Greenify #21 - EU... gas saving mode ON!
July 22, 2022
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📌 Fact of the week
Kylie Jenner got massively criticized (rightly so), after using her private jet for 12 minutes flights, as opposed to opting for a more sustainable 40 minute drive🤯
Hottest news of the week…
Regulation 🗃 - Save gas for a safe winter!
What happened: On Wednesday the European Union asked its member countries to cut gas usage by 15% vs. average consumption in the previous 5 years. This move would prepare EU countries for a further reduction/complete removal of Russian supplies. At the moment it’s just a proposal, but it could become mandatory if “a substantial risk” or “significant deterioration” in gas supply occurs! However, experts remain sceptical on the passing of the proposal, with complaints being already raised by various countries, particularly Spain and Portugal. ✍️
Zoom out: EU member states are worried about the upcoming winter and target gas reservoirs at 80% of capacity… as of today, they sit at 5%. Why is it so hard? Russia has cut supplies, with Nord Stream 1 pipeline operating at limited capacity. Russia blames “missing equipment” and recurring maintenance work, while European politicians accuse Russia of using excuses to justify a voluntary cut down… That is why EU officials believe a full supply disruption is possible, if not likely! 😬
Business 💰 - Brazil, show us how it’s done
What happened: Brazilian planemaker Embraer signed a letter of intent with Brazilian energy company Raizen to further develop sustainable aviation fuel (SAF) technology. Embraer hopes that by 2030 this partnership will help it use SAF blends in 100% of it’s fuel usage in Brazil. 👍
Zoom out: According to Shell, SAF has powered over 250,000 flights around the world; room for growth remains massive however, as SAF accounts for only 0.1% of the global aviation fuel market. SAF, which can be made from renewable sources such as wood biomass or industrial waste, is particularly attractive for Brazil… why? Brazil is the largest sugarcane ethanol producer in the world, and guess what? Ethanol can be used for SAF! For more SAF deals, check out Greenify #13.
Innovation 💡 - CO2, jump on board!
What happened: A research paper published on “Joule” proved the usefulness of carbon capture plants installed on train coaches. These coaches would absorb CO2 through a turbine to then liquify it and store it until a sequestration site is reached. The advantage over standard Carbon Capture & Storage (CCS) plants is in the infra, as these assets need less space and energy, resulting in a cheaper solution. In fact, these plants could use trains’ movements and the energy released by it to power the process without the need for external energy sources! ♻️
Zoom out: CCS is at the centre of the climate debate as it keeps receiving large funding, including a $12B bill from Biden’s administration. It still remains a subject of concern due to 1) its limited potential and 2) its high costs. How could this new technology solve these concerns? Regarding potential, researchers found that a carbon capture coach could absorb 3,000 tons in the short term, while the overall technology has the potential to capture 2.9 gigatons by 2050 (5.2 gigaton were emitted in the US in 2020). On costs, Climeworks, the largest player in “standard” CCS, aims to achieve $100 per ton removed…according to researchers, this technology could scale down to $50 per ton! 📉💪
Deep dives of the week…
Graph of the week - Which region will emit the most? 🌍
The IEA estimated future CO2 emission by region under the policies agreed so far, and the results are not surprising… The largest single polluter will be China, accounting for almost 1/4 of future emissions. Overall, most of the emissions will come from Asian and OECD countries (37 economically advanced countries), with Africa still accounting for only c.5% despite its booming population!
Source: IEA
Company of the week - AW Energy, rolling waves
Increasing renewable energy usage is critical to deliver the 2050 net zero ambitions. With time, companies are increasingly leveraging the planet’s natural resources to do so. AW Energy is one of them, using the ocean’s energy to provide electricity. The Finnish company manufactured “WaveRoller”, a device which converts ocean wave energy into electricity. WaveRoller (see picture below), operates in near shore areas at depths between 8-20 meters. One single panel is able to absorb 1.5-2 MW of power from the wave surge. The first commercial WaveRoller was deployed in Portugal’s sea... many more to come!
Source: AW Energy
Tweet of the week - Musk vs. S&P, again!
As we had mentioned in Greenify #12, Tesla had been removed from the S&P 500 ESG index, after being examined under a “wider ESG lens”. Understandably, Elon was not so happy with that decision, calling ESG “a scam (…) weaponized by phony social justice warriors.” This week, he reiterated his point of view, as ExxonMobil keeps being listed in the index.
