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Today’s newsletter:
🔝Today’s Top Story: The European Bank for Reconstruction and Development (EBRD) is making a significant €100 million equity investment in Green Genius, a leading Lithuanian renewable energy developer.
📊 Today’s Data Point: Research conducted by the Climate Change Leadership Group at Uppsala University.
🌳 Climate Insider Intelligence: NYC Climate Week 2024 Charts Bold Path for Global Decarbonization.
EBRD Invests €100 Million in Green Genius to Drive European Renewable Energy Expansion
EBRD’s €100 Million Investment in Green Genius
The European Bank for Reconstruction and Development (EBRD) is making a significant €100 million equity investment in Green Genius, a leading Lithuanian renewable energy developer. This will make the EBRD a minority shareholder in the company, with the funds directed towards expanding Green Genius’ renewable energy projects across Europe. Grzegorz Zielinski, EBRD Head of Energy Europe, emphasized, “Promoting renewable energy is central to EBRD objectives, and enhancing energy security remains a key priority for the Baltic states.”
Driving Renewable Energy Expansion Across Europe
Green Genius, a subsidiary of Modus Group and led by CEO Ruslan Sklepovič, has rapidly grown its renewable energy portfolio, with projects across Lithuania, Italy, Poland, Romania, and Spain. The EBRD’s investment is its largest equity commitment in the Baltic states and marks the first external equity investment in Green Genius. Ruslan Sklepovič expressed his enthusiasm, stating, “This partnership reflects Green Genius’ long-term strategy to further build its development portfolio and transition into an independent power producer.”
Enhancing ESG and Promoting Gender Diversity
Beyond expanding renewable capacity, the EBRD will support Green Genius in improving its environmental, social, and governance (ESG) standards. Additionally, the partnership aims to foster gender diversity within Lithuania’s energy sector. Tomas Kairys, EBRD Head of the Baltic states, noted, “This project embodies the values that the EBRD prioritises, offering a strong governance framework and ambitious ESG standards that could serve as a role model for existing and future clients.” Read More
Market Movers
- The Climate Investment Funds will invest up to $1 billion to accelerate climate-friendly industrial technologies in developing countries, leveraging its ability to take on more risk and provide low-cost financing to attract additional investors. Read More
- Toyota is increasing its investment in Joby Aviation by $500 million, bringing its total to $894 million, to support the air taxi company’s certification and commercial production efforts, with funding in two phases by 2025. Read More
- Origin Energy has withdrawn from plans to build Australia’s largest green hydrogen plant, citing the high cost of production, a setback for the country’s green hydrogen ambitions, including the Hunter Valley Hydrogen Hub project. Read More
- The UK’s Net Zero Technology Centre awarded £500,000 to three electrolyser developers—Clyde Hydrogen Systems, Aqsorption Ltd, and Latent Drive—to accelerate cost-effective hydrogen technologies, enhancing safety, efficiency, and scalability while supporting Scotland’s green hydrogen supply chain and export market development. Read More
Tech Spotlight
Innovative Metal Hydride Systems for Hydrogen Storage
Source: Technoeconomic Insights into metal hydrides for stationary hydrogen storage.
This study presents a novel approach to hydrogen storage, focusing on metal hydride (MH) systems as a solution for backup power (0 to 20 MW) and long-duration energy storage (up to 100 hours). By comparing various MHs with compressed gas systems, the research highlights cost and performance benefits, especially in terms of land footprint and energy density. The findings show that MH-based systems have significant advantages, including higher safety features and more efficient coupling with fuel cells.
Commercial Viability
- Regulatory Challenges:
As hydrogen storage becomes more integrated into renewable energy systems, regulations on hydrogen safety and infrastructure will play a crucial role. Metal hydrides’ compact nature and their capacity to store large amounts of hydrogen at lower pressures may ease concerns around high-pressure storage solutions, potentially simplifying regulatory approval processes. However, their widespread adoption will depend on the ability to meet evolving safety standards for hydrogen systems. - Cost-Effectiveness:
The study highlights the competitive costs of MH systems, with TiFe0.85Mn0.05 achieving $0.453/kWh and complex MH 2Mg(NH2)2-2.1LiH-0.1KH at $0.383/kWh, rivaling the $0.397/kWh for 350-bar compressed gas systems. These cost metrics show MHs as viable alternatives for large-scale energy storage, especially for stationary applications with slower charging cycles.
Technical Viability
- Hydrogen Uptake and Release:
The metal hydride storage system excels in its ability to efficiently absorb and release hydrogen under favorable pressure and temperature conditions. The research used real-world experimental data to map out hydrogen storage dynamics, crucial for optimizing the operational performance of MH systems, especially in backup power scenarios. - Land and Equipment Requirements:
MH systems offer up to 65% reduction in land footprint compared to traditional 170-bar compressed gas systems, a significant advantage for regions with space constraints. This compactness makes MHs highly attractive for urban or industrial installations where real estate is at a premium.
