ADNOC Boosts Stake in Fertiglobe for Global Low-Carbon Ammonia Growth

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ADNOC, the UAE’s leading energy company, has completed its acquisition of OCI Global’s majority stake in Fertiglobe. This move cements ADNOC’s 86.2% ownership of Fertiglobe, with 13.8% remaining publicly traded on the Abu Dhabi Securities Exchange (ADX). The acquisition marks a critical step in ADNOC’s strategy to dominate the global low-carbon ammonia market and further its ambitions in chemicals.

Dr. Sultan Ahmed Al Jaber, ADNOC’s Managing Director and Group CEO, highlighted the importance of this acquisition, stating, 

“ADNOC’s majority shareholding in Fertiglobe marks another milestone in the delivery of our ambitious international chemicals growth strategy and goal to become a top five chemicals player. Fertiglobe will be the vehicle through which ADNOC advances its low-carbon ammonia business, supporting our efforts to enable a just, orderly, and equitable global energy transition.”

Fertiglobe: A Rising Power in Low-Carbon Ammonia

Ammonia is a key solution for decarbonizing industries like marine fuel, power, and agriculture, which account for 80% of global emissions. 

Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, is a strategic asset in ADNOC’s chemical growth. It exports nitrogen products to 53 countries and holds a 10% share of global ammonia and urea trade. Last year, the company shipped its first batch of ISCC PLUS-certified renewable ammonia from Egypt. This clean product will help produce near-zero emissions soda ash for Unilever in India.

Additionally, the company has delivered several low-carbon ammonia shipments from the UAE, using hydrogen and carbon capture technology. Its renewable ammonia cuts emissions by 73%, accelerating the shift to cleaner energy.

Fertiglobe recently achieved a major milestone by securing a €397 million renewable ammonia offtake contract through the H2Global initiative, further strengthening its leadership in the low-carbon ammonia sector. This contract is valid till 2033.

Source: Fertiglobe

LATEST: PETRONAS, ADNOC, and Storegga Forge Deal to Explore CCS in Malaysia 

A Key Player in ADNOC’s Low-Carbon Fuel Ambition

Talking about the acquisition, ADNOC plans to integrate its stakes in existing and upcoming low-carbon ammonia projects into Fertiglobe. 

Significantly, this includes two major projects in Abu Dhabi, which will add 2 million tons per annum (mtpa) to Fertiglobe’s ammonia capacity. The company’s total capacity will increase from 1.6 mtpa to 8.6 mtpa, with more projects in the pipeline.

Thus, with ADNOC’s backing, Fertiglobe can become one of the top five global leaders in chemicals markets and low-carbon ammonia production, which is a key fuel in the energy transition.

Fertiglobe will continue its expansion under the leadership of CEO Ahmed El-Hoshy, who has been instrumental in building OCI’s ammonia and methanol business in the U.S. and Europe. He will lead the next expansion phase of Fertiglobe. The company’s current management team will remain intact as ADNOC rolls out the new strategy.

Moving on, Ahmed El-Hoshy, also highlighted the strategic importance of this move. He said,

 “This transaction reinforces our long-term outlook and ambition to meet global demand for low-carbon solutions. As part of ADNOC’s ecosystem, we are excited to unlock the full potential of our portfolio.”

Low-Carbon Fuels and Renewable Ammonia Expansion

Industry experts predict demand for low-carbon ammonia will grow to 24 million tons by 2032 and Fertiglobe is just capitalizing on this demand. It will further help ADNOC reach its target of capturing 5% of the global low-carbon hydrogen market by 2030. 

This aligns with the UAE’s National Hydrogen Strategy. The company plans to unveil a detailed growth strategy during its Capital Markets Day in Q1 2025, outlining its roadmap for further expansion and innovation.

ADNOC’s Sustainability Milestones 

We discovered from the company’s sustainability report that ADNOC is allocating $15 billion (AED 55 billion) to invest in various decarbonization projects, including carbon capture, electrification, new CO₂ absorption technology, hydrogen, and renewables. 

This investment will increase to $23 billion (AED 84.4 billion) in early 2024. Additionally, the company has raised its carbon capture capacity target to 10 mtpa by 2030. This is 2x its previous goal of 5 million tonnes. 

Source: ADNOC

By 2025, ADNOC aims to improve energy efficiency by 5% (based on 2018 levels) and keep upstream methane intensity below 0.15%. 

By 2030, it plans to produce 1 million tons of low-carbon ammonia annually, reduce operational emissions intensity by 25% (compared to 2019), and safely sequester 10 million tons of CO₂ per year. ADNOC is also targeting a 5% share of the global low-carbon hydrogen market and near-zero methane emissions in its operations. 

By 2045, the company plans to deploy 100 GW of renewable energy capacity through Masdar, eliminate routine flaring, and achieve net zero operational emissions.

In summary, ADNOC’s acquisition positions Fertiglobe to lead in the low-carbon ammonia market. The plan holds immense promise for sustainable energy growth in UAE and international markets while delivering long-term value to shareholders. 

FURTHER READING: India and UAE Sign Major Agreements with Focus on LNG and Nuclear 

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Sibanye-Stillwater in Legal Limbo: Will a $600M Penalty Follow the Canceled Brazilian Mines Deal?

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Sibanye-Stillwater, the multinational mining and metals giant entangled in a major legal battle with Appian Capital Advisory. This case stems from a deal worth $1.2 billion that was abruptly terminated in January 2022.

The ongoing proceedings, which are being heard in the High Court of England and Wales, revolve around the acquisition of two Brazilian mines: Santa Rita, a nickel mine, and Serrote, a copper mine. Notably, the former is one of the rare nickel sulfide mines that is still operating. It also produces copper, cobalt, and platinum group metals as by-products.

Sibanye’s decision to withdraw from the deal has led to accusations and legal claims for compensation by Appian. As both sides prepare for the next phase of the case in November 2025, the stakes are high, with claims that could exceed $600 million, as reported by MINING.COM

The Massive $1.2B Deal and Its Collapse

Going back in time, in October 2021, Sibanye-Stillwater struck a $1.2 billion deal with Appian to acquire the Santa Rita and Serrote mines. These assets are owned by Atlantic Nickel and Mineração Vale Verde. Appian’s funds were meant to strengthen Sibanye’s stock of critical metals. The latter was looking to shift its focus from platinum and gold to new opportunities.

