The 21st ASEAN-India Summit was held in Vientiane, Lao PDR, on 10 October 2024. Marking a decade of India’s Act East Policy, Prime Minister Shri Narendra Modi joined ASEAN leaders to review the progress of ASEAN-India Comprehensive Strategic Partnership and chart the future direction of cooperation. This was Prime Minister’s 11th participation in the Summit.
2. In his address, PM reiterated India’s support for ASEAN Unity, ASEAN Centrality and ASEAN Outlook on the Indo-Pacific. Calling the 21st century as the Asian century, he noted that India-ASEAN ties were critical to guiding Asia’s future. Emphasizing the vibrancy of India’s Act East Policy, PM noted that in the last ten years India-ASEAN trade had doubled to over USD 130 billion; ASEAN is today one of India’s largest trade and investment partners; direct flight connectivity established with seven ASEAN countries; promising beginning made with Fin-tech collaboration with the region; and significant progress made in restoration of shared cultural heritage in five ASEAN countries. PM underlined the need to complete the review of ASEAN-India FTA (AITIGA) in a time bound manner towards harnessing greater economic potential for the benefit of the ASEAN-India community. PM also spoke about the progress in India-ASEAN knowledge partnership through the scholarships provided to ASEAN youth at the Nalanda University.
3. In keeping with the Chair’s theme of “Enhancing Connectivity and Resilience”, PM announced a 10-point plan which includes:
i) Celebrating the year 2025 as ASEAN-India Year of Tourism for which India would make available USD 5 million towards joint activities;
ii) To celebrate a decade of Act East Policy through several people centric activities including Youth Summit, Start-up Festival, Hackathon, Music Festival, ASEAN-India Network of Think Tanks and Delhi Dialogue;
iii) To organise ASEAN-India Women Scientists Conclave under ASEAN-India Science and Technology Development Fund;
iv) Doubling the number of scholarships at Nalanda University and provision of new scholarships for ASEAN students at Agricultural Universities in India;
v) Review of ASEAN-India Trade in Goods Agreement by 2025;
vi) Enhancing Disaster Resilience for which India would make available USD 5 million;
vii) Initiate a new Health Ministers’ track towards building Health Resilience;
viii) Initiate a regular mechanism of ASEAN-India Cyber Policy Dialogue towards strengthening Digital and Cyber Resilience;
ix) Workshop on Green Hydrogen; and
x) Invited ASEAN Leaders to join ‘Plant a Tree for Mother’ campaign towards building climate resilience.
4. In the meeting, Leaders agreed to create a new ASEAN-India Plan of Action (2026-2030) that will guide both sides in realizing the full potential of the ASEAN-India partnership and adopted Two Joint Statements:
i) Joint Statement on Strengthening ASEAN-India Comprehensive Strategic Partnership for Peace, Stability and Prosperity in the Region in the context of the ASEAN Outlook on the Indo-Pacific (AOIP) with the Support of India’s Act East Policy (AEP) – Leaders recognized the contribution of India’s Act East Policy in advancing the partnership between ASEAN and India. Full text of the Joint Statement can be accessed here.
ii) ASEAN-India Joint Statement on Advancing Digital Transformation Leaders appreciated India’s leadership in the field of digital transformation and welcomed partnership with India in digital public infrastructure. Full text of the joint statement can be accessed here.
5. Prime Minister thanked Prime Minister of Laos for successfully hosting the 21st ASEAN-India Summit and for his warmth and hospitality. Prime Minister also thanked Singapore for its constructive role as Country Coordinator over the last three years and looked forward to working with the Philippines, the new Country Coordinator for India.
Source: People’s Republic of China – State Council News
China captured over 70 percent of global orders for green vessels and achieved full coverage across all mainstream ship types during the first three quarters of 2024, according to statistics released by the Ministry of Industry and Information Technology on Thursday.
Propelled by advancements in green technologies and innovation, Chinese shipyards saw new orders surge 51.9 percent year-on-year to 87.11 million deadweight tons between January and September, accounting for 74.7 percent of the global total, the MIIT data showed.
Meanwhile, the country’s shipbuilding output reached 36.34 million dwt, up 18.2 percent on a yearly basis, making up 55.1 percent of the world’s total.
Hu Tieniu, a researcher at the Marine Design & Research Institute of Shanghai Jiao Tong University, said that the notable growth underscores China’s commitment to advancing sustainable shipbuilding practices, catering to an increasing global demand for eco-friendly vessels.
Chinese shipbuilders have made significant strides in incorporating green technologies, enhancing the industry’s competitiveness and solidifying the nation’s position as a leading shipbuilding powerhouse on the world stage, said Yu Mengsa, a researcher at China Ship Scientific Research Center in Wuxi, East China’s Jiangsu province.
The latest data also revealed that among 18 major ship types, such as container ships and oil tankers, China ranked first in new orders with 14 of them during the nine-month period. Shipyards across the country have already surpassed their business targets for the year, driven by a surge in market demand.
For example, Shanghai-based Hudong-Zhonghua Shipbuilding (Group) Co Ltd, a subsidiary of China State Shipbuilding Corp, or CSSC, delivered 17 commercial vessels from January to September, with a record-breaking delivery of eight liquefied natural gas carriers anticipated by the end of this year.
“With 34 new ship orders secured, we have reached 200 percent of the annual target for this year, and our production schedules are now projected to extend through to around 2030,” said Weng Hongbing, the group’s president.
Cao Bo, deputy director at the statistics and information department of the Beijing-based China Association of the National Shipbuilding Industry, said that in response to changes in the new supply and demand environment, green transformation has become a core trend in the global shipbuilding industry.
“Confronted with new requirements for emission reductions, shipping companies, leading shipyards and major energy companies have begun to lead, provide, or invest in a variety of solutions,” said Cao.
Energy-efficient, environmentally friendly vessel designs and a range of power options, including methanol, ammonia and hybrid systems, are gradually maturing or rapidly progressing toward commercialization, he added.
China’s shipbuilding industry accelerated its green transformation in 2023. Orders for LNG- and methanol-powered green vessels have grown rapidly, with breakthroughs also achieved in zero-carbon vessel orders, including ships equipped with electric and hybrid systems or powered by hydrogen fuel. New orders for green-powered ships accounted for 57 percent of the global market share, data from the MIIT showed.
Fueled by green technologies and high value-added vessels, Jiangsu province exported a diverse range of vessels valued at 69.27 billion yuan ($9.78 billion) in the first eight months of this year, achieving a 75.1 percent year-on-year increase, data from Nanjing Customs shows.
Early this week, models of five 40,000-metric ton self-unloading bulk carriers were unveiled at the research and development unit of CSSC Chengxi Shipyard Co Ltd in Jiangyin, Jiangsu province, providing a design and manufacturing foundation for upcoming new builds.
Huang Gang, a manager of the company’s sales unit, said that self-unloading bulk carriers differ from conventional bulk carriers as they are high-value, customized vessels that offer exceptional unloading efficiency and adaptability to various ports and sea conditions. Equipped with built-in unloading arms, these ships can extend and unload autonomously.
For instance, a single unloading system can achieve a discharge rate of over 5,500 tons per hour, meaning a 26,000-ton self-unloading bulk carrier can be unloaded within five hours, while a standard bulk carrier would typically require two to three days to complete the same task.
The existence of a moon located outside our solar system has never been confirmed but a new NASA-led study may provide indirect evidence for one. New research done at NASA’s Jet Propulsion Laboratory reveals potential signs of a rocky, volcanic moon orbiting an exoplanet 635 light-years from Earth. The biggest clue is a sodium cloud that the findings suggest is close to but slightly out of sync with the exoplanet, a Saturn-size gas giant named WASP-49 b, although additional research is needed to confirm the cloud’s behavior. Within our solar system, gas emissions from Jupiter’s volcanic moon Io create a similar phenomenon. Although no exomoons (moons of planets outside our solar system) have been confirmed, multiple candidates have been identified. It’s likely these planetary companions have gone undetected because they are too small and dim for current telescopes to detect. The sodium cloud around WASP-49 b was first detected in 2017, catching the attention of Apurva Oza, formerly a postdoctoral researcher at NASA’s Jet Propulsion Laboratory and now a staff scientist at Caltech, which manages JPL. Oza has spent years investigating how exomoons might be detected via their volcanic activity. For example, Io, the most volcanic body in our solar system, constantly spews sulfur dioxide, sodium, potassium, and other gases that can form vast clouds around Jupiter up to 1,000 times the giant planet’s radius. It’s possible that astronomers looking at another star system could detect a gas cloud like Io’s even if the moon itself were too small to see.
[embedded content] Exomoons — moons around planets outside our solar system — are most likely too small to observe directly with current technology. In this video, learn how scientists tracked the motion of a sodium cloud 635 light-years away and found that it could be created by volcanos on a potential exomoon. NASA/JPL-Caltech
Both WASP-49 b and its star are composed mostly of hydrogen and helium, with trace amounts of sodium. Neither contains enough sodium to account for the cloud, which appears to be coming from a source that is producing roughly 220,000 pounds (100,000 kilograms) of sodium per second. Even if the star or planet could produce that much sodium, it’s unclear what mechanism could eject it into space. Could the source be a volcanic exomoon? Oza and his colleagues set out to try to answer that question. The work immediately proved challenging because from such a great distance, the star, planet, and cloud often overlap and occupy the same tiny, faraway point in space. So the team had to watch the system over time. A Cloud on the Move As detailed in a new study published in the Astrophysical Journal Letters, they found several pieces of evidence that suggest the cloud is created by a separate body orbiting the planet, though additional research is needed to confirm the cloud’s behavior. For example, twice their observations indicated the cloud suddenly increased in size, as if being refueled, when it was not next to the planet.
They also observed the cloud moving faster than the planet in a way that would seem impossible unless it was being generated by another body moving independent of, and faster, than the planet. “We think this is a really critical piece of evidence,” said Oza. “The cloud is moving in the opposite direction that physics tells us it should be going if it were part of the planet’s atmosphere.” While these observations have intrigued the research team, they say they would need to observe the system for longer to be sure of the cloud’s orbit and structure. A Chance of Volcanic Clouds For part of their sleuthing, the researchers used the European Southern Observatory’s Very Large Telescope in Chile. Oza’s co-author Julia Seidel, a research fellow at the observatory, established that the cloud is located high above the planet’s atmosphere, much like the cloud of gas Io produces around Jupiter. They also used a computer model to illustrate the exomoon scenario and compare it to the data. The exoplanet WASP-49 b orbits the star every 2.8 days with clocklike regularity, but the cloud appeared and disappeared behind the star or behind the planet at seemingly irregular intervals. Using their model, Oza and team showed that a moon with an eight-hour orbit around the planet could explain the cloud’s motion and activity, including the way it sometimes seemed to move in front of the planet and did not seem to be associated with a particular region of the planet. “The evidence is very compelling that something other than the planet and star are producing this cloud,” said Rosaly Lopes, a planetary geologist at JPL who co-authored the study with Oza. “Detecting an exomoon would be quite extraordinary, and because of Io, we know that a volcanic exomoon is possible.” A Violent End On Earth, volcanoes are driven by heat in its core left over from the planet’s formation. Io’s volcanoes, on the other hand, are driven by Jupiter’s gravity, which squeezes the moon as it gets closer to the planet then reduces its “grip” as the moon moves away. This flexing heats the small moon’s interior, leading to a process called tidal volcanism. If WASP-49 b has a moon similar in size to Earth’s, Oza and team estimate that the rapid loss of mass combined with the squeezing from the planet’s gravity will eventually cause it to disintegrate. “If there really is a moon there, it will have a very destructive ending,” said Oza. News Media Contact Calla CofieldJet Propulsion Laboratory, Pasadena, Calif.626-808-2469calla.e.cofield@jpl.nasa.gov 2024-135
Headline: DDG Ellard: Effective trade policies essential for clean energy transition
DDG Ellard noted that trade policies can help lower clean energy costs, decarbonize supply chains, harmonize standards, redirect subsidies toward sustainability, and create new economic opportunities in emerging low-carbon markets, ultimately fostering sustainable development.
Highlighting key challenges, DDG Ellard pointed to significant tariff disparities that currently favour high-carbon goods over renewable energy equipment. For instance, while crude oil and coal face minimal tariffs, renewable technologies can incur duties as high as 12%. Reassessing these tariffs could enhance the competitiveness of renewable energy and accelerate its adoption.
DDG Ellard also highlighted the challenges arising from the 73 different carbon pricing schemes globally, which inflate compliance costs and threaten climate objectives. Trade policies can facilitate greater interoperability and collaboration on carbon pricing frameworks, helping to alleviate trade tensions and expedite the transition to sustainability, she added.
Furthermore, DDG Ellard emphasized the importance of redirecting harmful subsidies toward more beneficial objectives, highlighting that government support for fossil fuels exceeded USD 1.4 trillion in 2022. “By reallocating these funds to nature-positive initiatives, we can stimulate innovation and significantly reduce emissions,” she said. She noted that the Agreement on Fisheries Subsidies, adopted by WTO members in 2022, is a valuable blueprint for future efforts on environmental sustainability. The Agreement demonstrates how economies can collaborate across geopolitical divides and eliminate environmentally harmful subsidies while redirecting resources toward more beneficial initiatives. DDG Ellard urged members that have yet to deposit their instruments of acceptance for this groundbreaking Agreement to do so promptly.
DDG Ellard noted that the clean energy transition presents immense opportunities for developing economies rich in renewable energy resources and critical minerals. However, to fully harness this potential, targeted and effective trade policy actions are essential. These actions include aligning standards and implementing green procurement practices to establish stable frameworks that can reduce capital costs for large-scale renewable projects. WTO members are actively engaged in discussions aimed at supporting this process, exploring concrete pathways for trade-related climate actions, including promoting renewable technologies and addressing market distortions caused by fossil fuel subsidies.
DDG Ellard also noted the importance of a solid investment climate in developing economies to build investor confidence and attract financing in ways to encourage environmental sustainability. She highlighted that more than two-thirds of WTO members, including 89 developing members, of which 27 are least-developed countries (LDCs), concluded the Investment Facilitation for Development Agreement, designed to streamline investment procedures and encourage foreign direct investment in sustainable projects.
Looking ahead to the 29th United Nations Climate Change Conference (COP29), DDG Ellard emphasized the significant opportunity for global leaders to integrate climate finance, investment, and trade, adding that the WTO Secretariat plans to co-host a Trade Day for the second year to highlight this intersection. She explained that in preparation for the last conference, the WTO Secretariat issued a 10-point set of “Trade Policy Tools for Climate Action “, launched at COP28. This publication explores how integrating trade policy options, such as reviewing import tariffs on low-carbon solutions, can help mitigate climate change impacts. The WTO Secretariat also presented a joint report with the International Renewable Energy Agency (IRENA) on “International Trade in Green Hydrogen ,” providing insights into global hydrogen trade and scaling up production.
Additionally, DDG Ellard said, the WTO Secretariat’s support for collaboration in the steel sector has led to the establishment of Steel Standards Principles, endorsed by over 40 organizations, aimed at promoting common methodologies for measuring greenhouse gas emissions. The WTO is also examining the role of trade in addressing the high demand for energy-related critical minerals to alleviate supply chain pressures. These initiatives reflect the diverse perspectives of WTO members, all sharing the common goal of harnessing trade to combat climate change while promoting sustainable development.
