C-MACC Weekly Sustainability and Energy Transition Report
Big Oil Dilemmas – Critical to Progress but Damned Regardless
- While ExxonMobil may have underperformed BP and Shell since announcing the Pioneer deal, their strategy with regards to lower carbon fuels looks more robust.
- Sticking with oil and gas but targeting much lower emissions may not be what the climate activists want, but it is more likely to drive consistent returns and cash.
- The FT Energy Transition conference in London exposed many of the stark differences between various interest groups but also showed some good ideas.
- The offshore wind industry is maybe not “fundamentally broken” everywhere but is badly damaged, and wind power shortfalls have broader power implications.
- Otherwise, we look at chemical companies pushing recycling initiatives, why the Navigator move exposes poor policy, and the unrelenting broad edge in China.
See PDF below for all charts, tables and diagrams
First: The Challenges Of Being an Oil Major – Especially in Europe
We continue to see a disconnect between what investors say they want from the energy transition and how they behave, and this was evident again in the discussions at the FT Energy Transition Conference. “A good investor is underweight fossil fuel companies” was one view, while another was that simply divesting the fossil fuel companies would not change behavior. Interestingly in the UK, we have seen the act of divesting fossil fuel companies change behavior – but the wrong way. Both BP and Shell have responded to very low valuations by walking back transition targets and increasing fossil fuel investments – note the jump in BP’s share price in February 2023 and Shell’s share price more recently. Clearly, the investment community is not driving the behavior that it wants. But this does not make life any easier for the fossil fuel companies as they need to balance very mixed objectives – the world still needs fossil fuels (even if some activists suggest otherwise) – while government incentives around producing cleaner fuel, more clear in some countries than others, lack completion in terms of how tax benefits will be applied or how regulation/permitting will work – which stalls progress.
Exhibit 1: Some of the volatility in the chart reflects oil price movements.
Source: Bloomberg, C-MACC Analysis, November 2023
As we compiled this report, we realized that most of what we had discussed or listened to over the last few weeks was about failure. While most of the headlines over the last week were about US offshore wind, “fundamentally broken” in the words of BP, we also saw plenty of concerns about power infrastructure, and the West’s inability to keep up with China. There have also been plenty of predictions about the likely failures at COP28.
- BP shifts offshore wind focus to Europe as questions hang over giant US projects
- BP books $540m impairment against New York offshore wind projects
- Ford pauses a $12 billion EV investment, after saying electric vehicles are too expensive
- EU must cut emissions three times quicker to meet climate targets, Brussels says
- Ford again warns on EV results, withdraws 2023 forecast
- Unabated fossil fuel phaseout not enough: EU’s Hoekstra
- Why Solar Stocks Are Plunging Right Now
- Volkswagen puts off east European gigafactory amid sluggish EV demand
As we head towards COP28, Al Gore is probably right, but in our view for the wrong reasons. Energy transition is missing sound economic analysis, and will likely always be missing it, as there are too many “cooks in the kitchen” and they are all trying to prepare different dishes. If we look at the evidence to date, and there has been a lot of it this year, we see companies and countries pulling back from plans simply because they cannot reconcile the economic impact of what they had planned to do. Not only are the broad ambitions of emission reduction very expensive, but the global economy has also moved in the last two years to make them both more expensive and less affordable. The oil companies are producing oil and gas and developing plans to produce more oil and gas because they see the demand being there. That said, the focus is on M&A today and efficiency versus large capital spending, so the oil companies are not plowing ahead with fossil fuel investments like they did in the past. It is also worth noting that the sellers in these M&A deals are not getting premiums, which suggests that the industry is gearing up for higher costs of decarbonization, and ExxonMobil mentions the decarbonizing opportunities with its Pioneer acquisition in detail. Also, the ExxonMobil acquisition of Denbury is likely motivated by an opportunity to lower the overall cost of CCUS through scale and integration because decarbonizing options are expensive. But the government piece here is equally interesting, not because governments are in collusion with big oil, but because from a regulatory and permitting perspective, institutions are either too cumbersome and/or bureaucratic to move as quickly as many of the climate change initiatives require, or because they are scared of making a mistake – which is what we believe is holding up the Class 6 permitting process in the US – the EPA feels unqualified to judge sequestration options and is delaying in the hope of becoming better informed.