Notably, Sibanye-Stillwater had robust plans to expand into battery metals like nickel and copper which are the most essential for the fast-growing electric vehicle (EV) market.

However, just three months later, Sibanye-Stillwater terminated the share purchase agreements (SPAs), citing a “geotechnical event” at the Santa Rita mine as the primary reason. The mining company cited the event as significantly impacting future operations and used it to justify backing out of the deal. Appian, however, claimed that the event was minor and did not justify the termination of the agreements, leading to the start of legal proceedings in 2022.

READ MORE: Primary Nickel Production Surges 35%: Which Companies Are Nailing It? 

The Legal Battle and Initial Rulings

The first stage of the legal battle began in June 2024 and centered on whether the geotechnical event could be reasonably expected to have a material and adverse impact on Santa Rita’s operations. After a five-week trial, Justice Butcher ruled in October 2024 that Sibanye was not justified in terminating the SPAs.

The press release revealed that, according to the judgment, the geotechnical event at Santa Rita was neither as material nor as adverse as Sibanye claimed, meaning the company had no right to withdraw from the deal based on this event.

However, Sibanye achieved a partial victory in the ruling. The court dismissed Appian’s claim of “wilful misconduct”, with the judge acknowledging that Sibanye’s management genuinely believed they were acting in the company’s best interest. This ruling suggests that while Sibanye’s reasoning was flawed, the company did not act with malicious intent.

MUST READ: Alaska Energy Metals Pioneers A Model of Carbon-Neutral Mining 

Appian’s Compensation Claims and Initiation of the Quantum Trial

Appian is now pursuing compensation for the failed deal. The company initially sought $522 million in damages but has indicated that the total claim could exceed $600 million, including interest and legal costs. These figures represent the difference between the agreed purchase price and the mines’ current market value, alongside expenses incurred during the resale process.

Appian further pressed that Sibanye’s termination caused substantial financial losses, and they aimed to recover the full amount.

The legal battle is far from over, as the case now moves into the second phase—a trial scheduled for November 2025. This trial, known as the Quantum Trial, will determine the exact amount of damages Sibanye will be required to pay, if any. Appian argues that they would have sold the mines to another buyer for a similar price if the deal had not fallen through.

However, Sibanye maintains that Appian received multiple offers for the mines after the deal’s collapse and, therefore, cannot claim that they suffered a significant financial loss.

Sibanye’s position in the Quantum Trial is that Appian failed to mitigate its losses. Under English contract law, a party seeking compensation is required to take reasonable steps to reduce the damages they incur. Sibanye argues that Appian could have, and should have, sold the mines at fair market value soon after the deal was terminated. The company also asserts that Appian’s continuing ownership of the mines may have resulted in profits, which would reduce the overall damages they could claim.

High Stakes for Sibanye-Stillwater, Will Nickel Pay Off?

The legal battle with Appian comes at a difficult time for Sibanye-Stillwater. Leading media agencies reported that CEO Neal Froneman is already grappling with declining prices for platinum group metals, which has put additional pressure on the company’s financial performance.

As Sibanye seeks to diversify its portfolio and reduce its reliance on these traditional metals, the outcome of the trial could have significant implications for the company’s strategic direction.

Sibanye-Stillwater’s expansion into battery metals is a crucial part of its growth strategy. The company has made several moves in recent years to acquire assets in this sector, including its initial attempt to purchase Appian’s Brazilian mines.

However, the collapse of this deal has forced Sibanye to explore other opportunities. Analysts have noted that the prices of nickel, copper, and other battery metals have risen sharply in recent years, making it more challenging to find affordable assets.

Nickel, in particular, is increasingly important for the production of lithium-ion batteries used in electric vehicles. However, miners and market experts predict that the demand for nickel and other critical metals will certainly surge with the EV boom.

This leads to the most inevitable scrutiny- can Sibanye-Stillwater’s ability to secure access to these materials propel its growth in the battery metals market in the future?

Image: Nickel Demand from EV and Other Applications, 2022-2030

Source: IRENA report

Appian vs. Sibanye: The Final Verdict Looms

As both parties prepare for the Quantum Trial in November 2025, investors and industry experts will closely watch the case’s outcome. For Appian, a successful claim could result in a massive payout. But Sibanye hopes to reduce or eliminate the potential damages.

In the meantime, the Brazilian mines in question continue to operate, with Santa Rita transitioning from open-pit to underground operations. This transition to high-grade nickel can potentially extend the mine’s life by over 20 years. Alternatively, it significantly highlights the ongoing value of these assets and the high stakes involved in this legal battle.

Sibanye-Stillwater now shifts its focus to defending its position in court. This means it will continue to argue that Appian’s claims are exaggerated. However, the company will pursue new battery metal assets, but finding affordable, high-quality projects remains challenging. As the verdict nears, both parties will brace for one of the mining sector’s biggest compensation rulings in years. Fingers crossed!

Sources:

Court judgment handed down in legal proceedings commenced by Appian Capital
Sibanye liable for damages to Appian in $1.2 billion claim – MINING.COM

MUST READ: Nickel’s Wild Ride: Market Surges, Supply Gluts, and the Global Power Play 

The post Sibanye-Stillwater in Legal Limbo: Will a $600M Penalty Follow the Canceled Brazilian Mines Deal? appeared first on Carbon Credits.

America’s First Nature-Based Carbon Credit Auction Could Reshape the VCM in 2025

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The American Forest Foundation (AFF) is set to launch a groundbreaking carbon auction in February 2025, focusing on carbon credits generated through its Family Forest Carbon Program (FFCP). 

This initiative aims to offer companies a streamlined and transparent process to purchase high-quality nature-based carbon credits. At the same time, it will also provide support for rural communities and family forest owners. 

Unlocking Nature’s Carbon Potential with Carbon Credits

As more companies work towards reducing their carbon footprints, there’s a pressing need for upfront financing to implement nature-based carbon projects that meet global climate goals. Nature-based solutions, which leverage natural ecosystems like forests to sequester carbon, have significant potential but remain underfunded. 

