooms into planet-compatible packaging
- Pineapple leaves into leather-like material
- Algae into straws designed to disappear
From left to right: close up images of mushrooms, pineapple and seaweed, sources of bio-based products, which will represent a $7.7 trillion opportunity by 2030.
Policy
Wales announces ‘decisive shift’ towards green energy as it commits to net zero by 2050 | Current
The Welsh government has set out its legal commitment to achieve net zero by the middle of the century, as well as stating it will push to “get there sooner”.
Spain targets 20GW of energy storage by 2030 as part of new strategy | Energy Storage News
Spain’s government has approved an energy storage strategy that it says will put the country “at the forefront” of what is being done in Europe and help it move towards its 2050 climate neutrality target. The roadmap foresees the country ramping up its storage capacity from the current 8.3GW level to 20GW by 2030 and then 30GW by 2050.