Sustainability, Energy Transition, ESG

Old Vs New – Conference Week in Houston Likely to Showcase Challenges
March 15, 2024
Companies Mentioned:
Shell, Nippon Steel, Amazon, IGP, ADNOC, Aramco, ExxonMobil, Oxy, Eastman, RWE, US Steel
Commodities Mentioned:
Natural Gas, Solar Modules, Lithium, Hydrogen, Ammonia, LNG, PET, Steel
Subjects Covered:
Recycling, Renewables, Carbon Capture, Emissions, New Energy, Hydrogen, ESG Investing, Climate Litigation, Clean Fuels

C-MACC Weekly Sustainability and Energy Transition Report

Old Vs New – Conference Week in Houston Likely to Showcase Challenges

  • 1st Topic of the Week: Old Energy vs New Energy – the Two sides of CERA – Shell has dialed back some of its emission goals this week but remains committed to its 2050 net-zero goals. While tough questions may be thrown at Shell and others at CERA, what we are seeing are likely practical constraints not changes in ideology.
  • 2nd Topic of the Week: Is the US competitive – We contrast solar modules with lithium – both potentially oversupplied markets, but one where the US cannot compete with Chinese manufacturing costs and another where the US could define the low end of the cost curve.
  • Otherwise – We discuss more recycling cost challenges, the appeal of DAC, more PPAs and Nippon Steel

Exhibit 1: Natural gas prices and availability vs renewables are driving consensus that it has a long transition role.

Source: Bloomberg, March 2024

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