DDG Ellard concluded by emphasizing that a sustainable clean energy transition is both an environmental necessity and an economic opportunity, achievable only through collaboration. “The WTO Secretariat remains committed to supporting WTO members in creating a global trade environment that leverages trade tools to achieve sustainable environmental goals and bolster the resilience of renewable energy supply chains, all while ensuring that such efforts do not create barriers to trade”, she said.
TORONTO, Oct. 10, 2024 (GLOBE NEWSWIRE) — Abraxas Power Corp. (“Abraxas”), a leading energy transition developer, and its subsidiary Exploits Valley Renewable Energy Corporation (“EVREC”), are pleased to announce the signing of a Master Lease Option Agreement (the “Agreement”) with Exploits Marine and Logistics Inc. and Exploits Valley Port Corporation for use of the Port of Botwood in EVREC’s green hydrogen and ammonia project in central Newfoundland.
The Agreement, which spans a term of thirty years, will facilitate EVREC’s green hydrogen and ammonia production and operations related to the transmission and loading of green ammonia onto marine transport vessels for shipment to Europe and other global markets. The Agreement includes extension terms that allow EVREC to extend the lease for additional five-year terms.
“This Agreement marks another major milestone in the development of our project and is a pivotal step towards building out the key infrastructure as the project continues through the development phase,” said Dean Comand, President and COO of Abraxas Power. “We are excited to collaborate with Exploits Marine and the Port Corporation to create a state-of-the-art facility that will not only enhance our operational capacity but also contribute to global sustainable energy goals.”
The parties have also signed a five-year Construction Lease Option Agreement to facilitate the necessary activities that will lead up to commercial operation of the project.
Scott Sceviour, Chair of the Exploits Valley Port Corporation added “Our partnership with EVREC is a testament to our shared vision of fostering innovation in the renewable energy sector and re-energizing our community’s economic outlook by providing shared infrastructure for other developments expected within the region. We are dedicated to collaborating on the infrastructure necessary for their success and to promoting environmentally responsible practices in our community.”
Botwood Mayor James Sceviour added “We are pleased to continue working with EVREC on such an important and significant project for central Newfoundland. Investments at the local level not only fuel the global transition to sustainable energy but also ignites economic growth for other developments, creates jobs, and fosters resilience in our communities.”
About Abraxas Power:
Abraxas Power is a pioneering energy transition developer focused on decarbonizing hard-to-abate sectors and creating value by solving the current and future challenges of the energy transition. Abraxas Power’s broad mandate allows it to see opportunities across technologies and geographies to transform the global energy industry. Our team has extensive experience in leading, financing, and solving the challenges associated with energy transition, and a proven track record of delivering complex, large-scale development projects across various disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale. The team possesses strong project finance and capital markets experience and has a history of creating value for shareholders, stakeholders, and the communities they live in. Abraxas has signed strategic partnerships with various global strategics and technology providers.
Abraxas has secured over US$9 billion in capital projects through competitive government awards over the past year in furtherance of the energy transition, including our marquis Exploits Valley Renewable Energy Corporation (“EVREC”) project.
Capgemini’s World Energy Markets Observatory annual report 2024: The Paris Agreement’s goals are no longer achievable, but net zero is still in sight with accelerated efforts
Despite impressive strides in 2023 and positive projections for 2024, the pace of renewable development isn’t fast enough
The critical role of nuclear energy to addressing increased clean energy demands is now recognized, but construction of new large power plants takes time and industrialization of Small Modular Reactors (SMRs) is proving complex
Addressing the complexity of energy transition challengeswill requirenew market mechanisms encouraging further innovation, choosing appropriate measures, and accelerated public and private investment in low carbon technologies and the power grid
Paris, October 10, 2024 –Capgeminihas published the 26thedition of its annualWorld Energy Markets Observatory(WEMO), created in partnership withHogan Lovells,Vaasa ETTandEnerdata. The report takes stock of the current state of the energy transition. Despite progress being made, greenhouse gas (GHG) emissions are continuing to increase, reaching a new record high of 37.4 billion tonnes (Gt) in 20231, confirming that the path to the reach Paris Agreement’s objectives is not on track. The report provides insights on what the key focus areas would need to be, moving forward, to address the complex energy transition challenges, including a change in the measurement of clean energy progress, as well as accelerated investment in the power grid and clean technologies.
James Forrest, Global Energy Transition & Utilities Industry Leader at Capgemini says: “Despite an historical spike in renewable penetration, the pace of development isn’t fast enough to close the gap. There is still much to do in the next decade to get closer to net zero by 2050 and achieve a successful energy transition: whether it be in the field of low carbon technologies, R&D efforts, nuclear or grid flexibility and storage. In addition, beyond the necessary adoption of new market mechanisms, a shift away from measuring energy based on primary consumption is needed. This measurement was relevant during past energy crises, but it is now time to adopt a more holistic approach. Moving to a final energy demand measurement would better assess clean energy progress and ensure more accurate projections.”
Key observations from the 2024 report include:
There is a need to hasten the deployment of renewable energy globally, and to accelerate in developing countries, to deliver the 2030 and 2050 decarbonization goals. The total amount of final energy provided by renewable energy is likely to be limited to about 40% of global needs. In 2023, total renewable energy capacity increased by 14% year on year with a larger capacity expansion of solar (32%) than wind (13%). But, whilst 2024 is promising to hit another record, as this was the case for the 22nd previous years, this growth is far below what is needed to achieve net zero carbon in 2050. Moreover, while the renewable penetration rate increases, they are impacting grid stability and association with stationary batteries will become compulsory. According to the report, storable renewable energies development, such as biomass or geothermal energy, should be accelerated.
Hydrogen is now a strategic lever in the decarbonizationpath. The number of projects reaching final investment decision has quadrupled over the last two years. However, a refocus of applications has been observed due to the increasing costs of low-carbon hydrogen production, competition between uses, and regulations. Only certain uses in ‘Hard to Abate’ industries, such as heavy industry and maritime mobility, have strong potential.
Global nuclear capacity needs to triple to ensure stable, low-carbon power. COP28 has recognized the critical role of nuclear energy for reducing the effects of climate change. While there is some promising progress in nuclear renaissance, including Small Modular Reactors (SMRs), development of new nuclear power plants is still difficult. In 2023, 440 nuclear reactors (390 GW) provided 9% of the world’s electricity, 25% of the world’s low-carbon electricity. SMRs are in the planning or early construction stages with many years before they are deployed at scale as their industrialization can prove to be complex. According to the report, more focus needs to be placed on extending the life of existing nuclear plants.
The power grid plays a fundamental role to accelerate clean energy transitions. Grid investment is starting to pick up and is expected to reach USD 400 billion in 20242, with Europe, the United Sates, China and parts of Latin America leading the way. According to the report, better forecasting electricity consumption and finer optimization scenarios thanks to technologies such as AI will help to improve grid balancing.
Whilst AI has the potential to significantly accelerate decarbonization, a lack of skills and a focus on short-term proof of concepts is hampering adoption to date. However, AI coupled with GenAI in agentic LLM (Large Language Model) workflows3 has a clear role to play as a catalyst to improve grids efficiency, e-fuel discovery; new battery or wind turbine design; synthetic biology; and augmented insights from many data sources for better informed decision making.
Protectionist approaches to increasing energy sovereignty may have undesirable implications. Ongoing geopolitical uncertainties are affecting energy markets and systems. To ensure security of supply, the use of embargoes, tariffs and subsidies in almost all jurisdictions is distorting energy markets and threatens efficient allocation of capital. According to the report, embargoes are proving ineffective, and decreasing the transparency and traceability of energy supplies, which is essential to tracking decarbonization efforts. Denying access to the cheapest sources of energy equipment and energy supplies drives up prices for consumers and reduces funding available for the energy transition.
According to the report, ‘Primary Energy Demand’ is an outdated concept for energy transition. There is a need to move from primary to final energy consumption measurement (in kWh) to ensure accurate projections, and clean energy progress. Measuring energy based on primary consumption ignores that: for the same end-energy services, new electric services are generally more efficient; a lot of fossil fuels are wasted in the generation of electricity; energy is also wasted on finding and processing fossil fuels.
The World Energy Markets Observatory (WEMO) is Capgemini’s annual thought leadership and research report created in partnership with Hogan Lovells, Vaasa ETT and Enerdata, that tracks the transformation of global energy markets, including Europe, North America, Australia, Southeast Asia, India, and China. Now in its 26th edition, the report has been prepared by a global team of over 100 experts, and includes 15 articles, all backed with rigorous analysis. The report begins with a global outlook, then covers the topics pivotal to the energy transition including geopolitical impacts, demand side energy transition, batteries, renewables, SMRs, Hydrogen, Industrial Heat, GenAI and the Inflation Reduction Act (IRA). For more information and to get access to the report, clickhere
About Capgemini Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion. Get The Future You Want | http://www.capgemini.com
3 GenAI in agentic LLM (Large Language Model): iterative and collaborative model that transforms the interaction with LLMs into a series of manageable, refinable steps.
Source: United Kingdom – Prime Minister’s Office 10 Downing Street
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.
Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.
In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.
Prime Minister Keir Starmer said:
Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.
Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.
Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.
Iberdrola Executive Chairman Ignacio Galán said:
After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.
This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.
The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.
It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.
The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.
Today’s investments include:
Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.
Mads Nipper, CEO of Ørsted A/S said:
The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.
Lord Nicol Stephen, Chief Executive of Flotation Energy said:
Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.
Chris Sohn, Chief Executive of SeAH Wind, said:
With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.
Andreas Sohmen-Pao, Chairman of BW Group, said:
BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.
I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.
Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:
We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.
Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:
Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.
Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.
The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.
This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.
Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.
And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.
Source: United Kingdom – Executive Government & Departments
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.
Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.
In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.
Prime Minister Keir Starmer said:
Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.
Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.
Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.
Iberdrola Executive Chairman Ignacio Galán said:
After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.
This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.
The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.
It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.
The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.
Today’s investments include:
Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.
Mads Nipper, CEO of Ørsted A/S said:
The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.
Lord Nicol Stephen, Chief Executive of Flotation Energy said:
Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.
Chris Sohn, Chief Executive of SeAH Wind, said:
With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.
Andreas Sohmen-Pao, Chairman of BW Group, said:
BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.
I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.
Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:
We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.
Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:
Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.
Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.
The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.
This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.
Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.
And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.
The federal government is leading the world with a bold climate plan to grow our economy and reach net-zero emissions by 2050. Achieving this goal will require between $125 billion and $140 billion in investment into Canada every year. As a cornerstone of Canada’s net-zero economic plan, the federal government’s $93 billion suite of major economic tax credits are already available to help attract this investment.
October 9, 2024 – Toronto, Ontario – Department of Finance Canada
The federal government is leading the world with a bold climate plan to grow our economy and reach net-zero emissions by 2050. Achieving this goal will require between $125 billion and $140 billion in investment into Canada every year. As a cornerstone of Canada’s net-zero economic plan, the federal government’s $93 billion suite of major economic tax credits are already available to help attract this investment.
Beyond incentives to attract investment to Canada, investors need robust and transparent guidelines to credibly classify their investments into the clean economy on the path to net-zero. That is why in the 2023 Fall Economic Statement and Budget 2024, the government committed to develop a sustainable finance taxonomy identifying “green” and “transition” investments and to expand the coverage of mandatory climate disclosure requirements to private companies. Moving forward with these commitments is essential for market certainty, for Canada to unlock net-zero investments, and to uphold the Paris climate target of limiting global warming to 1.5°C above pre-industrial levels.
Today in Toronto at the Principles for Responsible Investment conference, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced:
A plan to deliver Made-in-Canada sustainable investment guidelines; and,
Mandatory climate-related financial disclosures for large, federally incorporated private companies.
The Made-in-Canada sustainable investment guidelines will become an important, voluntary tool for investors, lenders, and other stakeholders navigating the global race to net-zero by credibly identifying “green” and “transition” economic activities. These guidelines will provide the certainty needed to accelerate the flow of private capital into sustainable activities across the Canadian economy. From building electric vehicle batteries, to generating clean energy, to decarbonizing emissions-intensive heavy industries, these guidelines will identify job-creating activities in a way that is scientifically credible and aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. The Canadian taxonomy will be developed and governed by an external, third-party organization(s).
To attract more private capital into Canada’s largest corporations and ensure Canadian businesses can continue to effectively compete as the world races towards net-zero, the government is also moving forward with mandating climate-related financial disclosures for large, federally incorporated private companies. These disclosures will help investors better understand how large businesses are thinking about and managing risks related to climate change, ensuring that capital allocation aligns with the realities of a net-zero economy. Specifically, the government intends to bring forward amendments to the Canada Business Corporations Act that will require these disclosures. The government will launch a regulatory process to determine the substance of these disclosure requirements and the size of private federal corporations that would be subject to them. As small- and medium-sized businesses will not be subject to the requirements, the government is considering ways to encourage those businesses to voluntarily release climate disclosures, if they wish.
The federal government is ready to work with provincial and territorial partners to ensure broad disclosure coverage across the Canadian economy. The government will seek to harmonize its regulations with those that will be required from public companies by securities regulators. More details will be released in due course.
These two sustainable finance initiatives will mobilize further private sector capital towards activities essential to building a net-zero economy. More private sector capital will enable businesses to grow the economy, create more good-paying jobs for Canadians, and boost their resiliency against the risks posed by climate change.
In addition to these announcements, today, the federal government successfully issued an additional $2 billion in green bonds, through a re-opening of Canada’s second green bond issued in February.
Together, today’s progress is about building a flourishing Canadian sustainable finance industry and sending a clear signal to corporate boards and shareholders, at home and around the world, that Canada is their trusted partner for putting private capital to work in the race to net-zero.
Quotes
“In the 21st century, a competitive economy is a net-zero economy. We are seizing Canada’s economic advantages to attract investment and ensure Canadian workers benefit their fair share in the global race to net-zero. Today’s release of a path for Made-in-Canada sustainable investment guidelines and climate disclosures from large companies will accelerate the flow of private capital into Canada, in turn growing our economy, creating good jobs, and advancing our progress to net-zero emissions by 2050.”
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Building a cleaner economy is not only an environmental imperative, it is a major economic opportunity. The development of a sustainable investment taxonomy, paired with heightened transparency on climate disclosures, amounts to an important stepping stone for Canada on the path towards that cleaner economy. These initiatives will help mobilize needed private sector financial flows to build a cleaner economy and give investors who are looking for the sustainable option the clear direction they seek.”
The Honourable Steven Guilbeault, Minister of Environment and Climate Change
“Canadian workers and businesses are already attracting historic investment in areas such as clean energy, critical minerals, and electric vehicles, and seeing the associated benefits for job creation and economic growth. With changes announced today, investors will have more certainty that companies are taking real and serious action to address the climate crisis and drive down emissions, while building a strong economy.”
The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources
“Fighting climate change as well as protecting the economy and Canadians from the costs of climate inaction is a priority for our government. It’s important to send a clear signal to Canadian companies and organizations that climate risks and opportunities are critical to integrate into corporate culture and decision making, and that’s what we’re doing.”
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“Creating a financial system that is sustainable and globally competitive is essential for Canada’s economic future. In order to compete both at home and abroad, we are moving forward with sustainable investment guidelines and mandatory climate disclosures to help provide credibility, accountability, and transparency in the marketplace. These are essential conditions for investors and companies to fill the investment gap necessary to meet the climate challenge while seizing generational opportunities for clean prosperity.”
Ryan Turnbull, Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance and to the Minister of Innovation, Science and Industry
Quick facts
In Budget 2024, the federal government committed to provide an update by the end of 2024 on the development of Made-in-Canada sustainable investment guidelines, in recognition that promoting credible climate investment and combatting greenwashing are critical to fostering investor confidence and mobilizing the private investment Canada needs to achieve net-zero by 2050.
