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April 18, 2023

🌱 G7 goes green

Sunya

Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.

Here’s what we have for you today:

  • Summary from the G7 energy and climate meeting

  • Devon invests $10 million in Fervo Energy

  • Acelen to invest $2.44 billion in Brazil’s renewable diesel business

  • Chevron and Angelicoussis Group team up on Ammonia Carrier Joint Study Agreement

  • Chart and Wolf Carbon expand MOU on CCUS projects

  • Biden Administration greenlights Alaska LNG project

  • Apple invests another $200 million to carbon removal fund

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ENERGY TRANSITION

Summary from the G7 energy and climate meeting

  • Expanding renewable energy: The G7 aims to collectively increase offshore wind capacity by 150 GW and solar (photovoltaic) capacity to more than 1 TW by 2030.

  • Phasing out coal: The G7 reaffirms its commitment to achieving a fully or predominantly decarbonized power sector by 2035, and calls on other countries to end new unabated coal-fired power generation projects globally as soon as possible.

  • Low-carbon and renewable hydrogen: The G7 recognizes the importance of low-carbon and renewable hydrogen, as well as its derivatives like ammonia, in advancing decarbonization across sectors and industries. Some countries are exploring the use of these technologies in the power sector to work towards zero-emission thermal power generation.

  • Critical minerals: pledges to develop new mines and supply chains for these minerals in a responsible manner. Currently, $13 billion fiscal support is prepared across the G7 countries for domestic and foreign projects.

  • Phasing out fossil fuels: The G7 aims to accelerate the phase-out of unabated fossil fuels to achieve net zero in energy systems by 2050 at the latest.

  • Nuclear energy: commits to supporting the development and construction of nuclear reactors, such as small modular and other advanced reactors with advanced safety systems.

  • Plastic pollution: The G7 is committed to ending plastic pollution, with the ambition to reduce additional plastic pollution to zero by 2040.

  • Decarbonizing transportation: The G7 reaffirms its commitment to a highly decarbonized road sector by 2030, with a goal of achieving net-zero emissions in the road sector by 2050. Goals include achieving 100% sales of light duty vehicles (LDVs) as zero-emission vehicles (ZEV) by 2035 and beyond. The G7 notes the opportunity to collectively reduce 50%+ CO2 emissions from G7 vehicle stock by 2035 (vs 2000) as a halfway point to achieving net zero.

 
GEOTHERMAL

Devon invests $10 million in Fervo Energy

  • Fervo Energy receives $10 million investment from Devon Energy

  • Partnership between two technical leaders aims to combine Devon’s 50-plus years of innovation in oil and gas with Fervo’s advanced geothermal capabilities

  • Fervo is the first geothermal company to drill and complete a horizontal well pair for commercial geothermal production

  • Fervo’s approach uses horizontal drilling, multi-stage well completion, and distributed fiber optic sensing to make geothermal power accessible in more places and increase its potential as a widespread energy source

  • Investment aligns with Devon’s new energy ventures strategy

 
LOW-CARBON FUELS

Acelen to invest $2.44 billion in Brazil’s renewable diesel business

  • Mubadala Capital-backed Acelen plans to invest $2.44 billion over the next ten years to produce “green” diesel and jet fuel in Brazil starting from 2026.

  • The new biorefinery will produce 1 billion liters per year of hydrotreated vegetable oil (HVO) using vegetable oils and animal fat instead of fossil fuels.

  • The biorefinery will be built in Acelen’s Mataripe plant, which was acquired from Petrobras in 2021 and already has existing infrastructure, including tankage and logistics, and a port terminal for fuel exports.

  • Initially, soyoil will be the plant’s main raw material, making Acelen potentially Brazil’s largest individual buyer of that commodity.

  • The renewable fuel production will be exported as there is no regulation in Brazil that allows domestic sales yet.

  • Acelen has signed a memorandum of understanding with the government of Bahia state on this project.

 
LOW-CARBON FUELS

Chevron and Angelicoussis Group team up on Ammonia Carrier Joint Study Agreement

  • Chevron Shipping Company and Angelicoussis Group have signed a Joint Study Agreement (JSA) to explore the transportation of ammonia as a potential low-carbon marine fuel.

  • The study will assess the ammonia transportation market, existing infrastructure, safety aspects, and potential next-generation vessel requirements to transport ammonia between the US Gulf Coast and Europe.

  • Future opportunities will focus on additional global markets.

  • Chevron and Angelicoussis Group aim to advance the commercial feasibility of ammonia at scale as an export for petrochemicals, power, and mobility markets.

  • Chevron and Angelicoussis have a longstanding relationship dating back to 2000, and the collaboration on this study supports both organizations’ ambitions to become global clean energy providers by focusing on all aspects of the hydrogen supply chain.

 
CARBON CAPTURE

Chart and Wolf Carbon expand MOU on CCUS projects

  • Chart Industries and Wolf Carbon Solutions have expanded their existing MOU to include Howden Equipment for Carbon Capture Utilization and Storage (CCUS) projects along the Mt. Simon Hub carbon pipeline system.

  • The proposed CO2 pipeline system will run from Cedar Rapids, Iowa, to central Illinois in this highly industrial region.

  • Carbon will be captured using Chart’s Sustainable Energy Solutions Cryogenic Carbon Capture (CCC) technology and transported, stored, and permanently sequestered.

  • The CCC technology is ideal for post-combustion carbon capture in various industrial sources of carbon emissions, including refineries, cement, steel, lime, and power.

  • Howden will provide flue gas boosters for various CCUS technologies, compressors for energy efficiency in the regeneration of amine treating units, rotating adsorption machines, and CO2 compressors.

  • The partnership will expand coverage of CO2 emitters in more regions to support Wolf’s national strategic growth initiatives for CO2 distribution and transportation services.

 
LNG

Biden Administration greenlights Alaska LNG project

  • The Biden administration has approved exports of liquefied natural gas (LNG) from the Alaska LNG project to non-free trade agreement countries.

  • The AGDC has not yet reached a final investment decision on the $39 billion project which includes a liquefaction facility on the Kenai Peninsula in southern Alaska and a proposed 807-mile (1,300-km) pipeline to move gas stranded in northern Alaska across the state.

  • The project could be operational by 2030 if it gets investments and all required permits and is expected to export LNG mainly to Asian countries.

  • The project was first approved under the Trump administration and has been opposed by environmental groups, but the Biden administration concluded that it has economic and international security benefits and is consistent with international environmental priorities.

  • The decision was modified to prohibit venting of greenhouse gases into the atmosphere.

  • The decision was criticized by environmental groups, but the Biden administration is trying to approve more US LNG exports to compete with Russia.

 
CARBON MARKETS

Apple invests another $200 million to carbon removal fund

  • Apple will invest an additional $200 million in its Restore Fund to invest in projects that remove carbon from the atmosphere, bringing its total commitment to $400 million.

  • The additional investment will help the fund start new projects and double its previously stated goal to remove about 1 million metric tons of carbon dioxide per year.

  • Apple aims to become carbon neutral across its entire supply chain and product life cycle by 2030.

  • The Restore Fund was launched in 2021 and has invested in forest properties in Brazil and Paraguay.

  • The expanded fund will be managed by Climate Asset Management, a joint venture of HSBC Asset Management and Pollination.

That’s a wrap for today. If you like what you read, send to a friend.

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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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