Verra Partners with the State of Amazonas to Boost Regional Carbon Markets

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Amazonas Brazil Verra

Following serious discussions and decisions on carbon markets at the COP29 summit, Verra and the state of Amazonas, Brazil, signed an agreement to enhance regional carbon markets on November 13. This Memorandum of Understanding (MOU) was announced during COP29 in Baku, Azerbaijan.

The collaboration aims to strengthen carbon market frameworks, improve regulations, and foster sustainable development in Amazonas.

Eduardo Taveira, Amazonas’ Secretary of State for the Environment and represents Governor Wilson Lima at COP29 in Baku, said,

“Verra is the largest carbon credit certifier in the world. This partnership represents a significant advance in the sustainability trajectory of Amazonas, as it will provide all the necessary support for the State to be a generator of high-integrity credits, following strict environmental criteria, with a guarantee of high environmental, social and low carbon economy impact that we seek.”

Verra: Pioneering Transparent Environmental Solutions

In the past, Verra had addressed global environmental and social challenges by supporting climate action. They have offered transparent standards and tools to assess impacts, reduce emissions, improve livelihoods, and protect natural resources. Notably, they enable funding for verified, scalable projects that have long-lasting environmental benefits.

vcs Verra

Source: Verra

Leveraging Amazonas’ Natural Strengths

The press release mentions that Amazonas is uniquely positioned to develop carbon market projects with 92% of its land covered by rainforest. Verra’s methodologies, including the Reducing Emissions from Deforestation and Forest Degradation (REDD) framework, offer tools to protect these forests. Such projects can help reduce emissions, conserve biodiversity, and support local communities.

So, what’s Verra’s role here exactly? Well, Verra a global leader in setting standards for climate action and sustainable development, will work with Amazonas to enhance the state’s capacity and provide technical expertise. The partnership focuses on creating high-integrity carbon credits while adhering to strict environmental and social criteria.

Mandy Rambharos, Verra CEO expressed herself by noting,

“We are honored that the state of Amazonas selected Verra as a partner in strengthening regional carbon markets. These markets hold the key to unlocking the climate finance needed to reduce emissions, save forests, retain biodiversity, and support local communities. We look forward to collaborating closely with the state of Amazonas, who has undertaken critical work in advancing nature-based climate solutions in its jurisdiction.”

Key Focus Areas in Verra-Amazonas MOU

Let’s discover the key areas of collaboration that are covered in the MOU.

Capacity Building

Verra will offer specialized training to Amazonas on carbon markets. The training will cover the Verified Carbon Standard (VCS) Program, Climate, Community & Biodiversity Standards (CCBS), and the Sustainable Development Verified Impact Standard (SD VISta). Additionally, the Verra Registry, which tracks carbon credits, will also be part of the training.

Essential components of Verra’s VCS Program

verra

Source: Verra

Information Exchange

Both will exchange public data to develop robust carbon market frameworks. Further Verra will provide information from its Registry and share insights about its new REDD methodology and modules. Jointly, both parties will explore how Amazonas can apply these methodologies to potential projects.

Strengthening Regulation

Verra will help Amazonas develop and refine significant carbon market regulations. These efforts will include public discussions to ensure transparency and community participation. In the past, Verra has followed a similar process with other countries to meet their sustainability goals. Subsequently, this vast experience working with governments in different regions will guide Amazonas’ regulatory framework.

A Partnership Innovating Climate Finance

This partnership can potentially make Amazonas a leader in sustainable carbon markets. By leveraging Verra’s expertise, the state can do a lot to attract climate finance. For example, it can boost its fund conservation efforts, create more economic opportunities, and strengthen its low-carbon economy.

The collaboration also addresses the global need for effective climate solutions. Amazonas’ commitment to protecting its rainforest and Verra’s innovative methodologies make this partnership a model for other regions. As the state gears up to develop high-integrity carbon credits it can contribute significantly to global efforts to combat climate change.

We have already read at COP29 leaders have agreed on having robust international carbon market standards. And this initiative is just a testament to that even though it reinforces the role of regional carbon markets. All in all, Verra and Amazonas will set a remarkable example of sustainable development by tackling environmental challenges while fostering economic growth.

Source: Verra and State of Amazonas to Collaborate on Strengthening State’s Carbon Markets – Verra

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Nickel Demand to Triple by 2030: Can the Market Keep Up?

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Nickel Demand to Triple by 2030: Can the Market Keep Up?

Demand for battery-grade nickel is expected to surge, tripling by 2030, according to Benchmark Mineral Intelligence. This growth will largely be due to mid- and high-performance electric vehicles (EVs) in Western markets.

A senior nickel analyst at Benchmark, Jorge Uzcategui, particularly noted that:

“China will see growth too, but it won’t match the pace in ex-China regions.”

Despite lithium iron phosphate (LFP) batteries dominating the Chinese market, nickel-based chemistries are set to hold a significant share globally. Their superior performance and limited LFP supply chains outside China support this trend.

nickel chemistries market share

EV Sales Stall, Nickel Demand Slows

Battery nickel demand has faced setbacks in 2024 due to slower-than-expected EV sales in Western markets. Inflation and high interest rates have made EVs less competitive compared to internal combustion engine (ICE) vehicles.

This slowdown has pushed automakers to delay or revise their EV targets in Europe and North America. It has also led to gigafactory project cancellations, reducing North America’s 2030 battery supply forecast by 3% and Europe’s by 10%, according to Benchmark’s data.

China, however, has seen record EV sales, with almost 1.2 million units sold in October alone. But most of these vehicles use LFP batteries, limiting the impact on nickel demand.

Additionally, battery producers are leaning toward mid-nickel NCM chemistries. These offer better thermal stability and reduce the risk of overheating, making them more attractive amid low cobalt and manganese prices.

Nickel Poised for a Comeback

Despite current challenges, the long-term outlook for battery nickel remains strong. Although weak demand and expanded supply have pulled nickel prices to their lowest levels since 2020, demand for battery-grade nickel is projected to grow 27% year-on-year in 2024.

nickel demand forecast

Looking ahead, nickel-based chemistries are expected to dominate, capturing 85% of battery cell production capacity outside China by 2030. High-nickel chemistries will play a growing role as EV technology advances.