In the 2023 Fall Economic Statement, the federal government committed to develop options for making climate disclosures mandatory, as part of expanding mandatory climate disclosures across the Canadian economy. It also first announced the government’s commitment to developing a Made-in-Canada taxonomy.
The development of a Made-in-Canada sustainable finance taxonomy and regulations to require climate disclosures from large companies builds on the important work done by the Sustainable Finance Action Council.
The federal government is investing over $160 billion in its net-zero economic plan, including through a $93 billion suite of tax credits for major economic investments in:
Carbon capture, utilization, and storage;
Clean technology;
Clean hydrogen;
Clean technology manufacturing;
Clean electricity; and,
Electric vehicle (EV) supply chains.
In addition to tax credits for major economic investments, the federal government is attracting net-zero private sector investment by:
Catalyzing private investment in low-carbon projects, technologies, businesses, and supply chains through the $15 billion Canada Growth Fund, which has already invested over $2 billion across eight deals, including three novel Carbon Contracts for Difference;
Leveraging at least $20 billion from the Canada Infrastructure Bank to build major clean electricity and clean growth infrastructure projects;
Securing Canada’s advantage as the world’s supplier of choice for critical minerals and the clean technologies they enable, by further developing supply chains through a $3.8 billion Critical Minerals Strategy; and,
Building more clean, affordable, and reliable power, and supporting innovation in electricity grids, including offshore wind, through the $3 billion recapitalization of the Smart Renewables and Electrification Pathways Program.
The third-party, arm’s-length organization(s) will further develop and implement the taxonomy.
The Department of Finance, Environment and Climate Change Canada, and Innovation, Science and Economic Development Canada will work together to make the required legislative and regulatory changes for mandatory climate disclosures.
Related products
Associated links
Contacts
Media may contact:
Katherine Cuplinskas Deputy Director of Communications Office of the Deputy Prime Minister and Minister of Finance Katherine.Cuplinskas@fin.gc.ca
Media Relations Department of Finance Canada mediare@fin.gc.ca 613-369-4000
The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.
October 9, 2024
The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.
This is a high standard that will be important for building and maintaining the credibility of a Canadian taxonomy, which will mobilize private capital for low- or non-emitting activities with a “green” category.
Importantly, the Canadian taxonomy would also establish a “transition” category to identify, and boost funding for, scientifically credible pathways to rapidly decarbonize Canada’s emissions-intensive sectors. Canada’s leadership in the transition aspect of taxonomy will be a notable and valuable contribution to the international dialogue on transition finance.
The development of the metrics-based Canadian taxonomy would first focus on the following sectors for the Canadian economy: electricity, transportation, buildings, agriculture and forestry, manufacturing, and extractives, including mineral extraction and processing, and natural gas. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work.
Once finalized, the Canadian taxonomy would be available for entities such as financial institutions, lenders, and companies to use on a voluntary basis. It would not be mandatory.
Details of the Canadian Taxonomy
This backgrounder outlines the government’s expectations for the development and implementation of the Canadian taxonomy, including:
Guiding Principles
Defining green and transition investments
Priority Sectors
Company-level expectations
Governance and Funding
Background on Taxonomy
To close the climate financing gap, financial market participants, including banks, insurers, pension plans and asset managers, have indicated that they need clarity about what economic activities are considered “green” or “transition.” A taxonomy is a tool that can provide this clarity by promoting a shared understanding or classification system that defines or categorizes these activities.
Like the proposed Canadian taxonomy, many international taxonomies also use detailed eligibility criteria, anchored in climate science, to support the taxonomy’s credibility among international investors. These eligibility criteria often involve the use of performance-based metrics and thresholds to demonstrate what economic activities are aligned with pathways to limiting global temperature rise to 1.5°C above pre-industrial levels, in line with the Paris Agreement. These taxonomies likewise aim to preserve interoperability with other jurisdictions to reflect the global nature of financial and capital markets.
A taxonomy supports a wide range of use cases. For example, taxonomies can be used to set standards for classifying climate-related financial instruments (e.g., bonds or loans), and/or to evaluate the green or transition credentials of financial instruments and issuers. The aim of the Canadian taxonomy would be to mobilize investment in support of Canada’s net-zero transition by enabling investors to understand and communicate which key activities and investments will deliver a Canadian net-zero economy.
Over 40 jurisdictions worldwide are developing or have implemented taxonomies, which generally are calibrated to a particular country’s domestic economic reality and priorities. This is an opportunity to develop a Made-in-Canada taxonomy that aligns with Canada’s net-zero pathways and drives transformational investments within Canada’s economy that will also create good-paying, sustainable jobs.
The Sustainable Finance Action Council (SFAC), which was composed of 25 of Canada’s leading deposit-taking institutions, insurance companies, and pension funds, was launched by the Government of Canada in May 2021 to help lead the Canadian financial sector towards integrating sustainable finance into standard industry practice. The SFAC’s recommendations on taxonomy, including its Taxonomy Roadmap Report, have been important inputs for informing the Government of Canada’s next steps on taxonomy. The Government of Canada thanks the SFAC for its advice on taxonomy and its valuable contribution to building a sustainable finance market in Canada throughout its mandate, which concluded on March 31, 2024.
i. Guiding Principles
The Canadian taxonomy would be developed and maintained in accordance with the following principles (Guiding Principles), which draw from the recommendations of the SFAC and international organizations, as well as from international taxonomy precedents.
These Guiding Principles are intended to ensure that the Canadian taxonomy fulfills its objective of being a credible and usable tool for financial market participants and others to identify green and transition investments.
Guiding Principles
Usable
Mobilize capital toward the net-zero transition.
Credible
Clear, rigorous, and credible science-based criteria that align with limiting global temperature rise to 1.5°C above pre-industrial levels, with no or low overshoot and all relevant emissions scopes considered. Any activity which receives the green or transition taxonomy label must be scientifically defensible as being aligned with this.
Comprehensive
Cover transition and green activities that make a material positive contribution to climate change mitigation, addressing high-emitting sectors.
Interoperable
Be interoperable and broadly compatible with other major science-based taxonomies and frameworks globally, while reflecting Canada’s own economic context.
Transparent
A governance structure that is transparent, efficient, adaptive, and results-oriented; safeguards scientific integrity; and engages with key stakeholders, including provincial and territorial governments, civil society, financial market participants, industry, and Indigenous partners.
Dynamic
A built-in review process to ensure the Canadian taxonomy is updated as the landscape evolves.
Holistic
Do-No-Significant-Harm criteria addressing environmental, social, and Indigenous objectives.
ii. Defining green and transition investments
At a high level, the Canadian taxonomy would define which economic activities are green or transition in line with SFAC recommendations, as follows:
Green: low-or zero-emitting activities, such as green hydrogen, solar, and wind energy generation, or those that enable them, such as electricity transmission lines and hydrogen pipelines; and,
Transition: decarbonizing emission-intensive activities that are critical for sectoral transformation and consistent with a net-zero, 1.5°C transition pathway, such as installing lower-emitting (electric) furnaces to produce steel.
Activities are expected to be classified according to a categorization framework to be confirmed and operationalized. The figure below shows an example of such a framework proposed by the SFAC.
Have low or zero downstream scope 3 emissions; and,
Sell into or benefit from markets that are expected to grow in the global net-zero transition.
Transition activities are expected to be those that:
Have material scope 1 and 2 emissions but make significant emission reductions;
Have low or zero scope 3 emissions; and,
Do not create carbon lock-in and path dependency.
As well as activities that:
Have material scope 3 emissions but significantly reduce their scope 1 and 2 emissions;
Do not face immediate demand-side risk (i.e., market contraction); and,
Have lifespans proportionate to when global demand for their products is expected to decline.
iii. Priority Sectors
The initial phase of taxonomy development would focus on developing eligibility criteria for the following priority sectors. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work. The final determination of eligible activities would rest with the third-party organization(s) which will develop, implement, and maintain the Canadian taxonomy, and align with the guiding principles, including scientific credibility and alignment with limiting global warming to 1.5°C:
Electricity, which could include activities related to low- and zero-emitting electricity generation, electricity storage, and grid infrastructure improvements.
Transportation, which could include low- and zero-emitting passenger and freight transportation activities in a variety of transportation modes (e.g., road, rail, marine transport) as well as enabling infrastructure (e.g., electric vehicle charging).
Buildings, which could include the construction and operation of high-performance buildings, the retrofitting of buildings to improve their performance, and the installation of equipment to reduce the emissions of buildings and their occupants.
Agriculture and Forestry, which could include the sustainable production of crops and livestock, activities to decarbonize agricultural production, and the planting, sustainable management, and restoration of forests.
Heavy Industry:
These important sectors of the Canadian economy have been prioritized based on the following criteria:
Anticipated future levels of green and transition investment opportunity, including as assessed by market participants;
Importance of their decarbonization for decarbonizing the Canadian economy, based on current sectoral emissions and projections of future emission reductions; and
Economic significance to Canada, including current levels of investment and economic activity.
Further below is a list of examples of activities within these sectors that may be eligible for a green or transition taxonomy label, subject to the development of activity-specific performance criteria and Do-No-Significant-Harm requirements.
iv. Company-level expectations
The Government of Canada supports the adoption of net-zero targets, credible transition plans, and robust climate disclosures by Canadian companies. These are key infrastructure elements of a robust sustainable finance market and are essential to achieving net-zero goals, fostering transparency, and enabling informed decision-making.
The Government of Canada has committed to moving towards mandatory climate-related financial disclosures across a broad spectrum of the Canadian economy. Mandatory disclosure requirements are already in place for federal Crown corporations and federally regulated financial institutions. The Government of Canada intends to bring forward amendments to the Canada Business Corporations Act to enable climate-related financial disclosure requirements for large, federally incorporated private companies.
The Government of Canada encourages the developers of the taxonomy to consider including these company-level requirements as part of the eligibility criteria for green and transition labelling in the Canadian taxonomy, in line with SFAC’s recommendations.
Potential Company-Level Actions for Taxonomy Users
Net-Zero Targets
A commitment to reach net-zero emissions by 2050 or earlier, usually with interim targets.
Credible Transition Plans
A strategy that lays out the company’s targets, actions, and/or resources for its transition toward a lower-carbon economy, including actions such as reducing its greenhouse gas emissions.
Robust Climate Disclosure
The provision of information about a company’s climate-related governance, risk management, strategy, and metrics and targets.
v. Governance and Funding
Developing a taxonomy requires significant climate science and sectoral expertise and engagement with stakeholders, including financial market participants, industry, civil society, governments, regulators, and Indigenous partners. In addition, good governance practices are needed to oversee the development and implementation of a Canadian taxonomy that safeguards scientific integrity and meets market needs. The guiding principle of scientific credibility will ensure that the taxonomy’s green and transition labels are only applied to activities that are in line with the goal of limiting global warming to 1.5°C with no or limited overshoot.
The Canadian taxonomy would be developed, implemented, and maintained at arm’s length to the Government of Canada by an organization or organizations external-to-government.
The final determination of guiding principles, eligible activities, priority sectors and company-level expectations would rest with the external-to-government organization.
The Government of Canada would contribute funding to support the technical work to develop the eligibility criteria for the taxonomy.
Examples of Potential Taxonomy Eligible Activities
Under the Canadian taxonomy, a range of economic activities that contribute to Canada’s net-zero transition will be eligible for a “green” or “transition” label, which, for example, could be used in the context of labelled bond issuances. Not all economic activities will be eligible.
Through a survey of international taxonomies, the following examples of activities in priority sectors that may be eligible for a green and/or transition label were identified. These examples are in no way intended to direct the work of the arm’s length organization or organizations who will develop, implement, and maintain the Canadian taxonomy, who would make final determinations with respect to the inclusion of and criteria for these example activities, in line with the guiding principles, including alignment with limiting global warming to 1.5°C. As such, these examples should be considered indicative only, not prescriptive.
It is expected that activity-specific performance criteria would be developed for each activity included in the Canadian taxonomy along, with Do-No-Significant-Harm requirements, to define the circumstances under which that activity would be eligible for green or transition labelling. That is, only some forms of a given activity might be eligible while other forms of the same activity might be ineligible. Some forms of an eligible activity may be green-eligible while other forms would be transition-eligible. As such, the examples below show activities that may be eligible, subject to activity-specific criteria and Do-No-Significant-Harm requirements.
These examples are not intended to be exhaustive. The international taxonomies surveyed to identify these examples reflect the economic and net-zero transition needs of other jurisdictions, which may be different from those of Canada, so it is to be expected that the Canadian taxonomy could break new ground and include sub-sectors or activities not covered in these examples. For example, it could include green and transition activities in the agricultural sector such as certain forms of crop and livestock agriculture.
In consideration of Canada’s economic makeup, the taxonomy could potentially include activities that significantly reduce the emissions of existing natural gas production and/or the emissions associated with a limited buildout of existing production sites. The technical drafters may also consider a broad range of possible eligibility criteria for existing natural gas production, such as the displacement of more polluting fuels internationally, provided they are aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. Based on the Guiding Principles, the Government does not anticipate new natural gas production to be eligible. The final determination of eligible activities across all sectors will be made by the arms length, external organization(s).
In the electricity sector, examples of potentially eligible green or transition activities include:
Co-generation of heating or cooling and electricity from solar energy;
Electricity generation from bioenergy;
Electricity generation using concentrated solar power (CSP) technology;
Electricity generation from geothermal energy;
Electricity generation from hydropower;
Electricity generation from ocean energy technologies;
Electricity generation using solar photovoltaic technology;
Electricity generation from wind power;
Storage of electricity; and,
Transmission and distribution of electricity.
In the transportation sector, examples of potentially eligible green or transition activities include:
Low carbon transport infrastructure, such as electric vehicle charging.
Zero-emission and low-emission operations of the following modes of transportation:
Air transport, including ground handling operations;
Freight transport by road;
Inland water transport;
Road passenger transport;
Sea and coastal water transport;
Railway transport; and,
Urban and suburban passenger land transport.
In the buildings sector, examples of potentially eligible green or transition activities include:
Acquisition and ownership of low-emitting and energy-efficient buildings;
Construction of low-emitting and energy-efficient new buildings;
Installation of energy efficiency equipment;
Installation of renewable energy technologies; and,
Renovation of existing buildings to reduce emissions and/or improve energy efficiency.
In the agriculture and forestry sectors, examples of potentially eligible green or transition activities include:Footnote 1
Afforestation;
Conservation, restoration, and maintenance of natural forests; and,
Sustainable forest management.
In the heavy industry sector, examples of potentially eligible green or transition activities include:
The low-emission or energy-efficient manufacturing of:
Aluminum;
Basic chemicals, such as ammonia, aromatics BTX, carbon black, chlorine, nitric acid, and soda ash;
Cement;
Hydrogen;
Iron and steel; and,
Plastics in primary form.
The manufacturing of:
Batteries;
Energy efficiency equipment for buildings, such as energy-efficient appliances and light sources, energy-efficient HVAC systems, heat pumps, and energy-efficient building automation and control systems;
Equipment for the production of hydrogen through electrolysis;
Low-carbon technologies for household sector;
Low-carbon technologies for transport, such as low-carbon vehicles that meet transportation sector criteria; and,
Funding will provide more parking for HGVs, better conditions for lorry drivers and support UK businesses to take advantage of the latest technology.
lorry drivers will enjoy better rest areas, more parking and improved security thanks to over £12 million in joint government and industry funding
funding comes as nearly £2 million also announced to drive innovation and decarbonise freight
investment will help strengthen the UK supply chain, support jobs, and get the UK back on track to growth
More green e-cargo bikes will deliver parcels to people’s doorsteps and better truckstops will help relieve local congestion, thanks to a £14 million boost from both government and industry to drive innovation in freight and improve working conditions.
