Global Lithium and Battery Trends: Top Stories You Need to Know!

Saptakee S
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Global Lithium and Battery Trends: Top Stories You Need to Know!

Lithium and battery technologies are at the forefront of global energy transformation in 2024. As demand for electric vehicles, renewable energy storage, and consumer electronics soars, the race to secure lithium and innovate in battery design is intensifying. This surge is driving significant advancements and investments worldwide. Discover the top lithium stories making news globally.

China’s Lithium Production Hurdles Amid Battery Supply Boom: Insights from S&P Global

China is rapidly expanding its battery supply chain, sparking concerns about lithium supply. Ken Brinsden, CEO of Patriot Battery Metals Inc., predicts that lithium prices will rise despite the recent slump. He believes China’s ongoing expansion, particularly on the more expensive side of the cost curve, will eventually push prices higher. As battery cells become cheaper, the demand for lithium-ion batteries is growing faster than anticipated. This highlights a looming imbalance in lithium demand and supply in China.

S&P Global forecasts a shortage of 8,000 metric tons of lithium chemicals by 2028, which could further spike prices. This means China might face significant supply challenges in the future.

Alice Yu, a senior analyst at S&P Global, explained that China is boosting domestic lithium production and reducing imports. However, despite higher production in China and Africa, meeting the country’s rising demand remains uncertain.

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lift power

Exploring Hard Rock Lithium Deposits In Canada.

Lithium, one of the most essential ingredients in the production of batteries, lithium powers some of our most important devices. As you may already know, it will also be one of the hottest resources in the coming decade. And one of the fastest developing North American lithium juniors is Li-FT Power Ltd (TXSV: LIFT | OTCQX: LIFFF | FRA: WS0) with a flagship Yellowknife Lithium project located in the Northwest Territories.

Learn more about this mineral exploration company engaged in the acquisition, exploration, and development of lithium pegmatite projects >>

Lithium China

source: S&P Global Market Intelligence

Shunyu Yao, another analyst, noted a significant factor that is obstructing lithium production. He believes China’s limited natural resources restrict large-scale growth, even though the country successfully manages the cost.

Furthermore, operating costs in China and Zimbabwe remain higher than in Australia. In Sichuan, where China produces most of its lithium, harsh winters force a production halt for three to four months each year. Additionally, Qinghai province, known for its salt lakes, faced high costs due to a high magnesium-to-lithium ratio. Recent technological advancements have made these operations more competitive, but the use of “old brine” extraction methods could slow expansion further.

The research firm forecasts that even though China’s lithium supply is expected to double by 2028, it will only meet 36% of the demand for EVs.

Lithium China

Chinese Giant Ganfeng Lithium Invests $500M in Turkey

Ganfeng Lithium recently announced a joint venture of $500 million with Yiğit Akü, Turkey’s leading lead-acid battery manufacturer, to boost lithium battery capacity. The new facility will produce 5 gigawatt-hours of lithium battery cells and packs annually.

Ganfeng Lithium Group, the Chinese lithium resource and technology giant, is focusing on expanding its downstream battery production. Last year, 74% of its revenue came from upstream battery materials, and 23% from lithium battery cells and packs. Notably, the R&D center in Turkey will feature advanced lithium battery technologies, including solid-state and high-power batteries for marine and aerospace applications. Both companies expect to grow their overseas customer base and significantly bolster international business. However, the final agreement is still pending approval.

Benchmark’s 2024 $1.6 Trillion Battery Investment Forecast

Benchmark predicts meeting battery demand through 2040 will require at least $1.6 trillion in investment. This amount is nearly 3X the $571 billion needed to satisfy 2030 demand.

Battery demand is expected to rise from 937 gigawatt-hours in 2023 to 3.7 terawatt-hours by 2030. Demand will double again from 2030 to 2040, according to Benchmark’s Lithium-Ion Battery Database.

it further explains, of the $1.6 trillion needed by 2040, 44% will go toward building gigafactories that produce battery cells and assemble packs. As more gigafactories gear up and electric vehicles reach the end of their life, the volume of battery scrap will grow significantly. Subsequently, recycling this scrap into battery materials will require $26 billion by 2030. This would increase investment 5X to $157 billion by 2040 due to the growing amount of battery scrap.

Benchmark also discovered that among critical raw materials, lithium will require the largest investments: $94 billion for 2030 and double that for 2040. Additionally, producing cathode active materials will account for 52% of the midstream investment needed by 2040. These figures are based on Benchmark’s base case scenario. Moreover, meeting the ambitious targets set by policymakers and industry may require even greater investment.

Pilbara Minerals to Acquire Latin Resources for $369.4M

Australia’s leading lithium miner, Pilbara Minerals Ltd., and Latin Resources Ltd. have agreed on a binding Scheme Implementation Agreement (SIA). Under this arrangement, Pilbara Minerals plans to acquire 100% of Latin Resources’ shares for $369.4 million. This deal will allow Pilbara to take control of Latin Resources’ Salinas Lithium Project, which could become a top global hard rock lithium operation. Located in Minas Gerais, Brazil, Salinas offers Pilbara flexibility to supply new markets, depending on prevailing market conditions.

For Latin Resources shareholders, this acquisition means an immediate premium and the unlocking of Salinas’ value. They will benefit from Pilbara’s experience in developing hard rock lithium projects and gain exposure to production from Pilbara’s Tier 1 Pilgangoora operation. For Pilbara, the deal would add approximately 20% to its Mineral Resources and 30% to its steady-state production. This move also opens up new supply opportunities for the North American and European battery markets.

Image: ASX-listed Future Capital Investment into Lithium Assetslithium Australiasource: Clean Energy Finance

E3 Lithium Boosts Canadian Battery Supply with New Demo Facility

E3 Lithium Ltd. plans to build a fully integrated Lithium Brine Demonstration Facility in Alberta. This project aims to produce battery-grade lithium carbonate from brines within the Leduc reservoir. Last year, the company introduced the Direct Lithium Extraction (DLE) pilot program, which was a huge success. Consequently, it will scale up the DLE system and integrate purification, concentration, and chemical conversion processes to create a comprehensive, commercial-like system.

The news release further reveals that the Demo Project will provide real-time data and samples for potential partnerships. This will optimize and reduce risks in the lithium production process. E3’s initiative is a significant step forward in establishing Alberta as a key player in the global battery supply chain. The company plans to share further details in the coming months as it finalizes the project’s design and operations.