Currently, only 1.2% of the annual potential of these solutions has been tapped through the voluntary carbon market (VCM). This underinvestment is a key barrier to reaching climate-mitigation targets and keeping global temperature rise below 1.5°C.

Moreover, prices of nature-based carbon offset credits have been plunging and falling below $1.0/ton since July this year.

The AFF Carbon Auction aims to bridge the funding gap by providing upfront payments. This approach enables project developers to kickstart their initiatives, ensuring a steady supply of high-quality carbon credits, that contribute to climate resilience. By linking payments to the progress of projects, the auction model will align corporate investments with tangible climate impacts.

How the Auction Works

The auction process is designed to simplify how companies buy carbon credits. All necessary due diligence resources will be available in one centralized location, allowing companies to review information over several weeks before the bidding period.

During the one-week auction in February, companies will place bids on the credits they wish to purchase. This approach will provide a transparent view of the market and competitive pricing.

Additionally, the FFCP benefits from this structure by gaining the upfront funding needed to scale its carbon-saving projects.

Redefining Investment in Nature-Based Solutions

The AFF Carbon Auction introduces a novel approach to financing nature-based carbon projects through hybrid commercial terms. Traditional carbon credit purchases often involve payment upon delivery, which can delay project initiation. 

However, the auction will offer partial upfront payments, allowing buyers to secure credits at a discount while providing developers with the capital they need to get started.

This method will enable companies to tie their investments to specific milestones, such as the number of acres enrolled in the program and successful verification steps. Such down payments help ensure that projects deliver measurable environmental and community benefits. 

Buyers also benefit from this model by securing carbon credits at competitive prices, protecting themselves from potential future price increases while contributing to long-term decarbonization goals. Major companies like Google are massively investing in nature-based carbon removal solutions. 

READ MORE: Google to Buy 50,000 MTs of Nature-Based Carbon Credits from Brazil Startup Mombak

According to the International Union for Conservation of Nature and Natural Resources, nature-based solutions could contribute 30% of the global mitigation by 2030 to achieve the critical temperature rise goal of the Paris Agreement. They also have the potential to achieve emission reductions and removals of at least 5 GtCO2e per year by 2030, out of a maximum estimated potential of 11.7 GtCO2e per year.

In addition, nature-based solutions could generate USD 393 billion in cost savings by 2050 by reducing the intensity of climate hazards by 26%.

When the AFF auction begins in February, both removal and emission reduction credits will be up for bidding, with removal credits making up the majority. Buyers will have the opportunity to place bids on four different terms:

Empowering Small Landowners

A central goal of the AFF’s Family Forest Carbon Program is to empower small landowners to take part in climate action. This partnership between AFF and The Nature Conservancy ensures that funding flows to forest owners who are implementing sustainable practices.

Tim Stout, a Vermont landowner enrolled in the FFCP, highlighted the importance of such initiatives in his mission to protect forests and combat climate change. He further highlighted that, with the right support, landowners have a remarkable capacity to make a difference.

The FFCP provides technical assistance and financial incentives to help small landowners manage their forests for optimal carbon storage. This approach not only captures carbon but also delivers ecological co-benefits like: 

improved water quality, 
enhanced biodiversity, and 
more resilient woodlands.

Reshaping the Voluntary Carbon Market

The AFF’s upcoming auction could help reshape the VCM in the United States by addressing key barriers to investment in nature-based solutions. Traditionally, buyers have been hesitant to provide upfront capital, creating a funding gap that delays project implementation. By offering a more direct and efficient way to secure credits, the AFF aims to make it easier for companies to participate in meaningful climate action.

Kevin Maddaford, director of US and Canada Carbon Markets at The Nature Conservancy, remarked:

“This groundbreaking auction will redefine how corporations invest in nature-based solutions to address the threats of climate change and biodiversity loss.”

The auction’s design also provides incentives for early investment, helping to secure the future of the carbon market. By offering discounts on credits for companies that prepay, the auction encourages buyers to commit to projects sooner rather than later. 

The AFF’s Carbon Auction represents a pivotal moment in the evolution of corporate climate action, transforming the landscape of nature-based carbon credit projects in the country. By offering a transparent and efficient pathway for companies to invest in nature-based solutions, the auction has the potential to close the funding gap that has hindered the growth of the VCM. 

SEE MORE: Is The Voluntary Carbon Market Moving Toward Version 2.0?

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Amazon Turns to Nuclear and SMRs For Its $52B Data Center Expansion

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Amazon is diving deep into nuclear power as part of its ambitious data-center expansion plan, investing over $52 billion across three U.S. states. The e-commerce giant has inked 3 key deals to explore and develop small modular reactors (SMRs).

SMRs are a new type of nuclear technology that promises more efficient, compact, and clean power generation. AWS CEO Matt Garman noted that SMRs present unique potential to provide scalable and reliable power to meet the ever-growing energy needs of data centers.

Shares of nuclear companies surged following Amazon’s announcement of the agreements. Nano Nuclear Energy and Nuscale Power saw their shares rise nearly 10% in premarket trading, while Oklo experienced an over 11% increase.

RELATED: Are SMRs The Future of Nuclear Energy? Oklo Leads the Charge

Small Reactors, Big Ambitions

SMRs are advanced nuclear reactors designed to be less than 10% of the size of traditional nuclear plants. But they can generate up to about ⅓ of the power output of traditional reactors. As such, they allow for easier deployment and integration into the energy grid. 

Developers aim to have these reactors generating electricity by the early 2030s, contingent on receiving approval from the Nuclear Regulatory Commission (NRC) to build and operate their designs, as well as proving the technology’s viability.

Amazon’s most recent collaboration with Dominion Energy, a $48 billion market-cap utility company, aims to explore the deployment of SMRs in Virginia near Dominion’s North Anna power station in Louisa County. 

Virginia hosts nearly half of all U.S. data centers, with a significant concentration in Northern Virginia, particularly in the Data Center Alley, located in Loudoun County. It is estimated that 70% of the world’s internet traffic passes through Data Center Alley each day.

The region has experienced a doubling of power demand over the last 5 years. It is also projected to see a 4x increase over the next 15 years. The planned SMR could contribute at least 300 megawatts of power, which could support multiple data centers in the region.

