Sylvera, a prominent carbon data provider, is collaborating with the Singapore Government to facilitate high-quality carbon credits for meeting its commitments under the Paris Agreement. Alongside this initiative, the company opened an office in Singapore to bolster its presence in Singapore’s thriving carbon trading ecosystem.

The London-based company builds software that independently and accurately assesses carbon projects aimed at capturing, removing, or preventing emissions. This technology aids organizations in making impactful investments toward achieving net zero emissions. 

With the company’s suite of data and tools, businesses and governments alike gain the confidence to invest in, measure, deliver, and report genuine climate impact. 

Empowering Climate Action

Despite the Paris Agreement’s inception in 2015, many signatory countries are currently falling short of their climate goals. Purchasing carbon credits stands out as a well-established and scalable approach to channel funding towards impactful climate outcomes. These credits support projects worldwide such as safeguarding rainforests from deforestation and clean energy initiatives. 

Article 6.2 of the Paris Agreement lays the groundwork for countries to exchange carbon credits through a market mechanism. This approach helps nations in their climate goals post-emission reduction efforts.

Singapore, the leading Southeast Asia in instituting a carbon pricing system, actively seeks partnerships for carbon credit projects. These initiatives offer host countries various benefits, including investments, job creation, and progress towards sustainable development goals.

Benedict Chia, Director General for Climate Change at the National Climate Change Secretariat in Singapore, highlighted the nation’s commitment to fostering a high-integrity carbon market. To achieve that, the official particularly noted that:

“…we need to leverage data and innovative technologies to monitor emissions reductions and removals in carbon credit projects. We welcome the launch of Sylvera’s regional office in Singapore to provide solutions on this front.”

Sylvera will aid Singapore in identifying top-notch carbon credits (referred to as ITMOs under Article 6.2) from other nations. This collaboration aims to swiftly allocate climate finance to areas making tangible climate impacts and use these credits in alignment with Singapore’s Paris Agreement objectives. 

In October, the Asian country set a criteria for international carbon credits to ensure that they are of high quality. 

READ MORE: Singapore Sets Higher Standards for International Carbon Credits

By marrying cutting-edge technology with premier carbon measurement methodologies, Sylvera offers ratings that evaluate climate action investments, like carbon credits. This empowers organizations and pioneering nations like Singapore to confidently execute their climate strategies and progress towards achieving net zero.

Singapore Raises the Bar for High-Integrity Carbon Credits

Singapore has recognized the advantages that carbon markets offer in achieving net zero targets with its ambitious goals. It’s crucial for global leaders to embrace the benefits of high-quality credits to make substantial progress on their climate commitments. 

Thus, governments are increasingly emphasizing the need for independent assurance to ensure the credits they purchase are “driving real climate action and societal net zero progress,” said Samuel Gill, Co-founder and President of Sylvera.

Last July, the carbon rating company raised $57 million to incentivize businesses to confidently invest in carbon credits.

READ MORE: Sylvera Raises $57M to Help Companies Invest in Carbon Credits with Confidence

According to Trove Research, a total of $36 billion was invested in voluntary carbon credit projects within 10 years, 2012-2022. Of that, $7.5 billion was raised in 2022 alone.

In terms of share, the East Asia and Pacific region bagged the largest investment, amounting to $2.7 billion.

Source: Trove Research

Still, global efforts remain short of about $90 billion to meet the 2030 carbon reduction targets. 

Sylvera’s advanced software will contribute to strengthening Singapore’s position as a key emissions trading hub in Asia. Through this collaboration, the country may set a benchmark for environmental integrity, setting an example for the global community.

The announcement coincides with Sylvera’s expansion into the region, establishing a local presence and office in the country. This development is backed by support from the Singapore Economic Development Board (EDB). 

Sylvera’s new office will serve clients not just in Singapore but also in the broader APAC region.

Investments in developing carbon credit projects are an essential market signal indicating levels of corporate climate action. Sylvera’s collaboration with the Singapore Government marks a crucial step toward ensuring high-quality carbon credits for meeting climate commitments. 

The post Sylvera and Singapore Forge Path Towards High-Quality Carbon Credits appeared first on Carbon Credits.