European Energy Metals Exploration Plans for Finland

Vancouver-based European Energy Metals Corp. has submitted applications for five new Exploration Licenses (ELs) in Finland, adding to its substantial land holdings. These new ELs cover 10,220 hectares in the Kaustinen region, known for their potential in Lithium-Cesium-Tantalum (LCT) Pegmatites. With this addition, the company’s total EL holdings now reach 15,770 hectares, including the existing Nabba and Nabba 2 ELs.

Jeremy Poirier, CEO of European Energy Metals said,

“The expansion of our exploration licenses allows for more significant exploration to test and define the subsurface extent of widespread mineralization identified on the surface. In conjunction, our 2024 exploration program is designed to advance these projects and areas to a drill definition stage. The prospectivity of our tenements is highlighted by the proximity to other significant known deposits in addition to Keliber’s lithium concentrator currently under construction.”

Lithiumsource: European Energy Metals

The press release mentions that the company’s concessions are strategically located within 15 kms of the Keliber mine, which is set to begin production in late 2025. This area is undergoing significant development, with a €600 million investment led by Sibanye-Stillwater Limited and the Finnish Minerals Group. The project includes open-pit and underground mining, a central spodumene concentrator plant, and a lithium hydroxide chemical plant, aiming to establish a complete lithium supply chain in the region.

U.S. DOE Injects $54.4M to Boost Carbon Management Tech and Cut Carbon Emissions

Saptakee S
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U.S. DOE Injects $54.4M to Boost Carbon Management Tech and Cut Carbon Emissions

On August 13, The U.S. DOE (Department of Energy) announced a $54.4 million investment to reduce carbon emissions. This funding, provided by the DOE’s Office of Fossil Energy and Carbon Management (FECM), aims to advance carbon management technologies that come under its climate change portfolio.

DOE’s Agenda for Advancing Carbon Capture and Storage

Though President Biden has exited the race, his powerful Climate Agenda will keep driving progress for America. Thus, DOE’s investments are paving the way for the country toward the Biden-Harris Administration’s net-zero emissions goal by 2050.

So, what is included in this latest funding and how will it benefit the carbon economy? Here are the answers.

This funding will support a range of innovative approaches to reduce carbon dioxide (CO2) pollution. The focus is on developing clean technologies that can capture CO2 from both industrial processes and power generation sources, as well as directly from the atmosphere. Once captured, the CO2 can be transported for permanent storage deep underground or converted into valuable products like fuels and chemicals. Notably, these advancements in carbon management technologies will charge up its fight against climate change.   

Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management.

“Reaching our climate goals requires a significant scale-up of our carbon management projects and infrastructure. DOE’s investments in carbon management will address technical challenges and help reduce costs to accelerate the widespread deployment of these technologies across the Nation, while also helping to ensure projects deliver benefits to communities and workers and mitigate potential risks to public health and the environment.”

Overview of the U.S. DOE Commercial Direct Air Capture Pilot Prize

The American-Made Commercial Direct Air Capture (DAC) Pilot Prize, supported by the Bipartisan Infrastructure Law, will accelerate the development of direct air capture projects that are ready for commercial application. These projects are expected to drive the industry forward, generate well-paying jobs, attract private sector investment, and bring the advantages of climate initiatives to communities that host clean energy projects. Funding for this initiative is sourced from Section 41005.b of the Bipartisan Infrastructure Law.

Certain criteria are set for eligibility for the prizes. Profit and non-profit private entities, non-federal government bodies like states, and municipalities, and academic institutions that meet the necessary criteria can participate. The prize aims to support DAC pilot projects that have completed the early stages but are yet to be included in the Regional Direct Air Capture Hubs program.

This Commercial DAC Pilot Prize offers a total of up to $52.5 million in cash prizes. Teams will receive prizes as they hit key milestones in design, development, and deployment, advancing through four phases.

Key Areas in FECM’s Carbon Management Funding Opportunity Announcement

The sixth round of FECM’s Carbon Management funding opportunity announcement (FOA) will support several key areas:

Reactive Carbon Capture for Conversion to Products

This area focuses on integrating carbon capture with the conversion of CO2 into useful products. It aims to design and validate reactive CO2 capture methods that work with exhaust flue gas from power plants and industrial sites. Additionally, it could also capture CO2 directly from the atmosphere to convert it into eco-friendly products with minimal emissions. 

Engineering-Scale Testing for NGCC Power Plants

Projects will test carbon capture technologies at natural gas combined cycle (NGCC) power plants under real flue gas conditions. The goal is to achieve 95% carbon capture efficiency and CO2 purity while working toward a 30% reduction in capture costs.

Portable Carbon Capture Systems for Industrial Plants

This area supports the development and testing of portable carbon capture systems at various industrial sites, such as refineries, cement plants, steel mills, and more.

Preliminary FEED Studies for NGCC Power Plants

These studies will focus on commercial-scale carbon capture systems for existing NGCC power plants or combined heat and power facilities.

Pre-FEED Studies for Hydrogen Production

This area includes studies to advance carbon capture systems that achieve at least 95% capture efficiency. It could be a new or existing hydrogen production facility using coal, biomass, natural gas, or other feedstocks.

CO2 Transport Infrastructure Development

Pre-FEED studies will support the creation of multimodal CO2 transportation infrastructure capable of transferring CO2 across regional and national networks.

Furthermore, applicants must also consider the societal impacts of their projects, focusing on diversity, equity, inclusion, and accessibility. They must explain how their innovations will provide access to the benefits of these new technologies. For more details, check out the U.S. DOE’s official site.

Overall, DOE offers various grants, loans, and financing programs. These resources help startups, and local, state, and even tribal governments launch or scale up their projects to meet their energy goals.  

Oxford University Spinoff Reveals Synthetic Fuel Plant That Could Revolutionize Aviation

Jennifer L
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Oxford University Spinoff Reveals Synthetic Fuel Plant That Could Revolutionize Aviation

Oxford University spin-off OXCCU has announced a groundbreaking development in the aviation fuel sector: the launch of the world’s first hydrogen-to-synthetic aviation fuel demonstration plant. 

Scheduled to commence operations next month at Oxford Airport in England, this innovative project marks a significant step toward achieving more sustainable aviation fuel (SAF) solutions.

What is SAF?

