Dear readers,
Despite an unprecedented acceleration of renewable energy deployment in 2023, progress falls short of the COP28 Dubai target to triple renewables by 2030. Current national plans and targets will only allow for half of the required growth in renewable energy by 2030.
In addition, annual investment in renewable energy would need to triple, from a new record high of USD 570 billion in 2023 to USD 1.5 trillion each year between 2024 and 2030, confirms the first official progress report on the landmark energy targets.
To meet the global targets, installed renewable energy capacity would have to increase from 3.9 terawatts (TW) today to 11.2 TW in 2030, which means an additional demand of 7.3 TW in less than six years. However, current national plans suggest a global collective gap of 3.8 TW by 2030, which is 34% short of the target.
These shortfalls highlight that existing policies and plans are not sufficient to limit the global temperature increase to 1.5°C and emphasise the need for urgent policy action and massive investment.
You can download the report ‘Consensus 2030 Tripling renewable energies Doubling efficiency 2024’ in the appendix.
Despite international pledges to limit and reverse deforestation by the end of this decade, the world is seeing an increase in deforestation, a new report has found. The report found that deforestation increased globally in 2023 with 6.37 million hectares lost, and including 1.4 million hectares lost in key biodiversity areas. The deforestation of 2023 resulted in 3.8 billion tonnes of CO2 emissions, which is 6.5 times what was emitted in the industrialised country of Germany in 2023. If deforestation emissions were presented as a country, it would be the fourth largest emitter, according to the study. In addition, more than 62 million hectares of forest experienced a decline in ecological integrity, moving from a higher to a lower ecological integrity class. According to the report, there are several factors contributing to increasing deforestation. The main cause is agriculture: 57% of deforestation in the last 20 years has been related to agricultural commodities.
Another issue is the dependence on and pressure from fossil fuels, which reached record levels last year, as well as the extraction of minerals for increasing renewable energy production. According to the report, fossil fuels still account for 80% of the world’s energy supply and this may only fall to around 73% by the end of the decade. The study can be found here: https://forestdeclaration.org/wp-content/uploads/2024/10/2024ForestDeclarationAssessment.pdf
The Iowa Secretary of Agriculture announced that the Iowa Renewable Fuels Infrastructure Program (RFIP) Board of Directors recently approved 126 project applications from Iowa fueling stations for new and expanded E15, E85 and biodiesel infrastructure projects. The projects, totalling nearly $6.35 million, are spread across 61 Iowa counties and will allow motorists to save more money by gaining more access to lower-cost, cleaner-burning, domestically produced biofuels. The approvals were made by the RFIP Board at its August and September meetings. https://iowaagriculture.gov/IRFIP
The president of the California Senate has postponed consideration of A.B.X. 2-9, the bill passed by the House of Representatives last week that calls on the California Air Resources Board to quickly enforce regulations to increase ethanol blending from the current 10% to 15%. https://www.eenews.net/articles/california-senate-leader-kills-ethanol-bill/
ORLEN has started selling its HVO100 fuel at two petrol stations in Germany. The ORLEN Group is also preparing to start selling HVO100 in the Czech Republic, where the necessary legal framework is already in place. Wholesale sales on the Czech market are expected to start in the first quarter of 2025. https://www.orlen.pl/en/about-the-company/media/press-releases/2024/October-2024/orlen-launches-sales-of-hvo100
Brazil’s President Luiz Inácio Lula da Silva signed the law on the fuel of the future on Tuesday during the ‘Liderança Verde Brasil Expo’ trade fair in the air force hangar. The signing of the law represents a milestone for the biofuels and derivatives industry in Brazil. In addition to reaffirming the scope of the impact of the biofuels and derivatives industry in the country, investment agreements were signed to expand Brazilian production with a focus on decarbonisation. The Minister of Mines and Energy, Alexandre Silveira, emphasised the environmental responsibility and confidence in the Brazilian economy demonstrated by companies such as Inpasa, the largest biofuel producer in Latin America. https://www.gov.br/planalto/en/latest-news/2024/10/lula-enacts-fuel-of-the-future-law-201cbrazil-will-drive-the-worlds-largest-energy-revolution201d
DB Schenker and Cathay Cargo jointly held a signing ceremony at the airline’s headquarters in Cathay City on Tuesday to celebrate the global freight forwarder’s membership of the Cathay Corporate Sustainable Aviation Fuel (SAF) programme. The Cathay Corporate SAF programme was launched in 2022 to help combat climate change. It enables members to purchase SAF for Cathay Pacific and Cathay Cargo flights from Hong Kong and other ports in the network. By participating and committing to purchase 878 tonnes of SAF (equivalent to 290,000 US gallons), DB Schenker will help reduce more than 2,600 tonnes of carbon emissions. https://news.cathaypacific.com/cathay-cargo-commemorates-db-schenker-s-membership-of-its-corporate-saf-programme-with-a-signing-ceremony#
BASF has launched xarvio BIOENERGY, a low-carbon crop programme that reduces, tracks and documents the carbon content of corn grown in the U.S. for ethanol biofuel production. xarvio BIOENERGY provides the biofuel production supply chain – farmers, retail agronomists, and biorefineries – with a quality-assured and complete end-to-end solution that complies with the U.S. Department of Energy’s (DOE) GREET (Greenhouse gases, Regulated Emissions, and Energy use in Technologies) model. The program leverages xarvio FIELD MANAGER’s advanced agronomic intelligence to provide timely, field- and zone-specific agronomic recommendations, including seeding rates, fertiliser application and crop protection strategies that are directly linked to CI reduction. https://agriculture.basf.us/crop-protection/sustainability/lcic.html