  • Benchmark forecasts that over 50% of nickel demand growth by 2030 will come from batteries. By the end of the decade, battery nickel demand could hit 1.5 million tonnes annually.

Price Rollercoaster: Will Oversupply Keep Nickel Down?

With the projected growing demand for nickel, how about the metal’s prices? 

In the third quarter of 2024, nickel prices started on a downward trend. After reaching a high of $21,615 per metric ton in May, the price fell to $17,357 by July 1. In August, nickel prices hovered between $16,150 and $16,500 before climbing to $17,136 on August 27. 

However, in early September, prices dropped again, reaching a low of $15,741 on September 10. This was close to the year’s lowest price of $15,668, recorded in February. Despite this, prices surged in late September, peaking at $17,698 on October 1.

nickel prices LME 3M drops

Oversupply from Indonesia

The main issue for nickel prices has been oversupply, especially from Indonesia. The country increased its mined nickel production by 99,000 metric tons in Q3. By the end of 2024, Indonesia is expected to increase production to 2.4 million metric tons, making up 57% of global output.

Indonesia 2023 nickel production

Indonesia has capitalized on its 2020 nickel ore export ban, drawing billions in foreign investment for its mining and EV supply chains. This strategic move has bolstered Indonesia’s dominance in the nickel market. 

According to Adrian Gardner, principal analyst at Wood Mackenzie, Indonesia is set to account for 60-65% of global nickel mine production, solidifying its role as a key player in the industry. Gardner further noted that:

“We have seen on several occasions that, when Indonesia stopped or restarted ore exports and threatened to stop nickel pig iron and intermediate product exports, there was a reaction in nickel prices. The government sets the rules, and the rules are the tools.” 

S&P Global Market Intelligence reveals a dramatic surge in Indonesia’s nickel ore imports from the Philippines. From January to August 2024, imports skyrocketed to 5.3 million metric tons, a massive leap from just 53,904 metric tons during the same period in 2023.

Although Indonesia dominates production, its quota system has made it difficult for Chinese smelters to secure a steady supply. This forced them to cut output temporarily. To keep up, Indonesian refiners turned to imports from the Philippines, the world’s second-largest nickel producer.

Despite relying heavily on China’s investment, Indonesia is looking to diversify its partnerships, particularly with Western countries. However, a new trade deal with China includes a $1.42 billion agreement between China’s GEM and Indonesia’s PT Vale to build a plant for processing battery-grade nickel.

Another major project involves China’s Huayou Cobalt, Ford, and PT Vale. They plan to invest $2.7 billion in a facility that will produce nickel for EV batteries.

More recently, China launched a $1.4 trillion debt swap to address its financial challenges and promote economic growth. It also plans to lower the deed tax for homebuyers to further stimulate the economy.

Challenges and Opportunities in Western Markets

In Canada, the government has committed C$46 billion to develop four EV battery plants. However, industry experts say this will require more raw materials than Canada can currently produce. The country may need up to 15 new mines to meet demand.

Europe faces its own challenges with the new Carbon Border Adjustment Mechanism (CBAM), which taxes carbon-intensive imports. Some in the steel industry argue that CBAM won’t benefit them, as it only considers direct emissions.

Meanwhile, European steelmakers are increasing their reliance on nickel pig iron imports from Indonesia. This trend has led to production cuts in Europe as they struggle to compete with cheaper imports.

Ultimately, the global race for nickel and other critical minerals intensifies as countries seek energy independence. Amid all this is an emerging key player. Alaska Energy Metals Corporation (AEMC), a Canadian mining firm, is advancing its 23,000-acre Nikolai deposit to boost domestic nickel supply.

AEMC President Greg Beischer emphasizes the importance of a sustainable U.S. supply chain. The nickel junior’s top priorities include navigating fluctuating nickel prices and securing funding to advance its Nikolai project.

The company plans to complete an economic assessment by 2025. This initiative supports U.S. efforts to develop local sources of critical minerals, reducing dependence on foreign imports and strengthening domestic supply chains.

What’s Next for Nickel Prices and Demand?

China will continue to play a major role in the nickel market, both in supply and demand. Although China’s EV sector grew 32% year-on-year in the first nine months of 2024, it hasn’t been enough to offset weak demand in other sectors.

Nickel prices are expected to face continued pressure in the coming years due to a surplus. With a 5.8% annual growth rate in supply projected through 2028, producers may struggle to restart operations as prices remain flat.

Investors should closely watch developments in China and Western markets, as they will heavily influence nickel’s future. While short-term hurdles exist, battery nickel demand is poised for long-term growth. As EV adoption rises globally, nickel’s role in the energy transition will only strengthen.

Disclosure: Owners, members, directors, and employees of carboncredits.com have/may have stock or option positions in any of the companies mentioned: AEMC.

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COP29: Launch of “An Eye on Methane”, Will Pledges Turn into Progress?

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methane cop29

According to the IEA, methane is responsible for around 30% of the rise in global temperatures since the Industrial Revolution. While carbon dioxide is mostly given importance in climate discussions, addressing methane removal is equally critical to achieving climate targets. At COP29, methane was much talked about with the launch of the 2024 report- An Eye on Methane.

The report revealed that the tools to cut methane emissions exist but a significant gap remains between commitments and action. The 2024 An Eye on Methane Report by the United Nations Environment Program’s (UNEP) International Methane Emissions Observatory (IMEO) emphasizes the urgency to close this gap.

Methane’s Alarming Impact: Short-Lived but Powerful

IEA reported that the latest Global Methane Budget estimated annual global methane emissions to be around 580 million tons (Mt). Of this, approximately 40% comes from natural sources, while 60% is due to human activity.

In 2023, the energy sector accounted for nearly 130 Mt of methane emissions, making it the second largest contributor after agriculture, which emitted around 145 Mt in 2017.

Methane stays in the atmosphere for about 12 years which is shorter than carbon dioxide’s lifespan of centuries. However, it absorbs far more energy during that time which makes it a potent greenhouse gas and a major cause of climate change. This is why, rapid and sustained reductions in methane emissions from the energy sector are crucial to keeping global warming within 1.5°C.