Environmental Viability
- Sustainability Alignment:
MH systems’ potential for leveraging waste heat from fuel cells aligns with energy efficiency goals, reducing the overall energy required for hydrogen release. This makes them an appealing option for industries seeking to lower their carbon footprint. Additionally, their ability to cycle hydrogen storage at relatively mild conditions (compared to higher pressure systems) ensures a more sustainable and less energy-intensive process. - Climate Impact:
As hydrogen plays a crucial role in decarbonizing sectors like energy storage and transportation, MH-based systems offer a scalable solution to reduce reliance on fossil fuels. Their compact size and safety features make them a strong candidate for future large-scale energy storage deployments, advancing global efforts toward carbon neutrality.
Scaling Potential
- Investment Strategies:
Metal hydride systems show promise for investment in backup power and long-duration energy storage, especially in sectors requiring stable, long-term energy reserves. The low land footprint and decreasing levelized cost of storage (LCOS) with operational cycle optimization make them attractive for infrastructure investments targeting decarbonization. - Future Opportunities:
Increasing hydrogen uptake efficiency and reducing metal hydride production costs to $10/kg are key to unlocking broader commercial adoption. With advancements in material science and manufacturing, MH systems could soon become a mainstream option in the energy storage market, particularly for slow-charging, long-duration applications.
Long-Term Implications
- Transformative Impact on Energy Storage Technologies:
The development of cost-competitive and compact MH systems could revolutionize the hydrogen storage landscape. Their compatibility with fuel cells and ability to scale for both small and large energy storage needs positions them as a transformative technology in the clean energy sector. - Strategic Planning for the Future:
Metal hydrides offer a practical solution for grid stabilization and long-term energy reserves, making them a cornerstone in future energy strategies. As energy markets shift toward renewables, MH-based systems could play a pivotal role in providing reliable, cost-effective, and scalable energy storage solutions, especially in sectors facing high energy demand variability. Read More
Policy Pulse
This section includes global updates on climate change policy, governance and regulation.
UNDP and Kenya launch GreenTech Hub Accelerator to boost African energy startups.
The UNDP and Kenya’s MICDE have launched the timbuktoo GreenTech Hub Accelerator Programme at Konza Technopolis, offering African startups mentorship, investment, and global partnerships to scale groundbreaking renewable energy innovations, aiming to address Africa’s energy needs, reduce carbon emissions, and foster sustainable economic growth while mobilizing $1 billion to impact 100 million lives over the next decade.
Why it Matters: This accelerator is significant because it empowers African startups to drive sustainable energy solutions, addressing the continent’s urgent energy challenges while contributing to global climate goals and economic growth. Read More
Today’s Climate Data Point
Source: Research conducted by the Climate Change Leadership Group at Uppsala University.
Rationing of goods like meat and fuel can serve as an effective and equitable method to reduce high-impact consumption, with almost 40% of the public expressing support for such measures.
A recent study indicates that policies aimed at reducing consumption—particularly of meat and fuel—are essential for achieving climate targets. Public acceptance of these policies is significantly influenced by their perceived fairness, which, according to researchers, plays a crucial role in gaining widespread support.
Key Findings:
Public Support for Rationing:
- Nearly 40% of surveyed individuals are in favor of rationing for meat and fuel, comparable to the 39% support for taxes on the same products.
- Rationing measures are perceived as fair when implemented independently of income, potentially leading to higher acceptance.
Comparative Acceptability:
- The study revealed no significant difference in public acceptability between rationing and taxation of fossil fuels. In Germany, for instance, a higher proportion of individuals opposed fossil fuel taxes than those opposed to rationing.
Variations by Country:
- Acceptance of rationing varies by region, with higher support in India and South Africa compared to Germany and the United States, where resistance to meat rationing is notably strong.
- Concerns about climate change positively correlate with support for rationing, particularly among younger and more educated demographics.
Implications:
Fairness and Acceptance:
- The study underscores the importance of perceived fairness in policy acceptance. Policies that are viewed as equitable can garner broader support, essential for implementing effective climate measures.
Need for Further Research:
- Additional studies are necessary to explore public attitudes toward rationing and the design of these policy instruments. Current practices, like water rationing, indicate a willingness among individuals to limit consumption for climate goals, provided that such measures are applied universally.
Conclusion:
The findings from Uppsala University suggest that rationing could be a viable option for reducing high-impact consumption to meet climate objectives. As public acceptance appears favorable, especially when policies are perceived as fair, there is an opportunity to explore and implement these measures further in climate policy discussions. Read More
Climate Insider Intelligence: NYC Climate Week 2024 Charts Bold Path for Global Decarbonization
Image Credit: Climate Group
As the curtain closes on Climate Week NYC 2024 (Climate Group), a resounding message echoes through the halls of the United Nations and beyond: it’s time to step up.
This year’s event brought together an unprecedented coalition of global leaders, policymakers, businesses, and civil society members, all united by a common urgency to address the climate crisis.
Major themes included:
- Harnessing Technology Opportunities: From AI-driven energy optimization to breakthrough battery technologies.
- Moving Towards Bold Corporate Decarbonization: Business leaders acknowledged that small steps are no longer sufficient.
- Tackling Financial and Investment Gaps: Recognizing that current funding falls short of what’s needed.
- Increasing Private Capital Flows into Low-Carbon Investments: With public funds alone insufficient to meet the challenge, discussions centered on mobilizing private sector finance at an unprecedented scale.
- Scaling Natural Climate Solutions: Alongside technological fixes, nature-based approaches were highlighted as crucial.
