Greenify #101: Satellite Methane Tracking & Battery Technology
March 9, 2024
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📌 Fact of the week
Italy is very close to its goal of removing coal-fired power plants from the sources of power generation, according to its Energy Ministry.🤞
Hottest news of the week…
Regulation 🗃 – Out of the Charter Treaty
What happened: European Union countries have agreed to jointly quit an old energy treaty, initially signed in 1998. The Energy Charter Treaty allows energy companies to sue their respective government over policies that could damage their investments/interests. Given Europe’s energy companies still have oil and gas as their core business in most cases, this treaty is considered to pose a threat with respect to the continent’s ambitions.⚡️
Zoom out: The initial push to get out of the treaty was pushed forward in July by some of Europe’s major economies including Germany and France. Considering the European Union’s ambitions to be climate neutral by 2050, this treaty, initially signed to defend European energy companies from their overseas competitors, looks sensible. The European Union has reassured the countries involved that these so called protectionist measures will still be maintained, with European energy companies’ interests still being prioritized vs foreign competitors despite the treaty’s exit.🟩
Business 💰 – Tracking methane from the sky
What happened: The Environmental Defense Fund (EDF), in partnership with Google, launched MethaneSAT on a SpaceX rocket to measure global methane emissions with unprecedented detail and accuracy. MethaneSAT will enhance the detection and measurement of methane leaks globally, making data publicly available for accountability and action. This initiative enables better leak targeting by companies and more informed investment decisions. This launch marks the beginning of a series of satellites aimed at improving methane emission tracking and supports global efforts, especially in developing countries. 💪
Zoom out: Methane, a potent greenhouse gas, is responsible for a significant portion of atmospheric warming and is mainly released from oil and gas operations. Recent commitments from governments and oil companies aim to reduce methane emissions, with new regulations in the US and EU. The availability of accurate and comprehensive data empowers the public, investors, regulators, and lawmakers to take effective action against climate change across various fronts. 📈
Innovation 💡 - Battery recycling in the UK
What happened: Altilium and Nissan have launched a £30 million project focused on recycling electric vehicle (EV) batteries in the UK to enhance their sustainability. The project will establish a sustainable cycle for battery materials, recycling materials from used Nissan Leaf batteries and other scraps. Funding will also help Altilium expand its recycling operations, including building the first large-scale recycling plant in Teesside, UK. 👏
(Read Greenify #99 for more info on Altilium) 🤓
Zoom out: Advancements in battery recycling rate are crucial to solve the biggest issue related to batteries: the availability of raw materials. This partnership aims to reduce new batteries' carbon emissions and decrease the UK's dependence on imported battery materials. The overall goal is to secure a domestic, eco-friendly source of materials for the UK's low carbon transport future. 🔝
Deep dives of the week…
Chart of the week - Methane’s contribution
In our Business news we focus on advancements in tracking methane’s presence in the atmosphere. We take a brief look at methane’s contributions to total greenhouse gas emissions in Europe. In 2020, according to the European Environment Agency, methane emissions accounted for about 11% of total GHG emissions. Most methane emissions (6%) come from the agricultural sector, followed by waste management and energy supply.♻️
Source: European Environment Agency
Deal of the week - Great electrolysers = giant funding
Sunfire, a German electrolyser manufacturer, raised €215 million in Series E equity financing, which combined with additional loans and grants bring the total funding round to €500 million! Electrolysers allow electrolysis, the process by which green hydrogen is created from water. In particular, Sunfire specializes in pressurized alkaline and high-temperature solid oxide electrolysis technologies.🤔
This funding positions Sunfire as one of the most well-capitalized firms in its sector and supports its plans to install several gigawatts of electrolysis capacity by 2030 for large-scale green hydrogen projects.🔝
👋 See you next Friday, for the best sum up of this coming week!
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