Daily Digest for

Sweden has taken a significant step towards achieving negative emissions with the decision by the Swedish Energy Agency to support bio-CCS technology. Stockholm Exergi won the first reverse auction under the new support scheme, which covers the full cost of capturing, transporting, and storing biogenic carbon dioxide. The project will receive over 20 billion SEK, paid over a maximum of 15 years, to capture and store biogenic CO2. The initiative is part of a larger SEK 36 billion scheme approved by the European Commission to support projects removing biogenic CO2 emissions through permanent CCS.

US-based NANO Nuclear Energy has been included in the MSCI USA Index, effective February 28, 2025, following the February index review by MSCI Inc. This inclusion is seen as a validation of the company’s approach as they continue to advance their clean energy solutions. CEO James Walker stated this milestone reflects the market’s appetite for next-generation nuclear energy technologies.

Australia has established the Critical Minerals Production Tax Incentive (CMPTI) through the Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024. This initiative includes a Hydrogen Production Tax Incentive worth $2 per kilogram and a Critical Minerals Production Tax Incentive worth 10% of eligible processing and refining costs for 31 critical minerals. The CMPTI is designed to foster investment in Australia’s critical minerals processing sector from July 1, 2027, to June 30, 2040, with eligible facilities able to claim benefits for up to 10 years.

The US-based Federal Highway Administration (FHWA) has suspended approvals for state plans under the National Electric Vehicle Infrastructure (NEVI) program. This decision effectively pauses the rollout of federally funded electric vehicle (EV) charging projects. The FHWA is updating the NEVI Formula Program Guidance to align with the new priorities.

Peru has initiated the BBVA Capital Optimization project with a proposed guarantee of $700 million from MIGA for a duration of up to three years. This project aims to enhance BBVA Peru’s capacity to finance key climate activities and socially responsible development areas, aligning with the commitment to decarbonization of BBVA Group’s loan portfolio by 2030 and achieving net-zero by 2050.

US-based Intersect Power has announced a partnership with TPG and Google to invest approximately $800 million into developing co-located solar and storage facilities at data center sites across the United States. This collaboration aims to streamline the energy supply for data centers and catalyze $20 billion in renewable energy projects by 2030. Intersect focuses on enabling the rapid deployment of renewable energy resources in response to increasing demands from sectors like AI and digital manufacturing.

US-based PERENfra LLC has launched the Perennial Infrastructure Fund I, aimed at providing investments in sustainable water infrastructure. The Fund has a target size of $125 million and is already well on its way to securing commitments. Strategic investors include Garney Equity Holdings and Ferguson Ventures, who acknowledge the critical need to modernize water infrastructure.

UK-based Great British Nuclear (GBN) has moved from a start-up to a permanent organization, aiming to enhance the country’s nuclear energy production in line with the Government’s Plan for Change. GBN is negotiating with four vendors for Small Modular Reactor technology and has acquired land for new nuclear developments at Wylfa and Oldbury. The organization is committed to working with local communities to ensure future nuclear projects benefit them while striving for Net Zero carbon emissions.

US-based Bloom Energy and Chart Industries announced a carbon capture partnership to generate near zero-carbon power using natural gas and fuel cells. The collaboration aims to provide cost-effective onsite baseload power while significantly reducing carbon emissions. The companies target energy-intensive industries such as data centers and large manufacturers, with moving towards scalable and reliable energy solutions.

Norwegian SINTEF Ocean has been selected as a partner for the EU-backed project INSECTEC.OCEAN, assisting the Portuguese INESC TEC in establishing a ‘Centre of Excellence’ for marine research and engineering in Porto. The project, which spans six years until 2031, aims to promote research-based innovation and has received €15 million in funding from the EU. It will focus on marine constructions, marine robotics, ocean energy, and ocean data.

France-based BNP Paribas has signed an agreement with the European Investment Bank (EIB) to stimulate up to €8 billion in funding for wind energy projects across the European Union. This initiative unlocks investments for new wind farm projects, improving supply chain efficiency and enhancing grid interconnections. The deal involves a €500 million counter-guarantee from the EIB, allowing BNP Paribas to create a €1 billion portfolio of bank guarantees to support these investments.

The Global Carbon Council (GCC) has released two new Nature-based Solutions (NbS) tools to estimate GHG emissions and carbon stocks, aiding project developers. The tools, focusing on non-CO2 emissions from biomass burning and carbon stocks in dead wood and litter, conform to the latest IPCC guidelines. These advancements enhance the standardization and accuracy of emissions estimation in NbS projects, critical for project funding and climate mitigation goals.

The European Parliament urged the EU to suspend its Memorandum of Understanding on Sustainable Raw Materials Value Chains with Rwanda until it ceases all interference in the Democratic Republic of Congo. MEPs called upon the European Commission and member states to freeze direct budget support for Rwanda and halt military assistance to its armed forces. This decision follows the condemnation of Rwanda’s military actions in the DRC and the support for peace negotiations.

Germany’s inflation rate was reported at +2.3% for January 2025, with energy prices contributing significantly to this shift. Prices for energy products decreased by 1.6% compared to January 2024, including reductions in household energy costs. The changes in energy prices are influenced by factors such as the increase in CO2 pricing introduced by the government. This trend reflects how energy pricing impacts overall consumer costs and inflation figures.

US-based NOAA Research has released an Ocean Carbon Observing Science Plan aimed at improving the monitoring of carbon levels in oceans, coasts, and Great Lakes. This plan supports future climate projections, adaptation and mitigation strategies, and informs policies that benefit the Blue Economy. Given the increasing urgency related to global carbon cycle issues such as greenhouse gas monitoring and ocean acidification, the plan emphasizes the necessity for coordinated research efforts in ocean carbon observing activities.

NOAA scientists release the Global Carbon Budget, which tracks the amount of CO2 emissions and their sources. They report that atmospheric CO2 concentrations are projected to reach 422.5 parts per million in 2024, marking a 52% increase since the pre-industrial levels of 278 ppm in 1750. While 22 industrial economies, including the US, have seen significant reductions in fossil fuel emissions over the past decade, global emissions continue to rise. According to Rik Wanninkhof, progress is being made but not fast enough to meet climate goals.

The UK government has launched the Clean Industry Bonus, aimed at supporting offshore wind developers who prioritize investment in deprived regions. This initiative aims to create highly skilled jobs in areas formerly reliant on oil and gas and promote the construction of low carbon factories. The funding could amount to £200 million for developers committing to 7-8 GW of offshore wind projects, with financial support of £27 million per gigawatt made available through the Contracts for Difference mechanism.