Gold Price Up 70%, Costs Up 16%: Miners’ Decarbonization Test

Jennifer L

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September 30, 2026

Gold Price Up 70%, Costs Up 16%: Miners’ Decarbonization Test

Gold prices remain near historic highs, creating a major cash-flow opportunity for mining companies. The bigger question for the industry is what miners are doing with those stronger margins. Spot gold was around $4,183 per ounce on September 29, 2026, after reaching a record high earlier this year. The latest price is still well above the levels seen before the recent gold boom.

Mining costs have also increased, but much more slowly than gold prices.

The World Gold Council (WGC) reported that the global average all-in sustaining cost (AISC) reached a record $1,785 per ounce in the first quarter of 2026, up 16% from a year earlier. Gold’s average price rose about 70% year over year during the same period.

As a result, average AISC margins jumped 134% year over year to a record $3,076 per ounce. This creates an unusual opportunity for miners to invest more in cleaner operations.

The question is whether that money is actually flowing into decarbonization, renewable power, electrification, and other environmental projects.

Gold Prices Are Rising Faster Than Mining Costs

Gold remained extremely expensive in Q2 2026, even after pulling back from its early-year record. The LBMA Gold Price PM averaged $4,506.29 per ounce during Q2, down 8% from Q1 but still 37% higher than Q2 2025.

Mining costs have also risen, but at a slower pace. The latest global industry data from the World Gold Council, covering Q1 2026, put average all-in sustaining costs (AISC) at a record $1,785 per ounce, up 5% quarter over quarter and 16% year over year. The WGC has not yet published a global Q2 AISC figure.

The gap is still striking. Gold’s Q2 average was about $2,721 per ounce above the latest global AISC benchmark.

Gold prices have risen much faster. The difference gives miners substantial room between the revenue earned from each ounce and the cost of sustaining production.

The WGC says royalties were one of the biggest reasons costs increased. In Q1 2026, royalty payments rose 85% year over year and accounted for about 12% of average AISC, compared with around 6% in Q1 2021.

So miners are not keeping the entire benefit of higher gold prices. Governments are also capturing part of the windfall through royalties and taxes.

Even after those costs, however, margins remain exceptionally strong. That gives companies more capacity to fund mine development, debt reduction, dividends, share buybacks, and sustainability projects.

Fed Rate Hike Changes the Gold Equation

The biggest new market driver is the U.S. Federal Reserve.

On September 16, the Fed raised its benchmark interest rate range by 25 basis points to 3.75%–4.00%. It was the central bank’s first rate increase in three years. The Fed said inflation remains elevated and that the latest action would support a return to its 2% inflation goal.

The Fed’s latest projections point to a higher path for rates than previously expected. The median projection puts the federal funds rate at 4.1% at the end of 2026, compared with 3.8% in the June projection.

That is a problem for gold because the metal pays no interest. When Treasury yields rise, investors can earn more income from bonds while holding gold still carries no coupon. That increases the opportunity cost of owning bullion.

Markets are now also pricing in the possibility of another Fed increase later this year. Boston Fed President Susan Collins said she supported the September hike and warned that inflation risks remain elevated.

SEE MORE: Gold’s Marketing Budget

Major Gold Miners Are Generating Billions in Cash

Recent financial results show how large that cash generation has become.

Newmont generated a record $2.2 billion in free cash flow in Q2 2026. Its average realized gold price was $4,414 per ounce, while gold by-product AISC was $1,621 per ounce. That creates a $2,793-per-ounce spread before other corporate costs and financial items.

Newmont returned $1.9 billion to shareholders during the quarter. Its 2026 plan also includes about $1.95 billion of sustaining capital, $1.4 billion of development capital and $525 million for exploration and advanced projects.

Agnico Eagle reported a Q2 realized gold price of $4,483 per ounce and AISC of just $1,459 per ounce, producing a spread of about $3,024 per ounce. It generated record quarterly free cash flow and continued to fund growth projects while returning capital to shareholders.

Barrick reported a Q2 realized gold price of $4,417 per ounce and AISC of $1,866 per ounce, a spread of about $2,551 per ounce. Operating cash flow reached $1.70 billion, up 28% year over year.

These numbers show the scale of the windfall, but they also show that sustainability is competing with other uses of capital.

Gold Fields Puts $195M Into Renewable Power

Gold Fields provides one of the clearest examples of direct spending on cleaner energy. The company is building a $195 million renewable project at its St Ives operation in Australia, combining a 42-MW wind farm and a 35-MW solar plant. The project aims to reduce reliance on fossil-fuel power and strengthen the mine’s energy supply.

gold fields renewable projects — Source: Gold Fields

In the first half of 2026, renewable electricity supplied 17.4% of Gold Fields’ group electricity consumption, while Scope 1 and 2 emissions were 4% lower than in H1 2025. At Agnew, renewable electricity already accounted for 43% of power supply.