Meanwhile, the talking heads pile on the pressure – insisting on faster progress, which will make the economic and practical challenges harder. Looking at just a few stories from the last week we see Ford pulling back on EV investment because it cannot make money – see our detailed work on EVs – EVs: We Could See a Competitive Bloodbath in 2024 – short sellers attacking NuScale, more on the troubles at Siemens Energy, and commentary on the collapse of the stocks of the solar sector. There are plenty of headlines about new initiatives with new technology, and companies taking stakes in recycling. Still, those trying to build operating businesses in all aspects of energy transition today are struggling. While some struggle more than others to get what Al Gore and the EU Commissioner want, everyone should prosper. Only if they are prospering will we get the activity needed to accelerate the transition – COP28 should focus on making the enabling industries profitable/investable – none of this will happen if no one is willing to pay for the transition costs.
At the risk of flogging a very dead horse here, while the West struggles with everything we discuss above – ambitions that do not match with action, and costs that no one is willing to cover – China presses ahead. Not only does this drive local energy security and self-sufficiency, but also drives industries to lower emissions likely much faster than their Western counterparts – this becomes self-fulfilling, as the country can drive down decarbonizing costs through scale and will likely maintain its dominance in the supply of materials and equipment because of its overwhelming cost advantage. The West cannot keep up without both subsidies and stimulus for demand. The Senate Republicans in the headline below are clearly not reading our work. If they did, they would realize that imposing an emission or carbon-based tax on products from China is shutting the doorway after the horse has left. Not only does China already have a low carbon base within its industry that is better than in the US, but it is accelerating at a pace that the West will never be able to keep up with. We predict China will have a million tons of green hydrogen before the rest of the world has a million tons cumulatively. The challenge for China will be convincing the rest of the world that its product is low carbon, and the audit process must be very transparent. The US Senators should, in our view, be much more focused on improving the regulatory and permitting dilemma that we have in the US, and which is constraining low carbon progress here, whether it is the wind challenges in the Northeast of Class 6 permits on the Gulf Coast, or pipeline permits for CO2 in the mid-west.
Lastly, there are now so many ways to depict the shortage of critical minerals/metals that are expected in the West, but there are not many charts to suggest how this might be prevented or at least mitigated to a degree. When you look at the BlackRock headline below and noted above, it is challenging to come up with any scenario that will change the picture below by 2033 – ten years is not a long time when it comes to mining investment – especially when you add the permitting overlay.
Source: Wood Mackenzie, October 2023
Source: BloombergNEF, October 2023
We have a couple of takeaways from the FT Energy Transition conference in London this week. There has been a lot of discussion on power grid inadequacies and the amount of money that will need to be spent to upgrade grids all over Europe. There is an expectation that some of the grid bottlenecks will never be upgraded, and this is driving an opportunity to invest around curtailed power hubs, especially where wind turbines are being shut down because peak generation does not match demand. That power has a very low value, especially in countries where governments are paying generators for the lost sales opportunity. You can do a lot with free power – and if the product you make from it – hydrogen, e-fuels, ammonia, etc., also has local production incentives, you can cover the cost of relatively expensive electrolyzers and batteries, or just more electrolyzers and hydrogen storage. Referencing our hydrogen report this week – Déjà Vu – Are Electrolyzers Heading The Way of EVs – Too Many Players – there is a compounding problem, which is that all the electrolyzer producers recognize that their path to success is scale, and so they are all spending to add manufacturing capacity – which has the problems of creating too much capacity and stretching cash and borrowing in a more expensive market for money.
Recycling and Renewables
For recycling, scale is one of the key drivers of lower costs as long as you do not end up paying too much to get the materials to the sorting facility and as long as you are not moving too much stuff that you cannot use. We would encourage OMV and Interzero to go further and encourage in-site investment to deal with the components that do not lend themselves to easy mechanical or chemical recycling – such as gasification or simple incineration to produce heat/power. The economies of scale would be enhanced if you could add value to every stream coming out of the sorting system.
- Borealis expands its mechanically recycled plastic compounding capacity with closing the acquisition of Rialti S.p.A.