Additionally, methane contributes to air pollution by forming ground-level ozone, which is harmful to health. Leaks also pose explosion risks and other safety concerns. We can see that the impact of methane emissions is directly felt on air quality, climate, and health. Thus, cutting these harmful emissions is essential for improving both environmental and public health.

Sources of methane emissions, 2023

methane emissions IEA

Source: IEA

Tracking Methane with Cutting-Edge Tools

UNEP’s IMEO is leading efforts to monitor and reduce methane emissions. It gathers data from several sources, including:

  • Oil and Gas Methane Partnership 2.0 (OGMP 2.0): Industry reporting on emissions.
  • Methane Alert and Response System (MARS): Satellite-based alerts for large methane leaks.
  • Scientific Studies and National Inventories: Comprehensive research and emission records.

So far, MARS has flagged over 1,200 significant methane leaks to governments and companies. These alerts offer clear opportunities for action. However, only 1% of these notifications have received responses, revealing a significant lack of follow-up.

Satellites and AI: A Powerful Combination

MARS uses advanced satellite technology and artificial intelligence to detect methane emissions. This system helps governments and industries locate and address major leaks quickly. However, results would show up only when the leaks are fixed. This highlights the necessity for a “call to action”.

Despite these capabilities, very few emitters are using these tools. The report emphasized that companies and governments must engage more actively. The system is operational, but it needs collaboration to make a meaningful difference.

Changes in atmospheric methane concentrations, 1990-2023

Methane data IEA

Source: IEA

The Global Methane Pledge: Can the Champions Charge Ahead?

Global Methane Pledge (GMP) Champions include Canada, the European Union, the Federated States of Micronesia, Germany, Japan, Nigeria, and the United States.

These countries are urging other nations to implement active methane mitigation measures and integrate them into their Nationally Determined Contributions (NDCs). Notably, the NDCs if pertain to limiting warming, should explicitly include how methane reductions will help achieve climate targets. This step is vital to achieving the Global Methane Pledge’s target of reducing global methane emissions by 30% from 2020 levels by 2030.

Additionally, their agenda and progress are significant for the methane session at COP29.
The GMP Champions stresses the energy sector’s role in meeting methane reduction goals which also align with the G7’s commitment to cut methane emissions from fossil fuels by 75% by 2030. They also urge countries to adopt methane regulations and policies for oil and gas operations.

Lastly, as already explained before accurate data is critical for action. The Champions also call on governments to use the MARS and the private companies to join the (OGMP) 2.0 for better emissions tracking.

The global methane monitoring system is already ready to drive change. However, its success depends on turning data into action. For this, governments must enforce accountability by holding emitters responsible for addressing methane leaks and subsequently repairing them.

Significantly, the “An Eye on Methane” report is “a call to action” that pushes stakeholders to harness the methane data revolution. Methane’s harmful impact on global warming and human health made it a top priority at this year’s COP29 summit. And as the leaders said, the time to act is NOW!

Sources:

  1. An Eye on Methane 2024 | UNEP – UN Environment Programme
  2. Global Methane Pledge Champions Call for Accelerated Global Action on Methane Mitigation, Spotlight New Super Pollutant NDC Guidance | Global Methane Pledge
  3. Global Methane Tracker 2024 – Analysis – IEA

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Global EV Trends: Growth, Challenges, and the Future of Electric Mobility

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EV electric vehicle

From metals to mining, energy to electricity, and transport to transmission, every sector is pivoting toward sustainability. The automotive market has already adopted renewable solutions, and one such is Electric Vehicles (EVs), which are playing a significant role in combating transport emissions.

Recent data shows EV sales skyrocketed from under a million in 2012 to about 14 million in 2023. This rapid growth indicates a reduction in oil consumption and a shift toward cleaner energy options for road transportation.

Despite this seemingly impressive EV boom, they currently make up less than 2% of the total global vehicle fleet, according to the International Energy Forum’s (IEF) latest report. This percentage shows there’s ample scope for EV expansion in the future.

At the same time, it leaves one wondering if the EV momentum is slowing down or will pick up space in the coming years. Let’s analyze it here…

Projected EV Sales: Regional Disparities

We discovered from the BloombergNEF report that EV sales including battery-electric and plug-in hybrid vehicles can spike up to 16.7 million units this year but was 13.9 million in 2023.

However, global EV penetration will be unevenly distributed and will vary region-wise. 

global EV - electric vehicle sales

source: S&P Global

China

The report further revealed China has captured the global EV market, claiming six out of every ten plug-in vehicle sales worldwide this year. The EV share of domestic car sales was more than 50%, with September alone seeing a nearly 50% surge in sales.

However, Chinese EV sales mainly came from plug-in hybrids and range-extended EVs, rather than battery-electric vehicles (BEVs) that fueled earlier growth. Notably, retail BEV sales in China have grown by 18% this year, while overall plug-in vehicle sales have climbed 37%.

From this data, we can infer that EV sales are not slowing down in China. But this can put pressure on international automakers with stiff competition.

The U.S.

Bloomberg reported that the US EV market is far behind that of Europe and China but hit a high in the third quarter, with around 390,000 vehicles sold.

They further reported that while Tesla’s market share has declined this year, dropping below 50% of all EVs sold in the US, other automakers have stepped up. Companies like GM and Hyundai have significantly increased their sales which made up for Tesla’s slowdown and added a spark to the industry.

On the other hand, media reports say that the EV industry experienced this sudden jerk after President Donald Trump planned to end the consumer tax credit for electric vehicles. Rivian Automotive, Lucid, GM Motors, and Ford Motor joined the fleet, experiencing a sharp stock drop.

Japan and EU

Japan and Germany despite being the major hubs for the largest automotive brands have not only experienced a market slowdown but a massive decline in EV sales.

Several media agencies reported on the challenges for electric vehicles in the European market for a considerable period. This is mainly because of the highly-priced EV models in the market and the pricing system.

BNEF’s head of advanced transport, Colin McKerracher, described gauging the current EV demand in Europe as “complicated”. He commented,

“Automakers are holding off launching more affordable EV models until 2025 when vehicle CO2 targets across the bloc toughen again. They are trying to recoup the full development costs of their EV platforms across relatively low sales volumes.”

He also added that they are likely to see “history” repeat in Europe, with automakers prepping more affordable models like the new Renault 5, Hyundai Inster, Fiat Grande Panda, Skoda Epiq, and VW ID2.all.

