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Today’s newsletter:
🔝Today’s Top Story: TotalEnergies has announced a $100 million investment in sustainable forestry projects across the United States.
📊 Today’s Data Point: Data Insights on BYD’s Record Sales and Market Performance.
🌳 Climate Insider Intelligence: Top-rated green hydrogen companies in the world.
Fueling the Future: TotalEnergies’ Bold $100M Bet on U.S. Sustainable Forestry
Image Credit: TotalEnergies
TotalEnergies’ $100 Million Investment in Sustainable Forestry
TotalEnergies has announced a $100 million investment in sustainable forestry projects across the United States. This initiative is in collaboration with Anew Climate, a leader in climate solutions, and Aurora Sustainable Lands, a company specializing in carbon stewardship and forest management. The partnership will focus on protecting forests from extensive timber harvesting, promoting sustainable management practices, and enhancing the forests’ ability to sequester carbon.
Focus on Improved Forest Management (IFM) Practices
The investment will support Improved Forest Management (IFM) practices on 300,000 hectares of forested land across 10 U.S. states, including Arkansas, Florida, Kentucky, and others. These projects aim to reduce timber harvesting, preserve natural carbon sinks, improve water and soil quality, protect biodiversity, and conserve natural habitats. The carbon credits generated will be acquired by TotalEnergies and retired after 2030, contributing to the company’s broader climate strategy.
Aligning with Global Climate Goals and U.S. Carbon Market Principles
TotalEnergies’ investment aligns with the U.S. government’s Voluntary Carbon Markets Principles, ensuring integrity, transparency, and environmental protection in carbon trading. This move is part of TotalEnergies’ commitment to achieving net-zero emissions by 2050, with an interim goal of reducing Scope 1 and 2 emissions by 40% by 2030. The partnership with Anew Climate and Aurora Sustainable Lands highlights a shared commitment to advancing climate action through nature-based solutions, offering tangible environmental and social benefits. Read More
Quote of the Day
Anew Climate’s CEO, Angela Schwarz, highlighted the strong alignment between TotalEnergies’ comprehensive climate action strategy and Anew’s mission to generate meaningful climate impact through diverse solutions. She stated:
“…it was clear that their [TotalEnergies] commitment to avoiding and reducing emissions as a first principle while recognizing the co-benefits of investing in meaningful carbon projects as part of a comprehensive climate action strategy aligned perfectly with Anew’s mission.”
Significance: Angela Schwarz’s statement highlights the strategic alignment and broader implications of the partnership between Anew Climate and TotalEnergies:
- Strategic Alignment: Demonstrates how both companies’ missions are synchronized, ensuring a cohesive approach to climate action.
- Emissions Reduction Focus: Emphasizes TotalEnergies’ prioritization of emission reduction as a core component of its climate strategy, reflecting a commitment to genuine environmental impact.
- Carbon Project Investment: Highlights the importance of investing in carbon projects, which not only offsets emissions but also provides co-benefits such as biodiversity protection and improved ecosystem health.
- Comprehensive Climate Strategy: Signals a holistic approach to climate action, integrating emission reduction, carbon sequestration, and sustainable management practices.
- Reputation and Trust: Strengthens the credibility and trust in Anew Climate as a partner aligned with the high standards set by TotalEnergies.
- Long-term Vision: Reinforces the long-term nature of both companies’ commitments to sustainable practices, supporting global climate goals.
- Market Leadership: Positions both Anew Climate and TotalEnergies as leaders in advancing nature-based solutions within the broader carbon market.