AWS has committed to investing $35 billion by 2040 to develop multiple data center campuses across Virginia, as announced by Governor Youngkin last year. 

Nuclear Meets the Cloud: Dominion, X-Energy, and Amazon

Garman emphasized that the push for nuclear is part of Amazon’s broader goal of achieving net-zero emissions by 2040. He noted that:

“We see the need for gigawatts of power in the coming years, and there’s not going to be enough wind and solar projects to be able to meet the needs, and so nuclear is a great opportunity.”

The specific targets for nuclear’s contribution to AWS’s power needs remain undisclosed. But Garman noted that Amazon hopes SMRs will be a “material source of power generation” by 2040.

Alongside the Dominion deal, Amazon announced agreements to develop SMRs in Washington state with Energy Northwest, a public power agency, and to back X-energy, an advanced nuclear startup. 

X-energy is building its first SMR project in Seadrift, Texas, in collaboration with Dow Chemical. Amazon is providing significant financial support to X-energy, anchoring a $500 million investment through its Climate Pledge Fund. This commitment aims to bring 5 gigawatts of SMR-based energy online across the U.S. by 2039.

Why Small Modular Reactors?

The said SMRs could power entire mid-sized cities, but for Amazon, they’re integral to supporting the energy-intensive demands of data centers, especially those driven by artificial intelligence (AI). Data centers require stable and continuous energy supplies, something that SMRs, unlike intermittent renewable sources like wind or solar, can reliably offer.

With capacities of up to 300 megawatts, SMRs can be tailored to meet local energy demands, making them suitable for data centers and other energy-intensive operations. X-energy’s Xe-100 reactor, for example, can produce 80 megawatts of power per unit, with the flexibility to scale up by deploying multiple reactors at a single site.

Another key advantage is the carbon-free nature of nuclear power, aligning with Amazon’s goal of reducing its environmental impact. Unlike fossil fuels, nuclear energy does not produce greenhouse gas emissions during operation. Thus, it offers a reliable solution for tech companies seeking to curb their carbon footprints. 

AWS, like its peers, is committed to cutting emissions, but it has faced challenges. In 2023, Amazon’s carbon footprint was just under 69 million metric tons of CO2, slightly lower than its peak in 2021 but still substantial.

SEE MORE: Is Amazon’s Carbon Goal Enough to Offset Its Financial Hiccups?

Beyond Virginia

Beyond its partnership with Dominion in Virginia, Amazon is also eyeing other regions for SMR projects. In Washington, it is collaborating with Energy Northwest to build an SMR near the Columbia Generating Station in Richland. This project aims to provide up to 960 megawatts of power, with Amazon securing the rights to purchase electricity from the first 320 megawatts produced.

This flexibility makes SMRs appealing for scaling energy projects across different regions. It enables Amazon to replicate its nuclear model wherever energy demand is high. AWS recently acquired a 960-megawatt data center campus in Pennsylvania from Talen Energy, which includes access to fixed-price nuclear power from Talen’s Susquehanna nuclear plant.

Amazon’s Nuclear Bet to Meet Data Center Demand

Amazon’s venture into nuclear power mirrors a broader industry trend. Google recently announced its own SMR project with Kairos Power. Similarly, Constellation Energy is planning to restart operations at the iconic Three Mile Island to power Microsoft’s data centers. Sundar Pichai, Google’s CEO, expressed optimism about the potential of SMRs, highlighting the surge of capital and innovation driving the technology forward.

X-energy CEO Clay Sell sees a significant opportunity in this trend, noting that demand for nuclear energy, especially in the context of AI’s energy requirements, is reshaping how companies think about power in the U.S. 

The Biden administration has invested billions into clean energy initiatives. As part of Amazon Web Services’ recent announcement, U.S. Energy Secretary Jennifer Granholm revealed that an additional $900 million in funding is now available for projects aiming to deploy SMRs. This funding supports the broader push to accelerate clean and reliable energy solutions across the nation.

READ MORE: What Does the U.S. Need to Triple Its Nuclear Capacity by 2050? DOE Explains…

For Amazon, SMRs represent a promising path forward. While the journey to widespread deployment of advanced nuclear technology is fraught with challenges, the potential payoff—a more resilient, sustainable energy future—makes the effort worthwhile. 

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Are U.S. Utilities Falling Short of Biden’s 2035 Clean Energy Goals?

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The latest report from the Sierra Club paints a sobering picture of the U.S. utility sector’s transition to clean energy. The Biden administration set an ambitious goal for the U.S. power sector to fully decarbonize by 2035. However, the report finds that the 50 utility parent companies with the most significant fossil fuel investments are only on track to reach 52% clean energy by that deadline. 

The Sierra Club analysis suggests that the gap between current plans and the federal decarbonization goal could delay efforts to mitigate climate change impacts.

Decarbonization Dreams or Delays?

The Biden administration set a clear target in early 2021, aiming for the U.S. power sector to achieve net-zero emissions by 2035. Achieving this target is crucial for limiting global warming and avoiding the most severe consequences of climate change. 

However, the Sierra Club’s report reveals that utilities currently relying heavily on coal and natural gas are not on track to meet these goals. Instead, many of these companies plan to add significant new natural gas capacity, totaling 93 gigawatts (GW) by 2035.

This expansion is reflected in data from S&P Global Commodity Insights, which indicates an increase in planned natural gas projects in the U.S. As of September 2024, 148 new natural gas-fired power plants were either announced or under development, up from 133 projects recorded in late April. 

This growing investment in natural gas raises concerns about the power sector’s ability to transition away from fossil fuels. It can also impact if the sector can meet its 2035 clean energy target.

RELATED: U.S. Natural Gas Prices to Jump 44%: What’s Driving the Surge?

Utility Report Card: Who’s Leading, Who’s Failing?

The Sierra Club’s report evaluates a wide range of utilities, including investor-owned utilities, public power providers, cooperatives, and large municipal utilities. The analysis focuses on three key metrics: 

plans for phasing out coal by 2030, 
halting the construction of new natural gas plants by 2035, and 
scaling up clean energy resources by 2035. 

Utilities were graded on their progress, with several prominent companies receiving failing marks. Among those receiving an “F” rating were Southern Co., PPL Corp., and Duke Energy Corp. 