Germany experienced a sharp 61% drop in EV sales in August, raising concerns at first glance. However, the decline isn’t as alarming as it seems. In August 2023, a rush to buy EVs before a subsidy cut caused a significant spike in sales, creating an inflated baseline for year-over-year comparisons. This pull-forward effect distorted the figures, making the 2024 drop appear more dramatic than it is.

Who’s Ahead in Global EV Adoption?

EV penetration is set to grow significantly worldwide. The Internation Energy Forum stressed on the following data:

  • IEA projected, that the number of EVs per 1,000 people will rise from less than 1% in 2020 to 28% by 2035 globally.
  • China leads with a projected 57% EV adoption among passenger cars by 2035 while the U.S. and EU will reach 30% and 28%, respectively.

Once again China is driving the surge in demand where EVs can cover 70% of road transport within a decade. In contrast, regions like Asia, the Middle East, Africa, and South America show slower adoption. By 2035, EV penetration in these areas will remain around 8% under the IEA’s Stated Policies Scenario. The disparity highlights uneven progress in electric mobility and the challenges for global emissions reduction goals.

The data reveals that there’s a slower pace of EV adoption in developing regions. This highlights the need for supportive policies and better access to sustainable transport solutions.

Electric Vehicle penetration per 1,000 inhabitantsEV electric vehicle International Energy Forum

source: International Energy Forum Report 2024

Removing Trade Hurdles for a Greener EV Future

The rapid increase in EV production relies on a robust critical minerals supply chain like lithium, cobalt, and nickel. As we have seen, these materials are essential for manufacturing EV batteries, motors, and renewable energy storage systems.

Imposing trade restrictions on EVs, batteries, and critical minerals creates challenges for adopting clean technologies. It also creates significant delays in the EV manufacturing process.

Even though such policies may support domestic EV growth they come with risks. For example, tariffs on EVs and essential components increase costs for both manufacturers and consumers. Higher costs subsequently make it difficult for countries to deploy cost-effective solutions. If consumerism decreases then delay in progress to achieve climate goals is inevitable.

global ev electric vehicle battery demand

source: S&P Global

Thus, minimizing barriers in the supply chain is crucial for maintaining a balance in electric vehicle supply and demand. Moreover, governments and industries must work together to streamline trade and avoid complex policies that could disrupt this progress. Once EVs continue to dominate the mobility sector, reliance on fossil fuels will automatically wean off.

Content Sources:

  1. International Energy Forum Report 2024
  2. Are Global EV Sales Really Slowing Down? | BloombergNEF

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Shell’s Carbon Offset Exit: What Does It Mean for the Voluntary Carbon Market?

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Shell's Carbon Offset Exit: Selling Off Nature-Based Projects Amid Market Woes

Shell Plc plans to sell part of its nature-based carbon projects as the carbon offset market, also known as the voluntary carbon market, faces challenges. This move fits into CEO Wael Sawan’s focus on boosting profits with high-return ventures such as fossil fuels. Sawan is shifting away from ventures that don’t offer a strategic advantage, such as offshore wind.

This change shows Shell’s updated strategy and recalibration of its low-carbon commitments. While the company once aimed for big growth in low-carbon projects, it’s now focusing on areas that deliver stronger returns.

Shell’s Carbon Credit Journey: From Green to Greener Profits

Shell launched its nature-based carbon offsets portfolio in 2018, with the goal of generating 120 million carbon credits annually. These credits come from REDD+ projects, which aim to stop deforestation. Each REDD+ credit equals one ton of carbon dioxide emissions avoided.

By 2022, Shell was the world’s largest publicly known buyer of carbon credits, according to BloombergNEF. However, the market has struggled recently. 

Spot prices for REDD+ credits have plummeted to an average of $3.60 per credit in 2023, a sharp decline from $12.50 in 2022, according to MSCI Carbon Markets. 

In another carbon pricing data by Viridios AI, REDD+ carbon credit prices for 2018 and 2022 vintages in all regions have been dropping. This price drop reflects reduced demand and skepticism about the environmental benefits of some projects.

REDD+ carbon credit price
Chart from Viridios AI

Shell retired 20 million tonnes of carbon offsets in 2023, a significant increase from the 4.1 million tonnes counted in its 2022 net carbon intensity. According to the oil major’s Energy Transition Strategy 2024 report, carbon dioxide emissions from the energy system accounted for nearly 75% of global greenhouse gas emissions in 2023.

Despite this, the company remains committed to reducing emissions from its operations by 50% by 2030, compared to 2016 levels.

Shell 2050 net zero goal

Other major corporations and Shell’s industry peers are turning to carbon credits to offset their remaining emissions. Projections suggest the voluntary carbon market could soar to $950 billion by 2037, a dramatic rise from its current $2 billion value. 

However, Shell faces challenges in sourcing carbon offsets that meet its rigorous quality standards. And under Sawan’s leadership, Shell’s carbon strategy shifted. 

Sawan’s Strategic Shift

Sawan became CEO in January 2023 and quickly changed Shell’s approach to carbon projects. Just six months into his role, Shell cut its plan to spend $100 million a year on new carbon credits. This decision was part of Sawan’s strategy to focus more on fossil fuels, moving away from some of the targets set by his predecessor.

The pivot is evident in Shell’s evolving approach to its carbon credit portfolio. Now, Shell is looking to sell some of its carbon projects but plans to keep a minority stake. Talks are underway with private equity firms interested in buying these projects.

The Royal Dutch energy giant is considering different ways to structure the deal. One option is to sell its share in the projects while agreeing to keep buying the credits. Another option is to sell the projects without any commitment to buy credits. However, this second option might make it harder to find buyers.

This move comes as the voluntary carbon market faces changes. In Asia-Pacific, demand for credits that meet specific local regulations is growing. 

At the same time, the Integrity Council for the Voluntary Carbon Market is pushing for higher standards. These stricter rules are influencing what buyers want.

What’s Next for Carbon Removal?

As Shell reduces its focus on nature-based carbon projects, it may look into engineered carbon removal technologies. These include direct air capture (DAC), which removes carbon dioxide directly from the air. These technologies offer a more permanent solution for carbon removal, though they remain costly and require significant scaling.