Gold Fields also has a longer-term target of net-zero emissions by 2050. Its spending shows how higher mining cash flows can fund projects that reduce future fuel and power costs as well as emissions.

Other Miners Are Also Building Cleaner Operations

Gold Fields is not alone. Agnico Eagle has committed to reduce absolute Scope 1 and 2 emissions by 30% by 2030 and reach net zero by 2050.

Agnico Eagle 2030 emmissions target — Source: Agnico Eagle

Its new Hope Bay project in Canada’s Nunavut territory includes a planned 4-MW wind project and 4 MW of battery storage, supported by C$25 million in federal funding. Agnico says the system should cut diesel use by about 3 million litres per year.

Barrick has also included renewable power in its major growth projects. At its Reko Diq copper-gold project in Pakistan, the planned power system includes 150 MW of solar generation. Barrick targets a 30% reduction in emissions intensity by 2030 and net-zero greenhouse gas emissions by 2050.

There is an important catch, however.

Barrick says its expanding production base could cause absolute emissions to rise in the short and medium term, even as emissions per tonne of ore fall. That illustrates a wider challenge for miners: growing production can work against absolute emissions targets.

Shareholder Returns Compete With Decarbonization

The current gold boom is therefore producing a mixed capital-allocation picture. Miners are spending more on renewable power, energy efficiency, electrification and mine infrastructure. But they are also returning large amounts of cash to shareholders and funding new production.

The WGC noted that many producers entered 2026 with strong or even net-cash balance sheets. Newmont, for example, ended Q2 with $9.0 billion of cash and a $3.4 billion net-cash position, while continuing large share repurchases.

Gold Fields also reported $2.225 billion of adjusted free cash flow in H1 2026, more than double the previous year’s $925 million. Its capital plans include both growth spending and renewable energy investment.

This is why simply pointing to record gold margins does not prove miners are becoming greener. The stronger test is how much capital is being directed toward measurable emissions reductions.

Why Gold’s Energy Intensity Creates a Big Climate Opportunity

The opportunity is significant because gold mining is energy intensive. Diesel is used for haul trucks and other mobile equipment, while electricity is needed for crushing, grinding, ventilation, pumping, and processing.

Renewable electricity, battery storage, electrified equipment, and lower-carbon fuels can reduce these emissions. They can also protect miners from volatile fuel prices over time.

Gold Fields already links renewable investment to energy security, lower emissions and cost resilience. The current price environment provides miners with the financial capacity to accelerate that transition. However, the evidence so far points to a mixed picture rather than a single industry-wide trend.

Some companies are making large renewable investments. Others are directing more cash toward production growth and shareholder distributions. Most are pursuing a combination of the two. That makes the next few years important.

The Real Test Is Where the Windfall Goes

Gold’s current price strength has created exceptional margins for many producers. The industry now has more financial room to invest in cleaner mines. But major miners are also returning billions to investors and funding new mines.

The key question for the sector is therefore not whether gold producers have more money to spend. They do.

It is how much of that financial capacity is being converted into lower emissions, cleaner energy and more resilient mining operations. That is where the next phase of the gold boom could have a lasting impact on the mining sector—and its carbon footprint.

READ MORE: The Last Time Gold Looked Dead, It Rose Sevenfold

Meta Backs U.S. Startup MacroCycle to Scale Recycled Plastic Capacity

Saptakee S

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September 29, 2026

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Meta Backs U.S. Startup MacroCycle to Scale Recycled Plastic Capacity

Meta is expanding its efforts to address supply-chain emissions by backing a new source of recycled plastic in the U.S.

The technology giant has signed a multi-year agreement with circular plastics startup MacroCycle Technologies to purchase environmental attribute certificates (EACs) linked to recycled polyethylene terephthalate (rPET) from MacroCycle’s first commercial plant in the Southeastern U.S.

The agreement gives MacroCycle long-term demand for its recycled PET and could help the startup secure financing for plant construction. The facility is expected to produce 5,000 tonnes of recycled PET annually.

For Meta, the deal provides another route to address emissions associated with plastics in its supply chain. For MacroCycle, it brings a major corporate buyer into the project as the company moves from developing its technology to commercial-scale production.

The agreement also arrives as the global plastics industry faces a major recycling gap.

Plastic Production Is Growing Faster Than Recycling

The need for additional recycling capacity is significant.

The OECD projects that global plastics production and use will increase from 435 million tonnes in 2020 to 736 million tonnes by 2040 under its baseline scenario. Meanwhile, recycled plastics would account for only about 6% of total plastics use by 2040.

That gap creates pressure on companies to find more ways to keep plastic in circulation.

PET is one of the more established recycling streams, but the U.S. market still faces challenges around collection, processing capacity, and demand.

