Green Markets - September 26, 2024

Sep 26, 2024

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

Shell, Equinor, and TotalEnergies have completed the Northern Lights CO2 storage facility in Norway, part of the Longship project for carbon capture and storage (CCS). The site, ready to receive CO2 by 2025, can store liquefied CO2 in metal tanks and permanently store it in rock formations 2,600 meters below sea level. The first phase will inject 1.5 million tons of CO2 annually, with plans for a second phase increasing capacity by 3.5 million tons per year.

Related Stock List(s): Carbon Capture Stocks

Fortescue and Liebherr have partnered in a historic $2.8 billion deal to develop 475 zero-emission mining machines, including 360 autonomous battery-electric trucks. The partnership aims to help Fortescue achieve its goal of eliminating emissions from its Australian iron ore operations by 2030.

Technip Energies and JGC Corporation have secured the front-end engineering design (FEED) contract for the Rovuma LNG project in Mozambique, awarded by ExxonMobil on behalf of the Mozambique Rovuma Venture (MRV), a joint venture with Eni and CNPC. The project, located in Palma on the Afungi peninsula, will have a total capacity of 18 million tonnes per annum (mtpa) and feature 12 electric-driven modular LNG trains.
Mitsubishi Corporation is set to acquire a 10% stake in an LNG facility operated by Malaysia's state energy company Petronas. Mitsubishi had previously held a 4% interest in the facility, but that contract expired in 2022. The new 10% stake will be secured for 10 years, with the acquisition expected to be completed by the end of fiscal 2024.
Guangdong Energy Group in China is set to launch commercial operations next week at a new LNG import terminal with a capacity of 4 million metric tons per year. The terminal, costing $1 billion to build, will receive LNG from ExxonMobil under a 20-year agreement, allowing Exxon to handle 1.8 million tons annually.

Related Stock List(s): LNG Stocks

U.S. Representatives Mike Levin and August Pfluger have introduced the bipartisan Nuclear Waste Administration Act of 2024, aiming to create an independent agency to manage nuclear waste in the U.S. The bill proposes a consent-based siting process for nuclear waste facilities and ensures stable funding through a Nuclear Waste Fund. Previous attempts to pass similar legislation have failed, but this latest version seeks to resolve the longstanding impasse on nuclear waste management.

Green Investing