Insolvencies proliferate, carbon credits back in vogue and how much energy does it take to change an octopus?
In this issue:
Leading names going out of business
There has been a spate of high-profile liquidations/administrations over the week. As well as SolarZero in NZ, one of Germany’s leading players in hydrogen, HH2E, has filed for insolvency, leading US solar company SolarEdge has announced it is closing its energy storage division and Swedish company Northvolt – who we have featured several times in recent years – has gone into administration. While the clean energy revolution will continue, such stories reinforce the need for robust business models and financial structures even in growth markets.
Is China’s EV boom a tipping point for the oil industry?
Some are saying yes. The latest data from the Chinese Passenger Car Association confirms the unstoppable progress of EVs in the country. In the last four months more than half of new passenger car sales in China have been EVs, which carries major implications for global oil markets. China’s economic growth has driven boom times for the oil industry for several decades but predictions are now of declining demand of between 3% and 5% a year to 2030, of both petrol and diesel as the commercial vehicle fleet is also electrifying rapidly. Some are predicting oil demand for light vehicles will fall 70% by 2040.
Carbon credit projects attracting record investment
Following a couple of troubled years founded in concerns over integrity, confidence in carbon credit projects seems to be returning. New analysis from MSCI Carbon Markets indicates US$14.2 billion (NZ$24.1bn) has been invested or committed into carbon projects over the first three quarters of 2024, exceeding 2023’s 12-month total of US$14.1 billion (NZ$23.9bn). Nature restoration projects have sucked up just over half of the total with carbon engineering projects showing an impressive 80% increase. With Article 6 now signed, we can expect even more investment into projects next year.
Australia on target for 2030
Australia released its latest climate change statement and emissions projections this week and it is within a fraction of hitting its 2030 target. The target was set at a 43% reduction from a 2005 baseline by 2030. The projections released this week suggest a reduction of 42.6% is on the cards.
Ozzie capital to get big battery
Canberra is to get a 250MW battery storage system to help support its switch to renewables and its net zero by 2045 goal. The big battery will be sited in Williamsdale and will be capable of storing enough renewable energy to power one-third of the city for two hours during peak demand. It is the core element of a strategy which will also see behind-the-meter batteries at nine government sites.
Mix things up to maximise forest sequestration
Want forests to soak up the most carbon? Then plant a variety of trees. That’s the conclusion of a study from an international team of scientists that looked at size and growth rates of different tree species. The researchers mapped life history traits of tree species across the Americas finding diverse forests of fast-growing, short-lived and slow-growing, long-lived species, tend to sequester more carbon.
A credible lithium alternative
We see many battery technology stories every week but thought this one worth a wider mention as it is now commercially available. MIT spin-off, Alsym, is offering a metal-oxide battery that almost matches the energy density of a lithium battery but is significantly cheaper, is non-toxic and eliminates the fire risk. A 20-foot container of the batteries can provide 1.7 megawatt hours of electricity. They can fast-charge over four hours and can be configured to discharge over anywhere from two to 110 hours.
Did you know .........
An octopus doubles its energy use when changing colour.