Visual from Sierra Club report

According to the Sierra Club, these companies have made inadequate progress toward their decarbonization goals and continue to invest in fossil fuel infrastructure. Xcel Minnesota, on the other hand, gets an “A” for its clean energy transition plan.  

While some utilities acknowledged the findings of the report, they emphasized the complexities of transitioning to a cleaner energy mix.

For example, Duke Energy spokesperson Madison McDonald acknowledged the challenges ahead, noting that the company aims to reduce carbon emissions by at least 50% by 2030, compared to 2005 levels, and reach net-zero emissions by 2050. McDonald highlighted the importance of balancing short-term fluctuations in emissions as the company retires coal plants and brings new energy sources online. 

When State Policy Clashes with Climate Ambitions

The Sierra Club’s analysis also highlights instances where utilities have rolled back previously announced climate targets. FirstEnergy Corp., for example, announced in late 2023 that it would not meet its goal of reducing greenhouse gas emissions by 30% by 2030. The company cited state policies as a significant factor, explaining that it had to extend the operations of its two coal-fired plants in West Virginia to align with local energy policy priorities.

FirstEnergy’s spokesperson, Tricia Ingraham, pointed to West Virginia’s support for maintaining coal generation, emphasizing that reducing coal-fired output for environmental reasons would be inconsistent with state energy policy. This scenario underscores the tension between federal climate goals and state-level policies, which can complicate the path to decarbonization.

Clean Energy Momentum and Barriers

Despite the challenges highlighted in the report, there are some positive trends in the U.S. power sector’s transition to clean energy. According to the U.S. Energy Information Administration (EIA), over 40% of U.S. electricity currently comes from carbon-free resources. These include renewables like wind and solar, as well as nuclear energy. 

This is also echoed by Sarah Durdaller, a spokesperson for the Edison Electric Institute. Durdaller emphasized that achieving the 2035 target will require collaboration between environmental groups, industry leaders, and government entities to overcome obstacles such as building transmission infrastructure.

Another study by the Pacific Northwest National Laboratory (PNNL) suggests that completing 12 high-voltage electric transmission projects in the US West could significantly cut carbon emissions, reducing power-sector emissions by 73% from 2005 levels by 2030.

The study emphasizes the importance of renewable energy and improved transmission infrastructure in achieving national climate targets, including President Biden’s goal of a 100% carbon-free power system by 2035. These projects are seen as vital for connecting renewable energy sources to the grid and accelerating the transition to a cleaner energy future.

Improving grid resilience and expanding transmission capacity are seen as essential steps in making the power sector more sustainable.

Rural Energy Revolution: Will Co-Ops Catch Up?

The report also turned its focus to electric cooperatives, which supply power to many rural communities across the United States. These cooperatives, many of which are still heavily reliant on fossil fuels, generally received low grades in the analysis. 

Still, the increase in renewable energy adoption among cooperatives is a sign that even these smaller players are beginning to embrace cleaner energy solutions.

The Sierra Club’s report highlights a significant disconnect between the U.S. utility sector’s current trajectory and the federal government’s 2035 decarbonization goals. While some progress has been made in adding renewable energy capacity, the planned expansion of natural gas generation poses a major hurdle to achieving a fully decarbonized power sector.

The study underscores the need for more ambitious actions and policies to steer utilities away from fossil fuel dependency and toward a cleaner, more sustainable America.

READ MORE: Powering the West: How Transmission Projects Can Slash Power-Sector Emissions by 73%

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Google and Kairos Power Unveil Groundbreaking 550 MW Nuclear Energy Initiative

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Earlier this month, CarbonCredits reported that Sundar Pichai, Google’s CEO, hinted at the possibility of using nuclear energy to help the company reach its ambitious 2030 net-zero emissions target. Confirming those hints, Google officially announced on October 14 a groundbreaking nuclear energy agreement with Kairos Power.

This milestone isn’t just about power. It’s about accelerating a global clean energy transition, ensuring that nuclear becomes a key player in the fight against climate change.

Google Teams Up with Kairos to Tackle Rising Emissions

Google’s push for nuclear power comes at a critical time. In 2023, its greenhouse gas (GHG) emissions rose to 14.3 million metric tons of CO2 equivalent (tCO2e), a 13% increase from the previous year and a 48% jump from 2019. This increase was largely driven by higher energy consumption in data centers, AI, and supply chain emissions. As its energy use grows, emissions reduction is going to be more challenging.

Source: Google

Coming to the main segment, the tech giant has signed the world’s first corporate agreement to purchase nuclear power from small modular reactors (SMRs), designed by Kairos Power.

We unlock the details in the next segment.

RELATED: Google Speaks: Why Nuclear Energy Could be The Big Tech’s Next Bet 

Advancing Through PPAs

Under this agreement, Kairos Power will develop, build, and operate advanced reactor plants, supplying clean energy to Google through Power Purchase Agreements (PPAs).

Michael Terrell, Google’s Senior Director of Energy and Climate, said

“This landmark announcement will accelerate the transition to clean energy as Google and Kairos Power look to add 500 MW of new 24/7 carbon-free power to U.S. electricity grids. This agreement is a key part of our effort to commercialize and scale the advanced energy technologies we need to reach our net zero and 24/7 carbon-free energy goals and ensure that more communities benefit from clean and affordable power in the future.”

These plants will be strategically located to power Google’s data centers, with the first SMR deployment expected by 2030. More reactors will roll out by 2035.

The multi-plant agreement will boost innovation by advancing Kairos Power’s demonstration plan. Each new plant will help refine and improve the technology. Furthermore, the pre-determined milestones will keep Kairos Power accountable and ensure proper progress throughout the partnership. This approach will also speed up commercialization and build trust over time.

Mike Laufer, CEO and co-founder of Kairos Power remarked,

“Our partnership with Google will enable Kairos Power to quickly advance down the learning curve as we drive toward cost and schedule certainty for our commercial product. By coming alongside in the development phase, Google is more than just a customer. They are a partner who deeply understands our innovative approach and the potential it can deliver.”

Economic Benefits

Industry experts have estimated that the U.S. could potentially create over 375,000 new jobs by achieving 200 GW of advanced nuclear capacity by 2050. Google’s deal with Kairos Power supports this vision by creating jobs in nuclear technology, construction, and energy sectors.