Today (10 October 2024), Future of Roads Minister Lilian Greenwood revealed the 23 successful applicants of up to £4.5 million from the government to improve truckstops and working conditions for lorry drivers.
From Immingham Lorry Park in Lincolnshire to Embassy Truck Park in Kent, the upgrades include 430 new lorry parking spaces to relieve local congestion by helping reduce the number of large trucks parking in town centres or on the side of the road.
The investment will also help build better dining, changing and rest facilities, as well as new CCTV and secure fencing to boost welfare and security for lorry drivers.
The funding is from the third year of the HGV parking and driver welfare grant scheme, which will come in addition to £8 million from industry, for a total funding boost of £12.5 million to improve truckstops.
This investment comes on top of £1.8 million from the government for 10 small and medium enterprises (SMEs) to trial new groundbreaking technology for decarbonising freight and driving innovation in the sector.
Examples of groundbreaking ideas that will become reality include TUAL working with Wincanton to trial high performance powerbanks for electric lorries, and Innervated Vehicle Engineering working in partnership with Asda to retrofit hydrogen power to small delivery vans.
This funding is the third tranche of the department’s Freight Innovation Fund Accelerator Programme, a £7 million government investment across 3 years to support the freight sector in deploying AI and automation to improve the way trains, lorries, vans, and ships carry parcels and goods.
Today’s measures will help the government achieve its core mission of getting the country back on track for growth. They will improve working conditions for lorry drivers while pioneering innovation and sustainability across freight to strengthen the UK’s supply chain and support jobs across the country.
The announcement comes ahead of the International Investment Summit which will gather UK leaders, high-profile investors and businesses from across the world to discuss how we can deepen our partnership to drive investment and growth.
Future of Roads Minister, Lilian Greenwood, said:
Freight is a crucial engine of our economy and it is only right we do all we can to improve working conditions, pioneer innovation and drive sustainability across the industry.
Our funding, combined with investment from the industry, will ensure lorry drivers can enjoy safer parking, a proper rest and a warm meal, while supporting UK businesses to harvest the best of technology to move freight faster, decarbonise our supply chain, and grow the economy for all.
Today’s £12.5 million for truckstops follows £31 million in previous joint government and industry funding as part of earlier application windows.
The funding will be spread across England to ensure all lorry drivers in the country can benefit from better roadside facilities and better working conditions, while supporting local jobs and economic growth.
Director of Policy and Public Affairs at the Road Haulage Association, Declan Pang, said:
We are delighted to see funding allocated to drive improvements to standards and capacity at lorry parks and truck stops across England.
The grant scheme continues to be a very welcome commitment from government and the industry to bring about much-needed improvements for lorry drivers who are a vital workforce in keeping the country’s supply chains moving. We look forward to seeing the impact of these investments in improving conditions and driver welfare.
The Freight Innovation Fund is providing highly successful in fostering industry investment, as UK businesses from the first year of the fund have so far raised £97 million in additional capital to fund their innovative projects.
Delivered by Connected Places Catapult, the Freight Innovation Fund will give SMEs access to technical and business support from the organisation to develop new groundbreaking projects.
Chief Executive Officer at Connected Places Catapult, Erika Lewis, said:
Building on the success of the Freight Innovation Fund to date, I’m very pleased to welcome a third cohort of high potential innovators onto the Accelerator.
This programme gives bespoke support to SMEs, working hand-in-hand with industry as they trial their solutions in real-world environments. By supporting new ideas in freight, we are helping to unlock the sector’s potential to be greener and more efficient.
The most recent growth statistics showed that the Australian economy faces some strong headwinds. In an environment where global growth is subdued, the national economy grew just 0.2 per cent in the June 2024 quarter. Yet Western Australia’s growth was considerably faster. With a quarterly growth rate of 0.9 per cent, Western Australia tied with South Australia as the fastest‑growing state in the nation.
There are other positive signs. Investment in WA continues to grow, reflecting business confidence in WA’s future. In the past financial year, the value of new capital expenditure in Western Australia rose 18.5 per cent in the mining industry and 16.9 per cent in non‑mining industries. This new investment accounts for nearly a quarter of Australia’s new private investment, showing that WA continues to punch above its weight.
As pro‑growth progressives, we recognise that government has a role to play in boosting the growth rate and continuing to build on WA’s economic success. Higher productivity also increases the speed limit of the economy, allowing Australians to live longer, and live better.
What are the best policies to encourage growth? As the nation’s most export‑oriented state, international settings are of particular significance for Western Australia. Since coming to office, the Albanese government has sought to stabilise Australia’s relationships with our major trading partners.
Under the former Coalition government, China effectively closed the door to many of our exports. Since May 2022, as a result of the Albanese government’s calm and consistent approach – in concert with a great deal of hard work and advocacy by industry – most of the Australian products previously subject to impediments have been able to re‑enter China’s market. That includes coal, cotton, timber logs, barley, and wine. Trade impediments imposed by China on around $20 billion of Australian exports remain on less than $1 billion.
We have also worked to build stronger partnerships with countries throughout our region. Foreign Minister Penny Wong and Trade Minister Don Farrell have worked to diversify our trading relationships, by leading a diplomatic and business push into countries throughout the South East Asia and the Pacific.
A key element is the development of a new South East Asia Economic Strategy, based on a report that the government commissioned from Nicholas Moore, the former CEO of the Macquarie Group, titled ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’. This strategy aims to boost trade and investment by enhancing economic engagement and leveraging Australia’s strengths: a well‑capitalised corporate sector, sophisticated capital markets, and a substantial national savings pool.
In the mining sector, the government’s production tax incentive scheme seeks to nurture the critical minerals and green hydrogen industries. These tax credits aim to secure Australia’s critical mineral supply chain and assist with the energy transition in economically productive ways. Yet, remarkably Peter Dutton has opposed production tax incentives. His position puts him at odds with both major parties in Western Australian – Liberal and Labor. As Resources Minister Madeleine King puts it, Dutton’s stance is ‘anti‑resources and anti‑WA’.
Another important part of Labor’s pro‑growth productivity agenda is competition reform. The last big wave of national competition policy took place in the 1990s, when consumers were given more choice about their electricity provider and a host of unnecessary regulations were scrapped. During the 2000s and 2010s, Australia experienced a rise in market concentration and markups, and a drop in economic dynamism. Too many industries have become dominated by too few companies. Disappointing productivity performance in the 2010s is likely linked to the lack of competition in many Australian markets and Australian consumers have suffered.
Last year, our government established a competition taskforce in the Australian Treasury, mandated to identify reforms that would create a more competitive economy that drives down costs. This year, the Albanese government has introduced the biggest shakeup of our merger laws in half a century, aiming to ensure that the merger control system is simpler, quicker, and more efficient. Our reforms will ensure quicker approvals for low‑risk mergers but that the competition watchdog sees all high‑risk mergers through mandatory reporting thresholds.
Another priority of the competition taskforce is the reform of non‑compete clauses. One in 5 Australian workers have a clause in their employment contract that limits their ability to move to a competing company. Non‑compete clauses slow wage growth and impede new business formation. In the United States, the government has estimated that scrapping non‑compete clauses would boost wages by US$500 for the typical worker, and lead to the creation of 8,000 more businesses annually. In Australia, we are actively considering the best way to address the adverse effects of non‑compete clauses.
These are just some examples of how the Albanese government, with the states and territories, is revitalising the National Competition Policy to deliver more jobs, more startups, and more prosperity. Western Australia is on board with National Competition Policy and stands to share the benefits.
Being pro‑growth is not about being anti‑fairness. Indeed, the best way to deliver for the most vulnerable is through a growing economy, where everyone can share in the gains. By choosing openness, encouraging dynamism, and strengthening competition, we can get a better deal and expand opportunities for consumers, workers, and households in Western Australia.
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Alexander Novak got acquainted with domestic developments in the field of hydrogen energy and transport
October 10, 2024
Alexander Novak got acquainted with domestic developments in the field of hydrogen energy and transport
October 10, 2024
Alexander Novak got acquainted with domestic developments in the field of hydrogen energy and transport
October 10, 2024
Alexander Novak got acquainted with domestic developments in the field of hydrogen energy and transport
October 10, 2024
Alexander Novak got acquainted with domestic developments in the field of hydrogen energy and transport
October 10, 2024
Alexander Novak got acquainted with domestic developments in the field of hydrogen energy and transport
October 10, 2024
Previous news Next news
Alexander Novak got acquainted with domestic developments in the field of hydrogen energy and transport
Deputy Prime Minister Alexander Novak familiarized himself with the plans of the Hydrogen Technologies Center of AFK Sistema in the field of developing projects on hydrogen energy and transport, as well as new models of Russian freight transport on hydrogen fuel cells manufactured by PJSC KAMAZ at the site of the production complex of JSC Elektrozavod. On the basis of the Hydrogen Technologies Center, projects have been created and are being developed to create water and freight transport on hydrogen, drones for the transportation of commercial goods, catalysts and sensors for hydrogen, electrolyzers, energy accumulation and storage systems, fuel cells, etc.
The Deputy Prime Minister saw a new KAMAZ truck with a payload capacity of over 20 tons, which can travel 400 km on hydrogen, in motion, and also assessed the work of the domestic power plant and the truck platform with hydrogen fuel cells manufactured by PJSC KAMAZ. Representatives of AFK Sistema and its structures, as well as PJSC KAMAZ, took part in the event.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Industrialists, entrepreneurs, business aspirants and enthusiasts from various sectors discussed the challenges and prospects of hydrogen energy commercialization at a workshop on fostering start-up ecosystems for commercialization of hydrogen technologies.
Dr. R Vijay, Director of ARCI, stressed on the importance of reducing the cost of hydrogen production to make it more market-attractive while speaking as Guest of Honour at the workshop organised by ARCI an autonomous institution of the Department of Science and Technology (DST) on the occasion of National Hydrogen and Fuel Cell Day on 8th October2024.
He also showcased ARCI’s role in transferring hydrogen technologies both at the component level and through integrated systems and said that ARCI is supporting many start-ups in the energy sector.
The 7th consecutive annual hydrogen workshop was organised at the Centre for Fuel Cell Technology of International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), at IITM Research Park, Chennai.
In his inaugural address, Prof. Mohammad RihanDirector General of the National Institute of Solar Energy (NISE), highlighted the mission-mode approach of integrating solar power with electrolyzer for green hydrogen generation for energy storageand conversion to electricity through fuel cells. He underscored the synergy between solar energy and hydrogen technologies, offering a sustainable pathway toward green energy. He also mentioned that ARCI and NISE have already signed a MoU to jointly work for the realisation of the above approach.
Dr. R. Gopalan,Former Regional Director of ARCI, Chennai, emphasized the need for a circular economy in hydrogen production to further reduce costs and highlighted India’s emerging leadership in green ammonia synthesis alongside other developed nations.
Eminent speakers such as Dr. G.A. Pathanjali, Managing Director of High Energy Batteries, Tiruchirappalli, Shri. Krishnan Sadagopan, Senior Vice President at Ashok Leyland, and Dr.RamadasArumugamSakunthalai, Director at the Global Automotive Research Centre (GARC), discussed the critical role of hydrogen in the Indian automotive market. They delved into hydrogen’s application in transportation and the challenges and potential for growth in this sector.
Several start-up founders and representatives shared their experiences with hydrogen production and utilization, discussing their capabilities as well as the hurdles they face in scaling their technologies. Key challenges such as cost, infrastructure development, and regulatory barriers were highlighted. Participants explored strategies to reduce production and distribution costs to make hydrogen more economically viable.
The workshop underscored the need for collaboration between industry, academia, and research institutions, with ARCI playing a pivotal role in fostering these partnerships. This collaboration is seen as essential for achieving hydrogen economy in India.
This year’s workshop not only celebrated National Hydrogen and Fuel Cell Day but also marked a significant step in India’s journey towards a green energy future. The discussions and insights shared during the event will contribute to the development of hydrogen technologies that can reshape the global energy landscape.
Exercise is great for improving heart health. But the thought of hitting the gym or going for a jog might put some people off from doing it. And, if you have a heart condition already, such dynamic exercises may not be safe to do.
The good news is, you don’t necessarily need to do a vigorous workout to see heart benefits. You can even improve your heart health by holding still and trying really hard not to move.
Normally, to build strength and force, our muscles need to change length throughout a movement. Squats and bicep curls are good examples of exercises that cause the muscle to change length throughout the movement.
But isometric training involves simply contracting your muscles, which generates force without needing to move your joints. The harder a muscle is contracted, the more forceful it becomes (and the more forceful a muscle is, the more powerfully we can perform a movement).
If you add weight to an isometric exercise, it causes the muscle to contract even harder. A wall sit and a plank are examples of isometric contractions.
Isometric exercises are associated with a high degree of “neural recruitment”, because of the need to maintain the contraction. This means these exercises are good at engaging specialised neurons in our brain and spinal cord, which play an important role in all the movements we do – both voluntary and involuntary. The greater this level of neural activation, the more muscle fibres are recruited – and the more force generated. As a result, this can lead to strength gains.
Isometric exercises have long been of interest to strength and power athletes as a means of preparing their muscles to generate high forces by activating them. But research also shows isometric exercises are beneficial for other areas of our health – including reducing hypertension and promoting better blood flow.
There are a couple reasons why isometric exercises are so good for the heart.
When a muscle is contracted, it expands its size. This causes it to compress the blood vessels supplying this muscle, reducing blood flow and raising the blood pressure in our arteries – a mechanism known as the “pressor reflex”.
Then, once the contraction is relaxed, a sudden surge of blood flows into the blood vessels and muscle. This influx of blood brings more oxygen and (crucially) nitric oxide into the blood vessels – causing them to widen. This in turn reduces blood pressure. Over time, this action will reduce stiffness of the arteries, which may lower blood pressure.
When blood flow is reduced during an isometric movement, it also reduces the amount of available oxygen that cells need to function. This triggers the release of metabolites, such as hydrogen ions and lactate, which stimulate the sympathetic nervous system – which controls our “fight of flight” response. In the short term, this leads to an increase in blood pressure.
But when an isometric exercise is done repeatedly over many weeks, there’s a reduction in sympathetic nervous system activity. This means blood pressure is lowered and there’s less strain on the cardiovascular system – which makes these exercises good for the heart.
Isometric exercises may be even more beneficial for heart health than other types of cardiovascular exercise. A study which compared the benefits of isometric exercise versus high-intensity interval training found isometrics led to significantly greater reductions in resting blood pressure over the study period of between two and 12 weeks.
How to use isometric exercise
If you want to use isometric training to reduce blood pressure, it’s recommended that you should do any isometric contraction for two minutes at around 30-50% of your maximum effort. This is enough to trigger physiological improvements.
You can start by doing this four times a day, three-to-five times per week – focusing on the same exercise. As you progress, you can start to vary the exercises you do, add weights to the exercise, or add in more than one isometric exercise.
Some good isometric exercises to begin with include a static squat, a wall sit or a plank. Even during these small bouts of exercise, your heart rate, breathing and arterial pressure will all increase – the same responses that occur during more conventional whole-body exercises, such as cycling and running.
