Plus: ESG under pressure; Honda to re-org for EVs; Watch the world’s most powerful wind turbine being installed
Hi Everyone,
Thanks to your encouragement, I cobbled together what I had acknowledging that I wasn’t able to put the same time and effort into sweeping my news feeds for stories. I may very well have the same problem for the next issue as I’ll be traveling for work. Remembering this is a hobby outside a busy job, I appreciate your understanding.
Thanks,
Peter
Finance & Sentiment
Clean Energy Saw as Much Investment as Fossil Fuels for the First Time in 2022 | Yahoo
Solar, wind, electric vehicles, and other clean energy technologies saw a record-high $1.1 trillion in investment globally last year, matching investment in fossil fuels for the first time ever, according to a new report from Bloomberg New Energy Finance.
Europe’s Biggest Pension Fund Issues ESG Warning to Banks | Financial Post
One of Europe’s biggest investors is putting banks on notice and may start exiting the sector unless it sees proof that claims of portfolio decarbonization are matched by action.
World’s largest asset managers voting against stricter ESG rules at corporations | edie
BlackRock, State Street and other asset management giants backed fewer environmental and social shareholder proposals in 2022 than in 2021, a new report analysing the voting actions of dozens of investors has revealed.
Amundi Is Downgrading ‘Almost All’ Funds With EU’s Top ESG Tag | BNN Bloomberg
Amundi SA and Deutsche Bank AG’s DWS Group are downgrading billions of dollars worth of ESG funds, adding to the sense of disarray that’s spreading across Europe’s asset management industry as it digests stricter regulatory guidance.
Global Sustainability and Climate Reporting Standards to be Released in June | ESG Today
The International Sustainability Standards Board (ISSB) was officially launched in November 2021 at the COP26 climate conference, with the goal to develop IFRS Sustainability Disclosure Standards, in order to provide a global baseline of disclosure requirements that can be used by jurisdictions on a standalone basis or incorporated into broader reporting frameworks. The board released the first exposure drafts for its first two reporting standards, covering general requirements for sustainability-related financial information and climate-related disclosures in March 2022.
Air France-KLM Issues €1 Billion High Yield Sustainability-Linked Bond Tied to Climate Goals | ESG Today
Air France-KLM announced the completion of its inaugural sustainability-linked bond (SLB) issuance, raising €1 billion (US$1.07 billion) in a high-yield offering, with the cost of debt on the bonds tied to the company’s performance on its emissions reduction goals. The offering was composed of two €500 million tranches, including a 3.3-year maturity with a coupon of 7.250%, and a 5.3-year maturity with a coupon of 8.125%.
25 states sue Biden administration to block ESG investment rule | CNN
A coalition of Republican-led states is suing the US Labor Department to block an imminent rule change that will allow 401(k) managers to consider climate change and other environmental, social and governance (ESG) factors when selecting investments.
Technology
Hydrogen
Germany plans 1GW of wind-powered green H2 production at sea, with pipeline to shore | Hydrogen Insight
As part of Germany’s new plan to generate 30GW of offshore wind by 2030, an area of the North Sea has been set aside exclusively for offshore green hydrogen production, which would be connected to shore via an H2 pipeline.
[Comment] Am I the only one trying hard to imagine how this would work? First, the seawater has to be distilled – which essentially means boiling it – using lots of energy. Only after that can the water molecules be split using electrolysis – using more energy. That is a lot of processing kit – all of which needs to be out at sea, beacuse the plan is to transport the hydrogen to land using a 400 km pipeline on the seabed. Energy losses along the way: BIG. Which has to translate to higher costs. Yet that is what it takes to get green hydrogen.
Chinese green ammonia plant will be powered directly by variable wind power, without any battery or hydrogen storage | Hydrogen Insight
China’s first so-called “dynamic” green ammonia plant — that will only operate when the wind is blowing — will be built in Inner Mongolia, using equipment made by Danish manufacturer Topsoe.