For local communities, this means more than just employment. The presence of nuclear energy infrastructure can foster economic growth while also contributing to the reduction of carbon emissions. In a world of rising energy demand, reliable, clean power isn’t just a solution—it’s also a powerful driver of economic growth.

MUST READ: US Targets 200 GW Nuclear Expansion to Meet Soaring Energy Demand 

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Unlocking Kairos Power’s Innovative SMR Technology

Founded in 2016, Kairos Power takes a unique approach to bringing advanced nuclear technology to market. In 2023, the U.S. Nuclear Regulatory Commission granted Kairos Power a construction permit for its Hermes demonstration reactor. This was the first non-water-cooled reactor approved for construction in over 50 years.

By using a rapid, iterative development process and vertical integration, the company is speeding up the deployment of safe and efficient small modular reactors (SMRs). Their reactors feature a molten-salt cooling system and ceramic pebble-type fuel, ensuring better heat transfer to steam turbines for power generation. Operating at low pressure, this system reduces risks and creates safer, more reliable operations.

Additionally, they conduct multiple hardware tests to identify and resolve potential issues before large-scale deployment. Google’s involvement will help speed up this process, leading to quicker and more cost-effective SMR installations across the U.S.

The Kairos Power FHR (KP-FHR): A Novel Advanced Reactor

Source: Kairos

See more details about this reactor here: Technology – Kairos Power

Why Google Chose SMRs for a Clean Energy Future

Well, many consider nuclear energy as complex and slow to develop. However, new reactors, especially like the SMRs from Kairos Power are changing this concept. Their advanced designs are smaller, simpler, and quicker to build, making them easier to deploy in more locations.

The modular design of these reactors allows for scalability. Instead of a one-size-fits-all approach, these smaller units can be added on to match energy demands. And because they are quicker to build and safer to operate, the timeline to achieving carbon-free energy is shortened significantly. Simply put, the tech giant is investing in nuclear energy that is both safer and more economically viable than traditional reactors.

Secondly, SMRs provide a constant supply of clean energy. Thus, Google believes this partnership is about finding a balance between renewable sources like wind and solar and more constant energy like nuclear, which can ensure reliable power every hour.

Overall, one can infer that this partnership would accelerate clean energy by bringing affordable nuclear power to U.S. grids. As a result, Google can effectively meet rising electricity demands, especially for AI, while advancing its goal of going 24/7 carbon-free energy by 2030.

FURTHER READING: Larry Ellison’s $100 Billion Bet: Nuclear Power to Drive Oracle’s AI Revolution 

The post Google and Kairos Power Unveil Groundbreaking 550 MW Nuclear Energy Initiative appeared first on Carbon Credits.

China Carbon Prices Reach All-Time High At $14.62 Per Ton

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China’s carbon market has seen a significant surge in prices, with carbon permits or credits reaching an all-time high as industries prepare for a looming compliance deadline. 

On Monday, emissions permits rose 2.5% to 103.49 yuan ($14.62) per ton. This is the highest since the national market’s launch in mid-2021, as reported by the National Carbon Trading Agency. This increase represents a 35% rise in carbon prices so far this year, fueled by recent government actions aimed at tightening regulations and driving greater activity within the market.

Compliance Countdown: Fueling the Price Surge

China’s carbon market includes a compliance or mandatory Emission Trading System (ETS) and a voluntary greenhouse gas (GHG) emissions reduction market, known as the China Certified Emission Reduction (CCER) scheme, which was revamped earlier this year. 

China’s ETS plans to include 8 major emitting sectors—power generation, steel, building materials, non-ferrous metals, petrochemicals, chemicals, paper, and civil aviation—representing 75% of China’s total emissions. 

Since its launch, the ETS has become the world’s largest emissions trading platform. It covers about 5.1 billion tons of carbon dioxide equivalent or 40% of China’s total emissions.

The spike in prices comes as China’s power utilities face a year-end deadline to secure enough carbon allowances, also called carbon credits, to offset their 2023 emissions. 

The existing ETS system allocates a certain amount of free permits to companies. However, if their emissions exceed these allowances, they must purchase additional credits on the market. The impending deadline has intensified demand for these permits, contributing to the price surge.

This year, the Chinese government introduced stricter regulations to further develop the national carbon market. The goal is to increase the pressure on polluting industries to curb their emissions. These changes could spur a more aggressive transition toward lower-carbon operations among industrial players.

China’s carbon market vitality has been on the rise. By the end of June 2024, the cumulative trading volume in China’s national carbon emissions trading market reached 465 million tons, with a transaction value of around 27 billion yuan (around $3.7 billion).

Expanding the Scope of Regulation

The latest regulatory shift broadens the scope of China’s carbon market, which currently covers around 2,200 power utilities that together account for about 4.5 billion tons of carbon dioxide emissions annually. New rules will extend emissions obligations to other high-polluting sectors starting next year, including:

steel, 
aluminum, and 
cement production. 

Moreover, fossil-fuel power generators are facing tighter emissions caps, which further pushes them toward either reducing their carbon output or purchasing more permits to comply with regulatory requirements.

These measures align with China’s broader climate commitments to peak carbon emissions before 2030 and achieve carbon neutrality by 2060. By intensifying regulations, China aims to use its carbon market to steer industries towards cleaner energy and lower emissions.

RELATED: New Rules to Jumpstart China’s Voluntary Carbon Credit Market

Strategic Implications for Industries

As the market adapts to the stricter compliance requirements, industries are being prompted to reassess their carbon strategies. Companies that exceed their allotted emissions must factor in the rising cost of permits. This, in turn, could put pressure on profit margins, especially for high-emitting sectors like power generation, steel, and cement. 

To mitigate costs, these industries may accelerate their investments in clean energy solutions, such as renewable power sources or efficiency upgrades, to reduce their reliance on carbon credits.

The inclusion of new industrial sectors into the carbon trading scheme is expected to increase market liquidity, as the demand for permits will expand beyond power utilities to other key players. This change could also drive more transparency and efficiency in China’s carbon pricing mechanism as more companies participate.

What’s Next for China’s Carbon Trading?