SAF is a liquid fuel for commercial aviation that can cut carbon dioxide emissions by up to 80%. It can be produced from various feedstocks, including waste oils, fats, green and municipal waste, and non-food crops. Below is the state of SAF as of 2023. 

state of SAF in 2023 IATA data
Infographics from IATA website

Alternatively, SAF can be synthesized by capturing carbon directly from the air. The term “sustainable” refers to its production process, which avoids competing with food crops, water resources, or causing deforestation. 

Unlike fossil fuels, which release carbon that has been sequestered for millions of years, SAF recycles CO2 absorbed by biomass during its growth, thus reducing the overall carbon footprint. This is what the UK-based startup OXCCU is focusing on.

From Air to Aircraft: The Innovation Behind OXCCU’s Synthetic Fuel 

Backed by notable investors, including Saudi Aramco, United Airlines, and energy trader Trafigura, the OX1 plant will demonstrate a novel technology designed to convert hydrogen and carbon dioxide directly into long-chain hydrocarbons. This process uses an advanced iron-based catalyst and reactor design to achieve high conversion efficiency and selectivity, creating a cost-effective and scalable solution for producing aviation fuel.

Traditionally, producing aviation fuel from CO2 and H2 requires multiple steps. It involves CO2 first converted into carbon monoxide (CO) before being turned into hydrocarbons. 

OXCCU’s new approach bypasses this intermediate step, significantly reducing energy consumption and overall costs. 

OXCCU One-Step Process for SAF

OXCCU one-step process SAF
Image from OXCCU website

The one-step, direct conversion process not only streamlines production but also minimizes the formation of unwanted byproducts, making it a more environmentally friendly option.

  • The OX1 demonstration plant is set to produce about 1 kilogram (1.2 liters) of synthetic aviation fuel daily. While this initial output is modest, it represents a crucial proof of concept for OXCCU’s technology. 

The company has announced plans for a larger facility, the OX2 plant, which will be in northeast England. Expected to begin operations in 2026, OX2 aims to produce 160 kilograms (200 liters) of synthetic fuel per day. 

These advancements lay the groundwork for future commercial-scale plants that will further develop and supply power-to-liquid (PtL) fuels.

In June of the previous year, OXCCU secured £18 million ($23 million) in Series A funding. Various investors supported this round, including Italian oil firm Eni and several venture capital firms. 

Could This be The New Era for Aviation?

Despite the excitement surrounding the OX1 plant, OXCCU has yet to disclose whether the hydrogen used in the pilot will be produced from renewable sources or its specific origin. The successful demonstration and scale-up of this technology are crucial for the future of sustainable aviation fuel. 

According to CEO Andrew Symes, the key to achieving widespread adoption of PtL sustainable aviation fuel is making it cost-effective. He particularly said that:

“The single-step fuel we’ve developed in the lab has generated significant excitement due to its potential to dramatically reduce SAF costs. Scaling up is crucial, and this plant will provide the necessary data and fuel production.”

The OX1 plant will provide essential data and fuel volumes needed to validate the technology’s potential and pave the way for future commercialization.

The launch of the OX1 plant is a pivotal moment for the carbon removal and sustainable aviation fuel sectors. 

According to the International Air Transport Association (IATA), SAF would be crucial in achieving net zero CO2 emissions for aviation by 2050, potentially accounting for around 65% of the necessary emissions reductions. To meet this target, a ramp-up in SAF production is necessary, with the most substantial growth anticipated during the 2030s. 

net zero carbon 2050 aviation industry contributor
Chart from IATA website

This surge is expected as global policies become more supportive, SAF achieves cost parity with fossil kerosene, and credible carbon offsets become scarcer. 

As the world seeks to address climate change and reduce emissions, innovative solutions like OXCCU’s fuel process are essential. By demonstrating the feasibility of this technology, OXCCU is setting the stage for broader adoption of sustainable aviation fuels.

Can Nuclear Power Propel Maritime into a Zero-Emission Era? Maersk to Explore Nuclear for Ships

Jennifer L
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Can Nuclear Power Propel Maritime into a Zero-Emission Era? Maersk to Explore Nuclear for Ships

Nuclear energy is emerging as a potential game-changer for the maritime shipping industry, which currently relies heavily on fossil fuels. With global shipping responsible for nearly 3% of greenhouse gas emissions, there’s a pressing need to explore cleaner energy alternatives. And the integration of nuclear power into the maritime shipping industry is gaining momentum as a promising solution to achieve zero-emission shipping.

Danish shipping giant Maersk has joined forces with Lloyd’s Register (LR) and UK-based Core Power to explore the potential for nuclear-powered container shipping in Europe. This collaboration represents a significant step in the maritime industry’s efforts to decarbonize.

Teaming Up for Nuclear-Powered Shipping

The study will focus on the feasibility of using a fourth-generation nuclear reactor for powering container ships. Unlike traditional nuclear reactors, these small and mass-produced reactors are designed to consume less nuclear fuel while being less powerful. The partnership will evaluate the necessary regulatory frameworks and safety requirements to operate nuclear-powered vessels in European waters.

Maersk’s head of fleet technology, Ole Graa Jakobsen, acknowledged the challenges associated with nuclear power while also noting that if these challenges can be overcome, nuclear power could become a viable decarbonization option for the logistics industry within the next 10 to 15 years.

Nick Brown, CEO, Lloyd’s Register, remarkably highlighted the role of nuclear in the maritime industry saying that:

“A multi-fuel pathway to decarbonising the maritime industry is crucial to ensuring we as an industry meet the IMO’s emission reduction targets and nuclear propulsion shows signs of playing a key role in this energy transition.”

Core Power’s CEO, Mikal Bøe, echoed Brown’s sentiment noting that “there’s no net zero without nuclear.”

The maritime sector has been increasingly considering nuclear fuel as a potential solution to reduce its carbon footprint. A survey conducted by the International Chamber of Shipping in May 2022 highlighted growing interest in nuclear-powered commercial ships, with some experts predicting their viability within the next decade.

The collaboration between Maersk, LR, and Core Power signals a forward-looking approach to addressing the environmental impact of shipping.

Advanced Nuclear Reactors: The Next Frontier in Maritime Decarbonization

Nuclear power has a long history of use in naval vessels since the 1950s, and its application in commercial maritime shipping is being revisited due to the urgent need for decarbonization. The U.S. is exploring the potential of marinized nuclear reactors to replace aging fleets and meet the International Maritime Organization’s (IMO) target of a 50% reduction in CO2 emissions by 2050.