Shell takes 35% stake in massive 25GW green hydrogen project in Oman | IEEFA
Shell Plc has acquired a 35% interest in the Green Energy Oman (GEO) project that envisages the production of green hydrogen in the Sultanate from 25 GW of solar and wind power.
Jera Inks Tentative Agreements for Ammonia Offtake, Gulf Coast Hub Fueled by Natural Gas | NGI
Jera Co. Inc., Japan’s leading power producer and one of the world’s top buyers of LNG, has signed two tentative agreements for ammonia supply that include exploring plans for a Gulf Coast production facility fed by low-carbon natural gas.
EU unveils €195m of grant funding for clean hydrogen research and innovation projects | Hydrogen Insight
Clean Hydrogen Partnership launches call for proposals covering 26 topics — including liquid H2 refuelling, underground H2 storage, and creating value from electrolysis by-product oxygen and heat. The European Commission has made €195m ($211m) of grant funding available for H2 research and innovation projects in what it describes as “an unprecedented drive to support the creation of cutting-edge hydrogen technologies”.
Carbon Capture
Samsung and MISC to Develop Floating CO2 Storage Units to Support CCS | Maritime Executive
Efforts continue seeking to develop novel technologies to aid in the capture and storage of CO2. With the first offshore storage operations moving forward with testing one of the issues that need to be addressed is the short-term storage and transfer of CO2 primarily captured from major industrial plants before it can be sent offshore for storage below the sea floor.
Navigator withdraws Illinois carbon pipeline application but plans to refile | Ag Week
Navigator CO2 Ventures has withdrawn its carbon capture pipeline application in Illinois, where it plans to collect greenhouse gas emissions from ethanol plants in five states, but intends to refile.
Mitsubishi Eyes Carbon Capture Project With Exxon, Nippon Steel | Yahoo
Mitsubishi Corp has agreed with Exxon Mobil Corp and Japan’s biggest steelmaker Nippon Steel Corp to consider a carbon dioxide capture and storage (CCS) project, a spokesperson at the trading house said on Wednesday.
Green Steel
Nucor debuts ‘world’s most sustainable steel’ for US offshore wind industry | Electrek
Nucor, the largest steel producer in the US and the biggest scrap recycler in North America, has announced that it will manufacture sustainable steel plate especially for the US offshore wind industry.
UK: Government to offer £600m for green steel switch | Carbon Brief
The UK government is expected to announce £600m in support to help the country’s two biggest steelmakers “go green”, BBC News reports.
Renewable Diesel
Putting money where their mouth is — Imperial moves ahead on $720M renewable diesel project in Alberta | MSN
[Excerpt] The integrated petroleum producer gave the official green light to a $720-million project to build a renewable diesel facility — the largest in Canada — at Imperial’s Strathcona refinery near Edmonton.
Energy Storage
California greenlights more than 800 MW of storage and solar to bolster power grid reliability | Utility Dive
The projects are the result of solicitations conducted after the California Public Utilities Commission approved an 11.5-GW procurement package in 2021.
Enbridge gets local support for Ontario BESS projects | Energy Storage News
The local authority in an Ontario municipality has given its backing to a plan by energy company Enbridge to build three large-scale battery storage projects in the Canadian province. Each of the three sites could potentially host a BESS with up to 200MW nameplate power rating, according to an Enbridge proposal document.
Solar and Wind
Watch the installation of the world’s most powerful wind turbine | Electrek
Danish wind turbine maker Vestas has released a video that shows how it built the world’s most powerful wind turbine prototype. The Vestas V236-15.0 MW offshore prototype produced its first power earlier this month.
This company turns wind turbine blades into concrete | Electrek
An Iowa startup is transforming decommissioned wind turbine blades into reusable materials for the concrete and mortar industries. REGEN Fiber, which is owned by trucking company Travero, turns wind turbine blades into reinforcement fiber that increases the strength and overall durability of concrete and mortar applications such as pavement, slabs-on-grade, and precast products.