Exhibit 4: Eastman highlights that its polyester molecular recycling facility is on track for start-up in 4Q23 – see more detail in the YouTube clip: Eastman Recycling Facility – YouTube, which is also highlighted in the slide below.
Source: Eastman Chemical – 3Q23 Earnings Presentation, October 2023
Exhibit 5: LyondellBasell acquires 25% stake in Cyclyx
Source: Cyclyx, Sustainable Plastics, October 2023
- OMV and Interzero establish joint venture to build and operate Europe’s largest sorting facility for chemical recycling
- Borealis expands its mechanically recycled plastic compounding capacity with closing the acquisition of Rialti S.p.A.
Carbon Capture and Emissions
We wrote about the Navigator pipeline cancellation in our somewhat negative Sunday Piece – Too Hot To Handle: If Climate Change Is Real, We May Be Screwed – where we focused on how the rigidity of solutions sought by the climate advocates and the rising costs of these solutions would likely cause the failure of all initiatives. Not allowing a pipeline system – THE safest way to move anything liquid or gas in large volumes – is another obstacle in the way of practical solutions to emission abatement. We think that ethanol is a better fuel for vehicles because it comes from a renewable resource, but corn fermentation produces CO2 – which is bad – but it produces it in the easiest concentration to capture – which is good – unless you cannot move it to be sequestered. We keep asking for more “good enough” common-sense solutions to address emission abatement, but maybe we must get “stupid” out of the room first. Another example is what BlackRock refers to below – investor disdain for the metals sector when every forecast of how to drive transition demands more metal use.
Source: RBN Energy, October 2023
As the CBAM mechanism is rolled out in Europe we expect to see lots of analysis and opinions over the next year of who will get hurt the most and how impacted trading partners will react. China may be able to move material into Europe with lower carbon footprints if the EU can get comfortable with the accounting in China, and it will be interesting to see how the EU feels about blue ammonia from the US or green ammonia from Saudi Arabia. The one conclusion that sems obvious to us is that goods in Europe will be more expensive for the consumer than in many other regions and the net effect may be a hit to relative economic growth in Europe.
Source: Energy Post, Carboneer, October 2023
Renewable Fuels, Power
The other takeaways at the London conference were the very clear divides between those who see a need for fossil fuels for a while and those who believe we can get rid of them quickly, as well as those both for and against nuclear. Despite the financing challenges and current energy prices in Europe, there was a very strong “everything will be all right” theme at the conference, a notion that we think is misplaced, mainly because the cost of accelerating progress is very high, and this will continue to slow things down. Faster-tracked green hydrogen projects in Europe, for example, might find themselves with very uneconomic power prices, or where they have low-priced PPAs, they may find political pressure to allow that power to flow into a much higher value retail market. We may also see timing issues with the start-up of facilities that need renewable power and the availability of that power. All agreed that the IRA hands the US a significant competitive advantage, but if permitting and regulations are not streamlined, we may see some further failures in the US, like the offshore wind issue.
- Orsted, Offshore Wind Firm, Cancels N.J. Projects
- S. offshore wind sector ‘fundamentally broken’ – BP exec
- BP assessing New York wind projects after $540 mln writedown, CEO says
- BP and Equinor write down $840M on New York offshore wind projects
With the wind failures in the US, we are seeing a lot of analysis around the shortfalls in power generation that the slowdown in wind investments could create, and the conclusion is that “everything will not be all right”. What we are not seeing is any good analysis around what happens to make up the power generation shortfall, but we suspect that the large oil and gas companies pursuing more gas will likely be the winners. More natural gas-based generation is almost inevitably the best way to make up this shortfall and any broader shortfall because of consistent, in our view, estimation of how quickly power demand will grow from here.
Exhibit 8: The chart below highlights the estimated investment required to meet 2030 government offshore wind targets relative to its estimated base case, excluding China, and considering current investment announcements. See – ‘Unrealistic’ global offshore wind expansion target would require $27 billion by 2026, says Wood Mackenzie.
Source: Wood Mackenzie, November 2023
Exhibit 9: Offshore wind is facing more challenges than onshore wind, where expectations still remain relatively high. With this in mind, many of the interest and capex cost headwinds will face onshore wind and other green power roll-outs.