However, many DAC firms are now aligning with strict carbon accounting standards to satisfy buyer and carbon credit exchange requirements.

Kyle Harrison, head of carbon markets at BloombergNEF, expects more companies to move toward these solutions. He noted that:

“The pain point right now is cost and scale – as these improve it will open the door for more companies to adopt these solutions.”

Shell’s decision to sell part of its carbon portfolio marks a shift in its climate strategy. The company is focusing more on profitable ventures and exploring advanced carbon removal technologies. This change reflects the evolving carbon market and could reshape Shell’s role in the energy transition. 

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Crypto Market Tops $3 Trillion Amid ‘Trump Bump’, Bitcoin Hits All-Time High at $93K

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Crypto Market Tops $3 Trillion Amid ‘Trump Bump’, Bitcoin Hits All-Time High at $93K

The global cryptocurrency market has surpassed $3 trillion, fueled by renewed investor optimism following Donald Trump’s re-election as U.S. President. Alongside this, Bitcoin has reached an all-time high at $93,434.

According to CoinMarketCap, the total market cap currently sits at $3 trillion, up 4% in the past day. CoinGecko reports an even higher figure of $3.15 trillion, tracking over 15,000 cryptocurrencies, compared to CoinMarketCap’s 10,000.

global crypto market hitting $3 trillion
Chart from CoinMarketCap

The $3T Surge: What’s Driving the Crypto Boom?

This milestone marks an all-time high, surpassing the 2021 bull run. The surge, dubbed the ‘Trump Bump,’ reflects expectations of a pro-crypto regulatory environment under the new administration. 

Trump’s campaign promises, including making the U.S. a global crypto hub and establishing a national Bitcoin reserve, have strengthened market confidence.

Institutional appetite for digital assets continues to grow. A recent survey of 400 global institutional investors revealed that 57% plan to increase their crypto allocations, with many aiming to do so within the next 6 months. 

Companies like MicroStrategy have also made significant investments, recently acquiring $2 billion in Bitcoin.

Analysts predict further growth but caution against potential corrections, citing external risks like weak U.S. economic data.

Bitcoin’s Record-Breaking Rally: Is $100K Next?

Bitcoin has been a key driver of this crypto rally, hitting a new all-time high (ATH) of $93,434 on November 13. Its market cap now stands at almost $1.8 trillion, comprising 60% of the total crypto market. 

Altcoins are also experiencing significant gains, contributing to the broader market’s upward momentum.

Maksym Sakharov, CEO of DeFi platform WeFi, attributes the surge to “Bitcoin’s price rally above $93,000, growing demand, and regulatory clarity.” Bitcoin has more than doubled in 2024, fueled by the launch of spot Bitcoin ETFs and increased institutional interest.

Many crypto analysts suggest Bitcoin’s rally is far from over. Some predict it could hit $100,000 in the coming months. 

Galaxy Digital CEO Mike Novogratz offers an even bolder outlook, forecasting a potential surge to $500,000—if Bitcoin gains traction as a national reserve asset in the U.S. 

Bitcoin Surpasses Silver, Becomes World’s 8th Largest Asset

Even more remarkable, Bitcoin has reached a new milestone. It surpassed silver with a market cap of $1.8 trillion, positioning itself as the world’s 8th largest asset. This marks a significant leap in Bitcoin’s trajectory, as it now trails only major players like gold, Apple, and Microsoft, according to Companies Market Cap.

Bitcoin market cap surpassing silver

The surge comes as Bitcoin’s price hit over $93,000, with even more bullish projections ahead. In contrast, silver fell by 2%, helping Bitcoin secure its spot ahead of the precious metal.

Institutional Momentum Drives Bitcoin’s Rise

Institutional activity played a crucial role in today’s rally. BlackRock’s iShares Bitcoin Trust (IBIT) recorded $4.5 billion in trading volume, reflecting the growing interest in Bitcoin from major financial players. 

Bloomberg’s Eric Balchunas highlighted this trend, noting that Bitcoin ETFs and related assets, including MicroStrategy and Coinbase, reached a combined trading volume of $38 billion.

Optimism in the crypto market has surged following Donald Trump’s re-election, with analysts suggesting his pro-crypto stance could pave the way for favorable regulations. This sentiment has fueled predictions that Bitcoin could surpass the $100,000 mark by the end of 2024.

However, behind all this hype with the crypto industry, particularly Bitcoin’s sudden surge, lurks the digital asset’s environmental impact. 

Crypto’s Environmental Toll: Balancing Growth and Sustainability

The rising energy consumption of crypto mining has sparked global concern due to its environmental impact. The White House’s 2022 report highlighted the substantial electricity demands of cryptocurrency mining, which now rival the energy consumption of countries like Poland. 

In an analysis by the International Monetary Fund (IMF), crypto mining and data centers made up 2% of global electricity demand in 2022. This figure could rise to 3.5% within three years, matching Japan’s current electricity usage—the fifth highest in the world—according to projections from the International Energy Agency.

crypto and data center share of global emissions

  • Bitcoin’s proof-of-work (PoW) consensus mechanism is a primary contributor, with global electricity use for PoW estimated between 97 and 323 terawatt-hours annually. This translates to significant greenhouse gas emissions, with Bitcoin alone responsible for around 88 million metric tons of CO₂ each year.

The U.S. accounts for nearly 46% of Bitcoin mining emissions, releasing about 15.1 million metric tons of CO₂ annually. Other major contributors include China and Kazakhstan, emphasizing the global nature of the issue. 

The mining process also has indirect environmental impacts, such as electronic waste and water usage, with one Bitcoin transaction consuming thousands of gallons of water.

Efforts to reduce Bitcoin’s carbon footprint include transitioning to less energy-intensive consensus mechanisms like proof-of-stake (PoS) and adopting renewable energy sources for mining.

However, regional emission reduction efforts often fall short due to the global supply chain’s carbon intensity. For instance, even countries with cleaner energy grids, like Norway, face indirect emissions from imported mining equipment manufactured in coal-reliant regions like China.

Interestingly, recent studies challenge the perception of Bitcoin mining’s environmental impact. 

