Tariff Showdown: Harris and Trump’s Battle Over U.S. Critical Minerals

Jennifer L
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Tariff Showdown: Harris and Trump’s Battle Over U.S. Critical Minerals

The debate over U.S. tariff policies on critical minerals from China is gaining attention as the country approaches its November presidential election. Both major candidates—Vice President Kamala Harris and former President Donald Trump—are likely to continue using tariffs as a tool in the ongoing trade tensions with China. 

However, their approaches differ significantly, with each reflecting distinct strategies toward energy transition, industrial policy, and U.S.-China relations.

How Harris and Trump Plan to Use Tariffs in the Energy Race

Under the Biden administration, Section 301 tariffs were imposed on a range of Chinese products, including key components vital to the energy transition. These components, such as lithium-ion batteries and natural graphite, are essential for technologies like electric vehicles and renewable energy storage. These tariffs, which were increased in May 2024, include a 100% tariff on electric vehicles (EVs) and a 25% tariff on critical minerals, excluding lithium. 

This strategy is part of a broader effort to reduce U.S. reliance on Chinese imports for critical minerals essential to the energy transition, especially those used in EVs and renewable energy technologies.

Harris’ Approach

Kamala Harris has been a strong supporter of the Biden administration’s climate policies, including the Inflation Reduction Act. The law provides incentives for domestic production and “friendshoring” of critical minerals supply chains. 

If elected, Harris is expected to maintain the current administration’s approach, using tariffs strategically to further climate goals. This would likely involve continuing to impose targeted tariffs on specific products that are crucial for the energy transition, thereby encouraging domestic production and reducing dependency on China.

China largest source of US EV battery imports

Harris’s potential administration would likely view tariffs as a tool to promote sustainable development and achieve climate objectives, particularly in aligning with international commitments such as the Paris Agreement. By focusing on specific products, her administration could aim to balance the need for critical minerals with the overarching goal of decarbonizing the U.S. economy. This approach is seen by policy experts as a continuation of Biden’s policies, which have been designed to create a level playing field for domestic producers while advancing the country’s climate goals.

Trump’s Approach

In contrast, Donald Trump has indicated that if he were to return to office, his administration would adopt a more aggressive and sweeping approach to tariffs. Trump has previously expressed support for a 60% or higher tariff on all goods imported from China, along with a 10% tariff on all U.S. imports. This broad approach reflects Trump’s longstanding skepticism of trade with China and his administration’s focus on protecting U.S. industries from foreign competition.

A Trump administration would likely implement broad tariffs across a wide range of products, including critical minerals, without the targeted focus seen in the current administration, according to Scot Anderson, energy and natural resources metals and mining subsector head at Womble Bond Dickinson.

Responding on this, Vice President Harris remarked during a speech that Trump’s tariffs:

“…will mean higher prices on just about every one of your daily needs: a Trump tax on gas, a Trump tax on food, a Trump tax on clothing, a Trump tax on over-the-counter medication.”

For policy experts, this would likely result in higher tariffs on all critical minerals imported from China, regardless of their role in the energy transition. Such a policy could be seen as part of a broader strategy to reduce the U.S. trade deficit with China and protect domestic industries. 

Can U.S. Producers Thrive Under New Tariff Policies?

The continuation or strengthening of critical minerals tariffs under either administration could provide some benefits to U.S. producers. 

Companies like Pure Lithium Corp., a Massachusetts-based lithium company, view tariffs as beneficial for attracting investors and promoting domestic production. Tariffs can create market certainty, which is crucial for companies looking to scale up operations in the U.S.

The potential differences in tariff policy between Harris and Trump highlight the broader debate over how the U.S. should approach trade and industrial policy in the context of the energy transition.

Harris’s continuation of targeted tariffs would likely focus on achieving climate goals and reducing dependency on China for critical minerals. On the other hand, Trump’s broad tariffs could prioritize protecting U.S. industries but at the risk of higher costs for clean energy technologies.

The U.S.-China Tug-of-War for Critical Mineral Dominance

As the presidential election approaches, the competition to secure critical minerals essential for clean energy production is intensifying. Regardless of whether Donald Trump or Kamala Harris emerges victorious, the next administration will need to focus on strengthening the U.S.’s position in the global race for these vital resources.

critical minerals share of global production 2022
Chart from Bloomberg

Africa holds more than a 5th of the world’s reserves of crucial minerals like cobalt, copper, nickel, and lithium. However, China has established a more significant presence in Africa, with more operational mines on the continent than the U.S., making America vulnerable to potential supply disruptions and price surges in these critical inputs.

To counter China’s dominance in Africa’s critical mineral space, the U.S. will need to develop strategic partnerships and trade agreements with African nations. One key initiative in this effort is the African Growth and Opportunity Act (AGOA), a flagship U.S. program that provides nearly 40 sub-Saharan African nations with duty-free access to the American market. 

African trade ministers have called for a swift renewal of the AGOA deal, urging that it be extended for at least 16 years with minimal changes to stabilize commerce, promote investment, and preserve regional value chains. The U.S. has a significant opportunity to close the gap with China, especially as greenfield foreign-direct investment into Africa’s extractive industries declines.

As the U.S. moves toward the 2024 election, the future of tariff policy on critical minerals remains a key issue. Both Harris and Trump are likely to use tariffs as a tool to address trade imbalances with China, but their differing approaches reflect broader visions for the U.S. economy and its role in the global energy transition.

Canada Invests CA$6.6M to Boost Bioindustrial Innovation and Cut Carbon Emissions

Jennifer L
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Canada Invests CA$6.6M to Boost Bioindustrial Innovation and Cut Carbon Emissions

Strengthening Canada’s bioindustrial sector through research and innovation is a critical step towards enhancing the nation’s competitiveness and paving the way for a sustainable future. 

On behalf of the Honorable Lawrence MacAulay, Minister of Agriculture and Agri-Food, Peter Fragiskatos, Member of Parliament for London North Centre, announced that Bioindustrial Innovation Canada (BIC) will receive up to CA$6.6 million through the AgriScience Program’s Clusters Component. This is an initiative under the Sustainable Canadian Agricultural Partnership.

BIC is a not-for-profit business accelerator focused on clean, green, and sustainable technologies, providing strategic investment, advice, and services to businesses in the sector.

Unlocking Canada’s Bioeconomy

More than 140 forest bioeconomy companies are actively innovating across Canada, creating a dynamic and promising technology value chain. Despite this, Canada lags behind countries like Finland and the U.S. in having a formal, cohesive government strategy to support the bioeconomy.