Source: BloombergNEF, November 2023
Source: Rystad Energy, October 2023
Source: EIA – Today In Energy, October 2023
Exhibit 12: US offshore wind developers continue to raise red flags from higher interest rates and capex costs
Source: BloombergNEF, November 2023
At the FT Energy Transition conference in London this week there was a lot of discussion on the US wind problems, with the presenter from BP saying that the offshore wind industry in the US is “fundamentally broken”. This follows substantial write-downs in the last week from BP and Equinor, and a much larger write-down from Orsted today. We highlight the news article, New York rejects Orsted, Equinor, BP requests to charge more for offshore wind, as the participants in the project clearly look to find ways to salvage what has happened. This is a consequence of rising costs in the US and, in our view, far too much optimism in the first place. It was known from the start that vessels operating in the US wind sector would need to be “Jones Act” compliant – so new vessels were made in the US. This is one of the constraints to the efficient deployment of offshore assets – only one vessel has been built to date for the Northeast. This is just one example of a constraint to development that should have been well-known to the developers and the investors. In one of the discussions this morning, there was also a lot of blame put on regulation and permitting delays in the US, and this is another example of where the IRA in the US is encouraging investments that the US approval process cannot keep up with.
As we look at the events in the Wind sector and the very poor results from many of the renewable companies, the setup looks even worse for lending into the higher-risk energy transition or other sustainability segments. The write-downs at BP, Equinor, and Orsted would be physical losses for lenders to the space and this will likely raise the risk premium even further for projects in the near term. At the conference today, there was a lot of talk about what made a good – financeable – project today, and it all came down to technology risk and time to implementation – there is plenty of money for the relatively risk-free, fixed return-like infrastructure-esque projects. Still, costs escalate quickly once you move outside of that comfort zone. The other confirming data point we got today was that we are not the only ones who believe that the IEA is too low in its estimate of power demand growth and overall power demand as a consequence. One estimate is that power demand may be growing at 3x GDP for some time. Interestingly, outside of the US wind issue – most power generation and grid upgrade and expansion projects will meet the risk and return profile to get funding – it is technologies that might want to use that power that are stuck in the “uninvestable” box today.
Exhibit 13: The better market this week is more of a driver of the data below than anything specific to the industries – wind and solar making a small bounce off a lot of recent underperformance.
Source: Capital IQ, C-MACC Analysis, November 2023
Exhibit 14: Water scarcity and conservation was a subject discussed at the FT conference with those chasing green hydrogen very conscious of the need to use anything other than drinking quality water – so more clean-up in each case – good for the desalination and RO business in general
Source: Capital IQ, C-MACC Analysis, November 2023
Other – China – Again!
Huntsman suspending an ethylene carbonate project because the Chinese can make it cheaper should be an eye-opener for the industry. Although the low cost of ethylene in the US is a more minor component of the final molecule, the fact that China can undercut the US, or at least price low enough to discourage more capital spending in the US, speaks to the efficiency in China and some of lower local cost opportunities. In some of our ethylene work, we have suggested that China may have significant pockets of very low-cost ethylene because of the discounted crude and condensate available from Russia, and we have noted that a 20% lower naphtha cost in Asia would produce ethylene competitive with some of the higher cost US production.