The latest data from the National Association for PET Container Resources (NAPCOR) show that the U.S. PET bottle recycling rate fell to 30.2% in 2024 from 32.5% in 2023. However, the North American PET bottle collection rate reached 39.2%.

At the same time, recycled PET imports reached a record level in 2024, accounting for 23% of total rPET supply in the U.S. and Canada. Domestic sales of rPET also declined 3% from 2023.

So, while the industry is recovering more PET, the market still needs reliable domestic capacity and buyers for recycled material.

Meta Targets Supply-Chain Emissions With Lower-Carbon Materials

Meta reported a greenhouse gas footprint of about 8.2 million metric tonnes of CO₂ equivalent, with Scope 3 emissions accounting for 99% of the total. The company says most emissions are tied to suppliers, making its supply chain a key area for emissions reductions.

That gives lower-carbon materials a growing role in Meta’s climate strategy.

The company already prioritizes post-consumer recycled plastics and recycled metals, including copper, aluminum and steel, in data center IT hardware such as server racks. It is also exploring lower-carbon materials for packaging and transportation.

Now, Meta is applying a similar approach to recycled PET.

Devon Lake, Head of Net Zero Strategy at Meta, said:

“Reaching net zero means advancing lower-carbon solutions across our supply chain and in the materials we use. We have been working to address emissions across our supply chain on materials like cement and steel, and our early procurement of materials from these sectors helped pave the way for the maturing markets we see now. We hope this transaction with MacroCycle will have a similar outcome in the plastics market.”

The EAC agreement is therefore part of a broader effort to create demand for lower-carbon materials. At the same time, it gives MacroCycle a long-term commercial commitment that can support developing new recycling capacity.

MacroCycle Targets Hard-to-Recycle PET Waste

MacroCycle Technologies is targeting that opportunity with a different approach to recycling.

Founded in 2023 out of MIT and headquartered in Cambridge, Massachusetts, the startup has raised more than $10 million. Its early supporters include Breakthrough Energy, Clean Energy Ventures, and Volta Circle.

Unlocking SolvoGenesis

The company uses its proprietary SolvoGenesis™ platform, a solvent-based process designed to dissolve and purify PET while keeping the polymer chain intact.

That differs from conventional mechanical recycling, which can struggle with mixed, blended, or contaminated waste streams.

MacroCycle says its process can turn difficult PET waste into high-purity, virgin-quality recycled PET that can replace fossil-fuel-based material in applications such as packaging and textiles.

Stwart Pena Feliz, Co-Founder & CEO of MacroCycle Technologies, emphasized,

“Most recycling forces a trade-off: mechanical processes are cheap but degrade the material with every cycle and struggle with complex waste streams. Chemical processes that break PET all the way down to its monomers are energy-hungry and expensive.”

“SolvoGenesis™ sidesteps the tradeoff. We dissolve and purify PET while keeping the polymer chain intact, which is why we can take the mixed, blended, and contaminated waste that other processes reject and still come out with virgin-quality material at a fraction of the energy. The feedstock that is difficult for others to use is the feedstock we are built for.”

The company is now preparing to scale that technology commercially.

SEE MORE: The Power of Plastic Credits: How Verra’s Waste Reduction Program Can End Global Plastic Pollution

Meta’s EAC Deal Helps Create Demand

This is where the agreement becomes important for MacroCycle.

The company will generate third-party verified EACs from recycled PET produced at its first commercial plant. Meta will purchase those certificates over a multi-year period.

For an early-stage manufacturer, securing a long-term buyer can make it easier to finance new production capacity.

MacroCycle says Meta’s agreement provides the long-term product demand needed to help finance construction of its first American PET recycling and production plant.

The facility is expected to produce 5,000 tonnes of recycled PET each year. It will also create jobs through construction and ongoing operations while diverting PET and polyester waste from landfills and incinerators.

The structure also reflects a broader trend in clean manufacturing. Companies can use advance procurement and long-term purchasing agreements to support emerging technologies before they reach large commercial scale.

Meta has used similar procurement strategies in other lower-carbon materials markets, including cement and steel. The company hopes its partnership with MacroCycle can help create a similar market-development effect for plastics.

U.S. rPET Supply Creates Another Opportunity

The deal also comes as the U.S. recycled PET market faces a supply imbalance.

MacroCycle says the U.S. imports more than 40% of its virgin PET and more than 20% of its recycled PET. At the same time, domestic rPET capacity is shrinking.

NAPCOR’s data reinforces the importance of domestic capacity. Although U.S. PET bottle recycling remains above its previous decade average, rPET imports reached a record 23% of total supply in 2024.

That creates an opportunity for producers that can turn domestic plastic waste into recycled material for U.S. customers.

MacroCycle’s planned plant could help address both sides of the equation. It would divert PET and polyester waste from disposal while adding U.S.-based recycled PET production.