For instance, the Biden administration has committed $2 billion to biomanufacturing in the U.S., demonstrating a significant “all-of-government” approach.

canadian bioeconomy

Sue Coueslan, vice-president of strategies and partnerships at Natural Products Canada, highlighted Canada’s key assets in the bioeconomy. These include extensive access to biomass, strong primary sectors with deep expertise, a skilled workforce, and a growing bioeconomy. These strengths position Canada to potentially capture a $1-trillion opportunity in various areas, namely:

  • water and waste treatment, 
  • bioproducts and sustainability, 
  • health and nutrition,
  • animal health, and 
  • value-added agriculture.

However, to fully capitalize on this opportunity, Coueslan emphasized the need for Canada to recognize the bioeconomy as a national priority. This would require a whole-of-government commitment and the establishment of a national framework to overcome jurisdictional silos and drive cohesive, cross-sectoral growth.

This is where the CA$6.6 million BIC funding can help to jumpstart the industry. 

Turning Waste into Wealth

The funding will support the Bioproducts Cluster, led by BIC, in developing advanced technologies that convert renewable resources, such as agricultural residues, into valuable bioenergy, biofuels, and biomaterials. These include products like ethanol and biodegradable plastics. They are essential for supporting the transition to a renewable-based economy and reducing greenhouse gas (GHG) emissions. 

The research will focus on improving biomass production, creating new bioproducts from Canadian crops, and turning by-products into value-added commodities.

The bioeconomy involves using renewable biological resources to produce food, goods, and energy sustainably, driving economic growth. In 2015, Canadian industrial bioproducts producers used about 22 million metric tonnes of biomass, with around 43% sourced from the agricultural sector. 

For the same year, the revenue from Canadian industrial bioproducts was estimated at CA$4.27 billion. By 2030, the global bioeconomy is projected to reach CA$10.5 trillion annually, with Canada’s share expected to rise to CA$240 billion.

Canada’s Push to Compete in Bioindustrial Innovation

Lawrence MacAulay, Minister of Agriculture and Agri-Food that the Bioproducts Cluster is helping to find green solutions that maximize resource use. He further noted that:

“This funding will provide new opportunities for our farmers to profit from agricultural by-products that would otherwise go to waste. It’s a win for farmers and a step toward a more sustainable future for all Canadians.”

Meaghan Seagrave, Executive Director, Bioindustrial Innovation Canada remarked that integrating agricultural feedstocks and bioproducts into various industry value chains will enhance Canada’s agricultural prospects and support industrial decarbonization.

BIC has previously received significant funding, including CA$5.5 million through the Growing Forward 2 framework and CA$11.2 million through the Canadian Agricultural Partnership framework. The AgriScience Program, under the Sustainable Canadian Agricultural Partnership, aims to accelerate innovation by funding pre-commercial science activities and research that benefit Canada’s agriculture and agri-food sector.

The Clusters Component specifically supports projects that mobilize industry, government, and academia through partnerships to address priority national themes and horizontal issues.

Canada’s strategic investment in BIC marks a significant step toward enhancing the nation’s bioindustrial sector. As Canada positions itself to capture a larger share of the global bioeconomy, this initiative underscores the importance of a cohesive national strategy to remain competitive and achieve long-term sustainability goals.

Fortescue Launches Innovative Green Metal Project in Australia, Fueled by Green Hydrogen!

Saptakee S
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Fortescue Launches Innovative Green Metal Project in Australia, Fueled by Green Hydrogen!

Fortescue has launched its Green Metal Project in Pilbara, Western Australia. This US$50 million initiative, situated within the Green Energy Hub at Christmas Creek, aims to produce over 1,500 tons of green metal annually. With the first output expected in 2025, this project marks a significant advancement in the green hydrogen space.

Fortescue’s Hydrogen Plant: A Step Towards Decarbonizing Mining

The iron and steel industry are extremely difficult to decarbonize, but the green mining leader is making groundbreaking efforts to reduce emissions in this sector.

Fortescue Executive Chairman Dr Andrew Forrest said,

“Today is a celebration of innovation, collaboration, and stretch targets, and marks a pivotal moment in Fortescue’s journey to build a green metal supply chain. Iron and steel are the backbone of our infrastructure; however, traditional iron and steel production processes are among the largest sources of greenhouse gas emissions.”

So, what is this green metal?

They have defined green metal as the “end product resulting from processing iron ore into iron, using renewable energy and with near zero carbon emissions.”

Dr. Forrest also elaborated that the company’s current milestone marks the integration of green mining, large-scale renewable power, and green hydrogen to produce green metal. He thinks this is a rare opportunity to create a green supply chain and Fortescue is steading fast to take advantage of it.

The company’s newly installed green hydrogen refueling station received a major boost of a $2 million grant from the Western Australian Government’s Renewable Hydrogen Fund. No wonder it is leading the green revolution, having enormous green hydrogen capacity.

Notably, this plant can produce up to 530 kg of H2 gas daily, equating to 195 tons annually. It is partly powered by solar energy and can serve a fleet of 10 hydrogen-powered coaches. Speaking of their latest advancements, they have completed the largest combined gaseous and liquid hydrogen plant on any Australian mine site.

The Green Energy Hub

Green hydrogen plays a crucial role in reducing mining emissions. It powers everything from buses to heavy equipment like haul trucks and excavators.

The Green Energy Hub features a hydrogen liquefaction facility, liquid hydrogen storage, and a liquid hydrogen refueling station. These are essential components in Fortescue’s broader decarbonization efforts, which also include zero-emission prototypes.

Fortescue Hydrogen Systems (FHS)

The company wants a shift from fossil fuels by using renewable energy to create cutting-edge hydrogen production systems for any application. Their portfolio includes a wide range of electrolyzer products, systems, and services, featuring advanced technologies and membrane innovations. Fortescue’s hallmark PEM Electrolyzers use a High-Pressure Proton Exchange Membrane (HP PEM) as the core technology.

For hydrogen solutions, they have FHS P50 that delivers 24,000 kg/day of high-quality, pressurized hydrogen through a modular but industrial-scale design. The other prototypes are FHS P1 and P5. They offer compact hydrogen solutions of capacity 480 to 2,400 kg/day of high-grade hydrogen.

