Green Markets - October 28, 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
Australia's Department of Climate Change, Energy, the Environment, and Water is developing voluntary greenhouse gas accounting standards for agriculture, fisheries, and forestry. This follows proposed mandatory climate reporting legislation for medium and large companies, set to begin on January 1, 2025, for high emitters in the country.
Battery Metals
Lithium Americas has secured a $2.26 billion loan from the U.S. Department of Energy to finance the construction of processing facilities at its Thacker Pass lithium project in Nevada, which aims to produce 40,000 tonnes per year of battery-quality lithium carbonate. Additionally, General Motors will acquire a 38% stake in Thacker Pass for $625 million. Construction is expected to begin in mid-2025, with production set to start in 2027.
Related Stock List(s): Commodity Trust Stocks, Commodity Royalty Stocks
Carbon Capture
Climeworks, a Swiss company focused on direct air capture technology, is set to build a $100 million plant in Calcasieu Parish, Louisiana, as part of its Project Cypress initiative. The facility aims to capture up to 1 million tons of carbon dioxide annually by 2030. Construction is expected to begin in the third quarter of 2026, with operations starting by the end of 2027.
Related Stock List(s): Carbon Capture Stocks
Hydrogen
Masdar has postponed its target to reach 1 million tons per year of green hydrogen capacity beyond 2030, reflecting the challenges faced by the sector. The decision comes as limited demand and high production costs hinder the growth of hydrogen projects. The higher costs associated with producing green hydrogen from renewable sources, coupled with the need for infrastructure development, have raised concerns among stakeholders.
Related Stock List(s): Hydrogen Stocks
Renewable Energy
QatarEnergy has acquired a 50% stake in TotalEnergies' 1.25 GW solar project in Iraq, with TotalEnergies retaining the other half. This project is part of Iraq's $27 billion Gas Growth Integrated Project (GGIP), aimed at boosting the country's electricity supply by capturing flared gas for power generation and expanding renewable energy infrastructure.