Among various types of nuclear energy technologies available, SMRs (small modular reactors) are particularly appealing for maritime applications due to their compact size and enhanced safety features.

SMRs are smaller and more flexible than traditional nuclear reactors, making them suitable for installation on ships. SMRs could provide ships with a steady supply of power, enabling them to travel long distances without the need for frequent refueling stops. This could be especially beneficial for large cargo ships and icebreakers operating in remote areas.

MSRs, a type of SMR, offer even greater potential with their ability to operate on various fuel cycles, including thorium, and provide extended refueling intervals.

Countries like the U.S., South Korea, and Denmark are at the forefront of developing these reactors for maritime use. For instance, Denmark’s Seaborg Technologies is working on a compact Gen-IV molten fluoride salt reactor with a 12-year refueling cycle, aiming for deployment on floating power plants.

Why Nuclear Power Could be the Key

One of the most compelling reasons to consider nuclear energy for maritime shipping is its potential to reduce GHG emissions. Nuclear-powered ships do not emit carbon dioxide during operation, unlike conventional ships that burn fossil fuels. More notably, nuclear generates 4x less carbon emission than solar farms.

Additionally, nuclear energy produces minimal waste compared to fossil fuels, and advances in waste management have made it safer and more manageable.

Moreover, nuclear energy offers a high level of energy security and independence for ships. Unlike fossil fuels, which are subject to price fluctuations and geopolitical tensions, nuclear fuel is abundant and can be sourced from multiple countries.

However, while the potential of nuclear-powered ships is significant, there are challenges related to regulatory approval, public perception, and the high initial costs of reactor development. Still, countries like Russia, China, and the U.S. are making strides in overcoming these hurdles.

Russia, for example, already operates nuclear-powered icebreakers and floating power plants, demonstrating the feasibility of nuclear technology in harsh marine environments​.

In the U.S., the adoption of nuclear power in maritime shipping could revitalize the domestic fleet, particularly under the Jones Act. The regulation mandates that goods transported between U.S. ports must be carried on U.S.-built and operated ships.

Could Nuclear Power Revolutionize Shipping?

The development of SMRs and advances in nuclear technology are making it increasingly feasible for commercial vessels to be powered by nuclear energy. However, careful consideration of safety, regulatory, and public perception issues will be crucial as the industry moves forward.

In conclusion, nuclear energy presents a promising opportunity for the maritime shipping industry to reduce its environmental impact and increase energy security. While there are still many challenges to overcome, the potential benefits make it an option worth exploring.

With continued research and development, as well as the establishment of appropriate regulatory frameworks, nuclear-powered commercial shipping could become a reality in the coming decades.

Altman-Backed Company Opens Biggest US Direct Air Capture Plant

Jennifer L
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Altman-Backed Company Opens Biggest US Direct Air Capture Plant

A direct air capture (DAC) company, Heimdal Inc., inaugurated its first plant on August 13 in Oklahoma, marking a significant milestone in the carbon capture industry. The Bantam plant, located near Shidler on the Osage Nation Reservation, is now the largest operational DAC facility in the United States. 

The plant is designed to capture over 5,000 tons of CO2 annually. This capacity makes it the second-largest DAC plant globally, just behind the one operated by Heirloom Carbon Technologies in California.

The captured carbon dioxide is used for enhanced oil recovery (EOR), a method of extracting more oil from existing wells. This makes Heimdal’s approach distinct from other carbon capture companies that focus on storing the CO2 underground.

A Swift Success: From Blueprint to Operation

The company’s achievement comes less than a year after Heimdal announced its plans for the Bantam plant. The Altman-backed startup has ambitious goals, with plans for a second, much larger facility that will capture one megaton of CO2 per year. This plant is expected to come online by 2026.


Heimdal’s Direct Air Capture (DAC) process removes CO2 from the atmosphere using an approach that leverages natural minerals. The process starts by heating quarried limestone, which releases calcium oxide. This calcium oxide is then exposed to air, where it acts as a sorbent to capture CO2. 

After the CO2 is absorbed, the material is heated again to release the captured CO2. It can then be either stored or utilized for other purposes, such as enhanced oil recovery (EOR).

The key innovation in Heimdal’s process is the use of readily available materials and existing industrial technologies. This approach allows for a more cost-effective and scalable solution. 

The DAC company has focused on optimizing this process to achieve a cost of capture below $200 per ton of CO2. This focus on cutting down costs makes Heimdal competitive with other carbon removal methods.

Unlike rivals such as Heirloom Carbon Technologies and Climeworks AG, which avoid using captured CO2 for EOR, Heimdal embraces this practice, supported by prominent investors like Sam Altman and Marc Benioff.

Pioneering a Cost-Effective Pathway to Carbon Capture

Heimdal’s approach is distinct in its combination of simplicity and effectiveness. It is leveraging the natural properties of limestone to create a viable pathway for large-scale carbon capture. By using materials that are widely available and technologies that are already in use in other industries, Heimdal aims to scale its operations quickly and contribute to global efforts to reduce atmospheric CO2 levels.

The startup CEO, Marcus Lima, remarked:

“Our focus has always been on getting things done first, and we are thrilled to share the results of that effort faster than thought possible and more affordably than ever achieved up until now.”

Heimdal’s rapid progress has been enabled by its use of widely available “off-the-shelf” materials. The startup is also employing an approach that prioritizes speed and affordability over immediate net carbon capture efficiency. For instance, until federal permits are obtained for permanent CO2 storage, the captured CO2 will be used for enhanced oil recovery, and the plant will temporarily rely on natural gas to power its operations.

The company is exploring the potential of sequestering CO2 permanently in underground wells, pending regulatory approval. It is also considering switching to electric kilns in the future.

The Broader DAC Landscape in the U.S.

The Bantam plant is part of a broader trend in the U.S. where over a dozen companies are entering the DAC market. This trend is spurred by federal tax incentives and growing corporate demand for carbon offsets. 

Notably, Occidental Petroleum Corp. is also set to launch a commercial DAC operation in Texas in mid-2025. The facility boasts an initial capacity of 500,000 metric tons of CO2 per year. BlackRock has committed $550 million to invest in Occidental Petroleum’s DAC project in Ector County, Texas.