Fortescue’s Emissions Reduction Targets and Strategy

The company is committed to achieving real zero Scope 1 and 2 emissions across its Australian iron ore operations by 2030. It is working towards having the targets verified by the SBTi for the current financial year. For Scope 3 emissions, Fortescue aims to decarbonize the steelmaking process, shipping, and upstream emissions by 2040.

Fortescue Green Hydrogen emissions

source: Fortescue

  • Scope 1 and 2 Emissions: In FY23, Fortescue’s total gross Scope 1 and 2 emissions from Australian iron ore operations and marine vessels were 2.55 mtCO2e. Scope 1 emissions were 2.2 million tons, while Scope 2 emissions from power purchases were 0.35 million tons.
  • Scope 3 Emissions: Fortescue’s Scope 3 emissions reached 267.61 mtCO2e in FY23, marking a 5% increase from FY22 due to a rise in iron ore shipments.

Since FY19, its RE use in Pilbara has grown from less than 1 gigawatt hour (GWh) to 144 GWh in FY23, with a 58.9 GWh increase since FY22. Today, renewable energy accounts for 20% of the energy purchased for Pilbara operations.

The company’s climate change strategy is focused on three key areas:

  • Implementing in-house and collaborative solutions to reduce emissions within their iron-ore operations.
  • Providing technology solutions to address emissions across their value chains.
  • Driving the development of renewable energy and green hydrogen to support global decarbonization efforts.

Fortescue

source: Fortescue

Fortescue Metals Chief Executive Officer, Dino Otranto

“On decarbonization, we remain firmly committed to our target of Real Zero by 2030, without voluntary carbon offsets. Our hydrogen-powered haul truck prototype also operated on hydrogen for the first time and will soon be transported to our Christmas Creek site to undergo site-based commissioning and testing.”

Western Australia: The Green Hydrogen Hotspot

Australia leads the world in renewable hydrogen projects. We dug into a report in Hydrogen Insight and discovered that last year the Australian Government announced a subsidy of US$1.35bn to ramp up domestic green hydrogen supply.

They named it the “Hydrogen Headstart Program”. It aims to bridge the commercial gap for early-stage projects, positioning Australia as a global leader in hydrogen production and export.

Moreover, Western Australia (WA) is ideally positioned to produce, use, and export renewable hydrogen. It has abundant renewable energy resources, a robust energy industry, and proximity to major international markets. These advantages make it a top choice for hydrogen investors and companies.

Here’s a report from Australia’s National Hydrogen Strategy

Australia green hydrogensource: Australia’s National Hydrogen Strategy

Western Australia’s Premier, Roger Cook, hailed the plant as a crucial step in emerging as a global leader in clean energy and green iron production. Thus, we can conclude that Fortescue’s new plant is truly revolutionary. It produces both gaseous and liquid hydrogen, that can power the company’s mining prototypes and coach fleet at Christmas Creek.

New Report Reveals Nuclear Power Generation Hits New Highs

Jennifer L
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New Report Reveals Nuclear Power Generation Hits New Highs

A new report, The World Nuclear Performance Report 2024, reveals a significant increase in global nuclear power generation and average capacity factors. These findings demonstrate the continued excellent performance of the global nuclear reactor fleet.  

Key takeaways from the report include a rise in global nuclear electricity generation to 2602 TWh in 2023, up from 2544 TWh in 2022, which now accounts for 9% of the world’s electricity. This makes nuclear power the second-largest clean energy source, following hydropower.

global nuclear electricity production

Moreover, the average capacity factor of nuclear reactors increased by 1%, reaching 81.5% in 2023. This sustained the trend of high global capacity factors reported since 2000, underscoring the reliability of nuclear energy as a clean energy source. 

For over 20 years, nuclear reactors have consistently maintained capacity factors above 80%, highlighting their dependability in supplying energy to the grid. This long-standing performance record reinforces nuclear power’s role as one of the most reliable sources of clean energy enabled by its main fuel uranium. 

A MESSAGE FROM URANIUM ROYALY CORP.
Disseminated on behalf of Uranium Royalty Corp.

The First And Only Pure Play Uranium Royalty Company.

UROY NASDAQ

The company is Uranium Royalty Corp., trading as (NASDAQ: UROY, TSX: URC), holding a strong portfolio including strategic acquisitions in uranium interests with royalties, streams, equity in uranium companies, and physical uranium trading. Their strategic approach aims to support cleaner, carbon-free nuclear energy while fostering long-term relationships based on sustainability principles.

A Powerhouse for Clean Energy

The report further showed that the global nuclear industry saw a balanced activity of reactor shutdowns and new grid connections. Five reactors were decommissioned, while five new reactors were connected to the grid in various countries, including China, Slovakia, the USA, Belarus, and South Korea. 

A significant milestone for the United States was the connection of Vogtle 3 to the grid, marking the first nuclear power plant to start and complete construction in more than 40 years, with Vogtle 4 also set to follow shortly.

The year also witnessed a concentration of new construction activities in Asia, where the nuclear generation has seen a sustained and significant increase over the past decade. Out of the 64 reactors currently under construction worldwide, more than two-thirds are in Asia, with China alone accounting for 30 reactors. 

nuclear electricity generation by region

In 2023, 5 of the 6 new construction starts occurred in China, with the remaining one in Egypt, contributing to Africa’s growing role in the global nuclear landscape. Eastern Europe and Russia followed Asia in the number of nuclear units under construction, further reflecting the regional dynamics in the nuclear energy sector.

France, the host of the 2024 Summer Olympics, heavily relied on nuclear energy, with over 60% of its electricity being generated by nuclear reactors, thanks to the return to service of several French reactors that contributed an additional 42 TWh. The 1% increase in global capacity factor from the previous year reflects strong and consistent reactor performance, irrespective of the reactors’ age.

Asia Leads the Charge in Nuclear Expansion

Nuclear energy’s environmental impact is notable, as reactors helped avoid 2.1 billion tonnes of carbon dioxide emissions. That figure is more than the annual emissions of nearly every country, with only China, the U.S., and India having higher national CO2 emissions.

The report highlights that 64 reactors are currently under construction across 15 countries, with over 20 nations, including Ghana, Poland, and the Philippines, developing policies to enable the construction of their first nuclear plants.

nuclear reactors under construction by country 2023

Dr. Sama Bilbao y Leon, Director General of the World Nuclear Association, emphasized that nuclear energy remains one of the most reliable sources of clean energy for the grid. She also noted the continued excellent performance of the global reactor fleet, the rapid expansion of nuclear power in the UAE, and the growing nuclear generation in China as indicators of a high-performing industry.