As 2023 comes to an end, the Biden administration is highlighting the significant announcements made regarding clean energy manufacturing and clean power since President Joe Biden took office. These announcements have been supported by new laws focused on tackling climate change.

Despite the current high levels of oil production and strong exports of liquefied natural gas, the officials emphasize their commitment to reducing carbon emissions and transitioning away from fossil fuels.

An official particularly highlighted the need to globally shift towards cleaner energy sources. This is the agreement among nations that participated in the COP28 climate summit. 

Unleashing the Power of Clean Energy

Since President Biden assumed office in January 2021, private companies have announced investments exceeding $500 billion in “21st century” industries such as semiconductors and electronics. 

The figure includes about $360 billion invested in clean energy manufacturing, batteries, electric vehicles, among other sectors. Of this, around $132 billion is for new clean power projects, as stated in the official White House release. 

Moreover, the forecasted total for clean power announcements this year, $58 billion, rose by 152% compared to 2021, $23 billion. 

The Inflation Reduction Act (IRA) of 2022 largely spurred these investments. The regulation provides tax incentives for clean energy resources and electric vehicles over a decade. 

In particular, clean energy manufacturing investments have jumped by over 170% in the past year because of these initiatives, according to the National Economic Council Director Lael Brainard.

The administration’s approach to investing in America’s clean energy future led to this significant surge in investments and job creation. 

A separate report mirrored the same trend. Per data from the Clean Investment Monitor database, developed by Rhodium Group and MIT’s Center for Energy and Environmental Policy Research (CEEPR), clean energy is increasingly becoming one of the biggest industries in the U.S. 

The CIM data reveals that from July 2022 to June 2023, clean investments amounted to $213 billion. Putting that in perspective, the figure is more than the annual GDPs of 18 U.S. states combined.

The database also found that retail got the most funding, with $113 billion where EVs received the biggest share. Specifically, ZEVs has the fastest growth, with an estimated $70 billion investment over the past year.

RELATED: BMW and Toyota Leading The ZEV Revolution

Renewables Surge with Expanding Capacities

Since the IRA took effect in August 2022, there have been significant advancements in solar module manufacturing. 

The White House presentation also reported announcements of >100 gigawatts (GW) of solar module manufacturing capacity. This capacity could potentially produce enough solar panels to power approximately 10% of homes in the country. The investment represents over $13 billion. 

The growth trend extends to wind power production and related manufacturing. The combined onshore and offshore wind energy capacity is anticipated to reach 300 GW in 2030, marking a 43% rise from the EIA’s 2021 projection.

Since the IRA’s enactment, plans have been announced both for onshore wind and offshore wind projects. They include opening of new facilities, reopening of idle ones, or expansion of existing manufacturing facilities.

Same with other industry trends and reports, the White House also touted massive investments made in EV and battery production. The amount has reached a staggering $150 billion since 2021, with additional $39 billion for new energy storage projects. 

It does make sense that ZEVs and batteries are getting the spotlight in clean energy investments. The IRA tax incentives promote the manufacture of EV batteries (48C) and clean energy storage (45X). 

Apart from IRA, there are two other laws advancing investments in this emerging sector: Infrastructure Investment and Jobs Act 2021 and CHIPS and Science Act 2022.

The effectiveness of these climate-related policies in ramping up the transition to a clean economy will be crucial in achieving the country’s net zero goals. The nation aims to reduce carbon emissions by 50% to 52% below 2005 levels in 2030. 

Paving the Way for Sustainable Growth

According to Brainard, the US is on track to reaching its 2030 emissions target. 

Industry experts also believe that the legislation helps in scaling up the pace of clean investments in America. 

READ MORE: US Saw $213B Investment in Clean Technologies

While the current administration officials acknowledge challenges, they affirm their commitment to ensuring the certainty of IRA tax credits. Biden’s senior clean energy adviser, John Podesta, particularly said that:

“We’re obviously committed to ensuring that 10-year certainty [of IRA tax credits] comes through.”

Amidst a monumental year for clean energy investments and manufacturing advancements, the Biden administration underscores its commitment to transitioning the U.S. away from fossil fuels. With over $500 billion investments in clean energy sources, the nation is making substantial strides toward its climate goals.

The post Transforming the American Clean Energy Landscape Under Biden’s Era appeared first on Carbon Credits.