However, the first facility will still represent a relatively small share of the broader market.

US rPET bottle plastic recyling — Source: NAPCOR

MacroCycle Plans Larger Plants

MacroCycle sees the first 5,000-tonne facility as a starting point rather than an endpoint.

The company is working to secure additional buyers for its recycled PET. Future plants could produce as much as 50,000 metric tonnes of material annually, according to co-founder and CEO Stwart Peña Feliz.

That would give subsequent facilities a much larger role in the recycled PET market.

Meanwhile, for Meta, the agreement adds recycled plastic to its broader effort to reduce emissions across its value chain. With Scope 3 emissions making up nearly all of its reported GHG footprint, supplier-related emissions remain a major focus of that strategy.

The MacroCycle agreement will not solve the plastics industry’s recycling gap on its own. But it illustrates how corporate demand can help emerging recycling companies move toward commercial production.

All in all, as global plastic use continues to grow while recycled content remains limited, long-term procurement agreements could become an important source of demand for new recycling infrastructure.

READ MORE: From Steel to Mass Timber: Meta’s Low-Carbon Data Center Makeover

CORSIA Credit Crunch: Base Carbon Adds 640,000 Rwanda Credits to Aviation Market

Jennifer L

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September 29, 2026

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CORSIA Credit Crunch: Base Carbon Adds 640,000 Rwanda Credits to Aviation Market

Toronto-based Base Carbon has secured a major expansion of its aviation-compliance carbon inventory. Verra tagged 639,609 previously issued carbon credits from its Rwanda cookstoves project as eligible for the first phase of CORSIA.

The tagging, announced September 28, 2026, brings the total number of CORSIA-eligible credits issued to date from the project to 1,959,812. The credits use Verra’s VM0050 Energy Efficiency and Fuel-Switch Measures in Cookstoves methodology.

The timing is important. The first phase of CORSIA covers 2024–2026, and aviation operators will soon face their first major compliance cycle under the scheme.

At the same time, the supply of eligible units remains much smaller than expected demand. IATA’s June 2026 estimate shows first-phase CORSIA demand at 213 million tonnes of CO2. In contrast, there’s only 38 million tonnes of eligible-unit supply. This creates a potential shortfall of 175 million tonnes.

That shortage gives eligible credits a different market value from ordinary voluntary carbon credits.

One Rwanda Project Nears the 2M-Credit Mark

The newly tagged credits come from Base Carbon’s Rwanda Cookstoves Project, developed with the DelAgua Group. The company funded the distribution of about 250,000 fuel-efficient cookstoves to rural Rwandan households. Distribution was completed in late 2022. The project has since moved to Verra’s VM0050 methodology and is now in its issuing phase.

Base Carbon shared that the project was re-quantified under VM0050 after Verra approved the methodology change in 2025. The revised project is expected to generate about 4.6 million carbon credits over its crediting period.

The September tagging is therefore more than a registry milestone. It increases the portion of the project’s issued inventory that can potentially serve an aviation compliance market.

Base Carbon had already received CORSIA eligibility for earlier credits. In July, Verra tagged 342,356 more credits. This raised Base Carbon’s CORSIA-eligible inventory to about 1.1 million credits. The latest issuance pushes the project’s cumulative CORSIA-eligible tagged volume to almost 2 million tons.

Michael Costa, Chief Executive Officer of Base Carbon, said:

“Today’s announcement further demonstrates the maturity and reliability of our Project through the regular cadence of issuance and eligibility. DelAgua’s consistent operational expertise and execution of the Project continue to strengthen our market position, with fully CORSIA-eligible inventories available to meet aviation compliance demand.”

Why CORSIA Credits Are in Short Supply

The market opportunity comes from CORSIA’s strict eligibility rules. CORSIA is the International Civil Aviation Organization’s global market-based system for addressing the growth of international aviation emissions. It is being implemented in phases, with the first phase running from 2024 to 2026 and the second phase beginning in 2027.

CORSIA implementation overview ICAO — Source: ICAO

Under CORSIA, airlines must cancel approved eligible emissions units to meet their offsetting obligations, but not every carbon credit qualifies. ICAO approved eight emissions-unit programs for the first phase. These include:

Verra’s Verified Carbon Standard
Gold Standard
American Carbon Registry
Architecture for REDD+ Transactions
Climate Action Reserve
Global Carbon Council
Isometric
Thailand’s voluntary program

Even within those programmes, only certain credits and project types are eligible. For credits generated from 2021 onward, host-country requirements can also apply.

ICAO encourages governments to issue Letters of Authorization. These letters will confirm that credits used under CORSIA won’t count toward national climate targets. This makes CORSIA-eligible supply much narrower than the broader voluntary carbon market.