Dr. Sama further states that: 

“The global nuclear industry is set for a period of major expansion. At COP 28, 25 countries signed the declaration to triple global nuclear capacity by 2050. Excitingly, there are new reactors coming online and plans for new construction in a diverse range of countries…Our Performance Report indicates that reactors built now will produce dependable, carbon-free energy for decades and decades.”

Nuclear Energy’s Role in the Global Clean Energy Push

Despite a slight decrease in global nuclear capacity—down by one gigawatt due to the start-up of 5 reactors and the closure of 5 others—the increase in generation underscores the efficiency and value of nuclear energy. 

In 2023, nuclear reactor capacity factors across most regions remained consistent with the average levels observed over the previous 5 years. North America continued to lead with the highest average capacity factors, underscoring the reliability and efficiency of its nuclear fleet. 

nuclear capacity factor by region 2023

In contrast, Africa’s sole operational nuclear facility, South Africa’s Koeberg Nuclear Power Station, experienced significant outages in 2022 and 2023 due to extensive steam generator replacements, which impacted its performance during this period. Despite these challenges, Koeberg remains a crucial component of Africa’s energy infrastructure.

The report also details new grid connections and construction starts, with five reactors connected to the grid for the first time in 2023, across countries like China, Slovakia, the USA, Belarus, and South Korea.

Asia, particularly China, has seen a significant and sustained increase in nuclear generation over the last decade. Of the 64 reactors currently under construction, more than two-thirds are in Asia, with 30 in China alone. 

Meanwhile, Africa, led by Egypt’s El Dabaa project, is ahead of North and South America, as well as Western and Central Europe, in terms of reactors under construction, with Eastern Europe and Russia following Asia in the number of units being built.

Overall, while the global push to decarbonize is intensifying, there is a growing recognition of nuclear energy as a reliable solution to meet the world’s rising demand for clean, secure, and affordable energy.

As nations work to rapidly increase carbon-free energy generation to achieve decarbonization goals, nuclear power is gaining support across countries. This shift reflects its potential to provide a stable and dependable energy source while helping reduce global carbon emissions.

Tesla Faces New 9% Tariff as EU Tightens Grip on China-Made EVs

Saptakee S
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Tesla Faces New 9% Tariff as EU Tightens Grip on China-Made EVs

On Tuesday, the European Union announced plans to impose an additional 9% tariff on Tesla EVs imported from China. The EU has also notified other automakers of its “draft decision” to set fixed tariffs on all China-made EVs, though this is lower than the previously anticipated 20.8%.

Tesla Hit with New 9% EU Tariff

The EU is intensifying its efforts against Chinese EVs with new tariffs to counter subsidies provided by Beijing. This resulted in an additional 9% tariff on Tesla EVs manufactured in China. Tesla, aware of the EU’s motives, had requested a separate assessment, which led to the EU visiting their plants and settling on this tariff.

EU officials noted that Tesla’s main advantage was receiving batteries at below-market prices. This allowed Tesla to benefit from additional perks like land-use rights, tax subsidies, and various grants, including a national subsidy available to all exporters.

Tesla shares rose slightly in New York following the announcement, despite a general decline this year.

TESLASource: NASDAQ: TSLA

How Will These Tariffs Impact Other Automakers?

Bloomberg reports that the EU will continue consulting with automakers before member states vote on the tariffs, expected in November. Other Chinese automakers that cooperated with the EU investigation, such as Dongfeng Motor Group and Nio, face a 21.3% duty. Non-cooperating manufacturers could face a hefty 36.3% tariff. These rates will be in addition to the existing 10% duty on Chinese exports.

EU Tesla EV

Will the Tariff Sour EU-China Trade Relations?

Recent reports indicated tariffs on individual manufacturers could range from 17.4% to 37.6%, on top of the existing 10% duty. The EU estimates that rising EV prices in Europe could deter consumers. As China’s largest overseas market for EVs, the country relies on high-tech exports to bolster its economy. EU officials argue that “unfair subsidies” have allowed Chinese-made EVs to be sold much cheaper than those made in Europe, increasing reliance on imports.

However, Chinese officials have condemned the EU’s decision. The China Chamber of Commerce to the EU expressed strong opposition, claiming there is no evidence that Chinese EVs harm the European market. But The EU will continue investigating China’s support for its EV makers.

According to BBC, Germany and Hungary, have shown resistance, but the EU is moving forward. A lower tariff rate is planned for joint ventures that weren’t exporting during the investigation. The EU will not collect retroactive tariffs but may adjust rates before finalizing them.

Bloomberg notes that the final decision on the tariffs is expected by October 30, with the duties set to last for five years, subject to review. Brussels and Beijing are exploring alternative solutions that comply with World Trade Organization rules.

Trade tensions remain high with potential winners and losers. Experts suggest that the tariffs will affect not only Chinese brands but also Western EV makers in China. The EU aims to fix what it sees as a distorted market. While the EU’s move may seem less drastic than the US’s 100% tariff increase, it could be more impactful, given that Chinese EVs are more common in the EU than in the US. Although, the case may be different for Tesla.

Disclaimer: Data source Bloomberg

Will Record-Breaking Solar Imports Reshape U.S. Industry Amid Tariff Uncertainty?

Jennifer L
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Will Record-Breaking Solar Imports Reshape U.S. Industry Amid Tariff Uncertainty?

In the second quarter of 2024, the U.S. saw an unprecedented surge in solar panel imports, setting a new record as shipments flooded into the country. 

According to S&P Global Market Intelligence’s Global Trade Analytics Suite, U.S. imports reached 17.4 GW. This marks a 36% increase from the same period in 2023. This spike was primarily driven by factories in Vietnam and Thailand, which were the largest contributors to the influx of photovoltaic (PV) modules. 

The previous record for quarterly imports was 15 GW, achieved in the last quarter of 2023 and nearly matched in the first quarter of 2024.

US solar panel imports quarterly

Racing Against the Clock 

The significant rise in imports follows President Joe Biden’s decision to grant a two-year tariff waiver on solar cells and modules from Southeast Asia in 2022. This waiver allowed the industry to bypass duties that had previously been imposed on Chinese-made PV shipments that were found to be circumventing U.S. tariffs.