The Canadian government has introduced a new rule to limit greenhouse gas emissions from the country’s oil and gas companies. Federal ministers aim to cap emissions between 35% to 38% of the levels seen in 2019 by the year 2030.

According to Environment and Climate Change Canada (ECCC), this draft regulation will likely allow emissions totaling around 106 to 112 megatons of carbon dioxide equivalent (CO2e).

During the COP28 webcast in Dubai, Environment Minister Steven Guilbeault highlighted that the sector is the biggest emitter in Canada. He emphasized that while emissions in other sectors are decreasing, the oil and gas sector continues to pollute more.

RELATED: Canada Explores Options to Cap Oil and Gas Emissions

Few days ago, Canada also revealed new regulations seeking to reduce methane emissions from the oil and gas sector. It aims to cut at least 75% methane emissions over 2012 levels by 2030, which will be a crucial part of the entire cap. 

Methane is responsible for about 30% of the oil and gas sector’s total GHG emissions. 

Estimated and projected oil and gas sector emissions (Mt CO2e) in 2019 and 2030

Source: Canada.ca

Canada’s Emission Cap: Oil & Gas Balancing Act

The draft framework aims to reduce emissions while keeping Canada competitive in the world market. It sets a limit on the amount of pollution the oil and gas industry can make. 

However, the rule doesn’t restrict how much the oil and gas companies produce. It was created after discussing with industry, Indigenous groups, provinces, territories, and others. 

It also allows some flexibility, letting the sector emit up to about 20% to 23% below 2019 levels. This cap will help Canada cut emissions and move towards net zero by 2050.

Canada’s greenhouse gas emissions in 2020 reached 672 megatons of CO2e, as per federal data. Of this, the oil and gas sector contributed 178 megatons of CO2e, making up 26% of the total emissions. Transportation followed closely, accounting for 159 megatons or 25% of the emissions.

The said sector, responsible for 28% of Canada’s pollution in 2021, emitted 201 million metric tons in 2019. That’s 20% higher than 2005. 

Minister Guilbeault emphasized the need for immediate actions to meet the collective goal of achieving carbon neutrality by 2050. He also noted that: 

“We look forward to industry talks to get this draft framework right. This is a challenge of our time and also a great opportunity.”

The federal government is also considering implementing a national cap-and-trade system to limit GHG emissions further. Proposed regulations will also establish reporting and verification processes, with a gradual phase-in of the planned system from 2026 to 2030.

Interested parties, including the industry and stakeholders, have until February 5, 2024, to submit comments and input regarding the draft. The finalized regulations are anticipated to be issued by early 2025.

Federal Natural Resources Minister Jonathan Wilkinson highlighted the importance of considering the competitiveness of oil and gas producers in Alberta, British Columbia, Saskatchewan, and Newfoundland and Labrador. 

However, specific details regarding this aspect’s role in shaping the regulations were not elaborated upon during the webcast.

Controversy and Opposition Surrounding the Cap

The draft allows companies to buy and trade a certain number of emissions allowances, also called carbon offset credits. They can either buy carbon offsets or contribute to a fund that reduces emissions. 

While the draft regulations aim for reducing harmful emissions from the most polluting sector, opposition abound. 

The Canadian Association of Energy Contractors opposes the move, fearing it will negatively impact workers and small to medium-sized businesses. The association’s leader, expressed concerns about higher energy costs and job losses due to the cap.  

Similarly, Alberta Premier Danielle Smith criticized the federal government, calling the emissions cap an “intentional attack on Alberta’s economy”. She had invoked an act allowing the province to override federal clean-electricity regulations in opposition.

The Alberta government issued a regulation in 2016 that puts a cap of 100 million MT for the province’s oil sands producers. At present, Alberta’s total GHG emissions stand at about 70 million MT, according to information on the provincial government website.

READ MORE: Alberta Prepares For Surplus of Carbon Credits

For another director, the cap on Canada’s GHG emissions will affect junior producers with <20,000 b/d output. They’ll be casted. 

The cap-and-trade system will regulate direct GHG emissions, including those indirectly related to oil and gas production and carbon storage. Thus, it would cover various facilities such as offshore operations and LNG plants.