Recycling and Renewable Materials
- When Recycling Comes to the Construction Industry
- LyondellBasell acquires 25% of Cyclyx joint venture, joining Agilyx and ExxonMobil to accelerate plastic waste recycling
- ATCO and BOC to develop large-scale hydrogen project in Australia
- Carbios to break ground on PET recycling plant in France
- Yield of recycled plastic from pyrolysis at most 2%, says Zero Waste Europe
- PolyCycle Innovation Unveils Recycled Plastic Resin for Food and Beverage Sealing Solutions
- Mura starts commissioning advanced recycling plant in UK, eyes first volumes early 2024
- Austria’s OMV, Italy’s Versalis announce chemical recycling plans for plastics
- OMV to build €170M waste sorting plant for chemical recycling
- Republic extends plastics project to Indianapolis
- Report: Major brands upped PCR, used more virgin plastic
- SK Geocentric links with Plastic Energy to build second pyrolysis plant in South Korea
- Terrapure opens Quebec plastics recycling facility
- Beverage giant to roll out 100% RPET bottles in Canada
- Indian firms PolyCycl and Re Sustainability to develop feedstock for chemical recycling of plastics
- Versalis starts building chemical recycling demo plant in Italy
- Solugen, ADM plan Minnesota biorefinery
- Thailand’s EcoBlue to double recycled PET capacity
- Eastman’s PET advanced recycling plant on track for Q4 startup: CEO
- Borouge, India’s APPL Industries collaborate on recycling materials
- Japan’s Renova further postpones biomass plant start-up
- Revolutionary Food-Grade Resin Made from Recycled Stretch Film
- Europe and US See Minor Uptick in R-HDPE Prices Amidst Rising Automotive Demand, While China Maintains Stability
- SK Geo Centric to supply recycled plastic materials to Amcor
Carbon Capture and Emissions
- ‘Carbon gamble’? EU lawmakers back CO2 removal certification scheme
- Annual Energy Efficiency improvements must double to meet climate targets. We know how to do it
- Forget Dieselgate — a bigger emissions problem hides in plain sight
- Japan, Kazakhstan sign carbon offset deal
- London clean air zone expansion drives down polluting vehicle numbers
- Samsung C&T and Pilot Energy tie up in Mid West Clean Energy Project
- Crunch time for UN carbon body to deliver clarity on Article 6.4
- Japanese industries demand tax cuts for decarbonisation
- How much protection from carbon-intensive imports will CBAM give to EU industries?
- TfS white paper explores challenges to harmonizing carbon accounting
- ‘We need a decarbonisation strategy’: climate shift threatens UK oil refineries
Renewable Fuels, Power
- Amazon Adds More than 1 GW of Renewable Energy Capacity in Europe
- Profit At China’s Top Wind Firm Slumps 98% | OilPrice.com
- Siemens Energy: turbine trouble pops the renewables bubble
- Stretched EU wind market seeks new entrant turbine makers
- Honeywell expands renewable fuels offering in Asia Pacifc
- Another blade break hits GE wind turbine in Germany
- Clean Energy’s First Renewable Natural Gas Facility Begins to Sell Environmental Credits
- EU and UK seek ban on subsidies for foreign fossil fuel projects
- ‘Continued interest’ | US sets four new offshore wind energy areas in Gulf of Mexico with some 9GW
- EU backs new project to strengthen role of solar power in agriculture
- Europe’s lopsided renewables transition: Solar installations set to soar in 2023 as wind sector’s progress falters
- ProMarine AG Initiates the First-Ever Methanol-Powered Shipping Fund
- Econolite and ZincFive Expand Partnership to Deliver More Sustainable Power Solutions to the Global ITS Market
- Global energy storage integrator market grows increasingly competitive in 2022
- Maryland to fund market entry for workers and firms to ramp 8.5GW offshore wind goal
- New York seeks feedback on new offshore wind tender this year as early projects waver
- New fears about security of supply in the energy transition
- First Solar, Inc. Announces Third Quarter 2023 Financial Results
- CAISO Increasingly Turning to Curtailments as California Adds Solar Resources
- Offshore wind group BNOW rebrands to Oceantic, expands into sea-based renewables
- Fury over ‘ecological disaster’ at $10bn Orsted offshore wind project
- Portugal pushes out the boat on pioneering offshore wind round
- US maps out areas for 9.3GW offshore wind in Gulf of Mexico amid ‘continued interest’
- Shares Of The World’s Top Offshore Wind Firm Drop 20% On Scrapped U.S. Projects