Since the waiver’s implementation, the volume of solar component imports has tripled, reflecting the industry’s response to the relaxed restrictions.

As the waiver approached its expiration in June 2024, manufacturers and developers hurried to import as many panels as possible. They do so as they’re anticipating potential new tariffs.

Vietnam led the charge, shipping about 7.3 GW of solar panels to the U.S. in the second quarter. This accounted for 41.6% of total imports during that period. This was a significant increase from the 5.4 GW imported in the first quarter. 

Thailand followed with 3.8 GW, or 22.1% of the total imports, while Malaysia, India, and Cambodia contributed 12.5%, 11%, and 6.4%, respectively. Major importers during this period included affiliates of China-based Trina Solar Co. Ltd. and Arizona’s First Solar Inc.

Amid this surge, the U.S. solar industry is witnessing a wave of new domestic factories, spurred by Biden’s Inflation Reduction Act of 2022, which are now competing for a share of the growing market. However, U.S. manufacturers, who have invested billions of dollars, raised concerns about the sharp increase in imports. They argued that the spike in crystalline-silicon cell and panel imports from Southeast Asia, particularly Thailand and Vietnam, poses a severe threat to the survival of U.S. producers.

The U.S. Solar Industry’s Battle: Domestic vs. Imported

The American Alliance for Solar Manufacturing Trade Committee, with members including major players like First Solar and Qcells, filed a “critical circumstance” petition with the U.S. Commerce Department. 

The petition requests a rapid assessment to determine whether the sudden influx of imports warrants retroactive duties before the department completes its ongoing investigation into Southeast Asian imports. The group argues that these imports are rushed into the country to avoid the imposition of antidumping and countervailing duties.

Dumping is a practice where products are sold on a market at unfairly low prices, below the cost of production. 

This petition comes at a time when the U.S. is attempting to establish a strong domestic supply chain for its rapidly expanding solar industry, which is still heavily reliant on imports. In response to these challenges, President Biden recently increased the cap on the volume of solar cells that can be imported without triggering a 14.25% tariff. 

The new cap, raised from 5 GW to 12.5 GW, was implemented in response to a September 2023 petition from domestic industry representatives. They argued that US cell production was insufficient to meet demand, making reliance on imports necessary in the short term.

Following the Alliance’s petition, Clean Energy Associates (CEA) predicted that a successful outcome could lead to a bottleneck in the supply of solar cells in the U.S. This shortage could increase the prices of both domestically produced and imported solar modules by up to $0.15/watt. The U.S. heavily relies on SEA countries for its solar cell supply, making the potential impact of these tariffs significant.

Rising Prices, Falling Costs and the Shifting Landscape of U.S. Solar Manufacturing

Despite these potential challenges, it’s worth noting that prices across the PV supply chain have decreased significantly over the past years. Thus, solar modules now represent a smaller portion of the overall cost of a solar project than they once did. This price drop could help mitigate the impact of any price increases on the solar market.

Solar PV prices
Chart from OurWorldinData.org

The U.S. solar industry is in a state of transition, with domestic module manufacturing expanding rapidly. A report identified 31 GW of US module manufacturing capacity that is either online or in the process of ramping up. This includes facilities from First Solar and Qcells, as well as U.S. affiliates of China-based PV companies like Trina Solar (U.S.) Inc. 

However, the report also highlighted the absence of U.S. manufacturing for solar cells and wafers. Qcells plans to address this gap by bringing an integrated 3.3-GW ingot, wafer, cell, and panel complex online in Georgia later this year.

As the U.S. navigates these complex dynamics, the outcome of the ongoing trade disputes and the future of domestic manufacturing will be crucial in determining the nation’s ability to build a resilient and self-sufficient solar industry.

Record-Breaking Trade in Xpansiv CBL Platform Shakes Up Carbon Credit Markets

Jennifer L
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Record-Breaking Trade in Xpansiv CBL Platform Shakes Up Carbon Credit Markets

Amid the heated controversy over carbon offsets and renewable energy carbon credits, Xpansiv trading platform CBL reported record-breaking trends. 

The week saw a significant trade on Xpansiv’s CBL platform, with 39,414 tons of vintage 2023 ACR CCP-approved United States Landfill Gas credits trading at $7.15 per metric ton. This transaction was notable as the largest and highest-priced trade of the week. It is also one of the largest CCP-tagged credit transactions since ICVCM’s methodology approval in June.

From India to Indonesia: VCM Sees Dynamic Trades and Price Shifts

The Xpansiv CBL market also saw activity with 3,500 vintage 2019 hydro credits from India and vintage 2016 Keo Seima REDD credits from Cambodia, traded at $2.00. Vintage 2020 Katingan Peatland Restoration credits from Indonesia were matched at $4.90, while a 100,000-ton block of vintage 2017 Katingan credits traded OTC at $3.25.

The data provided by Xpansiv, a leading environmental commodity exchange, reflects the dynamic and evolving nature of these carbon credits markets.

Other Key Trends

VCM Volume: 

Total VCM volume on the CBL platform was 107,324 credits, with 78,423 matched on screen. Additionally, 812,000 tons were traded via CBL GEO futures on CME Group.

Futures Market Movement: 

The December CBL N-GEO futures saw a slight drop, losing $0.03, following a previous sharp sell-off. However, the CBL GEO futures December contract rose by 64% to close at $0.23.

Paris Olympics Rewrites the Playbook on Sustainability

The Paris Olympics, which concluded recently, set new records in sustainability alongside its high attendance and global engagement. The organizing committee successfully reduced Scope 1, 2, and 3 carbon emissions by half compared to the Rio and London games.

The event organizers bought 1,472,550 metric tons of carbon credits from 13 different projects, focusing on offsets in Africa and France. These carbon offsets are from various projects including cookstoves, solar power, mangrove restoration, forestry, and clean water access.

According to reporting by S&P Global Commodity Insights:  

“The organizers of the sporting event have already bought 1,472,550 mtCO2 of carbon credits from 13 different projects, data from the 2024 Olympics showed.”

CBL Market Snapshot

Key offers included Katingan REDD credits from Indonesia and cookstoves credits from Somalia and Rwanda, with prices ranging from $0.75 to $5.00.

I-REC Markets: Solar projects in India and Uganda showed bids and offers, with indicative pricing noted at $3.50 for Ugandan solar credits.

