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Today’s newsletter:
🔝Today’s Top Story: The U.S. Department of Energy (DOE) is embarking on its biggest investment in marine energy to date, allocating up to $112.5 million over five years to promote wave energy technology.
📊 Today’s Data Point: BloombergNEF Report – $623 Billion Investment in Renewable Energy in 2023.
🌳 Climate Insider Intelligence: Global Clean Hydrogen Projects Advance According to 2024 Insights Report.
U.S. DOE Unleashes Historic $112.5M Investment to Propel Wave Energy Revolution: Powering Grids, Coasts, and Oceans
Image Credit: PacWave
Historic Investment in Marine Energy
The U.S. Department of Energy (DOE) is making its largest-ever investment in marine energy, committing up to $112.5 million over five years to advance wave energy technology. This funding will accelerate the design, fabrication, and testing of wave energy converters (WECs), which harness the power of ocean waves. If successful, this technology could contribute significantly to U.S. energy needs, helping to power both electric grids and various at-sea activities.
Applications for Wave Energy Converters
This DOE initiative, administered by the Water Power Technologies Office (WPTO), aims to develop WECs for a range of applications. These include providing power for at-sea operations like ocean observation and aquaculture, meeting coastal community needs for electricity and clean water, and supplying utility-scale power through grid-connected facilities like PacWave South, which is expected to be operational next year.
Boosting Innovation and Reducing Risks
The investment is intended to mature high-potential WEC technologies, reduce financial risks for developers, and attract investors. It will help scale technologies from smaller prototypes toward utility-scale applications while increasing knowledge around installation, operations, and maintenance. The full funding opportunity is available through the DOE, with concept papers due by October 25, 2024. Read More
Market Movers
- American Resources Corporation (AREC), along with ReElement Technologies and American Metals, has signed a milestone MOU with India’s LOHUM Cleantech to create the first fully integrated U.S. facility for battery recycling and critical mineral production, aimed at supporting the domestic EV market with over 315,000 vehicles annually, while generating 250 green jobs with a $30 million investment. Read More
- Marvel Fusion has raised €62.8 million in a Series B funding round led by HV Capital, enabling the company to advance its fusion energy technology through ongoing experiments and fuel target production, with plans to demonstrate full proof of concept at a Colorado facility by 2027, and has been selected for the European Innovation Council’s Accelerator program, receiving €2.5 million in grants and up to €15 million in equity investment. Read More
- Amazon has joined a $180 million carbon credits deal through the LEAF Coalition to preserve the Brazilian Amazon rainforest, marking LEAF’s first agreement in the region and reinforcing global efforts to protect this critical carbon sink, as announced during New York Climate Week. Read More
Tech Spotlight
Efficient Metal Recovery from E-Waste Using Flash Joule Heating (FJH)
Source: Rice University, published in Nature Chemical Engineering
A research team led by James Tour at Rice University has pioneered a novel recycling method that optimizes the recovery of valuable metals from electronic waste (e-waste). This method addresses major environmental concerns by significantly reducing operational costs and the carbon footprint associated with traditional metal recycling processes.
Commercial Viability
Performance Metrics:
- This innovative process enhances the recovery of critical metals such as gallium, indium, and tantalum, achieving over 95% metal purity and a yield exceeding 85%.
- Utilizing Flash Joule Heating (FJH) combined with chlorination and carbochlorination, the method surpasses the efficiency of traditional recycling methods like hydrometallurgy and pyrometallurgy, which are more energy-intensive and environmentally harmful.
Cost-Effectiveness:
- By eliminating the need for water, acids, and other solvents, this method offers significant reductions in operational costs.
- Additionally, it positions itself as an economically viable alternative for industries, incentivizing them to adopt greener recycling technologies while avoiding the harmful by-products generated by conventional methods.
Technical Viability
Innovative Goals:
- The Flash Joule Heating (FJH) process is designed to rapidly heat materials to high temperatures, enabling efficient separation of metals without causing environmental damage.
- By applying precise temperature control during the process, the method minimizes energy consumption and improves recovery rates for metals such as lithium and rare Earth elements, expanding its application to a wide range of electronic waste materials.
Data Integration:
- The flexibility of FJH technology allows researchers to adapt the process for recovering other critical metals from different types of waste streams. This capability enables better scalability and application across various sectors, including the renewable energy industry, which increasingly relies on rare metals for solar panels and batteries.
Environmental Viability
Sustainable Metal Recovery:
- By reducing the reliance on traditional mining, this method addresses key environmental challenges such as deforestation, water pollution, and greenhouse gas emissions.
- The process aligns with global sustainability objectives by providing a cleaner alternative to extract critical metals, further supporting the circular economy model.
Climate Alignment:
- This technology directly contributes to mitigating environmental harm by reducing the overall energy demand and the emissions associated with metal extraction processes, making it a valuable tool in the fight against climate change.
Scaling Potential
Commercialization Pathways:
- The high recovery rates and adaptability of this method open the door for broader industrial adoption. Companies can leverage this technology to create more sustainable practices while addressing the growing demand for critical metals in the electronics and renewable energy sectors.