- Mozambique switches on 19 MW/7 MWh solar-plus-storage plant
- Merck signs two new renewable energy VPPAs in Europe
- MOL marks Japan’s first use of UCO on coastal vessel, advances other steps for green shipping
- Ørsted: ill wind blows no good for developer that bungled estimates
- Ørsted records $3.2bn Q3 2023 loss on US offshore wind impairments
- Maverick revamps 1GW Italian floater plan
- Stormy times for offshore wind
- US, China dominate solar investment
- Umicore signs green electricity PPA for its battery materials plant in Poland
- US offshore wind writedowns seen soaring with Orsted earnings
- US airlines back ethanol industry position on aviation fuel credit
- Vestas wins first order for largest onshore wind turbine
- Orsted CEO Nipper rules out reviving Ocean Wind and warns on Skipjack walk-away
- The struggles of the offshore wind industry
- EDPR shrugs off weaker US winds to push earnings higher
- CIP team eyes Aland offshore wind PtX hub
- Europe’s Renewables Landscape Transforms With Rooftop Solar Adoption
- World-first claimed as big drones help Orsted with offshore wind heavy lifting
- America’s Offshore Wind Ambitions Are Coming With Bigger Price Tags
- Velocys to build new SAF technology facility as funding concerns hit share price
- UK’s battered wind energy sector will renew itself
- Greece launches offshore wind plan
- SLB selected by Eni for Global Methane Emissions Reporting Project
- Montreal Preparing to Ban Most New Natural Gas Hookups in Next Two Years
- When 0.2% Methane leakage can make Gas dirtier than Coal
- Feasibility study identifies Ireland’s €2.55bn potential for SAF industry
- Tripling renewables means fossil fuel phase down: Irena
- US installs record clean power capacity despite ‘disappointing’ onshore wind
- Wind Power Write-Downs Cast Shadow Over Industry Outlook
- German startup deploys mobile dual-axis solar tracker in South Africa
- ‘Fundamentally broken’ US offshore wind needs a reset: BP green chief Dotzenrath
- PV equipment sales are up with high share of exports, says VDMA
- Moray West topsides complete load out
- Finland’s Neste to cut 400 jobs due to increasing competition
- US spends $1.3bn on key power line capacity to anchor massive green network build
- New York State Of Mind – New York Will Need Unprecedented Increase In Wind, Solar To Hit 2030 Target
- US $5bn onshore wind mega-project eyes federal incentive bonuses
- US’ largest offshore wind array Dominion’s 2.6GW CVOW receives final federal greenlight
- Why the US offshore wind industry is in the doldrums
- Tesla raises price of high-performance Model Y in China by 14,000 yuan
- Toyota has an important warning for electric vehicle enthusiasts
- Toyota’s Solid-State Battery Boasts 745 Miles On A 10 Minute Charge
- Volkswagen sticks to EV targets, pricing despite knock to demand
- Jeep Maker Stellantis Bets on a Chinese EV Startup, but Is It the Right One?
- How solid-state batteries could transform transport
- Electric vehicles: insurers balk at battery fires and write-offs
- Fluor Corporation to provide FEED services to world’s first sodium-ion battery plant in Sweden
- EVgo’s Prefabricated Charging Infrastructure Deployment Model Expected to Cut Installation Timelines by 50% on Avg.
- Producing EVs Whether People Want Them or Not
- Renault’s Ampere ambitions tested by choppy IPO, slow EV markets -sources
- Toyota to invest $8bn in North Carolina battery plant
- Mercedes-Benz Announces Strategic Alliance with Simon® to Expand High-Power Charging Network
- Tesla’s Oct China-made EV sales fall 2.6% from Sept
- Tesla Sends Massive Shipments Of New Model 3 Highland To Europe
- Thailand approves 2024-27 EV support measures
- Volkswagen rejects Czech gigafactory location, citing low demand for EV batteries
- Toyota to invest $8 bln more in North Carolina EV battery plant
- ‘The early adopters have adopted’: US carmakers slow their EV growth plans
- BYD gains ground and the US races for AI rules
- easyJet signs up to Airbus technology complementing to SAF
- Ford Retrenches Further on EVs Amid Demand Uncertainty
- Electric Travel Trailers Are Coming to the Great Outdoors and Could Upend RVing
- Epsilon Advanced Materials (EAM) Announces Investment of $650M Manufacturing Facility in North Carolina to Strengthen EV Battery Industry in the United States
- Jeep Maker Stellantis Bets on a Chinese EV Startup, but Is It the Right One?