CBL GEO standardized VCM contracts

North American Compliance Markets Hit Highs

In North American compliance markets, PJM REC trading on the CBL platform reached a record notional value, with nearly $14 million traded over two weeks. Key transactions included Virginia and Pennsylvania Tier I credits and Maryland solar credits. This activity further underscored the growing importance of carbon credits and renewable energy certificates in achieving global decarbonization goals. 

North American REC Markets

This summary highlights the significant trades, market movements, and sustainability efforts observed in environmental markets. The Xpansiv data underscores the growing role of carbon credits and renewable energy credits in global decarbonization efforts.

Can Biden-Harris Investment Backup Spark a Biofuel Boom in the U.S.?

Saptakee S
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0
Can Biden-Harris Investment Backup Spark a Biofuel Boom in the U.S.?

In 2024, the biofuel industry is on track for a significant boost. Thanks to increased investments in renewable diesel and biodiesel. The Biden-Harris administration’s support is set to accelerate this growth, making these biofuels key players in the shift toward cleaner energy. Let’s discover what’s happening in this space.

Surge in Renewable Diesel Production

According to the U.S. Energy Information Administration (EIA). the country has seen a major rise in renewable diesel production, with five new plants opening in 2018. This increase pushed the production capacity of this alternative fuel to 282,000 barrels per day (bpd). Recently two new facilities in the Gulf Coast and West Coast regions, and one on the East Coast were installed. With these, the country now has a total 22 renewable diesel plants. Notably, the West Coast alone saw its capacity more than double to 82,000 bpd this year.

But Why Biodiesel Plants Are Struggling?

As U.S. fuel makers shift toward renewable diesel to adapt to the decline of petroleum-based fuels, the production of this biofuel remains expensive and heavily subsidized by federal and state governments. However, the rapid expansion of renewable diesel has squeezed out some biodiesel manufacturers, who receive fewer financial incentives from the government. From media reports, we discovered that over the past year, three biofuel plants—located on the East Coast, West Coast, and Midwest—were forced to close.

Even though biodiesel production capacity is relatively stable at 136,000 bpd, more closures are likely to happen in the future. Talking about closures, Chevron has indefinitely shut down two biodiesel production facilities in the U.S.

Another factor behind the potentially crashing demand for biodiesel is high production costs. It is certainly more expensive than conventional petroleum diesel and renewable diesel. Even though it burns green and generates credits, it is not pocket-friendly. This has led to a slight imbalance in the demand and supply of biodiesel.

Meanwhile, Reuters reported, ethanol production saw a slight boost. Although one plant closed on the East Coast, a newer, larger facility on the Gulf Coast increased the total output capacity of 187 operational plants by 2%, reaching 1.18 million bpd. In another report, the media house also stated that by 2023, the combined output capacity for biomass-based diesel, including biodiesel, in the U.S. exceeded 5 billion gallons.

EIA Uncovers the Shifting Landscape of Biodiesel and Renewable Diesel

EIA reported that biodiesel exports reached their highest point in 2008 due to an “unintended” discrepancy in tax credits in the European Union. However, exports fell sharply after was salvaged. From 2011 onward, biodiesel production and consumption increased, largely driven by the Renewable Fuel Standard.  However, in recent years, both production and consumption have declined, possibly due to the rise of renewable diesel.

This chart shows trends in U.S. biodiesel production, exports, and consumption from 2001 to 2023.

EIA Biodiesel biofuel US

Source: EIA

Renewable diesel is becoming more popular because it meets the same quality standards as petroleum diesel. This fuel is mainly produced from used cooking oil and inedible animal fats, which are leftovers from meat processing. It syncs well with diesel engines and infrastructure, requiring no modifications. Renewable diesel is predominantly used in California, where it takes advantage of financial incentives from the Low Carbon Fuel Standard.

This graph shows U.S. renewable diesel fuel production and consumption.

Renewable diesel biofuel US EIA

Source: EIA

The Biden-Harris Administration Invests in Domestic Biofuels and Clean Energy

On August 16, the USDA announced that the Biden-Harris administration will invest in domestic biofuels and clean energy as part of President Biden’s Investing in America Agenda. USDA Secretary Tom Vilsack announced $99.6 million in funding through the Higher Blends Infrastructure Incentive Program (HBIIP) and REAP.

It further noted, that ever since the Biden-Harris Administration began, the USDA has invested over $220 million into biofuel access and $2.2 billion into renewable energy projects.

Moving on, they are using the REAP program to support the Justice40 Initiative. It ensures that 40% of the benefits from federal climate and clean energy investments go to communities that have faced underinvestment and pollution. As part of this effort, the USDA is awarding $90.3 million in grants to 89 projects across 26 states.

Can it Revive America’s Future for Biofuels?

This investment, backed by President Biden’s Inflation Reduction Act, aims to increase access to biofuels and clean energy systems. These efforts are designed to strengthen energy independence, create jobs, and provide new opportunities for American farmers and rural communities. Additionally, these grants will help businesses upgrade infrastructure like fuel pumps and storage tanks, boosting economic growth in rural areas.

Secretary Tom Vilsack visited the University of Minnesota and spoke about investing in the American bioeconomy announced, where he disclosed the funding. A significant example of this funding beneficiary is The Corner Store in Inver Grove Heights, which is getting a $518,250 grant to upgrade its fuel infrastructure. The store will install four E15 dispensers, four E85 dispensers, and two ethanol storage tanks. These upgrades are expected to boost ethanol sales by 506,100 gallons per year. Other notable upgrades are:

  • In Georgia, CSX Transportation Inc. received a $1.9 million grant to set up a 200-gallon biodiesel storage tank, along with distribution equipment and electric monitoring tools. The company plans to increase biofuel availability by 1 million gallons per year with this investment.
  • In Nevada, Anabi Real Estate Development LLC secured a $3.7 million grant to install three E85 dispensers and three B20 dispensers at two fueling stations. This project aims to raise biofuel sales by over 80,000 gallons per year.

Following this, he assured by saying,

 “By expanding access to homegrown biofuels and clean energy systems, we are strengthening our energy independence, addressing the impacts of climate change and creating new market opportunities and revenue streams for American producers while bringing good-paying jobs in rural communities.”

Overall, we can count on the right policies and tax incentives for growth of the biofuel. USDA’s new investment plan offers a promising boost for biodiesel, renewable diesel, renewable energy, and other biofuels, paving the way for a smooth transition to clean energy.

UEC Resumes Uranium Production at Christensen Ranch: How Will It Balance Output and Decarbonization?