Bitcoin Mining’s Role in Carbon Reduction

Research from the Bitcoin Policy Institute (BPI) highlights how mining increasingly relies on renewable energy, turning surplus energy into a valuable resource. By using excess power from renewable sources like wind and solar, mining helps stabilize grids and reduce energy waste, proving that it can contribute to carbon reduction rather than exacerbating emissions.

The researchers also compared the energy use of Bitcoin mining, data centers, and AI server energy in the U.S. in 2023. Bitcoin used 48 TWh in 2023, while AI servers consumed between 20 and 125 TWh. On the other hand, data centers have the biggest power consumption, ranging from 100 to 325 TWh. 

The following chart shows the historical results and forecasts up to 2027. 

US Bitcoin mining vs US Data center energy use 2023
Chart from BPI

Another report from the Digital Assets Research Institute (DA-RI) reveals flaws in past research on Bitcoin’s energy use. It critiques outdated models that overlooked miners’ shift to renewable energy, resulting in sensational headlines and misinformed policies.

The new findings urge regulators to base decisions on empirical data, underscoring Bitcoin’s potential to align with global carbon reduction goals.

These studies suggest that sustainable Bitcoin mining could play a crucial role in green initiatives. By leveraging clean energy, mining could evolve into a climate-friendly industry, offering both economic and environmental benefits. As this perspective gains traction, policymakers may adopt more balanced regulations, supporting sustainable growth in the crypto sector.

The crypto market’s unprecedented growth comes with both promise and challenges. As Bitcoin leads the charge, its environmental impact sparks global debate. Sustainable mining practices and pro-crypto policies could shape a greener, more resilient future for digital assets.

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Can Canada’s Uranium Reserves Transform it into a Nuclear Superpower?

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Canada nuclear

Canada, already the world’s second-largest uranium producer, is experiencing a renewed surge in uranium mining. This momentum is driven by a global shift to nuclear energy as a cleaner solution to climate change. Canada’s resources, which supply over 20% of the world’s uranium demand, are vital for fueling nuclear energy worldwide.

Historically, most of Canada’s uranium output came from the eastern Athabasca Basin. But now, the western region is flourishing. Promising projects like Fission Uranium’s PLS and NexGen Energy’s Rook 1 are advancing quickly making the western Basin a future hub of Canadian uranium production.

Some other top companies ruling this region are IsoEnergy, Uranium Royalty Corp, and Cameco. These players are investing heavily in exploration and development, leveraging the Athabasca Basin’s rich uranium deposits to secure Canada’s role as a major nuclear fuel supplier.

Speaking about the nuclear sector, it is equipped with Canadian Deuterium Uranium (CANDU) reactors and SMRs. They support global emission reduction and energy security goals. By integrating all non-emitting energy sources, most significantly nuclear, Canada aims to reach net-zero emissions by 2050.

Check out Canada’s nuclear profile highlights according to IAEA :

IAEA Canada Nuclear

Canada’s Uranium Comeback: NexGen Energy CEO Shares Insights

BBC recently rolled out a report where NexGen Energy CEO and Director, Leigh Curyer has analyzed the Canadian uranium potential and expressed his opinion.

He notes that several key moments helped drive nuclear energy’s resurgence in Canada and NexGen Energy’s success. In 2018, Bill Gates publicly endorsed nuclear power as “ideal for dealing with climate change,” drawing widespread attention to its low-carbon benefits. Four years later, former UK Prime Minister Boris Johnson championed a policy aimed at generating at least 25% of the UK’s energy from nuclear sources.

Moving ahead, uranium prices have surged by more than 200% making it the world’s top-performing commodities. Consequently, NexGen’s Rook 1 project, located in the Athabasca Basin, could soon push Canada to become the world’s leading uranium producer. The company anticipates that once its mine is operational, it will boost that to 25%, which can surpass Kazakhstan’s uranium potential.

Curyer and other leaders in the uranium mining industry strongly believe that the next few years are crucial for the thriving uranium industry in Canada. The approval process for new mines is lengthy, sometimes taking a decade from exploration to production.

They estimate that failure to bring these projects online could lead to a uranium shortage. Consequently, driving up power costs globally.

Canada Uranium

Source: Natural Resources: Govt of Canada

Athabasca Basin: Canada’s High-Grade Uranium Hub Sees New Investment Surge

The Athabasca Basin’s appeal has attracted major players, including Cameco and Uranium Royalty Corp, as well as numerous newcomers to the region.

A recent significant event was Uranium Royalty Corp.’s acquisition of a royalty on the Millennium and Cree Extension Uranium Projects located in Saskatchewan. The company purchased this royalty from a third-party industrial gas firm for $6 million.

Canadian mining companies like NexGen and Cameco are highly optimistic and they aim to meet rising uranium demand as many countries commit to tripling nuclear energy output by 2050.

Saskatchewan’s uranium-rich terrain is attracting investors which is pushing Canada to the nuclear forefront. The industry, along with its investors, remains hopeful that this time the demand will be sustained in the long-term. With rising interest and substantial backing, the western Athabasca can be a global hotspot for uranium production.

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Uranium Royalty Corp.: Powering Decarbonization with Nuclear Efficiency

The only pure-play uranium royalty company is focused on capturing value from uranium price shifts through strategic investments. These include royalties, streams, debt, equity in uranium companies, and even physical uranium holdings. Notably, the company is growing with the rising demand for uranium.

  • IEA revealed that in the U.S. alone, nuclear energy supplied roughly 19% of total electricity in 2022 and accounted for 55% of the nation’s carbon-free electricity.
  • This nuclear output mitigated around 482 MMT of CO₂ emissions, which is equivalent to taking 107 million gasoline-powered vehicles off the roads.

More Power per Punch: Nuclear Energy Outshines Fossil Fuels

carbon credits

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“With Great Power Comes Great Responsibility”

Nuclear power, even though has minimal carbon emissions has faced resistance from environmentalists.

The BBC report also explained the existing and forthcoming challenges that might cross the path of Canada’s nuclear journey. Critics argue that nuclear projects take too long and cost too much, often making them an unviable solution for urgent climate needs.

Over the past two decades, more than 100 nuclear plants have closed, including several in Canada and the U.S., mainly due to high costs and environmental concerns. Even British Columbia having substantial uranium deposits has banned nuclear plants and mining since 1980 voicing similar worries.