The beneficial improvements in blood pressure start to manifest around 4-10 weeks after starting isometric training – though this depends on a person’s health and fitness levels when starting out.
Isometric training appears to be a simple, low-intensity mode of exercise that offers big benefits for cardiovascular health – all while requiring little time commitment compared with other workouts.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Britain ended more than 140 years of coal power when it closed its last generator in September.
Coal emits more heat-trapping gas to the atmosphere than any other fossil fuel, so its demise as a source of electricity is an unalloyed good for the climate. Yet, with another announcement a week later, the UK government has helped extend the reign of fossil fuels well into the 21st century.
Less than six months from polling day, the UK Labour party (then the official opposition) scrapped a campaign commitment to provide an annual stimulus of £28 billion (US$36.6 billion) for green industries.
Six billion pounds shy of this figure will now be raised over 25 years, Keir Starmer’s Labour government has revealed, but for a specific purpose: carbon capture and storage.
“The technology works by capturing CO₂ as it is being emitted by a power plant or another polluter, then storing it underground,” says Mark Maslin, a professor of natural sciences at UCL.
The Guardian reports that oil companies BP and Equinor will invest in a cluster of carbon capture and storage installations in Teesside, north-east England. Eni, an Italian oil company, is expected to develop sites in north-west England and north Wales. In each case, emissions will probably be pumped via gas pipes beneath the seabed.
Starmer anointed “a new era” for green jobs when announcing this funding, but experts claim he is actually offering symbolic and strategic support to climate-wrecking energy sources that have dominated for centuries.
“The Climate Change Act mandates the UK should achieve net zero emissions by 2050, yet this will be impossible if carbon capture leads to the UK building new gas power stations instead of wind and solar farms.”
Maslin was one of several scientists who wrote to energy secretary Ed Miliband criticising the plans. As he sees it, the government would not fund these projects if it did not see a future for fossil fuels beyond the middle of this century, by which time scientists have said our interference in the climate must end.
The message is clear: expensive imports of natural gas (essentially methane, a potent greenhouse gas) are here to stay. Even successful deployment of carbon scrubbers at the point of burning this gas would not erase its climate impact, Maslin says, as it leaks at all stages of its production and use.
But Maslin also doubts carbon capture and storage can siphon off the emissions of gas-fired power plants without adding to climate change. This is why climate scientists often describe carbon capture and storage as an unproven technology for decarbonising electricity and heavy industry: most of its applications have been in natural gas processing facilities where CO₂ is extracted for commercial uses.
“The track record of adding carbon capture to power plants is much worse, with the vast majority of projects abandoned,” Maslin explains.
More damning still, almost 80% of all the CO₂ captured by existing installations has been reinjected into oil fields – to pump more oil.
Could carbon capture and storage tech turn natural gas into zero-carbon hydrogen, as some hope? Again, Maslin is dubious. Water is a cleaner source for hydrogen and using this fuel to heat homes or decarbonise factories is a second-rate solution compared with renewable electricity, he says.
The fruits of appeasement
Maslin and his co-signatories say that carbon capture and storage should be limited to reducing emissions from existing fossil power plants or steel furnaces while these emission sources are rapidly phased out.
Marc Hudson at the University of Sussex is a historian of climate politics and policy in Australia, the US, UK and internationally. He has encountered policy proposals for carbon capture dating back to the 1970s and in his view, their overwhelming effect has been to prolong the use of fossil fuels by justifying investment in their expansion.
When trying to explain why rational climate policies like the mass insulation of draughty homes tends to lose out to investment in carbon capture and storage, Nils Markusson, a lecturer in environmental politics at Lancaster University, found something similar:
In other words, appeasing the fossil fuel industry is a proviso of policies drafted to address climate change. This limitation has also infiltrated scientific assessments of the climate.
A new report shows that “overshoot” scenarios – that is, projections of future climate change which accept the global target of 1.5°C will be at least temporarily breached – are rife in mainstream climate science.
This is despite evidence of the permanent damage such a breach would cause – and our doubtful ability to reverse warming once it has exceeded these dangerous levels using speculative carbon removal technology.
There is not enough land or energy to rapidly restore the carbon we have emitted. Oksana Bali/Shutterstock
What has led us here? Comprehending the climate crisis and its solutions on terms favourable to the fossil fuel industry say Wim Carton and Andreas Malm, political ecologists at Lund University.
“Avoiding climate breakdown demands that we bury the fantasy of overshoot-and-return and with it another illusion as well: that the Paris targets can be met without uprooting the status-quo.
“One limit after the other will be broken unless we manage to strand the necessary fossil assets and curtail opportunities for continuing to profit from oil and gas and coal.”
Union Minister for New and Renewable Energy, Shri Pralhad Joshi, completed a successful visit to Germany from 6th to 9th October 2024. The visit, which coincided with the Hamburg Sustainability Conference (HSC), underscored India’s commitment to global sustainability and renewable energy, and facilitated key discussions on enhancing bilateral cooperation in the energy sector.
On 7th October, the Minister delivered the keynote address at Hamburg Sustainability Conference, where he highlighted India’s role in global renewable energy and energy transition initiatives, including the International Solar Alliance, which now has the support of over 100 countries. Shri Joshi underscored India’s remarkable progress in renewable energy over the last decade, driven by Prime Minister Shri Narendra Modi’s vision and leadership. He emphasized India’s commitment to sustainability, particularly in sectors like green shipping, and called for strengthening international collaboration to tackle the challenges posed by the global energy transition.
As part of the visit, Shri Joshi held numerous bilateral meetings with global leaders. His meeting with Mr. Achim Steiner, Administrator of the United Nations Development Programme (UNDP), focused on India’s growing renewable energy landscape and future collaborations for sustainable development. He also met Ms. Svenja Schulze, German Minister for Economic Cooperation and Development (BMZ), to discuss shared priorities in green energy and sustainability.
Union Minister of New and Renewable Energy Shri Pralhad Joshi interacts with Chancellor of Germany Mr. Olaf Scholz
On the sidelines of the HSC, Shri Joshi exchanged pleasantries with Mr. Olaf Scholz, the Chancellor of Germany. Union Minister Joshi also interacted with Mr. Karim Badawi, Egypt’s Minister of Petroleum and Natural Resources, and discussed bilateral relations and enhancing cooperation. He also met Ms. Roberta Casali, Vice President of the Asian Development Bank, and deliberated on renewable energy investments in India. Shri Joshi further engaged with Dr Jamshid Khodjaev, Deputy Prime Minister and Minister of Economy and Finance of Uzbekistan, where they discussed global shifts in the energy landscape and avenues to support energy transition.
The Minister also met with Ms. Anneliese Dodds, the UK’s Minister of Development, and they deliberated on scaling up international cooperation for a cleaner, more sustainable future. He also exchanged views with Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), on the IMF’s role in supporting global sustainability projects, and Mr. Ajay Banga, President of the World Bank, regarding India’s leadership in the green energy space.
Union Minister of New and Renewable Energy Shri Pralhad Joshi with Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action
In Berlin, Union Minister Shri Joshi was warmly received by Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action. Dr. Habeck also gave a special guided tour of German Federal Ministry of Economic Affairs and Climate Action. Dr Habeck acknowledged the stunning growth of India’s Renewable sector in the last 10 years to Union Minister Joshi and was very optimistic on India’s journey towards Mission 500 GW from Renewable energy. Shri Joshi posted on X
“Held a bilateral meeting with Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action, on the sidelines of #HSC2024. We had a fruitful discussion on strengthening cooperation in renewable energy. Deliberation on opportunities in green hydrogen, offshore wind, biogas, and recycling of solar waste was also held during the meeting. We were happy to note that India and Germany’s cooperation on energy transition is progressing well. Expressed confidence that in the coming years, India will emerge as a trusted source of green hydrogen for Germany.”
Union Minister of New and Renewable Energy Shri Pralhad Joshi with Indian Diaspora in Berlin, Germany
During his time in Berlin, Shri Joshi interacted with members of the Indian diaspora at an event hosted by the Embassy of India, where he lauded their contributions to Germany’s economy and their role in enhancing India’s global presence.
During the RE-INVEST 2024 held in September, 2024, India and Germany had launched the India-Germany Platform for Investment in Renewable Energies showing the growing bond between the two countries in Renewable Energy. The platform will facilitate to create further business opportunities and new avenues for the increasing demand for capital, support technology transfer and enhance the development of innovative technical solutions in RE.
Shri Pralhad Joshi’s visit to Germany concluded with a commitment to furthering India’s leadership in renewable energy cooperation and energy transition initiatives. The meetings and interactions during the visit have laid a strong foundation for deeper collaboration in energy transition, reinforcing India’s role as a global leader in the pursuit of a sustainable future.
Guten Tag Hamburg, Germany!
Thankful for the warm welcome at the airport, from the officials of the Indian Embassy.
Over the next 2 days will be attending the Hamburg Sustainability Conference. Looking forward to bilateral meetings with Ministers and Senior Officials… pic.twitter.com/Ziet27IvaI
India has over 700 million young people who deserve a sustainable future, just like their peers around the globe.🌍 Building on this, delivered the keynote address at the Hamburg Sustainability Conference. Also emphasised that for a developing nation such as ours, with low per… pic.twitter.com/VbznAMqxeW
Under the leadership of PM Shri @narendramodi, India is the only G20 nation to achieve it’s climate target well ahead of schedule.
ಪ್ರಧಾನಿ ಮೋದಿಯವರ ನೇತೃತ್ವದಲ್ಲಿ ಭಾರತವು ಹವಾಮಾನ ಬದಲಾವಣೆಯ ತನ್ನ ಗುರಿಯನ್ನು ನಿಗದಿತ ಸಮಯಕ್ಕಿಂತ ಮುಂಚಿತವಾಗಿ ಸಾಧಿಸಿದ ಏಕೈಕ ಜಿ 20 ರಾಷ್ಟ್ರವಾಗಿದೆ#HSC2024pic.twitter.com/QfkUrw9ZO4
We remain committed to our pursuit of a sustainable energy future that aligns with our growth ambitions and environmental responsibilities. India stands as a global voice of reason.
ಭಾರತದ ಅಭಿವೃದ್ಧಿಯ ಮಹತ್ವಾಕಾಂಕ್ಷೆಗಳು ಮತ್ತು ಪರಿಸರದ ಜವಾಬ್ದಾರಿಗಳಿಗೆ ಸರಿ ಹೊಂದುವ ಸುಸ್ಥಿರ ಇಂಧನ ಭವಿಷ್ಯದ… pic.twitter.com/q6t0ihOfbJ
Received a gracious welcome by Dr. Robert Habeck, Germany’s Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action at the entrance of Ministry. I Thank him for the gesture.
Interacted with the members of Indian community at the reception hosted by Embassy of India, in Berlin (Germany). India’s rich culture and brilliant minds are enhancing the plurality of Germany while also significantly contributing to it’s economy. Around the globe, our diaspora… pic.twitter.com/5eVOJACDwO
The smartwatch experience begins when a user fastens the band to their wrist — bands not only maximize the watch’s versatility but also add a personal touch to the user’s style.
The Galaxy Watch Ultra and Galaxy Watch7 can be paired with a range of interchangeable band accessories, designed to each user’s unique needs and preferences. Samsung Newsroom has curated a selection of Galaxy Watch bands that enrich every moment from navigating daily life to embarking on extreme adventures.
Galaxy Watch Ultra Bands: Made for Outdoor Experiences
The Galaxy Watch Ultra is the most powerful Galaxy Watch. Optimized for extreme conditions, the Galaxy Watch Ultra takes outdoor experiences to the next level through a variety of bands — Marine Band, Trail Band and PeakForm Band — suited to different activities and environments.
Changing bands has never been easier. For the first time, Samsung has introduced the Dynamic Lug System to improve the connection between the watch body and band. This mechanism is intuitive and convenient, allowing for effortless band removal and attachment with a simple press of a button. Not to mention, the watch body and band seamlessly connect to elevate overall aesthetics.
▲ (From left) Marine Band, Trail Band and PeakForm Band for the Galaxy Watch Ultra
▲ Dynamic Lug System
Marine Band: Unmatched Durability in Water
For those looking to time their swims with the Galaxy Watch Ultra, the Marine Band is an excellent choice. This band is specifically engineered to support aquatic activities with a breathable wavelike design and perforations for quick drying and a comfortable fit.
▲ The Marine Band offers improved breathability and durability for more freedom in the water.
Made to withstand intense movement, the Marine Band features a lightweight and durable titanium buckle that incorporates a “double tongue” with two teeth for a stronger hold on the band. This structure ensures that the Galaxy Watch Ultra remains secure and performs optimally whether in the water or challenging outdoor environments.
Trail Band: The Ultimate Running Mate
Recommended for running, hiking and other active sports, the Trail Band weighs around 20 grams. The comfortable, wavy design of the fabric minimizes skin contact to ensure the band feels pleasant even when sweating. Moreover, the elastic band keeps the watch body secure on the wrist for more accurate workout tracking.
▲ (From left) The Trail Band’s triangular latch and hook
The Trail Band offers a new buckle construction that combines a triangular latch and hook — allowing users to precisely adjust the fit by removing the latch, threading it through the holes on the side of the band and securing it with the hook. This design ensures that the hook does not come into direct contact with the skin for a comfortable workout free of snags.
PeakForm Band: A Hybrid of Strength and Comfort
Those seeking a stylish accessory during workouts and daily activities can look to the PeakForm Band. This versatile hybrid band combines robustness with a sleek design and accentuates the Galaxy Watch Ultra’s premium look.
Notably, the PeakForm Band uses different materials on the exterior and interior surfaces. The exterior features a tightly woven fabric, whereas the interior is made of durable Hydrogenated Nitrile Butadiene Rubber (HNBR). This material is resistant to water and dirt for an optimal wearing experience that does not compromise style or mobility.
▲ The PeakForm Band uses different materials on both sides for optimal usability.
Galaxy Watch7: Reimaging Everyday Elegance With Detailed Bands
In addition to helping users stay on top of their health, the Galaxy Watch7 can transform into a fashion accessory when paired with a band that reflects the user’s personal style.
The Galaxy Watch7’s one-click band design supports effortless swapping to suit various lifestyles. The available bands1 — Sport Band, Fabric Band and Athleisure Band — are designed to complement different activities from working out to sleeping.
▲ (From left) Sport Band, Fabric Band and Athleisure Band for the Galaxy Watch7
Sport Band: A Workout Partner
The Sport Band is the perfect accessory for a wide range of sports and activities with the Galaxy Watch7. Crafted from durable HNBR material, the band has a wavy design for breathability and comfort — suitable for even the sweatiest of workouts.
▲ Stitching details on the Galaxy Watch7 Sport Band
Despite the focus on functionality, the band’s aesthetics have not been overlooked. The orange and light blue stitching at the end of the band adds a subtle yet stylish touch. Moreover, the band is available in a diverse palette of colors2 including cream, dark gray, green, orange and silver.
Fabric Band: Effortlessly Light Even When Asleep
The Fabric Band is perfect for users who wear their Galaxy Watch7 to sleep. Weighing about 10 grams,3 the band boasts a soft fabric texture and lightweight design for versatile wear all day and night.
▲ The Fabric Band has a Velcro strap that is simple to fasten and remove.
A standout feature of the Fabric Band is the Velcro material, offering both easy adjustment and exceptional comfort. Without the bulk of a traditional buckle, the band feels lighter and more streamlined on the wrist. Subtle accent details at the ends enhance the design and showcase the fabric’s distinctive qualities.
