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📌 Fact of the week
Of the over 50 components necessary to reach Net Zero by 2050 tracked by the IEA, only 3 are evaluated as fully “On track”: solar PV, electric vehicles and lighting! Major progresses are required, especially on heat pumps! ⌛️
Hottest news of the week…
Regulation 🗃 – UAE stepping up its climate commitments!
What happened: Last week we talked about how Spain has raised its emissions reduction target for 2030. This week another important country follows: the United Arab Emirates (UAE). The UAE plans to achieve a 40% reduction in emissions by 2030, compared to previous plans for a 31% reduction. The country is already committed to reach net zero emissions by 2050. To support these efforts, the UAE intends to invest up to $54 billion in renewable energy over the next 7 years, aiming to triple the proportion of clean energy in its overall energy mix during that period.🕒
Zoom out: This recent announcement is of a particular significance as the UAE will host the upcoming COP28 climate summit. Despite facing criticism for hosting the event while continuing to heavily rely on oil for its economy, the UAE's new plan emphasizes its dedication to taking more ambitious climate actions. 🙏🏻
Business 💰 – Battling it out for Thailand ⚔️
What happened: Several Chinese automakers are in discussions with Thailand’s Siam Motors for establishing potential partnerships to break into Thailand’s growing EV market. EV penetration in Thailand is still low yet growing, as the proportion of EVs sold in relation to all new cars registered was 6% this year between January and April, vs. 1% for the full year 2022. BYD, Chinese player, is the market leader in Thailand’s EV landscape. China’s move will cause some itch to Japan, which, through Nissan, has historically been Thailand’s “occupier” in the automotive industry. 🚙
Zoom out: China has been an aggressive exporting country in several industries, establishing its presence and de facto “owning” other countries’ industries. Hence we should not be surprised by this move, as it is exactly this type of behavior which led the US to start its “reshoring” program whereby it tries to remove any foreign interference in what are deemed as strategic industries. ⛔️
Innovation 💡 - Bosch doubling down on H2 fuel-cells.
What happened: Bosch, the German auto supplier and battery manufacturer, will double down investments on hydrogen fuel cells for large trucks, thanks to the development of new technologies. Hydrogen fuel cells are engines which mix hydrogen with oxygen to produce water and energy to power a battery which ultimately moves the vehicle. By 2026, the supplier wants to invest almost €2.5 bn in developing and producing its H2 technologies. Bosch’s first partner will be Nikola, which saw its share price increase by ~60% post announcement! 📈
Zoom out: Some supporters of 100% battery powered EVs might argue this news is the opposite of innovation. In fact, the fight between pure EV supporters and hydrogen enthusiasts is as vivid as ever. Fuel cells vehicles are definitely better for speed of charge and distance range, however the energy efficiency is much worse than in pure EVs, as more energy is lost in the process of powering the battery. While for passenger vehicles pure EVs are the clear winners, it is difficult to understand who will win in trucks… However, when officials of one of the largest battery manufacturer in the world say “Only with hydrogen can there be a climate-neutral world” we might want to listen…🧐
Deep dives of the week…
Chart of the week - Green Buildings
The European Commissions is tightening measures on buildings…
Buildings, whether residential or non-residential, belong to an “energy class” based on how much CO2 they emit. Classes range from A to F, A being the most energy efficient, F the least. New rules by the European Commission imply that owners of buildings with poor energy performance will not be able to rent/sell/lease them in the future, hence forcing them to upgrade them. Judging from the chart below, many countries have a lot of work to do… Find out more here.
Source: Researchgate
Company of the week - Carbon cure: speeding up carbon removal!
Our company of the week is CarbonCure, a start-up developing carbon removal technologies that incorporate recycled CO₂ into newly mixed concrete.
The technology's strength lies in its ability to rapidly convert injected CO₂ into calcium carbonate, the primary ingredient found in limestone. This process ensures that the mineralized CO₂ remains in solid state even if the structure is demolished, preventing any leakage or release back into the atmosphere. Their technology is a win-win: CO₂ is effectively sequestered, and concrete usage is reduced. Typically, their method reduces concrete's carbon impact on a project by 4% to 6%, resulting in substantial CO₂ savings due to the large volumes of concrete used.
CarbonCure will continue rocking thanks to $80 million raised in a recent funding round led by global investment firm Blue Earth Capital and participated by the climate funds of Microsoft and Amazon! 😎
Deal of the week - Money flowing into renewable power
Denmark’s Copenhagen infrastructure Partners (CIP) raised €5.6 billion for its latest fund and expects to meet its €12bn total target. CIP is known to invest in renewable energy projects only, and plans to allocate the fund’s future capital into onshore wind (1/3), offshore wind (1/3) and solar (1/3). The target is to build c.20 GW of new clean energy. ✅
👋 See you next Friday, for the best sum up of this coming week!
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