Investment and Growth:
- As the demand for sustainable recycling solutions grows, this breakthrough has the potential to attract significant investments, especially from industries facing raw material shortages and environmental pressure.
- The scalability of the FJH process for recovering metals from e-waste represents a critical step forward in reducing global waste and supporting green industry initiatives.
Long-Term Implications
Transformative Impact on Metal Recycling:
- This new recycling method could redefine how industries recover valuable metals, offering both environmental and economic benefits.
- By addressing the challenges of metal scarcity and negative environmental impacts, the FJH process positions itself as a crucial advancement in the sustainable management of electronic waste.
Future Prospects:
- Continued research and development in this field will likely expand the application of the FJH process to other waste streams, further contributing to global recycling efforts and reducing dependence on environmentally damaging mining practices. Read More
Policy Pulse
This section includes global updates on climate change policy, governance and regulation.
BBVA forms a strategic partnership with KKR, investing $200 million in its global climate strategy.
BBVA and KKR have formed a $200M strategic partnership aimed at accelerating large-scale investments in low-carbon solutions to support global decarbonization, announced during Climate Week in New York.
Why it Matters: This partnership signals a significant financial commitment to scaling decarbonization efforts, underscoring the growing role of private investment in driving the global transition to a low-carbon economy. Read More
Japan is positioning itself as a key demand center for low-carbon hydrogen.
Japan is emerging as a pivotal demand hub for low-carbon hydrogen, using a pragmatic, color-agnostic approach backed by a $20 billion contract-for-difference subsidy, aiming to close the cost gap with fossil fuels and catalyze global hydrogen projects, though the scale of its program may need further government funding to meet the growing demand.
Why it Matters: Japan’s commitment to low-carbon hydrogen, supported by substantial subsidies, is crucial for accelerating the global hydrogen economy and reducing reliance on fossil fuels, potentially setting a precedent for other nations. Read More
Today’s Climate Data Point
BloombergNEF Report: $623 Billion Investment in Renewable Energy in 2023
Source: BloombergNEF (2024)
A recent report from BloombergNEF (BNEF) reveals that despite a record investment of $623 billion in renewable energy in 2023, this figure needs to increase to an average of $1 trillion per year through the rest of the decade to achieve the goal of tripling renewable energy capacity set during COP28.
Key Findings:
Investment Overview:
- The report indicates that renewable energy investment has maintained a steady pace over the past 10 months, driven primarily by rapidly declining costs in solar and battery technologies, along with the continued affordability of wind energy.
- BNEF projects that renewable energy capacity is expected to reach approximately 10.3 terawatts (TW) by 2030, a significant increase from 4.1 TW at the end of 2023.
Progress and Challenges:
- Current figures fall 13% short of the requirements for a net-zero pathway; however, BNEF asserts that the goal remains attainable.
- Michael R. Bloomberg emphasizes the need for collaborative efforts across public, private, civil society, and nonprofit sectors to overcome barriers to investment and expedite the transition to net-zero emissions.
Future Investment Needs:
- To ensure a net-zero pathway, BNEF estimates that investments must escalate to $1 trillion per year (in 2023 dollars) from 2024 to 2030. This includes an additional $193 billion per year for storage solutions and $607 billion for grid improvements.
Current Investment Trends:
- In the first half of 2024, $312 billion was invested in renewable energy, with $221 billion directed towards solar projects and $91 billion for wind energy.
- Solar energy has become increasingly cost-effective and is expected to contribute significantly to the renewable energy target, although its lower capacity factor presents challenges, particularly in seasonal climates.
Implications:
- Need for Broader Investment: The report underscores the urgency for enhanced investment in diverse renewable technologies, alongside necessary funding for batteries and grid enhancements to meet future energy demands.
- Call for Action: Governments are urged to eliminate barriers to renewable energy expansion and to facilitate financing for clean energy projects, particularly in developing nations. A robust build-out of power grids is deemed crucial for supporting these efforts.
Conclusion:
The BNEF report serves as a critical reminder that while progress in renewable energy investment is evident, significant increases in funding and collaborative action are essential to achieve ambitious renewable energy goals and secure a sustainable future. Read More
Climate Insider Intelligence: Global Clean Hydrogen Projects Advance According to 2024 Insights Report
Image Credit: Hydrogen Insights 2024The hydrogen economy is not just a dream—it’s becoming a reality. The Hydrogen Insights 2024 report reveals a staggering surge in clean hydrogen projects, ballooning from 228 in 2020 to an impressive 1,572 by May 2024. “Hydrogen is happening,” asserts Ivana Jemelkova, CEO of the Hydrogen Council. Yet, while the project pipeline grows, the call for swift action is clear. Jaehoon Chang, President of Hyundai Motor Company, emphasizes, “We are pleased to see the industry walking the talk at this critical transitional moment.” Additionally, Sanjiv Lamba, CEO of Linde, stresses the need for collaboration, stating, “Realizing hydrogen’s full climate and socio-economic potential requires a united effort from governments and industry.” This article dives into the report’s findings, highlighting investment trends and the challenges the sector must tackle to achieve a hydrogen-powered future. Can collaborative efforts and supportive regulations unlock hydrogen’s full potential in our fight against climate change? The answer lies within. Read More