A 175M-Ton Gap Puts a Premium in Play

The shortage is already attracting market attention. IATA’s June estimate showed 213 million tonnes of first-phase demand against 38 million tonnes of supply.

The forecast showed annual demand climbing from around 56 million tonnes in 2024 to 126 million tonnes in 2025. By 2026, it could hit 213 million tonnes. However, supply was only about 38 million tonnes.

Base Carbon also reported in July that its market data showed the ICE December 2026 CORSIA Phase 1 futures contract had risen about 39% since June 30. The company said the European Commission’s proposal to integrate CORSIA into EU law had added confidence to the market.

Base Carbon said the new EU framework might create at least 29 million tonnes of CORSIA demand in the first phase. This is compared to an estimated 40 million tonnes of globally tagged Phase 1 supply announced in July. These figures suggest why tagging can materially change the commercial value of previously issued credits.

A credit once just for voluntary use can now benefit a smaller group of regulated aviation buyers if it meets CORSIA requirements.

Beyond Aviation: The Climate Case for Cookstoves

The Rwanda project also illustrates why clean-cooking projects remain important to carbon markets. Traditional cooking with wood and other solid fuels can drive deforestation while creating high levels of household air pollution.

Verra states that its VM0050 methodology offers a better way to measure emissions reductions. This is specifically for improved cookstoves and fuel switching. The Integrity Council for the Voluntary Carbon Market (ICVCM) approved the methodology under its Core Carbon Principles framework.

Verra states that improved cookstoves in its Rwanda projects can cut firewood use by about 71%. This helps lower household air pollution and eases pressure on forests.

READ MORE: Verra Approves Rwanda’s 5.69 Million Article 6 Carbon Credits, A Major Boost for Clean Cooking

The climate benefit comes from lower fuel consumption and the resulting reduction in greenhouse gas emissions. That makes the Rwanda project relevant to both the climate and development sides of the carbon market.

The Credits Are Not All Held by Base Carbon

Another important detail is ownership. As of May 2026, Base Carbon held around 1.1 million VM0050 credits from the project. Additionally, about 700,000 credits were issued to project partner DelAgua through its revenue-sharing agreement.

The September announcement talks about the 639,609 credits issued from the project. It doesn’t say that Base Carbon owns all 639,609 now. This distinction matters because the project’s economics are shared between Base Carbon and DelAgua.

Base Carbon has already monetized part of the eligible inventory. In early 2026, DelAgua sold around 200,000 CORSIA-eligible credits. This marked the first time credits were monetized after the VM0050 transition. The new tagging could create more opportunities to sell credits into the aviation market.

More Rwanda Credits Could Follow

Base Carbon expects the project to continue generating credits. The company estimates that about 2.6 million more credits could be issued. These would be released every six months for the rest of the project’s crediting period. It expects those future credits to become CORSIA-eligible as well.

That potential future supply is significant when compared with the current market. If delivered as expected, the additional volume would exceed the 1.96 million CORSIA-eligible credits already issued from the project. However, future issuance remains a company forecast. Actual volumes will depend on project performance, verification and continued compliance with CORSIA and Verra requirements.

The company has also warned that future results can differ from its projections because of factors outside its control.

CORSIA Phase Two Could Expand the Demand Pool

The Rwanda tagging arrives just months before CORSIA’s second phase begins. From 2027, participation will expand based on ICAO’s criteria, with 134 states participating according to the current ICAO list.

The second phase will run from 2027 through 2035, with some countries exempt under the programme’s rules. That broader participation could increase the need for eligible units.

ICAO has approved four programs to provide credits for the 2027–2029 second phase:

American Carbon Registry
Architecture for REDD+ Transactions
Gold Standard
Verra’s Verified Carbon Standard/Jurisdictional Nested REDD Programme.

However, the eligibility window and project-level requirements still apply. This means the market could face a continuing difference between the number of carbon credits in existence and the number that airlines can actually use.

CORSIA Is Turning Eligibility Into a Market Asset

Base Carbon’s latest announcement highlights a major change in the carbon market. For years, the key question for a credit was whether it represented a credible emissions reduction. Increasingly, another question matters: where can that credit legally and credibly be used?

CORSIA eligibility can turn an ordinary voluntary market credit into a unit with access to a regulated aviation market. As CORSIA moves deeper into its first compliance cycle and prepares for broader participation from 2027, credits with verified eligibility could become an increasingly important segment of the global carbon market.

READ MORE: CORSIA and SAF: The Complete Guide to Aviation’s Net-Zero Future

Mercedes-Benz Taps ProLogium’s Gen4 Solid-State Battery in Next EV Push

Jennifer L

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September 29, 2026

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Mercedes-Benz Taps ProLogium’s Gen4 Solid-State Battery in Next EV Push

Mercedes-Benz has secured priority access to ProLogium’s latest Gen4 solid-state battery cells, expanding a partnership that could help bring higher-energy, safer, and more efficient batteries to future electric vehicles.