These DAC projects represent a significant step forward for carbon removal technology, which is seen crucial in fighting climate change. The International Energy Agency (IEA) emphasizes the importance of scaling up DAC to achieve global net zero emissions.

The technology’s ability to directly remove CO2 from the atmosphere offers a potential solution for decarbonizing industries that are difficult to electrify or reduce emissions by other means.

DAC net zero emissions

Heimdal’s direct air capture plant represents a significant step forward in the U.S. carbon capture landscape. It demonstrates the viability of DAC technology and setting the stage for future large-scale operations.

Copper Price Is Rising Back Up Amid Union Strike at BHP’s Escondida Mine

Jennifer L
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Copper Price Is Rising Back Up Amid Union Strike at BHP’s Escondida Mine

Copper prices rose on Wednesday due to optimism surrounding potential U.S. interest rate cuts and the impact of a strike at the Escondida mine in Chile, the world’s largest copper mine. 

Factors Driving Copper’s Price Revival

The 3-month copper contract on the London Metal Exchange increased by 0.8% to $9,026 per metric ton. This is a turn-around from the previous month’s price dropping to below the $9,000/ton threshold.

This reflects market excitement over the possibility that the U.S. Federal Reserve might shift its focus from controlling inflation to promoting economic growth. Such expectation is fueled by weaker-than-expected U.S. producer price data, which has led investors to anticipate that cooling inflation could prompt rate cuts.

The U.S. dollar index, which fell to a one-week low, also supported copper prices by making the dollar-denominated metal more affordable for buyers using other currencies. 

However, gains in copper were tempered by ongoing concerns about the Chinese economy. Recent data showing that bank lending in China in July was the lowest in nearly 15 years has intensified fears of a prolonged economic downturn. This could negatively affect industrial activity and demand for metals.

Notably, a powerful workers’ union’s strike at BHP’s Escondida mine in Chile has further bolstered copper prices. The strikers aim for a bigger share of the profits from the largest copper mine in the world.

What Fuels the Copper Mine’s Unrest? 

The strike raises the prospect of disrupted production at a mine that produced almost 5% of the world’s copper output. This strike history is marked by significant disruptions, such as the 44-day strike in 2017, which led to a spike in global copper prices after BHP declared “force majeure.” 

The term indicates the company couldn’t fulfill its contracts due to the strike’s impact. Similar disruptions occurred in 2006, 2011, and 2015, with the union’s actions consistently affecting production and prices.

Three key factors enhance the union’s bargaining power: 

  1. It represents 61% of Escondida’s workforce, 
  2. Has substantial financial reserves to support workers during strikes, and 
  3. Is protected by Chilean law, which prevents the company from replacing striking workers. 

These reasons give the union considerable leverage in negotiations. The union, Sindicato Nro. 1, controls nearly all frontline workers at Escondida, including essential machine operators, drivers, and technicians. 

BHP has attempted to restart talks, but the union rejected the latest offer, although it has indicated a willingness to resume discussions. The company has a contingency plan that allows non-unionized workers to continue operations, but the extent to which production is maintained still needs to be clarified.

A key point of contention is the union’s demand for 1% of the mine’s shareholder dividends to be distributed to workers, estimated to be around $35,000 per worker.

In 2021, the union made a similar demand, but an agreement was ultimately reached that provided workers with a bonus of approximately $23,000, along with nearly $4,000 in overtime bonuses.

BHP has currently offered a bonus of $28,900, but the union is holding out for a better deal.

How Could the Strike Affect Copper Prices?

The strike’s impact on copper prices has been limited so far, mainly due to weak demand from China and hopes for a quick resolution. However, the situation could escalate if the strike continues. 

Since copper price reached record highs in May at LME, it has been dropping as shown below. 

copper price July 2024

Remarkably, market sentiment shows a bullish forecast for the red metal, with an expected trading range to go beyond $4.10/pound. According to Trading Economics estimates, copper prices could trade at $4.14/pound at the end of the quarter. 

As negotiations between BHP and the union continue, the outcome will significantly impact global copper markets, depending on the strike’s duration and severity. This situation highlights the critical importance of mining in the global copper supply chain. Nearly 90% of the world’s copper comes from mines rather than recycled scrap.

In addition to copper, other base metals also saw gains. LME aluminum price rose by 1.2% to $2,360.50 per ton, zinc climbed by 1.5% to $2,727.50, lead advanced by 0.9% to $2,008, and tin increased by 0.9% to $31,470. However, nickel prices dipped slightly, by 0.1%, to $16,300 per ton.

The ongoing strike and potential shifts in U.S. monetary policy could play pivotal roles in shaping the global copper market’s trajectory in the coming weeks. Investors and stakeholders will be closely watching the developments, particularly as copper remains a critical component to reach the world’s net zero goal.

Record-Breaking $225M World Bank Bond Funds Amazon Reforestation

Saptakee S
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Record-Breaking $225M World Bank Bond Funds Amazon Reforestation

The World Bank, through its leading arm, International Bank for Reconstruction and Development (IBRD), has issued a 9-year bond worth USD 225 million. This bond supports carbon removal by funding reforestation in Brazil’s Amazon rainforest.

Unlocking the World Bank’s Carbon Removal Bond

Jorge Familiar, Vice President and Treasurer, World Bank, noted,

“A variety of partners and financing tools are needed to support the Amazon and help the people there pursue better livelihoods, protect its incredible biodiversity, and safeguard its global role in mitigating climate change.”

Notably, this is the largest bond issued by the World Bank to date, directly linked to reforestation efforts in the Amazon and promising fantastic returns. As mentioned in the press release, investors will earn a return through a fixed coupon and a variable component tied to Carbon Removal Units (CRUs). Additionally, the reforestation projects in Brazil will generate these credits.

Furthermore, investors hail this bond as unique. This means it connects their financial returns to actual carbon removal, unlike previous bonds tied to carbon credit sales from emission avoidance.

The key feature of this bond is that ~ USD 36 million will support Mombak, a Brazilian company. Mombak will use the funds to reforest land in the Amazon with native trees, boosting biodiversity and supporting local communities. This bond introduces an innovative approach to mobilizing private capital for reforestation finance.

Their Carbon Credits Boost Global Markets

Last year, the World Bank unveiled its plans to expand high-integrity global carbon markets, helping 15 countries generate income by preserving their forests. To name a few, Chile, Costa Rica, Ghana, and Indonesia were the participating countries. The bank expects these nations to generate over 24 million carbon credits in a year, potentially earning up to $2.5 billion by 2028.