Saptakee S
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0
UEC Resumes Uranium Production at Christensen Ranch: How Will It Balance Output and Decarbonization?

On August 13, US-based Uranium Energy Corp (UEC) announced resuming uranium production at its Christensen Ranch site in Wyoming. However, UEC was already operational in Mine Unit 10 at Christensen Ranch from a week back. The company expects a surge in uranium levels after a certain period, even though the initial uranium concentrations are good enough. But can the mining giant maintain its decarbonization goals amid the anticipated production spike?

A MESSAGE FROM URANIUM ROYALY CORP.
Disseminated on behalf of Uranium Royalty Corp.

Uranium Royalty Corp.

NASDAQ’s Sole Uranium Focused Royalty Company.

The company is Uranium Royalty Corp., trading as (NASDAQ: UROY, TSX: URC), holding a strong portfolio includes strategic acquisitions in uranium interests with royalties, streams, equity in uranium companies, and physical uranium trading. Their strategic approach aims to support cleaner, carbon-free nuclear energy while fostering long-term relationships based on sustainability principles.

Learn about the company’s portfolio of royalty assets and uranium holdings >>

UEC Achieves Key Milestones for Uranium Production Ramp-Up

UEC has prepped up all for the smooth ramp-up of uranium production at its Irigaray Central Processing Plant and Christensen Ranch. Last year, UEC carried out extensive redevelopments at the Christensen Ranch. Subsequently, the uranium recovered from Christensen Ranch will be processed at the Irigaray plant which is located 15 miles northwest of the actual site.

The Irigaray plant, licensed to produce 2.5 million pounds of U3O8 annually, may soon increase its capacity to 4.0 million pounds. However, its regulatory approval is pending.

Another stark feature of this plant is that it’s the hub of UEC’s Wyoming “hub-and-spoke project”, which includes 11 satellite ISL projects, four fully permitted. They expect the first shipment of uranium to be in November or December of this year.

Donna Wichers, Vice President of Wyoming Operations

“The Christensen Ranch ISL Mine has successfully restarted and we are in full growth mode with initial recoveries from Mine Unit 10 to be followed with Mine Units 7 and 8 in the coming months,”

She further explained that UEC has drilled, cased, and completed 55 wellfield patterns to extend Mine Unit 10 but production will start next year. Significantly, additional production growth is underway with delineation drilling and monitoring well planning at Mine Unit 11.

Here’s an image of Christensen Ranch satellite plant exterior

UEC uraniumsource: UEC

Christensen Ranch Revival: Can UEC Break Free from Russian Uranium Dependence?

Uranium Energy Corp President and CEO Amir Adnani highlighted the increasing demand for regional uranium, supporting U.S. national security needs. With uranium prices rising and Russian imports cut off, UEC has accelerated its production readiness to meet the demand surge for domestic uranium.

From previous media reports, we discovered that UEC acquired the Irigaray plant and associated orebodies, including Christensen Ranch, in 2021. It was made through the purchase of Uranium One Americas Inc. from Russian state-owned Rosatom. The Willow Creek project, which includes both Christensen Ranch and the Irigaray plant, has been on standby mode since 2018. Thus, reviving the site became a necessity.

This acquisition secured key assets, making UEC the largest fully permitted, low-cost ISL resource base among U.S. producers. Since then, the uranium giant has maintained its core infrastructure, including wellfields and the satellite ion exchange plant, to enable a quick restart.

Amir Adnani added,

“I am very proud of the Wyoming team who have executed as planned to achieve the restart of production. This is the moment we have been working towards for over a decade, having acquired and further developed leading US and Canadian assets with an exceptional, deeply experienced operations team. Global uranium market fundamentals are solid, with prospects for extraordinary growth in nuclear power and uranium demand.”

We can infer that UEC’s latest uranium effort directly supports the “Prohibiting Russian Uranium Imports Act.” Once the steady supply begins, it will position America to meet global uranium demand and gain a competitive edge.

READ MORE: Fulcrum Metals and Terra Balcanica Forge Deal to Explore Uranium in Canada 

Wyoming’s Uranium Capacity

Going back to April 2022, UEC reported over 69 million pounds of U3O8 in mineral resources across its Wyoming hub-and-spoke uranium ISL project. Notably, it is the largest S-K 1300 Compliant ISR Uranium Resource Base in the United States

The project encompasses several areas, including Irigaray, Christensen Ranch, Moore Ranch, Reno Creek, Ludeman, Allemand-Ross, Barge, and Jab/West Jab. The mining company reported that its Wyoming projects have:

  • Total Measured and Indicated resources disclosed in Wyoming projects are 66,198,200 lbs. with 58,460,000 tons with an average portfolio grade of 0.057% eU3O8.
  • Total Inferred resources disclosed in Wyoming projects are 15,053,700 lbs. with 10,859,000 tons with an average portfolio grade of 0.069% eU3O8.

data source: Uranium Energy Corp press release

A MESSAGE FROM URANIUM ROYALY CORP.
[Disseminated on behalf of Uranium Royalty Corp.]

NASDAQ’s Sole Uranium Focused Royalty Company

Uranium Royalty Corp.

The company is Uranium Royalty Corp., trading as (NASDAQ: UROY, TSX: URC), holding a strong portfolio includes strategic acquisitions in uranium interests with royalties, streams, equity in uranium companies, and physical uranium trading. Their strategic approach aims to support cleaner, carbon-free nuclear energy while fostering long-term relationships based on sustainability principles.

Learn about the company’s portfolio of royalty assets and uranium holdings >>

UEC’s Commitment to Nuclear Energy and Decarbonization

Nuclear energy is crucial for the transition to a low-carbon economy. Thus, UEC is scaling operations to meet rising nuclear energy demand in the U.S. and globally. Most importantly, it aims for net-zero emissions at its ISR facilities in Texas and Wyoming.

As a leading uranium supplier, UEC is well-positioned to support the shift from fossil fuels to clean energy. Its latest objectives include developing a decarbonization strategy for Wyoming and setting emission reduction targets for Scope 1 and 2 emissions. The company also wants to conduct a Scope 3 emissions study for Texas operations.

Looking back, UEC has a robust emission reduction strategy in place for its Texas facilities. Despite a slight increase in emissions due to activity at Burke Hollow, UEC continues to invest in carbon offset programs. It covered 2,712 t CO2e last year and is actively working toward further reducing its carbon footprint.

