• Aramco is actively developing emissions reduction solutions, including lower-carbon hydrogen, Direct Air Capture (DAC) of carbon dioxide, novel CO2 sequestration, and geothermal energy.

  • These projects align with Aramco's goal to a

    chieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned and operated assets by 2050, in line with Saudi Arabia's 2060 net-zero ambition.

  • The projects were announced during MENA Climate Week 2023.

  • Aramco is finalizing an engineering agreement with Topsoe to construct a lower-carbon hydrogen demonstration plant in Saudi Arabia, expected to produce six tons of hydrogen per day using renewable electricity and steam reforming of hydrocarbons.

  • Collaboration with Siemens Energy aims to develop a DAC test unit in Dhahran, Saudi Arabia, capable of capturing up to 12 tons of CO2 per year, with plans for a larger pilot plant capturing 1,250 tons per year.

  • Successful pilot of novel CO2 sequestration through in situ mineralization in Jazan, Saudi Arabia, permanently converting CO2 into carbonate rocks.

  • Exploration of geothermal energy involves identifying potential sites on the west coast of Saudi Arabia, assessing geothermal resources using subsurface technologies.

  • SK Capital Partners acquires Milestone Environmental Services from Amberjack Capital Partners.

  • Gabriel Rio, CEO of Milestone, remains in his role and retains significant ownership.

  • Milestone is a leading environmental services and carbon management company headquartered in Houston, Texas.

  • Milestone operates an integrated waste management network focused on carbon sequestration and has sequestered over 2 million tons of CO2e since 2014.

  • The company is expanding its presence in the Carbon Capture and Sequestration (CCS) market.

  • Milestone's CCS subsidiary, Milestone Carbon, is developing and operating injection sites for industrial CO2 emitters to achieve decarbonization goals.

  • SK Capital aims to support Milestone's growth and sustainability initiatives in response to tightening environmental regulations.

  • LyondellBasell signed a 10-year Power Purchase Agreement (PPA) with Lightsource bp for 149 MW of renewable electricity from a solar project in Spain.

  • Lightsource bp will provide approximately 284,000 MWh of solar power annually to LyondellBasell, equivalent to the electricity needs of about 78,000 European homes, starting in 2026.

  • This PPA will help LyondellBasell achieve 78% of its total renewable electricity goal and reduce greenhouse gas emissions.

  • LyondellBasell aims to source at least 50% of its electricity from renewables by 2030, based on 2020 levels.

  • Lightsource bp's solar project in Spain prioritizes environmental care and biodiversity through ecosystem integration and protection measures.

  • The agreement marks Lightsource bp's first cross-border corporate PPA in Spain, with plans to develop over 1 GW of solar projects.

  • Lightsource bp is progressing more than 10 GW of utility-scale solar projects in Europe, offering emissions reduction opportunities for corporations and utilities.

  • Canadian firm Brookfield is acquiring the renewable energy division of UK-based Banks Group.

  • The deal is reportedly valued at approximately $1 billion.

  • Banks Renewables, the unit being acquired, currently operates 11 onshore wind farms in Scotland and northern England, with additional solar and wind projects in development.

  • The UK and European wind industry has faced challenges such as supply chain disruptions, rising project costs, and inflation.

  • In 2015, a ban on new onshore wind farms in Britain restricted planning permissions, but recent government measures aim to streamline planning rules.

  • In September, Brookfield and French lender Societe Generale announced a private debt fund with an initial seed funding of 2.5 billion euros for various sectors, including power and transportation.

  • BlackRock is launching a Climate Transition-Oriented Private Debt Fund, tapping into the fast-growing ESG investment strategy in the US.

  • The fund will be part of BlackRock's investment platform valued at over $100 billion and managed by a team of private debt investors and sustainability experts.

  • It focuses on the transition to a low-carbon economy, aligning with the growing interest in climate transition ESG strategies.

  • Climate transition ESG funds in the US have risen by 304% in the 18 months through June, according to Morningstar.

  • Despite political challenges, more ESG funds are being launched than closed, with a global trend of 253 new ESG funds compared to 90 closures.

  • BlackRock CEO Larry Fink has advocated for incorporating private markets into the climate discussion.

  • The new fund responds to client demand for transition-oriented solutions and will invest in mid-sized firms with carbon reduction goals or climate solutions.

  • It uses BlackRock's proprietary Climate Transition Rating Framework to select companies at various stages of transitioning to net-zero emissions.

  • Europe leads in climate funds with an 84% market share, followed by China at 8% and the US at 6%, according to Morningstar data.

  • Mirova, a sustainable finance affiliate of Natixis Investment Managers, launches its sixth energy transition infrastructure strategy.

  • The strategy aims to raise up to €2 billion and focuses on decarbonization efforts, primarily in Europe.

  • It supports resilient infrastructure financing essential for decarbonizing energy production and consumption.

  • The strategy builds on Mirova's previous successful energy transition strategies and offers flexible investment approaches, including majority or minority stakes, equity financing, or subordinated debt.

  • It will finance proven technologies like wind power, photovoltaics, hydropower, storage, and energy efficiency, as well as low-carbon electric mobility and hydrogen development.

  • The investment team will identify project promoters and provide financial resources throughout project lifecycles.

  • While Europe remains the core deployment target, investments may extend to other OECD member countries, particularly in Asia.

  • Mirova's Energy Transition Infrastructure team has grown to 29 members and has substantial experience in renewable energy investments.

  • Mirova aims to contribute to the fight against global warming and meet the Paris Agreement's emission reduction targets.

  • Mirova is committed to financing a more sustainable economy and strengthening its position as a market leader in energy transition investments.

Source: WSJ

  • The global cruise industry is taking steps to adopt greener technologies in preparation for upcoming climate regulations.

  • Cruise operators are investing in alternative fuels, efficient hull designs, and shore power connections to reduce emissions.

  • Carnival has equipped over half of its fleet to plug into local power grids when docked.

  • Royal Caribbean and Norwegian Cruise Line Holdings are ordering ships capable of running on methanol.

  • MSC Cruises uses a digital platform to optimize ship efficiency.

  • The industry faces challenges due to the high costs of eco-friendly ships and limited availability of renewable fuels.

  • Despite these challenges, the number of cruise passengers is expected to increase significantly.

  • Environmentalists are pushing for quicker action from the industry due to its contribution to greenhouse gas emissions.

  • New environmental rules will require shipping companies to pay for emissions, increase the use of lower-emission fuels, and provide onshore electricity connections at ports.

  • Cruise companies are making green investments despite pandemic-related debt.

  • LNG and green methanol are among the alternative fuels being considered, but concerns about methane emissions exist.

  • Viking Cruise Line is exploring the use of renewable hydrogen as a future fuel source.

  • Targa Resources Corp. has released its Sustainability Report for 2022.

  • Highlights from the report include a 42% reduction in absolute methane emissions, a 21% reduction in flaring intensity in the Permian Basin, and decreased Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions intensity.

  • Targa exported approximately 4.8 billion gallons of liquefied petroleum gas (LPG) globally to displace higher GHG-emitting fuels.

  • Safety improvements were demonstrated with a 26% decrease in Total Recordable Incident Rate and a 30% decrease in Preventable Motor Vehicle Accident Rate.

  • Targa received recognition from GPA Midstream for exceptional safety records at five of its sites.

  • Future efforts for 2023 include increased methane aerial surveys, particularly in the Permian basin, and more frequent camera monitoring at compressor stations and gas plants.

  • The report follows Global Reporting Initiative (GRI) Standards, Sustainability Accounting Standards Board (SASB) Oil & Gas - Midstream Standard, and TCFD guidelines.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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