With China’s national carbon market still in its early stages, the recent surge in prices represents a crucial phase in its development. Analysts believe that tightening regulations will be instrumental in enhancing the market’s effectiveness as a tool for reducing emissions. The Chinese government’s efforts to refine and expand the market are likely to continue, as it aims to strike a balance between economic growth and climate goals.

If China can successfully integrate more industries into its carbon trading system and continue to enforce stringent emissions standards, the national market could become one of the most significant in the world. This would help the world’s largest greenhouse gas emitter move closer to its climate targets. It could also provide valuable lessons for other countries seeking to implement or expand their own carbon markets.

The response from industrial players in the coming months—particularly as they navigate the end-of-year compliance deadline—will serve as an early indicator of the market’s long-term impact on China’s decarbonization efforts.

SEE MORE: China’s Grip On Rare Earth Elements Loosens

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Hydrogen’s Big Leap: Can Electrolyzers and Tax Credits Fuel the Green Revolution?

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The global push for green hydrogen is gaining momentum, with 20 GW of electrolyzer capacity now reaching final investment decisions (FIDs), according to the International Energy Agency (IEA). Major players like China and companies such as Nikola are driving growth, but challenges around government support, demand signals, and regulatory hurdles persist.

Despite the promising outlook, many hydrogen projects are still in the early stages. Moreover, some face delays or cancellations due to these barriers, including permitting challenges. 

Electrolyzer Expansion: Powering the Future of Green Hydrogen

Analysts from S&P Global Commodity Insights report that 1.2 GW of electrolyzer capacity is operational globally, and 2.1 GW began construction in Q2 2024, with 1.5 GW of this growth happening in China.

The country accounts for over 40% of recent FIDs and is home to 60% of global electrolyzer manufacturing capacity, which currently stands at 25 GW annually.

The IEA projects that by 2030, electrolysis-based hydrogen production in China could be cheaper than hydrogen from coal. This is assuming that the global project pipeline is realized. 

Image from the IEA Report

IEA Executive Director Fatih Birol emphasized the need for stronger demand-side incentives, warning that current demand targets lag far behind government production goals.

The report calls for policies such as carbon contracts for differences and sustainable fuel quotas to stimulate demand. It also warns that the progress made in the hydrogen sector so far is insufficient to meet climate goals, citing stalled cost reductions due to high raw material and energy prices.

Hydrogen production costs could potentially halve to between $2/kg and $9/kg by 2030 under the IEA’s Net-Zero Emissions by 2050 scenario, closing the price gap with “gray” hydrogen. However, under existing policies, the cost is expected to drop by just 30%.

Global hydrogen demand rose to 97 million metric tons in 2023, mostly in refining and chemicals. However, only 1 million metric tons came from low-emission sources. 

The IEA estimates that low-carbon hydrogen production could reach 49 MMt/y by 2030. Yet, achieving this would require an unprecedented annual growth rate of over 90%, a rate even higher than solar power’s fastest growth phase. 

Various challenges like financing, regulatory issues, and permitting delays continue to put the project pipeline at risk. Amid these hydrogen production challenges and projections, a big player in the industry continues to show impressive growth.  

Nikola’s Hydrogen Trucks Hit the Road Amid Industry Challenges

Nikola, a leader in producing zero-emissions hydrogen fuel cell trucks with its HYLA brand, saw a 22% increase in wholesale deliveries of its hydrogen-powered electric trucks during the third quarter. This achievement signals steady demand for the company’s Class 8 hydrogen fuel cell trucks. 

The company delivered 88 trucks to dealers, a record sales quarter, meeting its target of 80 to 100 units. However, it fell short of the 80% surge in deliveries seen in the second quarter. 

The Phoenix, Arizona-based company continues to see demand for its hydrogen-powered trucks. As of the 3rd quarter, Nikola has delivered 200 hydrogen fuel cell trucks in 2024, aiming to meet its full-year target of 300 to 350 trucks. 

Since launching sales in the 4th quarter of 2023, the company has sold a total of 235 trucks. Nikola remains on track to complete the rollout of revamped battery-electric trucks by the end of the year.

RELATED: Nikola’s HYLA Stations Are Supercharging the Hydrogen Revolution

Nikola CEO Steve Girsky highlighted the importance of this achievement, saying:

“Despite overall market headwinds, Nikola remains focused on our mission to pioneer solutions for a zero-emission world, and we’re doing it one truck at a time.”

Economic Setbacks and Project Delays

While the hydrogen fuel cell company strives through market turmoil, some major developers have scaled back or canceled their green hydrogen projects due to economic hurdles. 

Origin Energy, for example, scrapped a hydrogen project in Australia, citing slow market development and high input costs. CEO Frank Calabria explained that technological advancements are still needed to make the investment viable. 

Similarly, Norway’s Nel ASA saw a large U.S. order canceled by Hy Stor Energy, reflecting broader industry hesitation. Michael Liebreich, an industry analyst and investor, sees this as a healthy shift, with unfeasible projects being abandoned to focus on more economically sound ventures. 

Despite the setbacks, clean hydrogen production is expected to grow by over 40% in 2024, though it will still account for just 1% of global hydrogen demand. While the long-term potential remains, the industry is recalibrating expectations as it faces significant financial and technological challenges.

What’s The Road Ahead for Green Hydrogen?

The hesitation around green hydrogen is partly due to uncertainty regarding the U.S. Treasury’s rules for the 45V hydrogen production tax credits. These credits were created under the Inflation Reduction Act (IRA) to incentivize clean hydrogen production. Developers have delayed their commitments to green hydrogen until these rules are finalized. 

Initially, green hydrogen advocates saw the IRA as a significant opportunity, believing that its clean fuel tax credits would make electrolysis-based hydrogen production cheaper than conventional methods. Yet, nearly all of today’s hydrogen supply is derived from natural gas without carbon capture technology, highlighting the slow transition to green hydrogen. 

A study by McKinsey & Co., commissioned by the Hydrogen Council, found that 85% of committed hydrogen production capacity in North America through 2030 is tied to carbon capture projects.

While the 45V tax credit is technology-neutral, analysts have noted that incentives for electrolysis are more attractive than those for carbon capture. However, developers of blue hydrogen projects have benefited from carbon capture tax credits under the expanded 45Q program. It offers up to $85 per metric ton of CO2 captured.