Environmentalists are also concerned about the radioactive waste and the risk of accidents like Fukushima, which released radioactive material and caused mass evacuations. However, experts, advocates, and mining veterans argue that modern technology has significantly improved nuclear safety.

In this perspective, Cameco CEO Tim Gitzel insists that the industry has learned from past mistakes and is prepared to meet growing energy demands safely and more responsibly. This is why the saying goes “With great power comes great responsibility.”

Rafael Mariano Grossi Director General, IAEA at COP29’s Nuclear Energy for Clean Energy Transitions session said, 

“Pro-environment and pro-nuclear, they are already changing minds with science, courage, and a clear call for climate action. It’s high time all leaders listen — and more than that, act.”

iaea nuclear CanadaSource: IAEA

With its high-grade uranium deposits in the Athabasca Basin, Canada is well-positioned to meet the growing global demand for clean energy. Furthermore, this could reduce reliance on Russian imports and establish Canada as a nuclear “superpower.“ Overall, the potential is clear, and the path forward is promising for both Canada’s energy future and sustainability goals.

Disclosure: Owners, members, directors, and employees of carboncredits.com have/may have stock or option positions in any of the companies mentioned: UROY.

Carboncredits.com receives compensation for this publication and has a business relationship with any company whose stock(s) is/are mentioned in this article.

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Laconic and the Plurinational State of Bolivia Set New Benchmark with USD$5 Billion Sovereign Carbon Deal

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Laconic Infrastructure Partners Inc. (Laconic), a Public Benefit Corporation (PBC) founded in 2021 and headquartered in Chicago has announced a new mandate from the Plurinational State of Bolivia. The agreement authorizes Laconic to deploy its unique SADAR™ Natural Capital Monetization (NCM) platform to facilitate technology transfer and bolster Bolivia’s capacity-building efforts.

Notably, Bolivia could generate up to $5 billion, funding sustainability projects that align with global climate goals from this groundbreaking model.

Marcelo Montenegro Gomez Garcia, Minister of Economy & Public Finance of Bolivia emphasized, 

“The Plurinational State of Bolivia is committed to completely ending deforestation within our territorial borders by 2030. By working with Laconic, we have been able, for the first time, to generate sufficient development financing to enable our country to make this commitment a reality and enhancing our ambition under the Paris Agreement. This benefits not only our own citizens, but all of mankind, as we collectively strive to meet NetZero 2050.”

Empowering Bolivia’s Carbon Market with Laconic’s Innovative Technology

Laconic offers advanced environmental intelligence and data management solutions. They empower governments, corporations, and financial institutions to engage openly and fairly in the carbon market.

Image: Energy and Emissions Bolivia 2022

Bolivia carbon emissions

Source: IRENA

The SADAR™ NCM platform

The company’s one-of-its-kind SADAR™ NCM platform will help Bolivia secure funding for its enhanced NDC goals. The AI-powered platform delivers an essential, unchangeable data store and a structured information exchange that carbon markets need to operate effectively.

Explaining further SADAR’s carbon securitization technology can transform Bolivia’s environmental assets into financial capital.

This platform will function in the following ways:

  • Aggregate and analyze large-scale data streams from Bolivia’s extensive natural resources. Laconic’s platform can monetize both current and future carbon stocks.
  • Potentially generate up to $5 billion for Bolivia, thereby creating a robust funding stream for sustainability projects that align with global climate commitments.

Bolivia’s collaboration with Laconic comes at a critical moment for the global carbon market. Through Laconic’s SADAR™ platform, Bolivia can ensure its compliance with the Paris Agreement as well as with local and regional regulations. This is how the government can focus on expanding its NDC ambitions and global decarbonization efforts.

Laconic signed a new Memorandum of Understanding (MOU) with the State of Espirito Santo, Brazil last month. This agreement will also incorporate Laconic’s SADAR™ Platform and Natural Capital Monetization (NCM) services and explore how they can support the state in creating a digital platform to help meet Brazil’s climate goals.

The company revealed that for the first time, all carbon market participants have timely access to the right information, ensuring liquidity and compliance for large-scale trading in global financial markets.

Check out Lanconic’s CEO Andrew Gilmour’s take on how AI and financial innovation can save the planet

Sovereign Carbon: The Carbon Financing Mechanism

The platform will manage Bolivia’s carbon assets as a “Sovereign Carbon” product. Creation of a Sovereign Carbon product is the only scalable way to mobilize the $1 trillion in annual carbon trading, required to meet collective net zero goals.

Bolivia’s market launch marks a significant milestone as the world’s first Article 6-compliant sovereign carbon sale. This sets a new standard for national-level carbon financing.

This capability provides governments with an efficient mechanism to monetize natural capital on a global scale. Subsequently enabling institutional investors to purchase bona fide securities backed by carbon assets.

CEO Andrew Gilmour remarked, 

“Laconic is honored to be working with the Plurinational State of Bolivia to champion the innovative Sovereign Carbon market. This transaction demonstrates the power of technology to drive change in emerging markets finance, as, for the first time, we are able to collectively harness market forces to generate more economic growth from the preservation of natural capital assets than from the exploitation of them. Put simply – our technology has made it possible to make more money preserving your forests than you can by cutting them down.”

Laconic’s Sovereign Carbon provides a distinctive option for investors in the carbon market, structured as a financial asset with built-in security features, verified uniqueness, and alignment with the Paris Agreement. The asset’s compliance and security framework position it as a noteworthy entry in the carbon finance sector.

This initiative not only strengthens Bolivia’s role in the global carbon market but also sets a promising precedent for Article 6-compliant carbon financing, supporting global climate goals through innovative financial solutions.

Source: Laconic and the Plurinational State of Bolivia announce landmark 5 Billion USD Sovereign Carbon Transaction

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Climate Tech Funding Hits a 4-Year Low: Who Gets the Top Equity Deals in Q3?

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Climate Tech Funding Hits a 4-Year Low: Who Gets the Top Equity Deals in Q3?

Global climate tech funding and deals hit a 4-year low in Q3 2024, per CB Insights’ State of Climate Tech Report. The decline in financial backing comes despite growing urgency around climate action and the push to commercialize technologies that can help mitigate climate change.