The initiative is led by the World Bank’s Forest Carbon Partnership Facility (FCPF), focusing on environmental and social integrity. Since 2018, the FCPF has pioneered carbon-crediting systems, ensuring credits are unique, measurable, and permanent. Third parties rigorously monitor and verify these credits based on World Bank standard.

Can this Bond Bring High Returns and Save the Amazon Rainforest?

Jorge Familiar has been assertive of this historic transaction. He believes it demonstrates eagerness of private investors to link their financial returns to positive outcomes in the Amazon. Additionally, the promising returns signal rising interest in this structure and the growth of supported sectors.

Essentially, the bond is 100% protected, ensuring investors’ money is safe. The USD 225 million raised will fund the World Bank’s global sustainable development efforts. Instead of receiving full regular interest payments, investors will allow a portion to support Mombak’s reforestation projects through a deal with its hedge partner HSBC. Moreover, these projects align with the World Bank’s goals in the Amazon but are not funded by IBRD loans.

The Carbon Removal Units (CRUs) generated by these projects will be sold, and a share of the revenue will be paid to bondholders as CRU Linked Interest. In addition, investors will receive a guaranteed minimum interest payment. If the projects succeed as expected, bondholders could earn more compared to similar World Bank bonds.

Greg Guyett, CEO of Global Banking & Markets, HSBC commented,

“We are pleased to work alongside the World Bank on this innovative bond which aims to support the reforestation of thousands of hectares of the Brazilian Amazon rainforest. We are committed to helping our clients fund sustainable development projects that make a difference in the climate challenge.  It was a privilege for HSBC to structure the transaction and act as sole lead manager on the World Bank’s largest-ever outcome bond issuance to date.”

Bolstering Investors’ Confidence

Prominent investment partners include Mackenzie Investments. T Rowe Price, Nuveen, Rathbone Ethical Bond Fund, and Velliv.

Investors consider this bond to have the potential for attractive financial returns with measurable positive impacts. They expect significant benefits through carbon removal, biodiversity enhancement, and job creation.

Hadiza Djataou, Vice President, Portfolio Manager, Fixed Income, Mackenzie Investments has significantly remarked,

“This transaction, in partnership with Mombak, offers a landmark opportunity in nature positive investment while supporting land stewardship principles. We believe the bond’s unique structure will prove to be both a strong investment and a catalyst for further innovation in the sustainable fixed-income market.“ 

Decoding World Bank’s Interest in Brazil

GHG emissions in Brazil surpassed 2.3 billion MtCO₂e in 2022, a decline of over 8% in comparison to the previous year. The country’s climate-aligned investments are expected to total $2-3 trillion by 2050. Brazil’s latest climate report predicted this.

Amazon rainforest brazilSource: Brazil 2024 Climate Report

Interestingly, AP news revealed that in 2022, Amazon trees held 56.8 billion MtCO₂e, making the Amazon a huge carbon sink. However, climate experts have shown a red flag over the ongoing deforestation that could shift the Amazon from a carbon sink to a carbon source. This is one of the reasons why Brazil has become a hot spot for environment preservation activities, particularly the Amazon rainforest.

Speaking of Brazil, the World Bank’s connection with the country is not something new. In 2022, it analyzed how Brazil could meet its climate goals and backed innovative projects. It included a whopping US$ 500 million Climate Finance Solution. This initiative aimed to expand sustainability-linked finance and help the private sector access the carbon credit market.

The World Bank announced the Amazon reforestation bond on June 14. They initially left the exact principal value undecided but have now confirmed it.

BHP, Rio Tinto and Qantas Funnel US$53 Million Into a Carbon Credit Fund

Jennifer L
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BHP, Rio Tinto and Qantas Funnel US$53 Million Into a Carbon Credit Fund

Industry giants, BHP, Rio Tinto and Qantas, will invest A$80 million (USD$53 million) in Silva Capital’s Silva Carbon Origination Fund, the first close from these foundation investors. The fund is designed to offer access to large-scale, high-integrity carbon credits from nature-based projects in Australia focused on reforestation and sustainable agriculture. 

Silva Capital, a joint venture between Roc Partners and C6 Investment Management, focuses on developing high-integrity carbon abatement projects to produce Australian Carbon Credit Units (ACCUs). The Silva Carbon Origination Fund is their first venture. The fund targets mixed-use agricultural and environmental planting projects across Australia to produce ACCUs at a large scale.

Australian Carbon Credit Units (ACCUs) are issued by the Australian government’s $3 billion Emissions Reduction Fund (ERF) to support the country’s goal of reducing carbon emissions by 43% from 2005 levels by 2030.

The ERF primarily grants credits to projects focused on deforestation prevention, native forest regeneration, and methane collection from landfills. These credits can be sold to the government or companies aiming to meet their emissions reduction targets. High-emission industries, such as mining and aviation, are increasingly purchasing carbon credits to offset their environmental impact.

Rio Tinto is Leveraging Carbon Credits For Its Decarbonization Goals

Jonathon McCarthy, Rio Tinto’s Chief Decarbonisation Officer, emphasized the company’s commitment to decarbonizing its operations. He noted that the investment in the Silva Carbon Origination Fund will help meet compliance obligations through high-integrity carbon credits.

Rio Tinto aims to retire 3.5 million carbon credits annually by 2030, covering 10% of its baseline emissions. This increased focus on the Voluntary Carbon Market (VCM) supports its 2030 climate goals, especially after acknowledging it may miss 2025 decarbonization targets.

Rio Tinto 2030 emissions reduction pathway

In 2023, its Scope 1 and 2 emissions were stable at 32.6 million tonnes of CO2 equivalent (tCO2e), with Scope 3 emissions at 578 million tCO2e. Rio Tinto plans to increase carbon credit procurement to 1.7 million tCO2e by year’s end and commit 500,000 hectares to NBS by 2025.  

For 2024, Rio Tinto has allocated an estimated $750 million for decarbonization efforts, including capital and operational expenditures, offsets, and Renewable Energy Credits (RECs). However, the company has revised its total expenditure estimate for meeting its 2030 climate targets, reducing it from $7.5 billion to $5-6 billion.

The company expects to increase its carbon credit procurement, mainly through Australian Carbon Credit Units (ACCUs).