- ADS-TEC Energy: Huge Triple-Digit Increase in Order Volume With Existing and New Partners – PowerGo Named as a New Strategic Partner for the Roll-Out of Fast-Charging Stations in Europe
- US Steel Pioneers Battery-Powered Locomotives, Reinforces Commitment to Sustainability and Community
- Battery production is coming to the U.S. South — how the shift is breathing new life into the Southern economy
- Hithium Exhibits at All-Energy Australia, Presenting the New 5 MWh Container Product
Hydrogen – See this week’s Hydrogen Focused Report
ESG Investing/Activism and Litigation
- Climate Activists Want SEC to Copy California, Europe
- UK govt defends net zero plans to advisory committee
- UK Energy Act passed – with hydrogen levy attached
- US SEC chair makes pitch for climate rule to corporate group
- SolarWinds faces SEC lawsuit after 020 hack
- Lessons from the desert for green investors
- South Africa grants Karpowership environmental approval
- Over 80% of Companies to Increase Budgets for Environmental Sustainability Goals Over Next Year: Honeywell Survey
- ESG ratings: whose interests do they serve?
- Climate change the ‘most common’ reason for portfolio exclusion
- Cefic calls for “EU industrial deal” on clean technology
- ADS-TEC Energy Capital Markets Day: Highlights
Financials, Partnerships, and M&As
- Clariant and Technical University of Munich celebrate renewal of sustainability and catalysis alliance
- EU signs critical minerals partnership with DRC, Zambia
- NiSource Releases Its 2023 ESG Report
- X-energy and Ares Acquisition Corporation Mutually Agree to Terminate Business Combination Agreement
- Altius Renewable Royalties Announces Closing of $247 Million Credit Facility
- Endesa interested as PPA buyer following Solaria deal
- Blackstone and Vista Equity to buy Australia’s Energy Exemplar
- Brookfield makes ‘best and final’ $10.5 bln bid for Australia’s Origin Energy
- Energy Recovery Achieves 22% Year-on-Year Quarterly Revenue Growth, Beating Guidance
- ExxonMobil Completes Acquisition of Denbury
- First Solar delivers on earnings, margins, falls short on revenue
- Qualitas closes €2.4bn renewables fund
- Aker Horizons cites ‘market turmoil’ after posting NOK823m Q3 loss
- Asean energy transition faces financing challenges
- SolarWinds Announces Third Quarter 2023 Results
- Denbury Stockholders Approve Merger with ExxonMobil
- Li-Cycle Adopts Limited Duration Shareholder Rights Plan
- Iberdrola, Masdar close €1.6bn Baltic Eagle deal
- Lhyfe CIP and Flexens form integrated project partnership
- Intelinair Selected as Partner for USDA Climate-Smart Commodities Grant
- Vanguard Renewables Announces Massachusetts-based Costa Fruit & Produce Joins the Farm Powered Strategic Alliance’s Northeast Regional Chapter
- American Small Reactor Development at NuScale Suffers From Short Sellers
- Veolia acquires US post-industrial recycler
- Westlake Releases 2022 Environmental, Social and Governance Report
- ZincFive and Econolite Expand Partnership to Deliver Advanced Power Solutions to the Transportation Market
- Pineapple Power terminates proposed reverse takeover of Element
- Green Plains Partners Reports Third Quarter 2023 Financial Results
- Green Plains Reports Third Quarter 2023 Financial Results
- Ørsted shares tumble after company ditches two US wind projects
- Ørsted scraps giant New Jersey offshore wind projects
- Ørsted and Eversource Announce Investment in Revolution Wind: Refuse to Disclose Project Cost
- Siemens Energy rebounds after chairman says ‘no state money needed’
Other Relevant News
- Renewables groups join COP28 Presidency to urge action to triple green power
- California’s Half-Century Offshore Oil Industry Gets a Retirement Plan
- Insurer body plans infrastructure fund for climate-hit economies
- Cop 8 presidency says world is focused on climate
- US demands climate data as insurers make cover unaffordable
- UK housebuilding at its weakest since start of pandemic, say surveyors
- South Korea exports snap one-year fall; shipments to China still down
- Rebuilding US industry via green transition makes no sense
- Climate Risk Is Becoming Uninsurable. Better Forecasting Can Help.
- Future of fossil fuels leaves nations at odds ahead of UN climate summit
- France prepares major mining inventory in push for critical raw materials
- Norsk Hydro warns flood of Chinese EVs threatens aluminium demand in Europe
- US House passes energy spending bill with climate law cuts; Biden vows to veto
- Despite US renewable energy, offshore wind setbacks, IRA providing strong momentum