Green Markets - July 12, 2024
Green Markets - July 12, 2024
News in environmental markets.
Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.
Voluntary Carbon Markets (VCMs)
Oka, a carbon insurance firm, and Socotra have partnered to address risks in the carbon markets and scale climate solutions. Leveraging Oka's advanced AI and Socotra's modern policy administration system, they launched two pioneering insurance products:
Corresponding Adjustment Protect™ for voluntary credits traded under Article 6 of the Paris Agreement
Carbon Protect™ for unforeseeable post-issuance risks like project failure.
Hydrogen
Germany's hydrogen funding initiative, H2Global, awarded €200 million to Fertiglobe to deliver 250,000 tonnes of hydrogen by 2027. The deal focuses on green ammonia production, with 273 MW of renewables to be installed in Egypt, producing 10% of Germany's annual hydrogen needs between 2027 and 2033.
Liquified Natural Gas (LNG)
The Pakistani government is exploring a multi-billion dollar LNG pipeline agreement with Russia following an offer from President Vladimir Putin. The proposed pipeline would traverse Iran to Pakistan and potentially extend to India, aiming to bolster bilateral trade and energy cooperation.
Dominion Energy plans to build a $500 million LNG storage facility next to its Greensville County power plant in Virginia. If approved, construction will start in 2025 and be completed by 2027.
Nuclear Energy
The Indian Prime Minister is visiting Russia to negotiate a long-term uranium supply deal with President Vladimir Putin, aiming to secure a stable source for India's growing nuclear power sector. This deal is critical for both nations and is closely watched by Washington due to India's strategic importance in countering China and Russia. India’s existing uranium supply from Jharkhand is depleting, necessitating imports, with Rosatom previously supplying nuclear fuel to the Kudankulam plant.
The U.S. Nuclear Regulatory Commission (NRC) has initiated an environmental review to assess the impacts of repowering the Palisades Nuclear Power Plant in Covert Township, Michigan, which was decommissioned in May 2022. Holtec International, the plant's owner, aims to restart operations, which would mark the first instance of a decommissioned American nuclear plant returning to the grid.
Renewable Energy
The European Commission has approved a €193 million Lithuanian scheme to support offshore wind farms and advance the transition to a net-zero economy. This measure, adopted under the State Aid Temporary Crisis and Transition Framework, will facilitate the development of renewable energy projects in the Baltic Sea.