Crown Estate signs lease agreements for six new British offshore wind farms totalling 8GW | edie
The Crown Estate has signed agreements for lease with the developers of five new offshore wind farms in England and one in Wales. Collectively, these projects will have a capacity of some 8GW and provide enough electricity to serve seven million homes.
Microsoft to purchase 2.5 GW of Qcells solar | pv magazine
Qcells will provide US-made solar modules and perform engineering, procurement, and construction for Microsoft’s solar projects.
Italy green-lights grid links for 7GW Mediterreanean floating wind build by Hexicon | Recharge
Italian transmission system operator (TSO) Terna has rubber-stamped grid connection points for over 7GW of floating wind power projects being progressed by Hexicon in waters surrounding the southern European country, clearing the way for the final greenlighting of the developments by the government.
Norway just greenlit this vertical-axis floating wind turbine | Electrek
Swedish wind turbine maker SeaTwirl got the go-ahead to test its 1 megawatt (MW) S2X vertical-axis floating offshore prototype in Norway.
Transportation
Honda overhauls business operations to rapidly accelerate EV deployment | Electrek
Honda is overhauling its business as it looks to spark growth and catch up in the rapidly expanding EV market. The automaker said Tuesday it would establish a new division and consolidate operations to accelerate EV deployment.
VW will install up to 25,000 EV chargers globally in 2023 | Electrek
BYD to launch affordable electric hatchback in China | Electrive
Image: MIIT
BYD is preparing to launch a new electric small car in China. The BYD Seagull is smaller and cheaper than the BYD Dolphin and priced at between 60,000 to 100,000 yuan – equivalent to around 8,200 to 13,700 euros (or $8,860 – $14,770 US). The small electric car is to be launched on the Chinese market later this year.
Winnipeg orders 16 e-buses in move to zero-emission transit | Electric Autonomy
Image: New Flyer
The Winnipeg Transit Authority has finalized its first order of 16 zero-emission buses for the city’s ongoing bus electrification program — part of a comprehensive plan to transition to a fully zero-emissions fleet by 2050.
Uber to make up to 25,000 electric cars available for drivers through Hertz partnership | edie
Uber has confirmed an expansion of its partnership with car sharing, rental and sales firm Hertz that will see up to 25,000 electric cars made available to its network of drivers across Europe by 2025.
Company plans $3B German factory to make chips for EVs | Financial Post
Auto supplier ZF Friedrichshafen AG and Wolfspeed Inc. plan to build a $3 billion wafer factory in Germany’s Saarland to make chips for electric vehicles and other applications, a boon for a region dependent on combustion-engine components, according to people familiar with the matter.
Circular Economy
UK Bans Single-Use Plastic Plates and Cutlery | ESG Today
Single-use plastic plates, bowls, forks and knives, among several other items, will be banned from sale in the UK from October 2023, according to a statement released Saturday by Environment Secretary Thérèse Coffey. Under the new rules, consumers will no longer be able to buy several single-use plastic items from businesses including retailers, takeaways, food vendors and the hospitality industry. Items included in the ban include plastic plates, trays, bowls, cutlery, balloon sticks, and certain types of polystyrene cups and food containers.
Six factories planned to recycle end of life wind turbine blades in Europe | RenewEconomy
New Denmark-based company Continuum has announced plans to build six industrial-scale wind turbine blade recycling factories across Europe, with plans to begin taking end-of-life blades by the end of the year.
Policy
EU announces its own ‘Inflation Reduction Act’ for renewables and energy storage | Energy Storage News
The European Union (EU) has unveiled its plans for its own Inflation Reduction Act-style support package, the Green Deal Industrial Plan, for clean energy technologies including energy storage. The announcement from European Commission President Ursula von der Leyen this week comes after senior policymakers raised concerns that the US’ recent US$369 billion investment plus incentives package for both upstream and downstream renewable energy sectors was taking potential investment away from Europe.