The companies signed a joint testing agreement on September 24, 2026. Mercedes-Benz will test ProLogium’s Gen4 cells for electrical, thermal, and safety performance at its own facilities and at specialist testing centers.

One point is important: the official announcement describes “priority access,” not exclusive rights. The agreement gives Mercedes-Benz early access to test the technology, but it does not say that Mercedes has exclusive global rights to the cells.

The deal builds on nearly 10 years of cooperation between the two companies. Mercedes-Benz invested in ProLogium in 2022 and joined its board as part of efforts to develop next-generation battery technology.

Jörg Burzer, Mercedes‑Benz Group AG, Chief Technology Officer, said:

“At Mercedes-Benz, we are committed to shaping the future of electric mobility through technological leadership and innovation. Our long-standing partnership with ProLogium is a strong example of how we bring the best expertise together to advance next-generation battery technologies. By combining ProLogium’s pioneering solid-state battery approach with Mercedes-Benz’s deep battery development, testing, and integration capabilities, we are taking the next step in exploring advanced battery technologies for future electric vehicles.”

More Energy, Less Weight: Gen4’s Big Battery Pitch

Solid-state batteries replace the liquid electrolyte used in conventional lithium-ion cells with a solid material. The technology can allow manufacturers to use higher-capacity materials while reducing some fire and safety risks linked to liquid electrolytes.

ProLogium’s Gen4 lithium ceramic battery uses a fully inorganic electrolyte and ceramic separator. The company says its anode-less version can reach 430–470 Wh/kg and 1,000–1,100 Wh/L at the cell level.

These specifications come from the company. They show cell-level performance, not the energy density of a full vehicle battery pack.

ProLogium states that Gen4 combines high energy density with fast charging. It also performs well in low temperatures and has better safety features. Its active safety system is intended to help prevent thermal runaway.

The potential benefit for EVs is significant. Higher energy density means a battery can store more energy without adding as much weight. That could support longer driving range or allow automakers to use smaller battery packs for the same range.

Mercedes Has Already Put Solid-State to the Road Test

Mercedes-Benz has been testing solid-state batteries on public roads since 2025. In September 2025, the company reported that a modified EQS test vehicle traveled 1,205 kilometers on a single charge from Stuttgart to Malmö. The vehicle arrived with about 137 kilometers of remaining range.

That vehicle used lithium-metal solid-state cells supplied by Factorial Energy, not ProLogium. Mercedes-Benz announced that the new battery boosts usable energy by 25%. It also maintains a weight and size similar to the standard EQS battery.

The demonstration showed the potential of solid-state technology, but it was a test vehicle rather than a mass-produced model. The new ProLogium agreement gives Mercedes another route to develop the technology and compare different solid-state battery approaches.

SEE MORE: BYD Stock (1211.HK) in Focus: Record EV Exports, Solid-State Batteries Advances, and Smart Driving Push

The EV Battery Market Is Getting Bigger—Fast

The timing is important because global demand for EV batteries is growing rapidly. The International Energy Agency estimates that EV battery deployment hit 1.2 terawatt-hours (TWh) in 2025. This is nearly a 30% increase from 2024 and over seven times the level in 2020. EV batteries accounted for more than 70% of total battery deployment during the year.

Global electric-car sales also exceeded 20 million units in 2025, up about 20% year over year. One in every four new cars sold worldwide was electric. That is creating strong demand for batteries that can deliver better range, faster charging, and improved safety without sharply increasing vehicle cost.

But solid-state technology is entering a market already dominated by conventional lithium-ion batteries. The global battery industry remains heavily concentrated.

Electric vehicle battery sales share by chemistry and region — Source: IEA

The IEA says global lithium-ion battery manufacturing capacity exceeded 4 TWh at the end of 2025, up about 30% from 2024. China accounted for more than 80% of global manufacturing capacity and more than 80% of battery-cell production.

Chinese battery makers also supplied almost 75% of global EV battery deployment in 2025. This creates a major challenge for European automakers seeking more control over their battery supply chains.

Solid-state batteries could offer both a technology advantage and a chance to diversify supply. ProLogium is building its first overseas gigafactory in Dunkirk, France, giving Europe another potential source of advanced battery cells.

ProLogium Is Moving Toward Mass Production

ProLogium has already moved beyond the laboratory stage. The company began mass production of its Gen3.5 lithium ceramic battery in Taiwan in September 2026. A third-party TÜV test confirmed a 381 Wh/kg gravimetric energy density and 903 Wh/L volumetric energy density for its 185.4-Ah large-format cell.

ProLogium says its Taiwan gigafactory had shipped more than 800,000 cells by 2026. It is now preparing to bring Gen4 production to Europe.

