Daily Digest for

Finland-based Outokumpu has completed a feasibility study on building a small modular reactor (SMR) near its largest stainless steel plant in Tornio. The study confirmed the project’s feasibility, with no significant obstacles, and highlighted the advantages of the Tornio region, such as the availability of sea cooling water. Outokumpu is seeking external investors to further develop the project, as the company has decided not to diversify into energy production. The initiative aligns with Outokumpu’s decarbonization strategy, emphasizing the importance of stable electricity supply for industrial electrification and carbon capture and utilization (CCUS) projects.

Sweden-based Norsk e-Fuel, in collaboration with Prime Capital and RES, announced the development of ‘Project Alby’ to produce sustainable aviation fuel (SAF) in Ånge, Sweden. The project aims to produce a minimum of 80,000 tons of e-Fuel annually, utilizing the Power-to-Liquid process to convert water into hydrogen and combine it with captured CO₂ to create e-Kerosene. This initiative marks Norsk e-Fuel’s expansion into Sweden, leveraging low electricity prices from renewable energy in the region. The project is supported by the European Union under the InvestEU Fund.

India-based Bharat Petroleum Corporation Limited (BPCL) and Israel-based Eco Wave Power Global AB signed a Memorandum of Understanding (MoU) to explore wave energy potential in India. The collaboration aims to tap into India’s 40,000 MW wave energy potential, starting with a 100 kW pilot project at BPCL’s Mumbai Oil Terminals. BPCL will handle regulatory approvals, while Eco Wave Power will provide its wave energy technology. This partnership aligns with BPCL’s goal to achieve Net Zero emissions by 2040.

US-based NANO Nuclear Energy Inc. announced its inclusion in the MSCI USA Index, effective February 28, 2025. This milestone follows a successful 2024, where the company was the top-performing initial public offering in the U.S. The inclusion in the index is expected to enhance the company’s visibility and accessibility among capital markets and institutional investors worldwide. NANO Nuclear Energy is recognized for its focus on developing advanced nuclear energy technologies.

Canada submitted its 2035 nationally determined contribution (NDC) under the Paris Agreement, aiming to cut emissions by 45-50% below 2005 levels. This target reinforces Canada’s commitment to achieve net-zero emissions by 2050. The NDC emphasizes ongoing collaboration with various stakeholders, including Indigenous partners and industry, to ensure economic prosperity while reducing emissions.

Canada’s federal government has announced nearly $3.4 million in funding for Canada Nickel’s in-process tailings (IPT) carbonation technology through the Energy Innovation Program’s CCUS Research, Development, and Demonstration call for proposals. Additionally, $10.8 million has been distributed to five other projects, including grants to Université Laval and Enbridge Gas Inc., aimed at advancing carbon capture and storage technologies.

Brazil launched the sixth mission of the New Industry Brazil (NIB) initiative, with investments of R$112.9 billion aimed at promoting strategic technologies for national sovereignty and defense. The mission targets achieving 55% dominance in critical technologies by 2026 and 75% by 2033. The Vice President, Geraldo Alckmin, emphasized that a greener and more sustainable industry will enhance energy efficiency and decarbonization efforts, providing significant benefits for environmental sustainability.

US-based Lyten has secured agreements with the California Sulphur Company and a Port of Stockton company to supply domestically sourced sulfur for its lithium-sulfur manufacturing facilities in San Jose, San Leandro, and the Reno gigafactory. This initiative aims to build a US-sourced supply chain, reducing reliance on overseas mineral sources and mitigating tariff risks. The low-cost sulfur will significantly reduce the weight of batteries, enhancing their competitive edge in the market.

Norway-based SINTEF and partners including Elkem, Kvitebjørn Varme, and others have launched a project named ‘CO2 Logistics Northern Norway’ aimed at advancing the CCUS initiative in the region. This project will investigate efficient solutions for CO2 transport and storage from major emission sources, with potential reductions of about 3.4 million tons of CO2 by 2035. The project began with a kick-off meeting in Tromsø and will span one year.