What Role Do Carbon Credits Play in BHP’s Emission Reduction?

Graham Winkelman, BHP’s Vice President of Climate, remarked that while BHP is actively pursuing structural greenhouse gas emission reductions from its operations, carbon credits will play a role in achieving its decarbonization targets.

The world’s largest mining company, expects its carbon emissions to grow in the short term and acknowledges the need for rapid technological solutions and carbon credits to meet its 2050 net zero goal.

While on track for its 2030 emissions reduction target, BHP admits achieving net zero by 2050 will be challenging. The company aims for a 30% reduction in Scope 1 and 2 emissions by 2030 but does not include Scope 3 emissions, which involve its customers’ emissions, like those from steelmakers.

To achieve its 2030 decarbonization goals, BHP plans to invest $4 billion, with the majority directed toward reducing diesel use in haul trucks, electricity, and gas emissions. Diesel accounts for about 50% of the company’s pollution, while methane contributes over 14% of its operational greenhouse gas emissions.

BHP carbon offset credit use cases
From BHP Report

The ACCUs will also help the mining giant in meeting compliance obligations under the Safeguard Mechanism Act.

Why Qantas is Investing in the Silva Carbon Origination Fund

Qantas’ investment in the Silva Carbon Origination Fund will aid in meeting its climate targets by securing high-quality, nature-based carbon credits. 

The airline is financing its investment through its Climate Fund, a A$400 million initiative established last year to support the company’s decarbonization efforts. The fund will also boost the Australian carbon credit market, offering social and economic benefits to local communities.

Andrew Parker, Qantas’ Chief Sustainability Officer, emphasized that high-integrity carbon offsets will be crucial for hard-to-abate sectors like aviation. He further said that:

“We expect the demand for carbon offsets to continue to grow into the future and it’s going to take partnerships across industries to enhance the overall availability of high-quality, high-integrity carbon credits.”

This move builds on Qantas’ broader climate efforts, including its recent investments in the Sustainable Aviation Fuel Financing Alliance (SAFFA) and a Queensland biofuel production facility in partnership with Jet Zero Australia and LanzaJet.

The Focus of The Carbon Fund

The fund’s strategy includes investing in agricultural land to develop large-scale carbon sequestration projects by reforesting cleared areas while maintaining the land’s productivity for farming. These projects integrate robust carbon credit methodologies, enhance farming activities for local communities, and promote habitat restoration and biodiversity protection.

Silva Capital Co-Managing Director, Brad Mytton, highlighted that sustainable agriculture is central to the fund’s investment strategy. He noted that the Silva Carbon Origination Fund aims to create a portfolio of mixed farming land with significant canopy cover, producing a large volume of high-integrity carbon credits. Mytton further stated that:

“The Fund has been designed to appeal to both corporate investors seeking to access carbon credits and institutional investors seeking portfolio diversification…”

Backed by industry heavyweights, the Silva Carbon Origination Fund could play a pivotal role in advancing Australia’s carbon credit market and supporting the nation’s ambitious climate goals.

Why Standards Matter: The CRSI’s Role in the Carbon Removal Boom

Jennifer L
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Why Standards Matter: The CRSI’s Role in the Carbon Removal Boom

As companies increasingly adopt carbon dioxide removal (CDR) technologies to achieve their sustainability and climate targets, the need for rigorous oversight and standards has become more pressing. To address this, the newly launched Carbon Removal Standards Initiative (CRSI) seeks to develop and promote effective standards for carbon sequestration efforts. 

The initiative emerges amidst a backdrop of significant investment in CDR by major tech companies and growing concerns about the credibility of these technologies.

The Push for Carbon Removal Credibility: What’s at Stake?

Carbon removal emerges as a crucial element in combating climate change, particularly as businesses strive to meet net zero goals. Despite its importance, the industry faces significant challenges in scaling up to meet future needs.

The Carbon Removal Standards Initiative is designed to fill a critical gap in the current landscape of carbon removal technologies. With CDR encompassing a range of methods—such as industrial facilities that filter CO2 from the air or seawater—there is a risk that these technologies may not deliver the promised environmental benefits. 

For instance, while industrial-scale CDR facilities can sound promising, they often require substantial energy inputs. Plus, the captured carbon could potentially be used to produce more fossil fuels, undermining the intended climate benefits.

The lack of standardized oversight raises concerns about the effectiveness of these carbon removal methods. This is where the new CDR initiative comes in.

The CRSI, led by Anu Khan, former science and innovation director at climate NGO Carbon180, seeks to address the growing need for rigorous standards in CDR. As an independent nonprofit, it seeks to bolster the credibility and effectiveness of CDR efforts by providing technical assistance and capacity building specifically around quantification standards. Its work is founded on these three essential realizations:

  1. Carbon removal is a public good.
  2. Carbon removal supply and demand will be policy-driven. 
  3. Solutions will fit into a range of regulated industries, from agriculture and mining to construction and waste management.

Instead of creating its own guidelines, CRSI focuses on providing technical assistance to entities working on carbon removal policies. 

The Role of CSRI in the CDR Industry

One key feature of CRSI is its commitment to being a nonprofit organization that does not accept corporate donations or rely on the sale of carbon credits from CDR projects. This independence is to ensure that CRSI can provide unbiased, reliable guidance on carbon removal standards. 

According to Anu Khan:

“I think it’s a really promising conversation… But for all of these policies, we need to make sure that they are actually measurably, quantifiably drawing down carbon.”

This perspective reflects a growing recognition that carbon removal efforts must be independently validated to ensure genuine climate benefits. Such a much-needed standard becomes more crucial with the increasing involvement of major tech companies and investment groups in CDR. 

Tech giants, including Alphabet (Google), Meta, Microsoft, Shopify, Stripe, and more are investing heavily in these initiatives. They’ve launched Frontier which connects CDR projects with interested buyers. These efforts highlight the market’s growing demand for credible carbon offsets. 

Current CDR Industry Status

Currently, the carbon removal sector is still developing, with limited uptake among companies. Of nearly 6,000 businesses with Science-Based Targets, only 32 have purchased carbon removal credits in 2023. 

However, in the same period, the number of carbon removal credits sold surged dramatically, increasing 650%. According to CDR.fyi, a public benefit corporation, credit sales jumped from 800,000 tonnes at the end of 2022 to over 5.2 million tonnes by the end of 2023. This rise in activity culminated in more than $2.1 billion in carbon credit purchases for the year.