Market Movers
- The UK’s new £81 million program by ARIA aims to develop early warning systems for climate tipping points, specifically the Greenland Ice Sheet melting and the weakening of the North Atlantic Subpolar Gyre, to enhance prediction accuracy and inform mitigation strategies. This initiative is significant as it seeks to reduce scientific uncertainty and provide actionable insights into critical climate thresholds that could lead to severe, irreversible changes. Read More
- Equinix has raised over $750 million through green bonds to further its sustainability goals and enhance operational eco-efficiency, bringing its total green bond issuances to approximately $5.6 billion and positioning it among the top 10 largest U.S. corporate issuers in the green bond market. This move underscores Equinix’s commitment to advancing environmental sustainability within its operations. Read More
- TotalEnergies and Adani Green Energy Limited have launched a joint venture for a 1,150 MWac solar project in Gujarat, enhancing TotalEnergies’ position in India’s renewable market and supporting AGEL’s 50 GW renewable capacity goal by 2030. This $444 million venture is pending regulatory approvals and contributes to the development of Khavda, the world’s largest renewable energy site. Read More
- ALY CO. has secured $33 million in Series B funding, led by Breakthrough Energy Ventures and joined by H&M Group and Inditex, to advance its sustainable cellular agriculture technology and flagship product, GALY Cotton, which uses significantly less water, land, and CO2 compared to traditional cotton. The funding will support R&D and scaling efforts as ALY CO. moves towards pre-industrial production. Read More
Tech Spotlight
Supramolecular Materials for Advanced Hydrogen Storage
Source: Ruihua Zhang et al/Springer Nature 2024
Hydrogen is widely recognized as a potential clean energy carrier of the future, yet its storage remains a significant challenge due to its low energy density by volume. Despite hydrogen’s high energy content per gram—approximately three times that of petrol—its storage and transportation require innovative solutions. Researchers are striving to develop advanced materials that can efficiently adsorb hydrogen in compact forms. A breakthrough in this field involves a new supramolecular material that surpasses the Department of Energy’s (DoE) stringent targets for hydrogen storage systems, particularly for fuel cell-powered vehicles.
Commercial Viability
- Performance Metrics: The newly developed supramolecular material demonstrates the capability to store 53.7 grams of hydrogen per liter, exceeding the DoE’s target of 50 grams per liter. This performance places it well above many existing storage systems, which often fail to meet both the capacity and weight efficiency criteria.
- Material Efficiency: The material boasts a hydrogen weight percentage of 9.3%, aligning with the DoE’s goal of achieving at least 6.5% of the system’s total weight. This dual achievement in capacity and weight makes it a highly promising candidate for commercial hydrogen storage solutions.
Technical Viability
- Innovative Structure: The material’s structure features a network of interlinked organic molecules arranged in a honeycomb pattern. This supramolecular network enhances stability and performance compared to traditional porous organic frameworks. The interlinking of molecules, or catenation, improves the material’s ability to adsorb hydrogen effectively.
- Cryogenic Performance: Optimal hydrogen storage is achieved at cryogenic temperatures. While this requirement adds complexity to the system, it is offset by the material’s superior storage capabilities and stability.
Environmental Viability
- Sustainable Storage Solution: By significantly enhancing hydrogen storage efficiency, this material supports the broader adoption of hydrogen fuel cells, contributing to a reduction in reliance on fossil fuels. Efficient storage systems are crucial for advancing hydrogen as a clean energy carrier and achieving net-zero emission goals.
- Alignment with Climate Goals: The development of such high-performance materials is a step forward in meeting climate objectives. Improved hydrogen storage solutions are essential for scaling up hydrogen technology and integrating it into mainstream energy systems.
Scaling Potential
- Commercialization Pathways: The successful application of this advanced material could revolutionize hydrogen storage for various applications, including fuel cell vehicles. The material’s performance surpasses existing benchmarks, making it a strong candidate for commercial deployment.
- Investment and Growth: The ongoing advancements in hydrogen storage technologies attract significant investment, reflecting a growing interest in hydrogen as a viable clean energy source. The success of this material could catalyze further research and development, driving the sector forward.
Long-Term Implications: The development of this supramolecular hydrogen storage material represents a significant leap toward overcoming one of the major barriers to hydrogen fuel cell adoption. By meeting and exceeding the DoE’s targets, the material offers a practical solution for efficient hydrogen storage, paving the way for broader implementation of hydrogen technologies. This advancement is crucial for transitioning to a sustainable energy future and supports global efforts to reduce carbon emissions and combat climate change. Read More
Policy Pulse
This section includes global updates on climate change policy, governance and regulation.
Green energy auction secures 131 new UK projects in turnaround from last year’s setback.
The UK’s latest renewable energy auction has successfully awarded contracts for approximately 131 new green infrastructure projects, representing a substantial improvement over last year’s unsuccessful auction. The Department for Energy Security and Net Zero (DESNZ) reports that these projects, upon completion, will produce sufficient energy to power around 11 million homes. The government faces significant pressure to accelerate the expansion of renewable energy sources following its commitment to fully decarbonize the UK’s electricity grid by 2030.
Why it Matters: This development is crucial as it significantly advances the UK’s efforts to meet its 2030 target of a fully decarbonized electricity grid while demonstrating a recovery from previous auction failures. Read More
Today’s Climate Data Point
Data Insights on BYD’s Record Sales and Market Performance
Source: August 2024 Reports
BYD, a leading Chinese electric vehicle (EV) manufacturer, achieved record sales in August 2024, driven by a notable increase in hybrid vehicle sales. The company’s performance highlights its growing dominance in the electric vehicle market and underscores its strategic shift towards hybrid and battery electric vehicles (BEVs). Here’s a breakdown of the key data points:
Record Sales Figures:
- Total Sales: 370,854 passenger cars, marking a 30% increase year-on-year.