The Dunkirk factory broke ground in February 2026. ProLogium’s current plan calls for 0.8 GWh of Gen4 production in 2028, with capacity rising to 4 GWh by 2030 and 12 GWh by 2032.

The company has also reserved land that could allow the site to expand to as much as 48 GWh in the future. This planned expansion will be important if automakers want solid-state cells at meaningful scale.

Europe Wants More Local Battery Production

The European link is important for Mercedes-Benz. The EU’s battery industry remains much smaller than China’s. By the end of 2025, Europe held just 6–7% of the world’s lithium-ion battery manufacturing capacity. In contrast, China dominated with over 80%.

Building more local battery capacity can reduce supply chain risks and support Europe’s automotive industry. Mercedes-Benz has been working on this through several battery partnerships and its wider electrification strategy.

The company says its Ambition 2039 plan aims for its new-vehicle fleet to be net carbon-neutral across the value chain and vehicle life cycle by 2039. Mercedes also targets reducing lifecycle CO2 emissions per passenger car by up to 50% by 2030 compared with 2020.

Mercedes-Benz Ambition 2039 plan — Source: Mercedes-Benz

Battery production is a major part of that strategy. Mercedes needs battery-cell partners to achieve net-carbon-neutral cell production. This could cut emissions from battery manufacturing by around 40%.

Could Better Batteries Also Cut EV Emissions?

Solid-state batteries are not automatically low-carbon. Their climate benefit depends on the materials used, where cells are manufactured, the electricity used in production, and what happens to the battery at the end of its life.

However, higher energy density—such as shifting from standard 250 Wh/kg cells to next-gen 450 Wh/kg designs—can slash cell weight by up to 50%, drastically reducing the amount of raw battery material needed for a given range. Furthermore, keeping batteries operating well past 320,000 km (200,000 miles) ensures better lifetime efficiency. This helps an EV emit up to 75% less CO₂ over its life compared to a gas-powered vehicle.

Mercedes-Benz also wants to reduce the use of critical materials. The company believes future battery tech might let it remove materials like cobalt from some designs. It is also working on improving battery recyclability. These factors make battery chemistry part of the wider EV sustainability story.

The Next EV Battery Race Goes Beyond Range

The Mercedes-ProLogium agreement is significant because it combines automotive demand with battery innovation and European manufacturing ambitions. Mercedes gets early access to ProLogium’s Gen4 technology. ProLogium gets another major automaker testing its cells and a potential path toward future vehicle applications.

For the energy transition, the potential prize is not simply longer-range EVs. Energy-dense batteries can lead to lighter batteries, more efficient vehicles, and less material use. This may also lower lifecycle emissions, but only if the cells are made sustainably and at a competitive cost.

The latest agreement is a testing and evaluation step. Still, it shows that the next stage of the EV battery race is moving from the laboratory toward commercial production, supply chain control, and lifecycle sustainability.

READ MORE: Top 4 Private Battery Tech Companies to Watch in 2026: Powering the EV and Net-Zero Transition

US, Argentina Launch $7B Andes-Atlantic Corridor to Expand Lithium, Copper, and Energy

Saptakee S

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September 28, 2026

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US, Argentina Launch $7B Andes-Atlantic Corridor to Expand Lithium, Copper, and Energy

The United States and Argentina are building a new economic corridor to move critical minerals, energy, and other resources from Argentina’s interior to global markets.

The Andes-Atlantic Corridor, launched during United Nations General Assembly week in New York, will connect Argentina’s mineral-rich northwest and the Vaca Muerta energy basin with Atlantic ports and Western markets. The plan covers railways, waterways, ports, pipelines, power infrastructure, and digital networks. The U.S. and Argentina say the corridor is designed to reduce transportation bottlenecks and attract more private investment into mining and energy.

Critical minerals sit at the center of the initiative. Argentina has major lithium resources and a growing pipeline of copper projects, while the U.S. is looking to strengthen supply chains for materials used in batteries, electricity networks, electric vehicles and advanced technologies.

The move also brings a significant U.S. financing commitment.

EXIM Opens Door to Up to $7 Billion

Alongside the corridor, the U.S. Export-Import Bank (EXIM) signed a U.S.-Argentina Build the Future Framework.

The agreement could mobilize up to $7 billion in financing through 2027 for projects across critical minerals development and processing, energy security, grid modernization, digital connectivity, commercial space and advanced technologies.

Importantly, the $7 billion is not a single mining investment. Instead, it creates a broader financing framework that can support eligible projects across several strategic sectors.

EXIM Chairman John Jovanovic said:

“EXIM is moving boldly into the industries of the future. To do this, we must secure our supply chains, support American jobs, and ensure American workers, products, and expertise reach all parts of the Western Hemisphere. We’re proud to enter into such an important partnership with Argentina and excited to see our two countries grow together.”