The Greenvolt Group has successfully increased its syndicated financing, originally set at 350 million euros, to a total of 400 million euros due to strong interest from the financial community. This increase was supported by two additional banks, including a new corporate lending partner, bringing the total number of international lenders for the facility to eight. https://greenvolt.com/financing-350m-to-accelerate-growth/
U.S. ethanol exports have hit a record and inventories fell last week despite high production, helping to offset record output that is benefiting from cheap corn and low natural gas prices. Ethanol producers are making high profit margins as a result, although gasoline demand has not yet returned to pre-pandemic levels. Census data shows that exports for 2023/24 will reach a record 1.75 billion gallons. Canada accounted for more than a third of the export volume, with 13% going to the UK. https://hydrocarbonprocessing.com/news/2024/10-1/surge-in-us-ethanol-exports-offsets-thriving-production/
Germany will work on corresponding solutions in the ‘H2-Reallabor Burghausen – ChemDelta Bavaria’ project. Since July 2024, Fraunhofer UMSICHT has been supporting the ‘CO2 Direct Electrolysis to Green Ethylene (CODE)’ sub-project based there. Specifically, the scientists are developing a new type of reactor for the efficient conversion of carbon dioxide to ethylene. Increasing the efficiency of the direct electrolysis of CO2 and hydrogen to ethylene for industrial applications is one of the goals of the H2 realisation laboratory in Burghausen. https://www.ffe.de/en/projects/h2-reallabor-burghausen-chemdelta-bavaria/
The Marex Group announced the completion of the acquisition of Dropet, a Spanish biofuels company. Dropet provides execution services for both physical biofuel products in Europe, Latin America, the Middle East and Africa. The company has more than 18 years of experience in physical ethanol and related biofuel products as well as exchange-traded ethanol products. https://www.marex.com/news/2024/10/marex-acquires-biofuels-company-dropet/
Notpla closed its Series A+ funding round, securing more than $25 million in equity to lead the company into a new era of plastic-free materials and a healthier planet. This substantial investment, which more than doubled the company’s original target, comes at a crucial time. Its innovative approach to sustainable packaging has received significant support from a diverse group of investors who share our vision for a plastic-free future. The financing round was led by the UB Forest Industry Green Growth Fund, with participation from both new and existing investors. Among them is Catalytic Capital for Climate & Health (C3H), an impact-first vehicle of the Temasek Trust. https://www.notpla.com/magazine-posts/notpla-secures-ps20-million-in-series-a-funding-to-revolutionise-sustainable-packaging
OneFortyOne has invested almost AUD 30 million in a renewable biomass power generation project at its sawmill. The project, which includes the installation of a new boiler and steam turbine, represents a total investment of around A$90 million. This initiative emphasises our commitment to continued investment and demonstrates our long-term commitment to the region, sustainability and innovation. The new turbine will generate more than enough electricity to power the entire Jubilee Sawmill. The surplus renewable electricity can be fed into the grid or used for the future electrification of forklift trucks, lorries and other machinery. https://www.knowesg.com/companies/onefortyone-invests-usd30m-in-renewable-energy-projects-07102024
Mushrooms have more to offer than meets the eye. Their filamentous cells, which grow invisibly and extensively underground like a network of roots, offer great potential for the production of sustainable, biodegradable materials. Researchers at the Fraunhofer Institute for Applied Polymer Research IAP in the Potsdam Science Park are using this mycelium to develop a wide range of recyclable products, from wallets and insulation materials to packaging. https://www.theguardian.com/science/2022/apr/06/fungi-electrical-impulses-human-language-study
Yara International officially opened its new ammonia import terminal in Brunsbüttel, Germany. Brunsbüttel is located on the North Sea and Kiel Canal, making it an ideal hub for enabling the hydrogen economy in Germany, the company said. With the new terminal, Yara has the infrastructure to enable imports of up to three million tons of low-emission ammonia to Europe annually. https://www.offshore-energy.biz/yara-inaugurates-new-ammonia-import-terminal-in-germany/
The Iowa State Supreme Court has begun hearing arguments regarding eminent domain in connection with Summit Carbon Solutions’ proposed carbon dioxide pipeline that would run through the state. The case is being brought by a private landowner who refused to allow the company access to survey his land, after which the company successfully obtained a preliminary injunction allowing the case to proceed to the Supreme Court. https://northdakotamonitor.com/2024/10/09/iowa-supreme-court-hears-landowner-case-against-summit-pipeline-surveys/
The biotechnology start-up ÄIO has received 6.1 million euros via the venture capital funds Voima Ventures, 2C Ventures, SmartCap and Nordic Foodtech VC. The funds will be used to build a demonstration plant in Estonia to produce environmentally friendly oils and fats from wood and agricultural residues as an alternative to the oils widely used in the food industry. https://tech.eu/2024/09/26/aio-raises-eur61m-to-develop-sustainable-oils-from-wood-and-agricultural-residue/