As seen below, the funding for the quarter totaled only $4.8 billion, the lowest since 2020. The same goes for the number of deals, which reached only 461 in the said quarter.

climate tech Quarterly equity funding and deals CB Insights

Here are the other key climate tech trends we uncovered from the report.

Regional Disparities in Funding Trends

While global funding has dropped, the US and Europe have managed to grow median deal sizes due to government support. Both regions continue to advance climate tech through substantial grants, loans, and other funding mechanisms. These have somewhat offset the broader slowdown in venture capital (VC) interest. 

climate tech Funding and deals by global region in Q3’24 CB Insights

On the other hand, China has taken a different approach: government subsidies for clean energy have been reduced this year, contributing to a cooling of investor enthusiasm in the climate sector. This shift is particularly notable, as China had previously been a significant player in cleantech innovation and adoption.

A Focus on Early-Stage Innovations

Across major economies, government funds are increasingly flowing into early-stage climate tech ventures, particularly those nearing commercialization. In the US, significant federal support has been directed toward advanced technologies such as nuclear fusion and direct air capture (DAC) of carbon dioxide, both of which promise groundbreaking ways to reduce greenhouse gas emissions at scale. 

The US Department of Energy has led in funding these emerging technologies, recognizing their potential for long-term impact on global climate targets.

Why Climate Tech Funding is Declining

This funding slowdown reflects multiple challenges. Investors face high interest rates and economic uncertainties, which have impacted the willingness to fund high-risk projects typical in climate tech. 

Additionally, some tech investors are refocusing on sectors with quicker returns. The reduction in VC enthusiasm, particularly in markets like China, has also been tied to shifting political and regulatory priorities, which in turn affects international investor confidence.

In response to these challenges, governments in the US, Europe, and other regions are providing targeted funding to keep innovation in climate tech moving forward. By supporting early-stage technologies through grants and loan programs, governments are working to ensure that promising but capital-intensive projects, such as fusion energy and DAC, have a chance to mature and reach commercial viability.

The emphasis on early-stage innovation signals a shift toward investing in technologies that, though not yet ready for widespread deployment, hold the potential for transformative impact on emissions reduction and energy transition efforts.

According to the CB Insights Report, here are the top three equity deals in Q3 and what these companies are doing in the sector. 

Fourth Partner Energy: Leading India’s Solar Revolution

Location: India

Round Amount: $275 Million

Fourth Partner Energy is a trailblazer in India’s renewable energy sector, focusing on delivering sustainable, solar-based power solutions to businesses. Founded in 2010, the company has installed over 700 MW of solar capacity, positioning itself as one of India’s top solar energy providers.

The company operates across 20+ states in India, with a diverse portfolio that spans rooftop, ground-mount, and utility-scale solar installations. Fourth Partner Energy has successfully executed more than 1,000 projects, with over 600 clients from various sectors, including manufacturing, retail, and education.

Through innovative financing models, the company has helped clients reduce their energy bills by up to 40%, while also contributing to India’s green energy goals. With an ongoing commitment to sustainability, the company plans to reach 2 GW of installed capacity by 2025.

Below are the climate tech company’s major milestones at a glance:

Fourth Partner Energy milestones

Key Initiatives:

  • 700 MW of installed solar capacity
  • Goal to reach 2 GW of installed capacity by 2025
  • Achieving 40% energy savings for clients on average

With its innovative approach and growing portfolio, Fourth Partner Energy is set to be a significant force in India’s renewable energy future.

Altana AI: Revolutionizing Supply Chains with Artificial Intelligence

Location: United States

Round Amount: $200 Million

Altana AI is transforming global supply chains by leveraging artificial intelligence to drive efficiency, sustainability, and transparency. Founded in 2018, the company’s AI-driven platform helps businesses map, analyze, and optimize supply chain operations with a focus on minimizing environmental impact and reducing waste.

The climate tech company’s platform uses advanced machine learning and big data to provide real-time insights into supply chain networks, identifying inefficiencies and enabling smarter decision-making.

Here’s a glimpse of its dashboard:

Altana AI platform view
Image source: TechCrunch

Altana AI serves industries ranging from manufacturing to retail, providing tools that help companies track carbon footprints, manage risks, and enhance sustainability efforts.

By using AI, the company empowers organizations to reduce emissions, cut costs, and achieve better supply chain resilience.

Key Highlights:

  • Raised over $250 million in funding
  • Serves global Fortune 500 companies in multiple industries
  • Helps reduce carbon emissions by 20% on average across supply chains
  • Provides real-time data insights and predictive analytics for supply chain optimization

Altana AI’s cutting-edge approach to AI-powered supply chain optimization is enabling businesses to make smarter, more sustainable decisions. With an eye on the future, the company continues to lead the charge in using technology to create a greener, more efficient global economy.

Twelve: Transforming CO2 into a Resource for the Future

Location: United States

Round Amount: $200 Million

Twelve is at the forefront of the fight against climate change by transforming carbon dioxide (CO2) into valuable products through its revolutionary technology. Launched in 2020, the company is developing a groundbreaking process that captures CO2 and converts it into clean, sustainable products like chemicals, fuels, and building materials, which can help industries reduce their carbon emissions and reliance on fossil fuels.

Twelve’s carbon transformation technology uses renewable energy to turn CO2 into useful commodities at scale, with the potential to reduce millions of tons of CO2 annually. The company’s efforts align with global net-zero targets that enable industries to meet their climate goals while maintaining economic growth.

Twelve carbon transformation tech
Twelve Carbon Transformation Tech

Twelve’s innovative approach has garnered significant attention, raising over $330 million in funding from leading investors and forming partnerships with top corporations committed to a carbon-free future.

Major Achievements:

  • $330 million raised in funding to date
  • Partnership with BMW and Microsoft to scale CO2-to-product technology
  • Potential to reduce millions of tons of CO2 annually
  • Focused on delivering a net-zero emissions future

As the company continues to scale its operations, Twelve is playing a key role in advancing a circular economy and enabling industries to decarbonize at an unprecedented scale.

Ultimately, climate tech faces a funding dip, but innovation hasn’t stalled. Governments and investors continue to back transformative technologies of top climate tech companies. As these companies strive to scale their innovative products and services, they can significantly contribute to reducing carbon emissions.

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