Forecast CDR Demand

For long-term carbon removal projections, the lowest estimates suggest that billions of tonnes will be required by 2050. According to BCG’s analysis, the carbon removal market will be driven primarily by voluntary demand from large corporations. They project that demand for durable carbon removal will range from 40 to 200 million tonnes per year by 2030, with a market value between $10 billion and $40 billion. 

By 2040, demand could rise to 80 to 870 million tonnes per year, translating to a market value of $20 billion to $135 billion.

BCG carbon removal credit demand projection 2030-2040

In the high scenario, demand could reach 200 to 870 million tonnes per year by 2030 to 2040, with a market value of $40 billion to $135 billion. These projections underscore the significant investment and scaling efforts needed to meet future carbon removal requirements.

When it comes to prices, the averages per method worldwide in 2022 and 2023 are as follows, according to Statista. 

carbon removal credits price 2022 and 2023

2024 and Beyond: What’s Next for Carbon Removal?

Reflecting on 2023’s breakout year for carbon removal, it’s evident that 2024 is poised for even greater achievements. Policymakers are starting to catch up with the rapid development of carbon removal technologies. 

The European Union, for example, is working on the first certification framework specifically for carbon removal technologies. Meanwhile, CRSI’s efforts represent a critical step in creating a foundation for evaluating and regulating these emerging methods.

The surge in market momentum and demand for high-quality carbon credits, combined with supportive policies and the rise of innovative startups, sets the stage for yet another groundbreaking year ahead in carbon removal. As the industry grows, Carbon Removal Standards Initiative’s role will be vital in ensuring that these technologies contribute effectively to climate goals. 

Kronos and Yasheng Partnership: Revolutionizing Power with Nickel-63 Nuclear Battery

Saptakee S
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Kronos and Yasheng Partnership: Revolutionizing Power with Nickel-63 Nuclear Battery

In a major development in the nuclear sector, Kronos Advanced Technologies Inc. and Yasheng Group have strategically partnered to create and file a patent for an innovative small nuclear battery—Nickel-63. This battery is expected to offer an extended lifespan of up to 50 years. The collaboration targets key energy storage challenges in areas such as remote sensing, space exploration, medical devices, and military applications.

What is a Nickel-63 Battery?

A nuclear or an atomic battery converts a radioactive isotope into electrical energy through its decomposition. These batteries can last for several decades, providing a long-term solution for energy storage. By decomposing radioactive materials, they generate substantial energy while minimizing waste.

Scientists believe that nuclear batteries are reliable, lightweight, highly efficient, and economically sustainable. Specifically, the Nickel-63 battery will convert energy produced from the beta decay of the radioactive isotope Nickel-63 into electrical power. It will be encased in a robust radiation-shielding case to prevent leakage and feature a thermal management system to stabilize its operation, ensuring environmental safety and mitigating potential radioactive hazards.

Unlocking the Kronos and Yasheng Agreement

Kronos Advanced Technologies, headquartered in West Virginia, specializes in air movement and purification technology used in automotive, aviation, healthcare, and transportation sectors. Yasheng Group, a U.S. holding company, has joint ventures in agriculture, biotech, blockchain, and mining, operating in the U.S., China, and the Philippines. Yasheng is expanding globally through growth, mergers, and acquisitions in the eco-agriculture industry.

Agreement Details:

  • Patent Filing and Costs: Yasheng Group will handle the patent filing for the nuclear battery in China, while Kronos Advanced Technologies Inc. will manage the filing in North America. Each company will cover the filing costs in their respective regions.
  • Royalties: Both companies will share profits from this groundbreaking technology. Kronos Advanced Technologies Inc. will receive 10% of the royalties generated by Yasheng Group in China, while Yasheng Group will receive 10% of the royalties from Kronos Advanced Technologies Inc. in North America.

The Impact of Nickel-63 Nuclear Batteries on Next-Gen Power

Nickel-63 nuclear batteries hold significant potential across various industries due to their long-lasting power and unique features. In the medical field, they are ideal for powering implantable devices like pacemakers, artificial hearts, and cochlear implants, where frequent battery replacements are impractical.

In aerospace and defense, these batteries are well-suited for long-duration space missions and satellite operations due to their durability and minimal maintenance requirements. They are also perfect for remote sensors and Internet of Things (IoT) devices, providing continuous monitoring and data collection in remote or challenging conditions.

Although still in development, Nickel-63 batteries have the potential to transform consumer electronics by potentially eliminating the need for recharging devices like smartphones and laptops. Notably, Kronos and Yasheng Group have targeted all these applications in their collaboration.

The Rise of Nuclear Power Batteries in a Net Zero Future

Industries are increasingly drawn to nuclear batteries for their reliability, endurance, and sustainability. As the world shifts toward net-zero goals, government regulations focus on reducing energy waste and environmental pollution. Nuclear batteries’ ability to reduce waste and lower greenhouse gas emissions positions them as a key player in the energy market.

Experts predict that demand for these batteries will grow as the industry transitions from electrochemical to nuclear technology. This trend is expected to drive significant growth in the nuclear battery market. Most importantly, these batteries could play a critical role in decarbonizing global electricity systems and mitigate impact of climate change.

According to Expert Market Research, the global nuclear battery market is projected to expand at a compound annual growth rate (CAGR) of approximately 8.7% to 9.1% from 2024 to 2032. This growth is driven by advancements in nuclear technology, increased adoption of electric and hybrid vehicles, and the rising demand for long-lasting power sources across industries such as medical, aerospace, and remote sensing.

Image: Nuclear Battery Market Share (%) by Region (2019-2031)

nuclear battery

source: cognitivemarketresearch

Key market players in nuclear batteries include Exide Technologies, Tesla Energy, Thermo PV, Vattenfall, American Elements, Marlow Energy Group, Curtiss-Wright Nuclear, City Labs, Inc., Luminous Power Technologies, etc.

Interestingly, earlier this year, Betavolt, a Chinese startup announced the development of nickel-63 battery, promising power for 50 years without recharging or maintenance. It claimed that its nuclear battery is “the world’s first to miniaturize atomic energy in a module smaller than a coin.” Media reports state that the battery is currently undergoing pilot testing and is expected to be mass-produced for use in phones and drones.

Overall, if Kronos and Yasheng partnership succeed, it could be a game changer for nuclear battery technology.

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