Green Markets - November 29, 2024
News in environmental markets.
Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.
General Environmental/Regulatory
CaixaBank has committed to mobilizing €100 billion in sustainable finance by 2027 as part of its 2025-2027 Sustainability Plan. This represents a 56% increase from its previous target. The bank aims to support the green transition by investing in renewable energy, clean mobility, and industrial decarbonization.
Electric Vehicles
India is revising its EV manufacturing incentives to include automakers using existing plants, aiming to attract broader investments after Tesla withdrew from local manufacturing plans. The updated policy will require a $500 million investment, local sourcing, and separate production lines for EVs, with tax benefits on imports. The policy is expected to be finalized by March 2025.
Related Stock List(s): Electric Vehicle Stocks
Hydrogen
South Korea's Finance Ministry has announced a $553 million hydrogen fuel cell power plant project in Gyeongju, the nation's largest of its kind. The 108 MW facility is part of a government-led initiative to boost underdeveloped regions through public-private investment. Construction is set to begin in March 2025, with operations starting in March 2028.
Related Stock List(s): Hydrogen Stocks
Liquified Natural Gas (LNG)
TotalEnergies is considering approving a $750 million gas project in Nigeria's Ima field in 2025. This follows a $500 million investment in the Ubeta onshore field earlier in 2024, with a daily output of 300 million cubic feet. Nigeria's government, under President Bola Tinubu, has introduced tax incentives and streamlined regulations to attract up to $10 billion in gas investments, aiming to reverse production declines.
Related Stock List(s): LNG Stocks
Nuclear Energy
Romania secured over $3 billion in funding from the U.S. Export-Import Bank for the construction of two new reactors at its Cernavoda nuclear power plant. They’re scheduled to start in early 2023 and finish by 2030. The funding covers about a third of the required costs, with the remainder to come from other sources.
Related Stock List(s): Nuclear Energy & Uranium Stocks
Renewable Energy
BNP Paribas Asset Management (BNP AM) and Mirova have jointly invested over €200 million in Arkolia, a leading French renewable energy developer, acquiring equal stakes. The partnership will help accelerate Arkolia's expansion, particularly in rooftop solar and distributed energy. The deal is expected to close by mid-2025.