- Battery Electric Vehicles (BEVs): 148,470 units sold, a 1.95% increase year-on-year.
- Plug-in Hybrid Electric Vehicles (PHEVs): 222,384 units sold, a 73.12% increase year-on-year.
- PHEVs Proportion: Hybrid-powered vehicle sales accounted for nearly two-thirds of total sales in August, reflecting a 48% increase from the previous year.
Growth Metrics:
- New EV Sales Record: BYD sold 373,083 new EVs in August, surpassing the previous record of 342,383 units set in July. This represents a 35.97% increase year-on-year and an 8.97% increase from July.
- Hybrid Technology Launch: The introduction of BYD’s DM 5.0 hybrid technology in May 2024, which focuses on lower fuel consumption, contributed significantly to the sales surge.
Production and Strategic Shifts:
- Ceased Production of ICE Vehicles: BYD ended production of internal combustion engine (ICE) vehicles in March 2022, transitioning fully to PHEVs and BEVs.
- Energy Storage Batteries: Installed base of power and energy storage batteries reached approximately 18.846 GWh in August, marking a 35.31% increase year-on-year and a 14.09% increase from July.
International Sales Performance:
- Overseas Sales: BYD sold 31,451 vehicles overseas in August, up 25.69% year-on-year and 4.79% from July. The year-to-date total for international sales is 264,869 units, surpassing the previous year’s total of 242,765 units.
- Annual Projection: If the current monthly sales pace continues, BYD is on track to sell around 400,000 cars overseas by the end of 2024.
Market Dynamics and Competitive Landscape:
- China’s EV Market Slowdown: Despite BYD’s strong performance, the broader Chinese EV market experienced a slowdown. Notable declines were observed in other new energy vehicle startups, such as Li Auto and Aito.
- Other Competitors’ Performance:
- Nio: Delivered 20,176 cars in August, maintaining a consistent delivery rate above 20,000 for four consecutive months. Nio’s lower-priced brand Onvo is set to launch its L60 SUV.
- Xpeng: Reported 14,036 deliveries, marking its best performance of the year.
- Zeekr: Achieved 18,015 deliveries, down from 20,206 in June. The company plans to launch a new SUV priced below Tesla’s Model Y and aims for a global rollout by the end of the year.
Key Insights:
- Hybrid Vehicle Surge: The substantial growth in hybrid vehicle sales underlines the increasing consumer preference for more versatile and efficient vehicle options.
- Strategic Focus: BYD’s strategic shift towards hybrid and electric vehicles has solidified its position in the market, reflecting broader industry trends towards sustainable transportation solutions.
- Long-Term Outlook: Continued innovation in hybrid technology and expansion into international markets position BYD for sustained growth and a leading role in the global EV market.
Understanding BYD’s performance and strategic direction provides valuable insight into the evolving landscape of electric and hybrid vehicles, highlighting the company’s significant impact on the automotive industry. Read More
In Other News
This section covers notable news highlights in climate tech.
- Dutch direct air capture startup Carbyon secured €15.3 million in Series A funding, raising its total funding to over €25 million with contributions from Siemens Financial Services, Omnes Capital, and Global Cleantech Capital, alongside existing investors. Read More
- Global circular product solutions manufacturer ChopValue received a $4 million investment from InBC Investment, which aims to drive financial returns and positive impact through supporting innovative circular economy initiatives. Read More
- Oxylus Energy secured $4.5 million in Series Seed funding, co-led by Toyota Ventures and Azolla Ventures, to advance its innovative low-temperature, low-pressure carbon dioxide-to-methanol technology, which utilizes a unique Yale-developed catalyst and aims to accelerate technology development and pilot testing. Read More
Climate Insider Intelligence: Top-rated Green Hydrogen Companies in the World
Hydrogen, the universe’s most abundant element, has the potential to revolutionize our approach to clean energy. But how can we harness its power sustainably? Dive into Climate Insider’s latest article to discover the top-rated green hydrogen companies worldwide. From China’s colossal plants to groundbreaking projects in the Middle East and innovative strides in the US and Europe, explore how these leaders are turning renewable energy into a promising solution for our climate crisis. Don’t miss out on the future of green hydrogen—find out who’s driving the change and what it means for our planet’s green revolution. 🌱🔋Read the full article.
