Sustainability watch: solar panels, seaweed, and hydrogen taxis

Nine global banks have invested a total of USD 45 million in a new platform to help scale up transactions of voluntary carbon credits and make it easier for their customers to participate in the market. Demand for carbon offsets, generated through projects such as tree planting or using cleaner cooking fuel, is expected to soar as companies seek to use the credits to help meet net-zero emissions goals.

Indonesia aims to issue emission quotas for some coal-fired power plants within this month as a first step towards creating a mechanism for domestic carbon trading. Among the world's biggest green house gas emitters, Indonesia last year set a more ambitious target for reducing carbon emission by 31.89% on its own or 43.2% with international support, by 2030.

Guyana, which has jumped into the forefront of offshore oil exploration, is using its inland forests to tap carbon markets, in a business the government sees as more profitable than using the acreage for mining or agriculture, Vice President Bharrat Jagdeo said on 15 February. The South American country, one of the fastest growing oil producing nations after a consortium led by Exxon Mobil Corp discovered billions of barrels of oil in the last decade, has 90% of its territory covered by forests. Its sales of carbon credits could generate USD 4 billion to USD 5 billion for the country,

The EU’s carbon price has climbed above EUR 100 a tonne for the first time, in a landmark moment for one of the bloc’s key tools to fight pollution. Allowances traded under the EU’s flagship emissions trading system (EU ETS) rose 2% on February 21st to hit an all-time high of EUR 101 a tonne.

India will blacklist renewable power companies for three-to-five years if they do not meet project completion deadlines. "If any renewable energy project is not completed by the prescribed date of completion, then its bank guarantee should be encashed and the developer blacklisted after asking to show cause," the order issued by the new and renewable energy ministry said.

Iberdrola, the world’s largest producer of renewable energy, announced that it has been awarded its first floating solar power plant in France, with a total capacity of 25 megawatts peak (MWp), in response to a call for tenders issued in June 2022 by the municipality of Kurtzenhouse in Alsace.

Barclays has said it was tightening lending criteria for coal power and would stop financing oil sands exploration and production but did not announce new restrictions on oil and gas lending as some rivals have. The British bank extended a previously announced plan to phase out financing for clients involved in coal-fired power generation by 2030 from the UK and European Union, to include other countries in the Organisation for Economic Cooperation and Development.

L’Oréal Group announced that it has signed agreements with power producer and service provider EDF to provide renewable energy from 2 new solar parks, capable of producing the equivalent of 25% of the beauty company’s electricity consumption in France.

From 2025, consumers in England will be able to claim some of their money back if they return the empty plastic bottle or can for recycling. The deposit return scheme, as it’s known, aims to reduce littering of drinks containers by 85% in England, Wales and Northern Ireland three years after launch. Similar programs have been in operation for decades in countries including Norway and Sweden, where they’ve helped to boost recycling and cut waste.

Amazon.com has granted EUR 1.5 million (USD 1.6 million) to a Dutch project testing the viability of commercially growing seaweed in between turbines of offshore wind farms, the company and organisers said on 16 February. The project, led by non-profit group North Sea Farmers, will also research the potential of using seaweed for carbon capture.

Germany is weighing phasing out crop-based biofuels by the end of the decade, as high agriculture prices renew concerns over using food crops for fuel production. The country is considering cutting the share of crop-based biofuels, a type of renewable energy source, in its greenhouse gas-reduction quota from the current 4.4% limit to 2.3% next year and zero by 2030.

UK-based insurance, wealth & retirement company Aviva announced a GBP 10 million to woodland conservation organization Woodland Trust, aimed at supporting the delivery of nature-based carbon removal projects, and contributing to Aviva’s sustainability goals.

EU legislators have agreed to pass a new law guaranteeing that products sold in the EU are not linked to the destruction or degradation of forests. Between 1990 and 2020, an area larger than the EU was lost to deforestation, according to the UN Food and Agriculture Organisation. EU consumption is a big driver of this, causing around 10% of the losses, according to the FAO.

German carmaker BMW has said it will invest EUR 800 million to step up electric vehicle production in Mexico, as the Latin American country stands to benefit from its inclusion in US subsidies that have sparked tension with Europe. The investment includes EUR 500 million for the construction of an assembly centre for lithium-ion batteries on the grounds of a BMW car plant in San Luis Potosí.

VINCI Energies has announced the completion of a USD 15 million investment in integrated hydrogen mobility platform and hydrogen taxi fleet operator, Hype. Launched 2015, France-based Hype is developing a hydrogen mobility platform that integrates supply, production, distribution and uses.

Boeing Co will more than double its purchases of blended sustainable aviation fuel (SAF) this year to 5.6 million gallons (21.2 million litres) to support its U.S. commercial operations, the planemaker said on 15 February. The fuel will be supplied by Neste, the world's largest SAF producer.

EU Falls Shy of Zero-Emission Target for Trucks by 2040. The European Union’s executive branch proposed cutting emissions from trucks and buses by 90% within two decades as it tries to bring the major polluters in line with ambitious net zero goals. The Commission wants all heavy-duty vehicles, both commercial and private, to reduce tailpipe emissions 45% by 2030 and then 65% by 2035, according to targets released on 14 February. New city buses will have to be zero-emission by 2030.

Dubai-based airline Emirates announced plans to conduct its first experimental flight using 100% sustainable aviation fuel (SAF) in one engine, in a test aimed at supporting expanded use of SAF for commercial flights. Sustainable aviation fuel (SAF) is seen as one of the key tools to help decarbonize the aviation industry, which currently accounts for 2-3% of global greenhouse gas (GHG) emissions.

European low-cost airline Wizz Air has announced an agreement with sustainable aviation fuel provider Neste, enabling the company to purchase 36,000 tons of SAF to supply its operations across Europe and the UK, beginning in 2025.

General Motors is trying to speed ahead in the race for metals underpinning the industry’s shift to electric cars. The US automaker is competing for a stake in Vale’s base metals unit, people familiar with the matter said this month. A deal may give GM access to the Brazilian mining giant’s copper and nickel resources that are key to making EV batteries.