The Environment Minister stressed that companies making substantial profits should invest in Canadian jobs and communities. However, no new government funding was announced, despite Canada’s previous pledge of $9.1 billion in tax credits for carbon capture systems.

Canada’s proposed regulations to cap emissions in the oil and gas sector mark a pivotal step toward addressing climate change. The draft rule intends to reduce pollution without hampering production. Despite debates and concerns from industry leaders about potential economic impacts, the government is emphasizing the urgency of climate action and inviting feedback until early 2024.

The post Canada to Cap Oil & Gas Emissions at 38%: Balancing Climate Goals and Industry Concerns appeared first on Carbon Credits.

In the realm of clean energy, uranium-powered nuclear plants often take a back seat to solar and wind, yet they stand as the second-largest low-carbon electricity source globally. Nuclear energy operates emission-free, mitigating carbon dioxide and curbing harmful air pollutants. It’s not just an alternative; it is pivotal to global clean, sustainable energy transition – the key for net zero emissions.  

In this article, we’ll explore the uniqueness and the driving forces behind the resurging interest in nuclear energy. This means delving into the uranium sector, an emerging bullish market and why it’s crucial for a net zero world. 

Moving Away From Coal With Nuclear Energy

Transitioning from coal to cleaner energy sources is a pivotal step in addressing climate change. 

For centuries, coal was the cornerstone of the industrial revolution, but its combustion accounts for over 40% of global carbon emissions. It’s also responsible for 75% of electricity generation emissions in 2019, as per the International Energy Agency (IEA)’s data. 

To align with the Paris Agreement’s objectives of curbing global warming below 1.5°C, phasing out coal is imperative.

The shift toward clean energy involves pivoting from high-emission sources to low-carbon alternatives to mitigate climate impacts. This energy transition aims to eliminate reliance on fossil fuels, amplifying renewable options such as hydro, solar, wind, and nuclear power. 

An excellent example of this transition is Ontario, which has been coal-free since 2014, primarily harnessing nuclear and hydro energy to power its grid sustainably.

Both coal and nuclear power plants operate using steam-driven turbines to generate electricity. Despite coal accounting for roughly ⅓ of global electricity generation, nuclear energy stands out for its capability to provide consistent baseload power, effectively supplementing intermittent renewable sources like solar and wind.

World Total Electricity Production by Energy Source

Source: International Atomic Energy Agency

Back in 2003, Ontario pledged to phase out a quarter of its electricity generation by decommissioning nearly 9000 MW of coal capacity. To achieve this, the province refurbished nuclear units and integrated a mix of renewables and natural gas. Doing so allowed the Canadian province to successfully attain over 90% carbon-free electricity. 

It’s a testament to the feasibility of transitioning away from coal toward cleaner, more sustainable energy sources like nuclear. 

The adaptability of nuclear power plants in adjusting output according to demand and the availability of other energy sources adds resilience and stability to the grid, particularly in supporting variable renewables.

The recent report by the United States’ Department of Energy on nuclear power highlighted the potential to convert over 250 GW of coal capacity in the U.S. into nuclear power, effectively doubling the existing nuclear capacity. 

Moreover, the DOE’s analysis revealed various benefits for communities near the coal plants considering such a transition. This includes the creation of 650 jobs, generating $275 million in economic activity, and an 86% reduction in GHG emissions.

Deputy secretary, Andrew Griffith, noted that the expertise and skills learned from operating coal plants could be adapted to nuclear power. He further underlined that this potential extends beyond just integrating into the electricity grid, as some reactor concepts can also offer applications in industrial heat.

The agency also emphasized the multi-dimensional benefits that nuclear power could offer for the energy transition. 

Nuclear as Clean and Sustainable Energy Source

When the term “clean energy” is mentioned, most individuals tend to immediately think of solar panels or wind turbines. However, nuclear energy, often overlooked in these discussions, stands as the second-largest source of low-carbon electricity globally, trailing only hydropower.

To understand the cleanliness and sustainability of nuclear energy, consider these three key points:

Zero Emissions and Air Quality Protection: 

Nuclear energy is a zero-emission clean energy source. It operates via fission, splitting uranium atoms to generate energy. The resulting heat drives turbines for electricity production without emitting harmful byproducts present in fossil fuels. 