Athleisure Band: Style and Activity in One
The newest addition to the Galaxy Watch series, the Athleisure Band is characterized by its distinctive double-loop design. This feature ensures a secure and flattering fit by allowing the extra length of the band to be tucked away through the loops. Available in a range of five colors4 — including green, cream, pink, silver and sky blue — the band serves as both a functional accessory and stylish statement piece.
▲ The Athleisure Band boasts a double-loop design.
Utilizing the same HNBR material as the Sport Band and PeakForm Band, the Athleisure Band blends softness with durability and comfort with style to create a distinct look for any occasion.
The band is essential to fully experiencing all the capabilities of the Galaxy Watch Ultra and Galaxy Watch7. Alongside the Galaxy Watch series, the bands have evolved to offer a wider array of customization options. Now with these new bands, users can unlock their potential and maximize the advanced features of the Galaxy Watch in their daily lives.
1 Compatible with the Galaxy Watch4 series and later models, excluding the Galaxy Watch Ultra. Available colors and models may vary by country and region.2 Available colors and models may vary by country and region.3 The Galaxy Watch7 Fabric Band in Wide (M/L) weighs 10.2 grams. The Galaxy Watch7 Fabric Band in Slim (S/M) weighs 9.5 grams.4 Available colors and models may vary by country and region.
NREL’s Hydrogen and Fuel Cell Research Is Unlocking the Energy Potential of Hydrogen
Researchers work on an electrolyzer stack that splits water into hydrogen and oxygen using renewable electricity. Photo by Werner Slocum, NREL
October 8 (10.08) is national hydrogen and fuel cell day—a nod to the atomic weight of the most abundant element in the universe: 1.008.
This year, the National Renewable Energy Laboratory (NREL) marks the occasion by spotlighting its hydrogen and fuel cell research, which is lowering the cost and increasing the scale of technologies to make, store, move, and use hydrogen across multiple energy sectors.
Hydrogen is a simple and versatile energy carrier that can provide clean energy for the most difficult-to-decarbonize sectors. Together, those attributes make hydrogen a key part of the U.S. Department of Energy’s (DOE’s) efforts to enable a clean and low-carbon economy. Through its Hydrogen Shot, DOE aims to reduce the cost of clean hydrogen to $1 per kilogram by 2031.
NREL research and development (R&D) supports DOE goals and enables industry to take advantage of the broad potential of hydrogen—whether used as fuel for heavy-duty vehicles, a feedstock for sustainable chemical and steel production, or a medium for storing energy.
Below are some highlights from the last year of NREL hydrogen R&D.
R&D Highlights
Megawatt-Scale Hydrogen Systems Research Kicks Off at NREL’s Flatirons Campus
NREL highlighted the status and initial performance of the grid-integrated megawatt-scale hydrogen electrolysis, compression, storage, and fuel cell generator system at NREL’s Flatirons Campus in a webinar. The presentation included details about ongoing research using NREL’s Advanced Research on Integrated Energy Systems capabilities as well as future areas of research asset development.
NREL’s integrated megawatt-scale hydrogen technologies system allows partners and researchers to create, store, and use hydrogen in a full grid environment. Photo by Josh Bauer/Bryan Bechtold, NREL
Offshore Wind Turbines Offer Path for Clean Hydrogen Production
Producing hydrogen at a cost that approaches the DOE goal for low-cost clean hydrogen depends significantly on both the technology used and production location. Using electricity generated by offshore wind turbines as one pathway to split water to produce clean hydrogen may make economic sense, particularly along the U.S. Atlantic Coast and in the Gulf of Mexico, according to researchers at NREL.
NREL Selected as Part of $1.6M in Federal Funding To Explore Potential of Geologic Hydrogen
Geologic hydrogen is currently a poorly understood but potentially groundbreaking energy resource involving certain types of rocks and subsurface environments that produce natural hydrogen. NREL was recently selected as one of 16 teams to research enhanced production of geologic hydrogen. Together with partners, NREL will help stimulate hydrogen production from iron-rich mafic and ultramafic rocks via chemical, mechanical, and biological processes.
New NREL-Led Lab Consortium To Enable High-Volume Manufacturing of Electrolyzers and Fuel Cells
Launched in 2024, the Roll-to-Roll (R2R) Consortium aims to advance efficient, high-throughput, and high-quality manufacturing methods and processes to accelerate domestic manufacturing and reduce the cost of durable, high-performance proton exchange membrane fuel cell and electrolyzer systems. R2R joins a expanding group of national laboratory consortia, each with a strategic focus to facilitate low-cost, clean hydrogen technologies.
NREL’s roll-to-roll web line is used for research of in-line quality control monitoring techniques for battery, electrolyzer, and fuel cell materials. Photo by Werner Slocum, NREL
NREL Advances Hydrogen Fuel Dispensing for Medium- and Heavy-Duty Vehicles
In another webinar, NREL highlighted research advances in fueling protocols, dispensing hardware, codes and standards, and station architecture for medium- and heavy-duty vehicles. Researchers performed fast-flow fueling tests at NREL and benchmarked system performance exceeding industry and DOE targets; adapted the H2FillS model for heavy-duty applications; and performed analysis of fueling protocol impacts on station design, station cost, and vehicle cost. Several team members were also recognized by DOE for their outstanding leadership and contributions.
NREL’s heavy-duty hydrogen fueling team. Photo by Agata Bogucka, NREL
NREL Model Fast-Tracks Hydrogen Supply Chain Infrastructure Deployment
Reducing capital and viability risks for infrastructure investment decisions will accelerate the adoption of hydrogen fuel cell electric vehicles. NREL is helping stakeholders forecast demand and minimize infrastructure buildout costs. NREL’s Scenario Evaluation and Regionalization Analysis model optimizes hydrogen infrastructure buildout necessary to meet the growing needs of an emerging, dynamic market at a geographic and temporal level.
Project Demonstrates Clean Supply Chain of the Future, Using Today’s Technology
For 12 months, zero-emissions vehicles powered a clean demonstration supply chain—from battery-electric harbor cranes, which unloaded cargo containers from ships, to hydrogen-powered trucks, which drove goods from ports to storefronts across Southern California. Then NREL researchers quantified the findings. Now, the results from the Port of Los Angeles’ Shore to Store project are in: A zero-tailpipe-emissions supply chain is possible, using today’s technologies.
Learn More
Read the DOE blog, Celebrate Hydrogen Day All Week Long, to learn about how you can get involved in this week’s celebration and learn a few fun facts about hydrogen!
Learn more about NREL’s research in hydrogen and fuel cells.
New York, N.Y., Oct. 08, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced that Professor Andrew W. Woods, Ph.D. and Alejandra de Lara, BSc, MPhil have joined its Nuclear Technology and Engineering Team.
“It is a pleasure to see our Nuclear Technology and Engineering team grow with the additions of Dr. Woods and Alejandra,” said Prof. Ian Farnan, Lead for Nuclear Fuel Cycle, Radiation and Materials at NANO Nuclear Energy. “Their experience and unique expertise are a timely addition to the team and the next phase of the development of the ‘ODIN’ microreactor.”
“We are very happy to welcome Dr. Woods and Alejandra to the team,” said Eugene Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear Energy. “The next steps in the development of ‘ODIN’ require a dedicated team of experts to ensure the technology is ready to meet regulatory requirements and progress towards commercialization. I am delighted to work alongside Dr. Woods and Alejandra and develop a portable, secure and reliable solution to the world’s growing energy needs.”
Dr. Woods’ research focuses on developing simplified mathematical and experimental models to study complex fluid flow and heat transfer processes in single and multiphase flow. Applications of his work span various fields, including the dynamics of explosive volcanic eruptions, geothermal power generation, carbon sequestration, and large scale, subsurface energy storage. In recognition of his contributions, Dr. Woods was elected a Fellow of the Royal Society (FRS) in 2017. He is a Professor in the University of Cambridge.
Figure 1 – NANO Nuclear Energy Inc. Bolsters its Nuclear Technology and Engineering Team with the Additions of Professor Andrew W. Woods (left) and Alejandra de Lara, BSc, MPhil (right).
Alejandra de Lara has submitted her Ph.D. for examination at the University of Cambridge. Her Ph.D. project was sponsored by Framatome and focused on adapting fuel behavior prediction codes to molten salt-cooled reactors and analyzing their benefits compared to Light Water Reactors.
Her research demonstrated several fuel design features that would improve the performance of salt-cooled reactors. High-temperature operation of such reactors enables greater thermodynamic efficiency in power conversion using advanced cycles, while also allowing for the direct use of nuclear heat to drive industrial processes such as synthetic fuel production, hydrogen generation, and district heating.
“The ‘ODIN’ team has grown rapidly in recent months, and it is a pleasure to welcome Dr. Woods and Alejandra,” said James Walker, Chief Executive Officer, and Head of Reactor Development of NANO Nuclear Energy. “Dr. Woods is an experienced and well-versed leader in the field of complex fluid flow and heat transfer processes and I am certain his skills will be invaluable in the next steps of ‘ODIN’s” development. Similarly, Alejandra has proven herself as a leading young researcher and is the perfect example of the next generation’s excellence in nuclear science.”
About NANO Nuclear Energy, Inc.
NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.
Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.
Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.
HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.
Email: IR@NANONuclearEnergy.com Business Tel: (212) 634-9206 PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE: NANO Nuclear Energy LINKEDIN NANO Nuclear Energy YOUTUBE NANO Nuclear Energy TWITTER
This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements (including the anticipated benefits to NANO Nuclear of the engineering personnel described herein and statements regarding NANO Nuclear’s regulatory and licensing processes) mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) nuclear fuel manufacturing submission and the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, (ii) our ability to obtain contracts and funding to be able to continue operations, (iii) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (v) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and the NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at http://www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Meeting COP28 goals requires a substantial increase in clean energy investment by 2030, including in emerging market and developing economies (EMDEs). Amid domestic financial constraints, foreign direct investment (FDI) could play a key role in EMDEs’ ability to close their renewable energy investment gap and finance green projects, more broadly. This Note finds that strengthening climate policies boosts FDI into renewable energy in EMDEs, especially in those with solar power potential, while less clear effects are found for FDI into EVs and green hydrogen possibly due to their recent emergence. Closing the average climate policy gap with respect to AEs could secure 40 percent of the private finance needed for renewable energy investment in EMDEs, helping overcome the impact of high financing costs. Strengthening the macro-structural framework, such as through improving trade and capital account openness and institutional quality, would also raise green FDI inflows, complementing climate policies. Case studies show that countries that attracted FDI into renewable energy put in place a large and diverse set of policies in the electricity sector, including those that secure a revenue stream for investors in the initial phases, such as power-purchase agreements/feed-in tariffs, renewables targets, and complementary investments. Countries that successfully attracted FDI into EVs relied on the development of national sectoral strategies including production and adoption subsidies, prior comparative advantage in the sector, and bilateral alliances with key players in the EV market. Finally, comprehensive national hydrogen strategies that leverage international efforts to boost production, and good conditions for production of renewable energy, were key drivers of green hydrogen FDI. Global initiatives such as the Just Energy Transition Partnerships and the EU strategy for green hydrogen are benefitting FDI to EMDEs.
Source: People’s Republic of China – State Council News
BEIJING, Oct. 8 — During the week-long National Day holiday ending on Monday, China’s high-speed railway stations were often bustling with crowds. Some passengers could be seen lined up in an orderly fashion as they prepared to board, while others could be spotted browsing their smartphones or using laptops when waiting for their boarding calls.
The country’s railway sector experienced a surge in passenger traffic on Monday as travelers returned home from their holiday destinations.
A total of 13,103 trains were in operation on Monday, including 1,705 additional trains scheduled to meet the significant demand. This marked a historic high for a single day’s operational capacity, according to China State Railway Group Co., Ltd.
China has built the world’s largest high-speed railway network to address the people’s growing demand for convenient and comfortable travel.
The total operational length of China’s high-speed railway network has exceeded 45,000 kilometers, with Fuxing high-speed trains operating across 31 provincial-level regions nationwide.
This growing volume of railway transportation is supported by innovations and high-quality development concerning China’s rail transit equipment. Notably, the Fuxing high-speed train project received the State Scientific and Technological Progress Award in June 2024.
CHINESE RAILWAY INNOVATION
Once upon a time, the slow train with its signature green color dominated the travel memories of many Chinese people.
Since the Beijing-Tianjin Intercity Railway, with a design speed of 350 km per hour, entered operation in 2008, a fast-expanding modern high-speed railway network has been operating efficiently in the world’s second-largest economy.
Now it takes just over eight hours to travel from Hong Kong in south China to Beijing in the north by high-speed rail, a Canadian passenger with the Xiaohongshu username Lao Han, shared on his social media platform this April, while adding that he enjoyed the different views from south to north during the journey.
Previously, a train connecting the two cities took more than 24 hours to complete a one-way trip.
Such a rail experience is not confined to the Hong Kong-Beijing trip, with many bullet trains running across the country, reaching a maximum speed of 350 kilometers per hour. CRRC Changchun Railway Vehicles Co., Ltd in Changchun, northeast China’s Jilin Province, one of China’s major rail transit equipment enterprises, has long been contributing to the speeding up of the country’s railway travel options.
Since the 1990s, China’s railway running speed has been repeatedly and significantly increased, with CRRC Changchun Railway Vehicles introducing a number of upgraded and innovative products to provide equipment support for these accelerations.
Notably, this company produced China’s first subway train and first group of high-speed trains. The country’s first aluminum alloy subway train, stainless steel subway train, monorail train, low-floor light rail vehicle, linear electric locomotive and automatic subway train were also manufactured in the factories of CRRC Changchun Railway Vehicles.
In July 2024, the company introduced a high-speed built-in bogie that can meet the needs of Electric Multiple Unit (EMU) trains at a speed of 400 km per hour.
The high-speed built-in bogie serves as the running system and one of the core components of rail vehicles. “It acts as the legs of an EMU train,” explained Zhou Dianmai, a senior engineer of CRRC Changchun Railway Vehicles. Equipped with such a bogie, a train can run faster and more steadily, while also generating less noise.
Compared with traditional external bogies, the built-in bogie reduces the weight of the train by 20 percent — which can cut energy consumption by 15 percent during the vehicle’s operation, lower wheel-rail wear by about 30 percent, and reduce wheel-rail noise by around two decibels. In addition, maintenance cost during the whole life cycle is slashed by approximately 15 percent. This product is expected to facilitate the green and energy-saving transformation of EMU trains.
At the EMU bogie production line of CRRC Changchun Railway Vehicles, a big data analysis platform features key information, such as management costs and resource consumption. Through the processing of real-time data, this platform can generate product design and management suggestions.
“The big data analysis platform improved the equipment utilization rate by 10 percent and decreased operation and management costs by 10 percent,” said Zhu Yan, deputy chief designer of the Fuxing bullet train at CRRC Changchun Railway Vehicles. Total average annual costs were reduced by more than 5 million yuan (about 700,830 U.S. dollars).
Through learning from overseas advanced experience and customizing according to China’s unique conditions, the company has achieved both key technologies concerning rail transit equipment and capability in terms of R&D and manufacturing of full-range EMU trains.
On March 21, 2024, the world’s first city train powered by hydrogen, independently developed by CRRC Changchun Railway Vehicles, conducted its maiden speed test run. Previously, such a combination of hydrogen energy and rail transit equipment had not been achieved.
Running at a speed of 160 kilometers per hour at full load, the train consumed only five KWh energy per kilometer, while the data measuring each system confirmed stability during the test.
