Green Markets - December 19, 2024

Nov 19, 2024

Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.

At COP29, India emphasized the need for unrestricted access to green technology and climate finance, particularly for developing countries. The country criticized unilateral measures imposed by developed nations, such as carbon border taxes, as unfair and counterproductive to global cooperation. Additionally, India urged for greater commitment from developed nations to provide the pledged $100 billion annually in climate finance and advocated for policies that prioritize the interests of vulnerable communities.

Japanese researchers have discovered rare earth metals worth over $26 billion on the seabed near Minami-Torishima Island. The survey, led by the University of Tokyo and The Nippon Foundation, identified significant deposits of manganese, nickel, and cobalt, essential for electric vehicle batteries. These materials were found in 230 million tons of manganese nodules, enough to meet Japan's cobalt needs for over 75 years and nickel requirements for more than 11 years. Large-scale experimental extraction is planned by 2026.
BHP is set to invest up to $14 billion to expand copper production in Chile, aiming to increase annual output by 430,000–540,000 tonnes and sustain long-term production at 1.4 million tonnes. Key projects include a new concentrator at the Escondida mine, expanded facilities at Laguna Seca, and new leaching operations, with investments spread across its operations.
Sayona Mining and Piedmont Lithium are merging in a $623 million all-stock deal to create North America's largest hard-rock lithium producer. This consolidation brings together their joint operations at the North American Lithium (NAL) project in Quebec, aiming to streamline operations, cut costs, and enhance their presence in the growing EV sector. The combined company will be headquartered in Australia with listings on both the ASX and Nasdaq, with the deal expected to close in the first half of 2025.

BlackRock, Block, Ripple, and Samsara have joined the Sustainable Aviation Buyers Alliance (SABA) by purchasing Sustainable Aviation Fuel certificates (SAFc) for Alaska Airlines flights. This initiative is part of a broader $200 million commitment to purchasing SAF.
Chesapeake Utilities Corporation has completed its $22 million renewable natural gas (RNG) facility at Full Circle Dairy in Lee, Florida. The facility, which began operations in June 2024, processes dairy manure into RNG, producing an estimated 100,000 dekatherms annually and capturing over 1,100 metric tons of methane yearly.

Australia has declined to join a UK and US-led pact to accelerate nuclear energy development, citing high costs and the lack of a domestic civil nuclear industry. Acting Prime Minister Richard Marles and Energy Minister Chris Bowen argue that nuclear power is expensive, slow to implement, and incompatible with Australia's renewable-focused energy strategy.

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