In 2020, the United States avoided over 471 million metric tons of carbon dioxide emissions through nuclear energy, surpassing the collective impact of all other clean energy sources combined. 

Small Land Footprint: 

Despite generating substantial carbon-free power, nuclear energy requires minimal land compared to other clean sources. A standard 1,000-megawatt nuclear facility in the U.S. operates on slightly over 1 square mile. 

In comparison, wind farms require 360x more land area, while solar plants demand 75x more space to produce equivalent electricity. In other words, millions of solar panels or hundreds of wind turbines are needed to match the power output of a typical nuclear reactor.

Extremely High Energy Density with Minimal Waste: 

Nuclear fuel boasts an incredibly high energy density, nearly 1 million times greater than traditional energy sources. Consequently, the volume of used nuclear fuel isn’t as extensive as commonly believed. 

Putting that in perspective: all the used nuclear fuel produced by the U.S. nuclear energy sector over 6 decades could fit within the dimensions of a football field at a depth of less than 10 yards. 

This waste can potentially be reprocessed and recycled, although this isn’t currently practiced in the U.S. However, emerging advanced reactor designs aim to operate on used fuel, offering promising solutions.

Consider the following facts. They underscore the significance of nuclear energy in the realm of clean and sustainable power generation.

Source: https://www.energy.gov/

Uranium Bull Market is Emerging

Delving into the current market scenario, it helps to consider the historical context of the past decades. 

Going back to the ‘60s and ‘70s, these were the pivotal periods when nuclear power stations were extensively built. These years marked the initial rise in demand coinciding with the emergency of nuclear technology. 

Unfortunately, a series of accidents, Three Mile Island and Chernobyl, led to nuclear downturn that put many projects on hold. This downturn persisted for about two decades. 

Fast forward to the early 2000s, the climate change challenges start to kick in, particularly the increasing greenhouse gas emissions. This moment was dubbed the Renaissance of nuclear energy when new projects were revealed. Consequently, this resulted in a spike in 2007 as shown in the chart. 

Then there has been a gradual but consistent uptick in uranium prices since 2019. Notably, this trend showed investors’ interest resurging due to the perceived potential in uranium investments. And a few days ago, uranium spot prices hit a 15-year high at $85 per pound. 

READ MORE: Uranium Prices Hit 15-Year High at $85 Per Pound

Analysts even forecast more increases in prices, confirming that a uranium bull market is approaching, if it hasn’t come already. This makes GoldMining Inc (GLDG)’s uranium project even more valuable. As one of the companies making waves in the uranium market, GoldMining Inc brings exposure to one of the most exciting uranium exploration regions in the world.

How Does Uranium Help Achieve Net Zero Emission?

Uranium plays a significant role in the quest for achieving “net zero emissions“. It boasts a feature lacking in some renewable energy sources – capacity to provide reliable baseload energy production. 

While solar, renewables, and hydroelectric power receive continued investment due to their eco-friendliness, they face challenges in delivering consistent energy output. For instance, solar energy is inactive at night, and wind turbines remain idle when there’s no wind. Recent occurrences, such as lower wind speeds in the United Kingdom resulting in decreased turbine energy production, have forced a shift to natural gas.

Although natural gas is a cleaner energy source compared to coal or oil, its carbon footprint remains notably higher. Surprisingly, a substantial portion of the world still heavily relies on coal for electricity generation. 

In the United States, for instance, 19% of energy production persists from coal. Even in China, despite significant strides in reducing reliance on coal from 70% to 57% over a decade, there’s a fervent drive to further diminish this figure. This fuels China’s leadership in expanding nuclear capabilities as an alternative to coal.

Regardless if it’s coal or natural gas, it doesn’t matter. Nuclear is nearly 100% more effective than any other energy technology at reducing carbon emissions.

These developments resonate strongly with investors, particularly in the context of Environmental, Social, and Governance (ESG) considerations. Many investors view nuclear energy as a low-carbon means of energy production, aligning with ESG principles. The rising importance of ESG considerations has sparked newfound interest in evaluating nuclear energy’s place within this framework.

Overall, the reliability and low-carbon nature of nuclear energy underscore its significance in pursuing cleaner and dependable energy solutions. There’s simply no reaching net zero without nuclear, and so uranium, too. 

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