While blue hydrogen is gaining ground, the global pipeline for green hydrogen is also expanding, particularly outside the U.S. 

Companies like Air Products and CF Industries have proposed green hydrogen projects in the U.S. but have yet to make final investment decisions. Interestingly, Air Products supports the Biden administration’s proposed tax credit requirements, which mandate that hydrogen plants source electricity from new zero-carbon generation facilities. Nonetheless, the company has delayed its $4 billion green hydrogen project in Texas pending the final tax credit rules.

Despite the promising growth in electrolyzer capacity and hydrogen production, significant challenges like regulatory uncertainty and economic hurdles persist. While companies like Nikola are making progress, the road to large-scale green hydrogen adoption remains complex and uncertain. The future will depend on clearer policies and more competitive technologies.

SEE MORE: Microsoft and ESB Launch Groundbreaking Green Hydrogen Pilot to Decarbonize Dublin Data Centers

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How Tracking Emissions Can Give the U.S. Steel Sector an Edge Over Imports

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On September 25, the US Department of Energy (DOE) launched a pilot project to measure the greenhouse gas intensity of several industrial products, including steel. This move is a part of the Biden administration’s agenda to reduce emissions while boosting sustainable domestic manufacturing. By tracking emissions more effectively, the U.S. steel sector could gain a competitive edge over foreign competitors.

Notably, one key technology helping drive this change is the electric arc furnace, which operates without coal, unlike traditional blast furnaces. This shift aims to lower emissions in the U.S. steel industry which is a major contributor to global greenhouse gas emissions.

Kevin Dempsey, President and CEO of the American Iron and Steel Institute Remarked,

“The pilot program is a step toward assessing the environmental footprint of industrial products and promoting the output of domestic producers.”

He further explained the US steel industry scenario to S&P Global Commodity Insights this way,

“We need a trade policy that ensures that all of the efforts being made domestically to invest in all this much cleaner production, which is expensive, is not undercut by imports of much dirtier but much cheaper steel from abroad. For that, we really need to have measurements on the average emissions intensity of the full range of steel products made in the US as a baseline to compare to the emissions intensity of steel products coming from overseas.”

Dempsey further highlighted that measuring average emissions could pave the way for a “border fee” that reflects the emissions intensity gap between domestic products and imports. This would prevent cheaper, high-emission imports from undercutting cleaner US-made steel.

Accurate Emissions Data Crucial for Investors

Fabio Passaro, a senior transition policy analyst at the Climate Bonds Initiative, noted that this initiative creates a strong opportunity for steel producers to lead in the race for greener steel. As regulators, investors, and consumers demand lower-emission products, early adopters of decarbonization could reap significant benefits.

Passaro, who recently authored a report on decarbonizing steel and cement for the G20’s Sustainable Finance Working Group, called the DOE’s pilot project a “great first step.” He emphasized that “you can’t decarbonize what you can’t measure.”

While the details are still being finalized, Passaro pointed out that accurate emissions data is increasingly essential for investors looking to avoid the risks associated with high-emission industries.

Currently, emissions data for the steel sector varies widely in availability and accuracy. Investors are wary of industries like steel due to potential risks, including stranded assets, as governments increasingly enforce stricter emissions regulations. Accurate data, transparency, and public availability are critical for addressing these concerns and encouraging investment in greener steel production.

Decarbonizing the steel industry is complex and costly but necessary. Passaro believes that with this pilot project, the US is prioritizing the decarbonization of the steel industry.

U.S. Steel Emissions Report

Source: United States Steel Corporation 2023 Sustainability Report

U.S. Steel’s Major Moves to Cut Emissions

Tracking emissions is one side of the story. Subsequently, it is equally important to combat steel emissions. In this regard, U.S. Steel is making significant progress in reducing emissions through recycling, energy efficiency, and advanced technologies.

Process Optimization and Renewable Energy

U.S. Steel is actively increasing efficiency in its operations through process optimization models, which enhance performance at existing steel mills. The company is also expanding its use of renewable energy sources, such as the Driver Solar project at Big River Steel Works. These initiatives demonstrate a growing commitment to reducing reliance on fossil fuels and embracing cleaner power options.

Innovating with Direct-Reduced Iron and Mini Mills

Direct-reduced iron (DRI) with natural gas is helping U.S. Steel cut back on carbon-intensive coal and coke. Plans to incorporate hydrogen into the DRI process will further reduce greenhouse gas emissions. Mini mills, such as those at Big River Steel Works, already rely on electric arc furnaces, which generate 70–80% fewer emissions than traditional blast furnaces. The company will expand its mini mill capabilities with the BR2 facility in late 2024.

Exploring Carbon Capture and Electrification

Emerging technologies like carbon capture are expected to play a key role in reducing U.S. Steel’s carbon footprint. Electrification and the use of batteries and hydrogen in place of carbon-based fuels are additional strategies to lower emissions.

With advancements in the electrical grid and a shift toward green energy, U.S. Steel anticipates reductions in both Scope 1 and Scope 2 emissions. Significantly, carbon offsets and credits will further bridge any remaining gaps in the company’s decarbonization efforts.

The U.S. aims to achieve 100% carbon-free electricity by 2035, a move that will significantly aid the decarbonization of heavy industries like steel and aluminum. It’s worth quoting that President Biden’s Inflation Reduction Act allocates $369 billion to combat climate change and provides a strong foundation for cleaner industrial operations.

Leveraging Carbon Policies

According to Global Efficiency Intelligence, the U.S. steel industry can fully capitalize on its lower carbon intensity through policy measures like Border Carbon Adjustments and Carbon Tariffs. These policies would promote cleaner domestic production and support global decarbonization goals.

Additionally, initiatives like “Buy Clean” would boost the use of low-carbon steel in public projects, strengthening the industry’s competitiveness and reinforcing U.S. leadership in reducing emissions. Overall, it’s evident that U.S. Steel is taking serious steps to track and mitigate steel emissions to achieve the nation’s net-zero target.

FURTHER READING: Canada’s Steel and Aluminum Industries Demand Tariffs to Block Chinese Dumping 

The post How Tracking Emissions Can Give the U.S. Steel Sector an Edge Over Imports appeared first on Carbon Credits.