So far, CRRC Changchun Railway Vehicles has managed to build nine product platforms with advanced EMU, subway trains and maglev trains, covering R&D capabilities in terms of full-type and full-variety rail transit products.
WELCOME ABOARD CHINESE TRAINS
China’s high-speed trains, a successful example of independent innovation, are now regarded as a Chinese “calling card” and are welcomed globally.
Indonesia’s Jakarta-Bandung high-speed railway (HSR) noted in July 2024 that it had carried 4 million passengers since it began commercial operations on Oct. 17, 2023. Indonesian drivers have successfully operated the trains serving the HSR at a speed of 350 kilometers per hour.
This is the first overseas high-speed railway project fully utilizing Chinese railway systems, technology and industrial components.
The China Academy of Railway Sciences (CARS) has undertaken supervision and consultation concerning this high-speed railway, and has provided support in fields such as on-site quality control, drawing reviews and technical research.
The 142.3-km high-speed railway has shortened the journey between Indonesia’s capital, Jakarta, and Bandung, a famous tourist city, to only 40 minutes.
Meanwhile, a landmark project of high-quality Belt and Road cooperation, namely the China-Laos Railway, began operations in December 2021.
“Before the China-Laos Railway opened, it took me two days to travel from Vientiane to Mongla by car,” said a Lao passenger. “Now, it takes me about five hours by train, which is very fast and convenient.”
Another Chinese-built project, the Belgrade-Novi Sad high-speed railway, has transported nearly 8.8 million people between Serbia’s two largest cities since starting operation in 2022.
At the Third Belt and Road Forum for International Cooperation in October 2023, CRRC Changchun Railway Vehicles signed a purchase contract with Serbia to introduce China’s bullet trains to this country in Eastern Europe.
Based on a mature and reliable technical platform, both design and production of trains are tailored according to local railway conditions and technical specifications.
In recent years, the products of CRRC Changchun Railway Vehicles have been exported to 23 countries and regions. The company’s export business model currently covers the full life cycle service of vehicles, and it has set up 11 branches and subsidiaries worldwide.
“China’s high-speed trains feature high levels of science and technology, strong brand influence and thriving innovation,” said Tao Guidong, a scientist of CRRC.
Source: United States Senator for Louisiana Bill Cassidy
Louisiana Energy Security Summit: Unleashing American Abundance in a Changing Global Landscape
9:00 AM – 9:10 AM
Opening Remarks Welcome by Sen. Bill Cassidy, setting the stage for the day’s discussions on leveraging our state’s energy and other resources to enhance U.S. economic security.
Sen. Bill Cassidy, M.D. (R-LA)
9:10 AM – 9:30 AM
Fireside Chat: Louisiana’s Role in Strengthening America’s National Interests in a Changing Global Landscape A conversation between Sen. Bill Cassidy and Hon. Mark W. Menezes on the indispensable role Louisiana plays in promoting U.S. economic security.
Sen. CassidyHon. Mark W. Menezes, Former Deputy Secretary, U.S. Department of Energy
9:30 AM – 10:00 AM
Protecting U.S. Interests Against Unfair Trade Practices This panel exposes how overseas adversaries exploit weak environmental and labor standards to create a competitive advantage in trade and suggests potential solutions to hold foreign polluters accountable.
Maureen Hinman, Co-Founder and Chairman, Silverado Policy AcceleratorCatrina Rorke, Senior Vice President, Policy and Research, Climate Leadership Council Hon. James Connaughton, Former Chairman of the White House Council on Environmental Quality and Director of the White House Office of Environmental PolicyModerated by: George David Banks, Former Special Assistant for International Energy and Environment at the National Economic and National Security Councils, the White House
10:00 AM – 10:45 AM
Executive Insights: Overcoming Competitive Challenges in Global Markets CEOs discuss Louisiana’s potential in advancing American interests, highlighting key investments and policy solutions needed to level the playing field against unfair global competition.
Massimo Toso, President and CEO, Buzzi UnicemUSADavid Hardy, President of North America, Orsted Caroline Reily, Co-Founder & CEO, Aluminum TechnologiesDrew Marsh, Chairman of the board and CEO, EntergyMark Widmar, CEO, First Solar Moderated by: Sen. Cassidy
10:45 AM – 11:30 AM
Trade, Energy & Manufacturing: Implications for U.S. Industries and Competitiveness Further explores the challenges posed by unfair competition and what can be done to level the playing field for Louisiana’s industry at home and abroad.
Kevin Gundersen, Vice President of Global Corporate Communications and Government Affairs, Huntsman CorporationCalvin Hart, Vice President and General Manager, Nucor Steel LouisianaJerae Carlson, Sr. Vice President, CemexScott Nielson, Vice President of Environmental, Sustainability & Innovation, Ash Grove Cement CompanyLinda Dempsey, Vice President, Public Affairs, CF IndustriesModerated by: Sarah Stewart, CEO and Executive Director, Silverado Policy Accelerator
11:30 AM – 12:00 PM
Louisiana Spotlight: State-Level Solutions Industry leaders discuss the key role of Louisiana’s oil, gas, and chemical industries in fostering a secure energy future. This panel will also highlight opportunities for innovation and job creation in Louisiana’s key manufacturing sectors.
Tommy Faucheux, President, Louisiana Mid-Continent Oil and Gas Association (LMOGA)Greg Bowser, President and CEO, Louisiana Chemical Association (LCA)Will Green, CEO, Louisiana Association of Business and Industry (LABI)Mike Moncla, President, Louisiana Oil and Gas Association (LOGA)Moderated by: Desiree Lemoine, Director of Governmental Affairs, TJC group
12:00 PM – 1:00 PM
Load Growth and Energy Demand: Higher future demand for energy will bring a host of opportunities, risks and challenges
Nate Hill, Head of Energy Policy, Amazon Tom Neyhart, founder and executive chairman, PosigenBenjamin T. Reinke, Ph.D., Vice President of Global Business Development, X EnergyAndrey Shuvalov, Vice President U.S. Energy Transition, ShellModerated by: Tom Hassenboehler, Co-Founder and Managing Partner, CO2EFFICIENT
Carbon Capture: Cutting-edge technologies for reducing carbon footprints
Vikrum Aiyer, Global Head of Public Policy, HeirloomDouglas Chan, Chief Operating Officer, ClimeworksMichael Manteris, Co-President, Blue Sky InfrastructurePatrice Lahlum, Vice President of Carbon Management, Great Plains InstituteBradley Ives, Executive Director, Institute for Energy Innovation, Louisiana State UniversityColleen Moss, Managing Director, ClearPathModerated by: Lynn Abramson, President, Clean Energy Business Network
Critical Minerals, Mining, and Processing: Regional to global policies
Hon. Aurelia S. Giacometto, Secretary, Louisiana Department of Environmental Quality (LDEQ) Marcio Paes Barreto, Frontiers Initiative & EverCore EnergyJohn Flake, PhD., Louisiana State UniversityChris Young, Chief Strategy Officer, ElementUSAModerated by: Philip Reichert, Southern Regional Director, American Conservation Coalition
1:00 PM – 1:45 PM
Louisiana’s Competitive Advantage: Leading the Globe in Low-Emissions Manufacturing Louisiana’s energy sector boasts a rich history and a bright future. Industry experts discuss how Louisiana is transforming its manufacturing sector to lead in low-emissions production, creating jobs, and driving economic growth.
Christen Campbell, North America Energy & Sustainable Technologies and Site Development Director, BASFAndrew Connolly, vice president and general manager, Low-Carbon Hydrogen Large Projects, Hydrogen Large Projects, Air ProductsGreg Upton, PhD, Executive Director & Associate Professor-Research, Center for Energy Studies Louisiana State UniversityVanessa Martin, Driftwood LNG Project Director, WoodsideFrank J. Macchiarola, Chief Policy Officer, American Clean PowerModerated by: Xan Fishman, Senior Director, Energy Program, Bipartisan Policy Center
1:45 PM – 2:30 PM
The Bayou and Beyond: Enhancing U.S. Competitiveness through Exports Louisiana industries can advance U.S. leadership in the global marketplace through exports.
Dr. Paul Schubert, CEO, Strategic Biofuels LLCDr. Robert R. Twilley, Vice President, Office of Research & Economic Development, Louisiana State University Will Latta, Vice President, Babcock & WilcoxMatt Barr, Vice President of State Government & Community Affairs, Cheniere EnergyHon. Kimberly A. Reed, Former Chairman, U.S. Export Import Bank, 2019-2021 Moderated by:Anna Johnson, Executive Director, West Baton Rouge Chamber of Commerce
2:30 PM – 3:15 PM
Louisiana’s Liquid Gold: Strengthening U.S. Geopolitical Influence through Energy Leadership This panel explores the critical role of Louisiana’s natural gas industry in strengthening U.S. geopolitical influence and securing a prosperous energy future. Experts will cover how increased domestic natural gas production can foster stability amid geopolitical uncertainties and drive economic growth.
Bob Pender, Executive Co-chairman and Founder, Venture Global LNGT. Lane Wilson, Senior Vice President and General Counsel, WilliamsHon. Mark W. Menezes, Former Deputy Secretary, U.S. Department of Energy, 2018-2021Hon. Neil Chatterjee, Former Chairman, US. Federal Energy Regulatory CommissionModerated by: Bob Stout, Senior Fellow, Duke Nicholas Institute for Energy, Environment & Sustainability
Question for written answer E-001914/2024 to the Commission Rule 144 Dan-Ştefan Motreanu (PPE)
The European Court of Auditors has warned that the EU is unlikely to meet its 2030 targets for the production and import of renewable hydrogen. These targets, set under the 2020 hydrogen strategy and the 2022 REPowerEU plan, foresee 10 million tonnes of renewable hydrogen being produced and a further 10 million tonnes being imported by 2030. Although EUR 18.8 billion has been allocated to hydrogen-related projects, the Court of Auditors considers these targets to be ‘unrealistic’ and based on political will rather than sound analysis.
The Court also highlights the lack of sufficient demand, which has led to the postponement of many investment decisions, aggravating the ‘chicken and egg’ paradox, in which supply and demand depend on each other. It also stresses that the funding available is scattered across several programmes, making it complex for companies’ to access that funding.
In view of these challenges, what steps will the Commission take to update the hydrogen strategy and ensure the 2030 targets are achieved?
What you need to know: The state is awarding $206 million in new funding to expand bus and rail services in disadvantaged communities, which face disproportionate impacts from pollution.
SACRAMENTO — Governor Gavin Newsom today announced that Caltrans will award $206 million for 149 local, clean transportation projects to reduce pollution, especially in disadvantaged communities across the state. The funding announced today brings the state’s total investment in these projects to more than $1 billion in the last decade.
“Thanks to California’s cap-and-trade program, more clean transit is coming to communities impacted most by pollution. With more than $1 billion invested in clean transit in our communities, we’re bettering the health and day-to-day lives of countless Californians.”
Governor Gavin Newsom
This funding is possible through the California Climate Investment funds in the Low Carbon Transit Operation Program (LCTOP), funded by the state’s cap-and-trade program. Over the last decade, LCTOP has provided over $1 billion for over 1,400 projects which expanded bus or rail service, helped transit agencies purchase zero emission vehicles, funded zero emission infrastructure projects, and supported free or reduced transit fare programs. About 96% of this funding has gone to disadvantaged and low-income communities.
“Caltrans is investing in transit services and infrastructure improvements to enhance and increase travel options in local, disadvantaged communities and help combat climate change,” said Caltrans Director Tony Tavares. “The program exemplifies our commitment to ensuring a transportation network that respects the environment and serves all Californians.”
LCTOP is funded by the Greenhouse Gas Reduction fund and is part of California Climate Investments, a statewide program that allocates billions of cap-and-trade dollars to reduce greenhouse gas emissions, strengthen the economy, and improve public health and the environment — particularly in disadvantaged communities.
Some of the projects that will benefit from LCTOP funding this year include:
Los Angeles County Metropolitan Transportation Authority – Metro E-Line Operations: $51.3 million for operations benefitting Metro’s E Line light rail service. The new and expanded transit line serves 29 stations and operates 7 days a week
San Francisco Municipal Transportation Agency – Free Muni for seniors, people with disabilities and youth: $18 million to operate the Free Muni program that reduces or eliminates Muni fares for seniors, people with disabilities and youth
Orange County Transportation Authority (OCTA) – 40 Hydrogen Fuel Cell Electric Bus Project: $10.3 million to purchase 40 Hydrogen Fuel Cell Electric Buses in support of OCTA’s transition to a zero-emission fleet
A full list of projects can be found here.
For more information about California’s transportation investments, visit RebuildingCA.ca.gov and build.ca.gov.
Press Releases, Recent News
Recent news
Oct 7, 2024
News In total, California has deployed 284 highly specialized personnel to support hurricane response efforts in recent weeksSACRAMENTO – With Hurricane Milton expected to make landfall in Florida this week as a Category 5 hurricane, Governor Gavin Newsom today…
Oct 7, 2024
News What you need to know: Governor Newsom’s Advisory Council and Million Coaches Challenge are joining forces to train 25,000 youth coaches in California by 2025, setting a new standard for positive youth development and equity in sports. Sacramento, California –…
Oct 7, 2024
News SACRAMENTO – Governor Gavin Newsom today issued the following statement marking one year since the October 7, 2023 attack by Hamas on Israel:“Today marks the somber anniversary of the horrific massacre of more than 1,200 innocent people — men, women, and children…
Regional airports and aerodromes can now apply for a share in $25 million in funding for vital upgrades under Round 4 of the Regional Airports Program.
The Albanese Government recognises the critical role aviation plays for regional communities in providing essential services such as health care, education and freight.
We added two additional grant rounds with $40 million of funding in the 2024-25 Budget, to enable an additional two grant rounds.
Eligible projects can include upgrades to runways, drainage, lighting, fencing, navigation and safety training.
Under Round 4, in addition to safety and access works, funding can be used for projects that will help with the transition to net zero in aviation.
This includes technology such as electric chargers and hydrogen fuel storage for aircraft use.
Grants from $20,000 to $7.5 million are available to cover up to 50 per cent of eligible costs for each project.
I look forward to Round 4 supporting regional Australia by providing jobs, improved connectivity, and lasting benefits for communities such as better access to aeromedical and other emergency services.
Better connections between regions and cities will also help promote the growth and prosperity of Australia’s regions into the future.
Nearly $100 million has been made available under the previous three rounds of the program, supporting 194 projects.
I encourage owners or operators of existing aerodromes and airports in regional Australia to take a look at the guidelines and consider applying to make their priority upgrades a reality.
Applications open from 8 October 2024 and will close on 18 November 2024.
In the 2022 Policy Address, the Government set a target of reducing by half the pollution loading at stormwater outfalls with serious pollution problems on both sides of Victoria Harbour, in particular at Tsuen Wan, Sham Shui Po, and Kowloon City, by the end of this year.
Thanks to the combined efforts of the Buildings Department, Drainage Services Department (DSD) and Environmental Protection Department (EPD), as of the second quarter of 2024, the pollution levels not only met but exceeded the target, dropping by about 80%.
A recent survey by the EPD at the Tsuen Wan waterfront showed that 75% of respondents noted an improvement in odour levels, with nearly half of them reporting a significant improvement.
Moreover, the concentration of hydrogen sulphide, a key indicator of odour intensity, has dropped significantly by about 80% from April 2022 to this August in the area.
“Unlike past years, in the morning, it was very smelly. The wind is so fresh today. I don’t smell anything,” said a Tsuen Wan resident, who has been living in the area for two years.