We discovered from its sustainability report that, UEC has invested in the A-Gas Voluntary Emission Reduction Program in Texas. This project mitigates over 1MMT of GHG emissions annually by preventing harmful hydrofluorocarbons (HFCs) from entering the atmosphere. HFCs cause far more environmental damage than CO2.

  • Cut Scope 1 emissions (about 22% during production) with carbon capture, recycling, and electric vehicles.
  • Lower Scope 2 emissions (around 78% during production) by using renewable energy and boosting energy efficiency.

UEC uraniumsource: UEC

Amir Adnani further noted,

“There has been a step-change across the globe with an increasing number of countries adopting plans and programs to restart, extend the life of and or build new nuclear plants in the quest for clean, safe, highly reliable and cost-effective electricity that nuclear power provides.”

The picture is clear, which means UEC’s uranium targets and emission reduction goals will drive a successful transition. All in all, they will also help establish a secure and independent nuclear fuel supply chain in the U.S. in the coming years.

Iberdrola Hits Big with $525M Green Bond in the U.S.

Saptakee S
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0
Iberdrola Hits Big with $525M Green Bond in the U.S.

Iberdrola, Europe’s largest electricity provider, through its U.S. subsidiary New York State Electric & Gas (NYSEG), has successfully issued a 10-year green bond worth $525 million (EUR 490 million). The company reported massive demand for the bond that exceeded EUR 2 billion. This high demand allowed Iberdrola to reduce its benchmark interest rate to 135 basis points. As a result, the transaction cost was set at 5.332%.

Investor Confidence Fuels Iberdrola’s U.S. Bond Success

Iberdrola has once again shown financial supremacy under Ignacio Galán’s leadership with a successful bond issue in the U.S. this month. The company smartly capitalized on the recent decline in U.S. long-term interest rates, issuing a green bond that drew participation from over 60 major American investors. Iberdrola will use the secured fund to expand its U.S. network business.

The press release notes that the bond issue was managed by several leading banks, including BNP Paribas, MUFG, Wells Fargo, Santander, SMBC, Intesa, and Commerzbank.

It also highlighted that the current transaction is part of a series of successful financing activities by Iberdrola this year. It follows the EUR 500 million syndicated green loan secured on August 1 with ICO, Sabadell, and HSBC, backed by Cesce.

Furthermore, it has added green loans with the European Investment Bank (EIB) and the World Bank to its portfolio. As a result, the company’s total green bonds outstanding now amount to approximately €23 billion.

Earlier this year, Iberdrola unveiled a major investment program focused on electrification. From 2024 to 2026, the company plans to invest €41 billion in its network and renewable energy projects. The investment will be split 60:40, with the majority going to network growth—covering distribution and transmission—and the remaining portion directed to the U.S.

Additionally, Iberdrola has already completed three other significant financing operations in 2024: a EUR 700 million hybrid bond in January, a CHF 335 million bond in the Swiss market in June, and a EUR 750 million senior bond in July.

Ignacio Galán, chairman of Iberdrola group said,

“As the main issuer of green bonds and provider of renewable energy, Iberdrola supports sustainable finance as a way of speeding up energy transition, along with any other initiative that seeks to tackle climate change.”

Dominating the Green Bond Market

Green bonds are used to fund or refinance sustainable projects including renewable energy, clean transportation, energy efficiency and waste management, etc. Notably, Iberdrola has established itself as the world’s largest issuer of green bonds! In early 2021, the company made history by issuing the largest hybrid green bond ever, valued at €2 billion. In another major move in 2022, the energy house issued a 10-year, €1 billion green bond to support its offshore wind projects in France and Germany.

Moving on, green financing aligns perfectly with Iberdrola’s environmental goals. It supports the company’s investment plan by providing investors with transparency, enabling them to allocate funds effectively and measure their contribution to sustainability. Notably, the “Iberdrola Framework for Green Financing” ensures that its green financing efforts are right in place.

Image: Green and sustainable financing chart

Iberdrolasource: Iberdrola

Iberdrola’s Climate Action and Net Zero Goals

The electricity sector plays a crucial role in achieving the Paris Agreement’s goal of limiting global temperature rise to 1.5ºC. Iberdrola’s Climate Action Plan, aligned with the Paris Agreement, includes ambitious Science Based Targets initiative (SBTi) goals. They include:

  • achieving carbon neutrality for scopes 1 and 2 by 2030
  • net-zero emissions across all scopes, including scope 3, by 2040

For over 20 years, Iberdrola has been proactively developing sustainable solutions to support the global shift towards electrification. The company focuses on cleaner energy, increased storage, stable power backup, smarter grids, and enhanced digitization to meet its decarbonization goals.

Most recently, the company has taken a giant leap in the green hydrogen space. It has more than 50 green hydrogen projects, including ammonia and green methanol, spanning across the UK, Australia, Brazil, and the U.S. These initiatives aim to meet the electrification and decarbonization needs of industries and heavy transport.

source: Iberdrola

Four Key Levers Driving the Climate Action Plan

Environmental protection and sustainable development have been top priorities for the energy leader. Its sustainability report reveals that in the last four years, the company has invested over €140 billion in the energy transition. These investments have transformed the electric system, resulting in a more decarbonized generation mix and significantly reduced emissions.

Iberdrola’s Climate Action Plan focuses on four main levers to reduce emissions across all three scopes:

1. 100% Renewables

Iberdrola is heavily investing in renewable energy, expanding storage capacity, and advancing new technologies like hybrid systems and long-term storage. The goal is to achieve 52 GW of installed renewable capacity, primarily reducing Scope 1 emissions while also impacting Scope 3.

2. 100% Smart Grids

By 2025, Iberdrola aims for over 83% of its grid to be smart, making it a key component of a decarbonized and electrified energy system. These actions will directly reduce Scope 2 emissions and indirectly affect Scope 3.

3. Green Solutions for Customers

It is promoting the electrification and decarbonization of energy demand through initiatives like green hydrogen, sustainable mobility, and strategic alliances in green technologies. This lever is focused on reducing Scope 3 emissions.

4. Green Purchases

Iberdrola is committed to buying renewable energy for its use and forming partnerships to reduce emissions and accelerate the development of green products. These actions target reductions in both Scopes 2 and 3 emissions.

All in all, Iberdrola’s ability to attract investors across various markets is evident. As confidence grows, their commitment to sustainability and strategic market timing strengthens.

Disclaimer: Data and content source- Iberdrola’s reports

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