Green Markets - July 15, 2024

Jul 16, 2024

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

China is set to increase financial support for projects aimed at reducing emissions from coal power plants. These initiatives, starting construction next year, aim to achieve a 20% reduction in emissions per unit of electricity generated. By 2027, the goal is to cut emissions intensity by 50%, potentially matching levels seen in natural gas plants. The efforts involve blending biomass or green ammonia with coal and potentially integrating carbon capture technologies.
South Africa's National Treasury anticipates receiving up to $2.4 billion this year from a climate finance pact with several wealthy nations, part of a larger $9.3 billion commitment under the Just Energy Transition Partnership. This funding includes grants, loans, and guarantees aimed at supporting South Africa's shift away from coal dependence.

VinFast, the Vietnamese electric vehicle (EV) maker, is delaying the launch of its planned $4 billion factory in North Carolina to 2028 due to uncertainties in the global EV market. The company has also revised its delivery forecast for 2024 from 100,000 vehicles to 80,000 vehicles, citing ongoing economic challenges and uncertainties in the EV landscape.

Hithium Tech USA is set to establish its first North American manufacturing facility in Mesquite, Texas. The company is investing over $100 million to build out its technological capabilities. The new facility, housed within Stream Realty Partners' industrial park, will have an annual capacity of 10 GWh.

The German government and states have approved $5 billion in funding for 23 hydrogen projects under the IPCEI Hy2Infra package, sanctioned by the European Commission. These projects span the entire hydrogen value chain, including up to 1.4 GW of renewable-powered hydrogen production capacity, 370 GWh of innovative storage solutions, and 2,000 km of pipelines for hydrogen transport.
Aslan Energy Capital has finalized an agreement to acquire 35,000 hectares of land in Sonora, Mexico, for developing a solar-based green hydrogen and green ammonia production facility. The project, set to begin operations in 2028, will initially produce 600,000 tonnes of green ammonia annually, with plans to double capacity by 2030 through four developmental phases.

French shipping giant CMA CGM has placed an order for 12 LNG-powered container vessels with South Korean shipyards HD Hyundai Samho and HD Hyundai Heavy. Ship deliveries are expected by June 2028. The total value of the order is approximately $2.66 billion, equating to around $222 million per vessel.
Shell Trinidad and Tobago has approved the Final Investment Decision for the Manatee project, an undeveloped gas field in Trinidad and Tobago's East Coast Marine Area. The project aims to support the country's Atlantic LNG facility by providing additional gas supply from one of its most prolific gas-producing regions. The Manatee project is expected to start production in 2027 and reach peak production of approximately 104,000 barrels of oil equivalent per day.
Venture Global LNG announced the launch of its first LNG carrier, Venture Gator, by Samsung Heavy Industries in South Korea. This vessel is the first of nine ordered by Venture Global, scheduled for delivery over the next two years.

Prime Minister Giorgia Meloni’s right-wing government in Italy is planning to reintroduce nuclear energy after a 35-year hiatus, aiming to reduce the country’s carbon emissions and lessen dependence on imported fossil fuels. Environment and Energy Security Minister Gilberto Pichetto Fratin announced plans to enable investments in small modular nuclear reactors, with a goal for nuclear power to account for at least 11% of Italy’s electricity consumption by 2050.
As announced by CAEA, the National Uranium No.1 project in China boasts the country's largest production capacity for natural uranium. It will utilize CO2 and O2 in-situ leaching, a process that avoids surface processing and reduces waste and carbon emissions.
South Africa's Koeberg nuclear power plant has received approval from the National Nuclear Regulator to extend its first unit’s operating license by 20 years. Koeberg, Africa's sole operational nuclear power station, was built in the 1980s using French technology and currently contributes about 5% of Eskom's electricity generation capacity, a power utility in South Africa.

SolarEdge Technologies announced plans to lay off 400 employees, including 200 in Israel, as part of efforts to restore profitability amid market challenges. The company cited reasons including the downturn in the solar industry, exacerbated by excess inventory and market conditions, particularly in Europe.

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