Misconnections of sewage pipes to the stormwater drainage system in old districts can cause major odour problems because the sewage is then discharged through stormwater drains to the three main underground box culverts in Tsuen Wan District, and eventually flows out to the waterfront.
The EPD plays a crucial role in locating the pollution sources.
“We first collect and analyse water samples to identify areas with potential pollution sources. We then, based on the drainage map of the DSD, trace the exact location of misconnection from downstream to upstream through dye tracing, pipeline closed-circuit television robots and other smart tools,” Environmental Protection Department Senior Environmental Protection Officer Fanny Wong explained.
The Buildings Department then steps in to follow up with misconnections.
“Once we confirm there is misconnection in private buildings, we will issue an order to the liable party or the owners of the building, requiring them to rectify the situation,” said Buildings Department Senior Structural Engineer Sonny Kan.
Similar misconnections exist in public sewers, which are followed up by the DSD, which also expands infrastructure to accommodate population growth and sustainable development in Tsuen Wan.
“The DSD is constructing approximately 7km of sewers through public works projects. The project started in July 2020 and the progress is satisfactory. The project is anticipated for completion in phases by mid-2026,” Drainage Services Department Senior Engineer John Leung added.
Between 2022 and the third quarter of 2024, 36 cases in Tsuen Wan have been rectified, addressing 89% of its total pollution. Sham Shui Po resolved 16 cases, tackling 66% of its total pollution, while Kowloon City rectified 32 cases, eliminating 99% of its total pollution.
TORONTO, Oct. 07, 2024 (GLOBE NEWSWIRE) — Abraxas Power Corp. (“Abraxas”), a leading energy transition developer, and its subsidiary Exploits Valley Renewable Energy Corporation (“EVREC”), are pleased to announce that EVREC has submitted the Environmental Assessment Registration (“EAR”) with the Department of Environment and Climate Change of the Government of Newfoundland & Labrador for its Green Energy Hub project in the Botwood area.
EVREC is a P2X project that was awarded access to over 300 square kilometres of crown lands by the province of Newfoundland and Labrador in 2023 for EVREC’s use in the development of its project in Central Newfoundland. EVREC will include a 3.5 GW onshore wind project with its associated energy and molecular storage powering behind-the-meter hydrogen (H2) and ammonia (NH3) production. The project expects to generate up to 200,000 tons of green H2 and up to 1,000,000 tons of green NH3 annually that will be exported to global markets.
Since the above-mentioned land access award, EVREC has significantly advanced the project through pre-construction activities which include environmental data collection, resource measurement, and public consultations. The final project design is subject to these ongoing assessments and activities.
“Today marks a pivotal milestone for EVREC as we register the Project with the Government of Newfoundland and Labrador,” said Colter Eadie, CEO of Abraxas Power. “This project is not just about harnessing the power of natural resources; it’s about developing a strong partnership with our local communities as we transform the future of energy. This initiative will boost Newfoundland’s economy by creating substantial high-skilled job opportunities and fostering economic stability and vibrant, thriving communities.”
EVREC’s total capital investment is expected to be CAD$12 billion. According to an Economic Impact Assessment published by Jupia Consulting, when combining both CAPEX and OPEX economic activity, the project is expected to:
Boost provincial GDP by $7.8 billion over the 34-year life of the project (in $2024), excluding the GDP impacts arising from spending the tax/royalty revenue
Contribute $3.1 billion employment income in Newfoundland and Labrador
Support 10,900 person years of employment during the four years of construction and over 21,600 over the 34-year operating period
Boost annual household spending in NL by over $2.2 billion
Contribute $220 million in tax revenue to municipal governments over the 38-year period (CAPEX and OPEX phases). The provincial government will receive an estimated $8 billion and the federal government another $1.6 billion just from the in-province activity.
Abraxas Power is a pioneering energy transition developer focused on decarbonizing hard-to-abate sectors and creating value by solving the current and future challenges of the energy transition. Abraxas Power’s broad mandate allows it to see opportunities across technologies and geographies to transform the global energy industry. Our team has extensive experience in leading, financing, and solving the challenges associated with energy transition, and a proven track record of delivering complex, large-scale development projects across various disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale. The team possesses strong project finance and capital markets experience and has a history of creating value for shareholders, stakeholders, and the communities they live in. Abraxas has signed strategic partnerships with various global strategics and technology providers.
Abraxas has secured over US$9 billion in capital projects through competitive government awards over the past year in furtherance of the energy transition, including our marquis Exploits Valley Renewable Energy Corporation (“EVREC”) project. To learn more, visit http://www.abraxaspower.com
India stands as a global voice of reason in its commitment to the pursuit of a sustainable energy future: Shri Pralhad Joshi Union Minister Shri Pralhad Joshi Highlights India’s Progress in Renewable Energy and Green Shipping at Hamburg Sustainability Conference in Germany
Since 2014, India has witnessed a transformative increase in its renewable energy capacity, with a 175% rise from 75 GW to over 208 GW: Union Minister
India is making significant strides in the green shipping sector, aims to be among the top ten shipbuilding nations by 2030 and the top five by 2047: Union Minister Joshi
Posted On: 07 OCT 2024 6:57PM by PIB Delhi
Emphasizing India’s significant progress in green shipping and energy transition, Union Minister of New and Renewable Energy, Shri Pralhad Joshi, delivered the keynote address at the Hamburg Sustainability Conference in Germany on 7th October 2024. The Minister remarked that that India stands as a global voice of reason in its commitment to the pursuit of a sustainable energy future that aligns with our growth ambitions and environmental responsibilities.
Addressing the conference, Union Minister highlighted India’s energy transition and noted that India has achieved significant milestones in its shift to renewable energy. “India is the only G20 country to have met its climate targets ahead of schedule, despite having the lowest per capita emissions among G20 nations,” he remarked. He emphasized that energy security and access remain paramount for India, but this has never hindered the nation’s commitment to energy transition on both national and global scales.
In this address, Union Minister Joshi noted that under the leadership of Prime Minister Narendra Modi, India has witnessed a transformative increase in its renewable energy capacity since 2014, with a 175% rise from 75 GW to over 208 GW today. Total RE increased from 193.5 billion units to 360 BU, marking an 86% rise during this period. Solar energy capacity has also grown 33 times in the last 10 years. Shri Joshi also emphasized that International Solar Alliance, supported by over 100 countries, demonstrates India’s leadership in global efforts to combat climate change through solar energy.
The Minister also drew attention to India’s cultural heritage, noting that the concept of sustainability is deeply rooted in Indian tradition. He recited the Gayatri Mantra from the Rigveda, underlining India’s ancient belief in the harmony between mankind and nature.
Green Shipping Initiatives:
Addressing the theme of Green Shipping, Shri Joshi emphasized the crucial role of the maritime sector in global trade and its impact on greenhouse gas emissions. He stated, “As we progress towards achieving net-zero emissions, the necessity for sustainable maritime transport has become very important. India is making significant strides in the green shipping sector, driven by government initiatives, technological advancements, and international collaborations.”
The Minister detailed how Indian shipyards are being modernized and older dockyards are being evaluated for reopening to expand green shipbuilding capacity. “India is becoming a promising hub for green shipbuilding,” he noted, citing the government’s strong emphasis on alternative fuels and renewable energy sources like biofuels and wind power. India is upgrading its port infrastructure to support green shipping fuels and vessels using hybrid models, with the goal of ranking among the top five shipbuilding nations by 2047.
The National Green Hydrogen Mission (NGHM), launched with an outlay of $2.4 billion, aims to produce 5 million metric tonnes (MMT) of green hydrogen annually by 2030, attracting over $100 billion in investments and creating more than 6 lakh jobs. He also invited international stakeholders to collaborate in India’s ambitious green hydrogen and renewable energy projects.
Pilot projects under the NGHM, with an investment of $14 million, are already exploring the use of green hydrogen in the shipping sector. “We are focusing on converting existing vessels to operate on green hydrogen or its derivatives. The Shipping Corporation of India is currently converting two vessels to run on green methanol,” the Minister explained. India with an investment of approximately $25 million, is setting the stage for development of hydrogen hubs that will transform its energy landscape. Moreover, ports such as Deendayal, Paradip, and V.O. Chidambaranar are being developed into key hydrogen hubs with bunkering and refuelling facilities to support green hydrogen-powered ships.
Shri Pralhad Joshi concluded his address by reaffirming that, “India’s embrace of innovative technologies, investment in robust infrastructure, and cultivation of international cooperation have elevated us from a mere participant to a leading force in this global transition.”
12th Meeting of the India-UAE High Level Joint Task Force on Investments Food parks among areas for greater collaboration and investments between India and UAE: Shri Piyush Goyal
Abu Dhabi Investment Authority (ADIA) to establish a subsidiary at GIFT City: Shri Piyush Goyal
Invest India office to open in UAE: Shri Piyush Goyal
Interlinking of the two national payment platforms – UPI (India) and AANI (UAE) to facilitate seamless cross-border transactions between the two countries: Shri Piyush Goyal
Posted On: 07 OCT 2024 5:09PM by PIB Mumbai
Mumbai (India), 7 October 2024
The 12th Meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) took place in Mumbai today. It was co-Chaired by Shri Piyush Goyal, Minister of Commerce & Industry, Government of India and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority (ADIA).
The HLJTFI was established in 2013 to promote trade, investment and economic ties between India and the UAE. Since its formation, it has provided an effective mechanism to discuss opportunities and prospects for further investments in India and the UAE, while acting as a forum to resolve issues faced by investors of the two countries.
During the 12th HLJTFI meeting, the Co-Chairs acknowledged the continued growth and strengthening of the bilateral relationship between India and the UAE, including on trade and investment related matters. The India-UAE Bilateral Investment Treaty, signed during Prime Minister Modi’s visit to the UAE in February 2024, has been ratified by both sides and entered into force with effect from 31 August 2024.
The Co-Chairs also acknowledged the rapid rise in bilateral trade under the Comprehensive Economic Partnership Agreement (CEPA), which came into force in May 2022. The Joint Task Force reviewed the working of the India-UAE CEPA, which was one of the fastest-ever negotiated Free Trade Agreements. This landmark agreement designed to stimulate increased trade and boost the trading relationship between the two countries. During the course of the last two years, the CEPA has helped reduce tariffs on the majority of product lines, sought to address other barriers to trade and created new avenues for cooperation. As a result of the deal, bilateral trade has risen consistently, with non-oil trade rising to US$28.2 billion in the first half of 2024, a 9.8% year-on-year increase. The agreement has also spurred FDI – as of 2023, the UAE is India’s fourth largest foreign investor with US$3.35 billion committed across a wide range of sectors, representing a threefold increase on 2022. Indian FDI into the UAE in 2023 totalled US$ 2.05 billion, more than 2021 and 2022 combined. These figures represent real growth with real, on-the-ground impact. Further, it has led to job creation in Indian market and export from labour-oriented sectors is growing rapidly.
Considering the strategic agreements and initiatives signed during the recent official visit of H.H. Sheikh Khalid bin Mohamed Al Nahyan, Crown Prince of Abu Dhabi, to India, the two sides noted the existing and future investments and projects of UAE entities in key sectors of the Indian economy, including energy, artificial intelligence, logistics, food and agriculture, which total approximately US$100 billion. The meeting also reviewed UAE investments in Indian infrastructure assets.
During the HLJTFI meeting, the two sides reviewed progress on several key initiatives, including some that were previously announced by Indian Prime Minister Narendra Modi and UAE President Sheikh Mohamed bin Zayed Al Nahyan, and expressed satisfaction at the rapid pace of implementation. These initiatives include bilateral trade in local currencies, the integration of payment systems of India and the UAE, cooperation on Central Bank Digital Currencies, the launch of work relating to a Virtual Trade Corridor and the development of a food park in Ahmedabad.
Food parks are among areas for greater collaboration and investments between India and UAE. It will lead to higher income for farmers, jobs’ creation in food processing sector, and enhance food security for UAE. Small working groups between Central Government, State Governments and UAE Government will take forward food corridors between the two countries on a mission-mode basis. The strong progress made on these initiatives attests to the high level of commitment from both sides to ensure the implementation of their respective leaders’ visions.
The two sides welcomed the announcement of the Abu Dhabi Investment Authority (ADIA) establishing a subsidiary at GIFT City. This underlines the strong interest from UAE’s institutional investors in India’s growing and dynamic economy, and GIFT City’s reputation as world-class financial services centre, operating under a strong regulator and a robust legal framework.
To augment the relationship, National Payments Corporation of India (NPCI), via its international subsidiary NPCI International Payments Limited (NIPL) is collaborating with Al Etihad Payments (AEP), to enable creation of domestic card scheme JAYWAN in UAE. The JAYWAN card scheme is an outcome of deep collaboration between NIPL and AEP. It is based on the RuPay card stack (developed and deployed at great scale by NPCI in India), which is shared with the AEP to enable UAE be sovereign in the area of digital payments. The two governments are now working on interlinking the two national payment platforms – UPI (India) and AANI (UAE), which will facilitate seamless cross-border transactions between the two countries. This will benefit over 3 million Indians residing in UAE enabling them use power of UPI and AANI, for real-time cross-border remittance, which is aligned with the vision of bringing speed, transparency, accessibility and cost efficiency in cross-border remittances.
The Government of India has also decided to open an office of Invest India in Dubai, UAE to serve as a dedicated point of contact for potential UAE investors seeking to invest in India. The issue was discussed during the India-UAE HLJTFI meeting today. This will be the first such overseas office of Invest India in the Middle East region and its second overseas office overall after Singapore.
In course of the HLJTFI meeting, the Co-chairs Shri Piyush Goyal, Commerce & Industry Minister of India, and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority, also expressed satisfaction on the progress being made by Bharat Mart. Work on the ground has commenced, and design work on the layout of retail spaces and warehousing is making rapid progress.
The HLJTFI provides a forum to deliberate on ways and incentives for encouraging further growth in investment flows from both sides. In this context, the Indian side shared opportunities for investments in priority sectors like renewable energy, green hydrogen, pharmaceuticals and genomics, among others. The UAE side also raised opportunities for investment in India’s aerospace sector, due to the rapid growth of its aviation market.
Issues related to investments from both sides, as well as specific challenges faced by companies from both countries, were also discussed during the meeting, with a view to removing obstacles and facilitating their resolution. The Co-Chairs directed both teams to work together and with the relevant government entities to address these issues in a timely and mutually acceptable manner.
The HLJTFI meeting was attended by Shri Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Government of India; Shri Sunjay Sudhir, Ambassador of India to the UAE, H.E. Dr. Abdulnasser Jamal Alshaali, Ambassador of the UAE to India, and a number of senior officials from both the governments.
Shri Piyush Goyal, Commerce and Industries Minister, Government of India, and Co-Chair of the HLJTFI said: “India-UAE partnership stands on the pillars of innovation, investment and sustainable development. The Joint Task Force meeting today was useful to take a stock of all the laudable initiatives that India and the UAE have jointly undertaken, such as local currency settlement, virtual trade corridor, Bharat Mart, and so on. With the strong framework now provided by India-UAE CEPA and Bilateral Investment Treaty, I encourage stakeholders to further explore investment opportunities and trade possibilities.”
His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA) and Co-Chair of the HLJTFI, said: “The India-UAE CEPA, signed in 2022, has been a major catalyst for strengthening economic ties and enhancing cross-border trade between the UAE and India. Against this positive backdrop, the Joint Task Force continues to play an important role as a forum to explore new investment opportunities, remove impediments to further cooperation and work together in pursuit of shared goals.”