US-based Twelve secured $83 million in additional strategic investments for its AirPlant™ One facility, bringing total funding to over $645 million. The investments come from partners such as Amazon, Mitsui & Co., and others, aiming to transform CO2 into sustainable materials and fuels, addressing critical environmental challenges. Twelve’s technology seeks to replace fossil fuels in manufacturing and contribute toward a zero-emissions future.

The Government of Canada announced $2.7 million in funding through the Green Industrial Facilities and Manufacturing Program (GIFMP) to support Newfoundland and Labrador Hydro. This funding aims to expand the takeCHARGE Isolated Communities Energy Efficiency Program (ICEEP) primarily for fish plants in isolated communities. The ICEEP program will lower electricity bills and reduce pollution from diesel-powered generation. Hydro’s takeCHARGE ICEEP program and participating businesses will also contribute $400,000 toward capital upgrades and energy audits for more efficient energy management.

France-based Caisse des Dépôts and the European Investment Bank (EIB) have renewed their partnership to support affordable housing and the green transition. The partnership includes a €500 million loan for the construction of around 3,500 homes and a separate €500 million financing agreement aimed at supporting renewable energy projects in France. This aligns with the European Union’s goals to address housing crises and promote sustainable energy solutions.

India and the UK held the Fourth Energy Dialogue on February 10, 2025, co-chaired by Shri Manohar Lal and Mr Ed Miliband. The ministers announced the launch of Phase-2 of the India-UK bilateral Accelerating Smart Power & Renewable Energy in India programme, focusing on renewable energy initiatives and industrial energy efficiency. They established a UK-India Offshore Wind Taskforce to advance offshore wind development and discussed cooperation in renewable energy integration and grid transformation.

Canada has finalized amendments to its oil and gas methane regulations, emphasizing the importance of reducing methane emissions to enhance the competitiveness of its oil and gas sector. This move is seen as crucial given the current economic pressures and potential trade challenges. By increasing measures to capture and conserve methane, the country aims to prevent the wastage of gas and, consequently, preserve government revenues from royalties on marketed oil and gas. Reports indicate that Alberta lost $121 million in royalties due to wasted gas in 2022. The regulations are expected to create well-paying jobs within a growing methane mitigation industry.

India and France are collaborating on the International Thermonuclear Experimental Reactor (ITER) project, which aims to produce 500 MW of fusion power by creating, containing, and controlling burning plasma. This ambitious project involves around 200 Indian scientists and notable industry players from various sectors. The leaders appreciated the progress made at ITER on their visit on February 12, 2025.

Taiwan has achieved the largest single-year increase in offshore wind power capacity among democratic countries, with 1.783 GW connected to the grid in 2024. The Ministry of Economic Affairs’ Energy Bureau clarified that reports of excessive costs were based on flawed calculations. The government continues to assist competitive local companies in entering international markets and strengthen the domestic supply chain for key components.

S&P Dow Jones Indices announced the renaming of the S&P 500 ESG Index to the S&P 500 Scored & Screened Index in line with new European Securities and Markets Authority (ESMA) fund naming guidelines. The new index tracks securities that meet specific sustainability criteria while reflecting S&P 500’s industry group weights. The methodology remains unchanged, ensuring consistency as a benchmark with an objective to reflect 75% of the market cap within each industry group.

The EU faces substantial investment needs to achieve its green transition, necessitating an additional €477 billion annually to meet its climate targets by 2030. The European Central Bank (ECB) stresses that private sector funding is crucial to support these investments, while the public sector can help by reducing financing costs and de-risking green initiatives. A notable reliance on banks for capital highlights the importance of addressing climate risk in lending policies. The funding landscape will require collaborative efforts across various sectors to mobilize the necessary resources effectively.

US-based TGS has expanded its CO₂ Storage Assessment initiative to include seven new basins across the Gulf Coast and West Midwest regions. These include the Central Gulf Coast–Haynesville, Uinta Basin, Piceance Basin, Greater Green River Basin, Wind River Basin, Powder River Basin, and the Greater Williston Basin. This initiative aims to enhance the understanding of carbon sequestration potential and is a part of TGS’ commitment to drive innovation in carbon storage solutions.