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The global energy landscape is on the cusp of transformational changes as the migration to clean power gathers pace. With world leaders about to gather in Dubai, United Arab Emirates for the COP 28 climate summit, the transition to green energy will be one of the key topics on the agenda.
Fears are growing that the UK's ability to host the latest round of climate talks in Glasgow are being severely hindered by the battle to control the pandemic, with some commentators suggesting the event may have to be postponed or relocated if the crisis continues. Hearing COP looking increasingly likely to be cancelled/postponed.
The first few days of COP have ushered in a wave of major announcements and funding pledges. In deals, major funding includes $116M for hydrogen-powered aviation, $44M for sustainability software, and $75M in project finance investment for SAFs. Happy Monday! And happy COPing to those on the ground in Dubai!
Arguing that "the time is now" for the UK to be a global climate leader, it calls for immediate policy action to ensure that by 2030 all homes are highly energy efficient, petrol and diesel car sales are phased out, wind and solar generation triples, and 10 million heat pumps are installed in homes.
In deals, $900m for pulsed magnetic inertial fusion, $100m for energy efficiency as a service, and $70m for AI precision weed control. By 2030, it aims to produce 75,000 to 100,000 tons of Lithium Carbonate Equivalent (LCE), the refined product used in batteries, enough to power 1m EVs.
In deals, $90m for animal-free dairy, $50m for fusion, and $30m for resi solar and storage. Fortescue unveiled a green ammonia dual-fuel ship at COP. Saudi Arabian ACWA Power outlined a $4bn green hydrogen and ammonia facility in Egypt that could produce up to 600,000 tons of green ammonia per year.
As such, in 2022 81% of S&P 500 companies reported their own emissions (scope 1), and the emissions of the electricity they bought (scope 2). Since the convention’s establishment, the countries involved meet annually during the Conference of the Parties (COP). 30 years later came COP 26 (2021) – held in Glasgow.
The electric competition is head and shoulders above the legacy automakers and scrappy startups racing to turn EV strategies into production and deliveries, and the trends of Tesla in the US and BYD in China illustrate some of the larger geopolitical tensions in the EV supply chain. BYD also has solar operations. Thanks for reading!
As an adjunct professor at Columbia University and Johns Hopkins University, he finds it deeply rewarding to guide the next generation of renewable energy finance leaders. As an adjunct professor at Columbia University and Johns Hopkins University, he finds it deeply rewarding to guide the next generation of renewable energy finance leaders.
Do the next best thing and read our COP reflections. The pledge also calls on international banks to include nuclear in energy lending policies to help finance project-killing infrastructure expenditures. Nuclear is having its moment in the sun. Post-Fukushima, the country pledged to phase out all atomic power.
In other news, what DeepSeek’s new model could do to power demand, banks leaving climate groups, and the USDA's new guidance for clean fuel credits. In deals, $70m for renewable energy management platforms across three deals, $30m for an agritech credit provider, and $16m for energy storage manufacturing.
We’ve just returned from Texas, where CERAWeek — the "Super Bowl of Energy" — brought together the biggest players in oil, gas, finance, and policy. In deals, $40m in specialty chemicals manufacturing, $28m in direct air carbon capture, and $28m in grid power storage. Full transcript here.)
Global energy shortages and a recent spike in oil prices to a three-year high above $80 a barrel, have dimmed hopes that governments will announce bold new plans to rapidly ditch fossil fuels at the October 31st to November 12th summit. With just a few days to go until COP26 kicks off, her pessimism is widely shared. goal within grasp.
Amid all the chaos, we almost forgot it’s COP this week.) In other news, Elon Musk's potential influence on environmental policy; clean energy stocks fell after the election news; and climate policy momentum in local and state elections. Image via Power Brief. ⚡ Clean firm power : neutral to positive.
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