The framework could also help Argentina develop its mineral resources using U.S. equipment, technology, and mining expertise. EXIM said the cooperation is consistent with its Supply Chain Resiliency Initiative, which focuses on critical minerals and rare earth elements.

For Argentina, the financing could help address one of the biggest challenges facing large mining projects: infrastructure.

Lithium and copper deposits are often located far from major ports. Better railways, waterways, and power infrastructure can make it easier and cheaper to move minerals from mining regions to processing facilities and export markets.

A G7 Infrastructure Corridor

The Andes-Atlantic Corridor is also part of the G7 Partnership for Global Infrastructure and Investment (PGII).

The U.S. and Argentina describe it as the first PGII corridor in the Western Hemisphere. The initiative joins a broader network of strategic infrastructure corridors backed through the G7 framework.

The G7 connection gives the project a wider supply-chain role. Rather than focusing only on individual mines, the corridor links mineral production with transportation, energy and digital infrastructure.

This approach is significant as countries try to diversify supplies of strategic materials and reduce exposure to concentrated supply chains.

The State Department said the corridor will help “strengthen supply chains for critical minerals and energy,” including lithium and copper.

Access the factsheet here: United States and Argentina Launch Andes-Atlantic Corridor Fact Sheet – United States Department of State

Argentina’s Lithium Supply Could Become More Important

Lithium is one of the clearest opportunities.

Argentina is already a major global lithium producer, with most of its production coming from brine deposits in the Andes. The country produced about 23,000 metric tons of lithium in 2025, according to the latest U.S. Geological Survey data, while its reserves stood at roughly 4.4 million metric tons.

The country is also expanding its project pipeline. Better infrastructure could help new lithium operations reach export markets and connect more efficiently with international battery supply chains.

This is relevant to the U.S. because domestic lithium production remains limited. The 2026 USGS Mineral Commodity Summaries report said U.S. lithium production increased in 2025, but the agency withheld the exact production figure because of proprietary data concerns.

The United States therefore has an interest in developing additional reliable sources of lithium outside its borders while also expanding domestic production.

US Lithium data

Copper Adds Another Supply-Chain Link

Copper is just as important to the broader energy transition.

Electricity grids, electric vehicles, charging networks, renewable power projects and data centers all require copper. As electricity demand rises, access to new copper supplies is becoming an important part of infrastructure planning.

The U.S. produced approximately 1 million metric tons of recoverable copper in 2025, according to USGS data.

However, the United States still relies on imports to meet part of its copper needs.

Here’s the complete data on US copper:

Argentina could provide another source.

The country has several large copper projects in the Andes, including projects that could eventually add significant new supply to global markets. Connecting these deposits to railways, ports, and reliable power could help move projects closer to commercial development.

The Andes-Atlantic Corridor specifically identifies copper and lithium among the critical minerals it aims to support.

Rare Earths Highlight the Processing Challenge

The U.S. is also trying to build more rare-earth capacity, which is used in permanent magnets, electric motors, electronics, defense systems, and other advanced technologies.

U.S. mines produced an estimated 51,000 metric tons of rare-earth-oxide equivalent in mineral concentrates in 2025, according to USGS. Production came mainly from Mountain Pass, California, while monazite was also recovered from mineral-sand operations in the Southeast.

But mining is only one part of the supply chain.

The United States is also working to expand processing and manufacturing capacity because critical minerals must be refined and converted into usable materials before they can support batteries, magnets, electronics, and other products.

This is why the EXIM agreement’s focus on development and processing is important. The framework is not limited to extracting minerals. It can also support infrastructure and technologies needed to move resources further through the supply chain.

ALSO READ: USA Rare Earth (USAR) Stock Jumps 15% on $2.8B Brazil Rare Earth Acquisition, Giving Massive Boost to Western Supply Chains
FURTHER READING: Texas-Based EnergyX’s Project Lonestar™ Signals a Turning Point for U.S. Lithium Supply

Energy Is a Major Part of the Corridor

The initiative extends beyond minerals.

Argentina’s Vaca Muerta shale formation is another major focus, with the corridor intended to improve infrastructure connecting the energy basin to export markets. The U.S. and Argentina are also looking at pipelines, power infrastructure and ports as part of the wider strategy.

EXIM separately signed a term sheet related to Argentina LNG, with up to $6 billion in potential financing under consideration for the project.

That makes the Andes-Atlantic Corridor both a minerals and energy infrastructure initiative.

For the clean energy economy, the mineral side is particularly important. Lithium supports battery storage and electric vehicles, while copper is essential for expanding electricity networks. At the same time, Argentina’s energy resources could provide additional economic activity and infrastructure investment.

From Mineral Resources to Supply Chains

The significance of the Andes-Atlantic Corridor goes beyond the headline $7 billion figure.

Argentina already has important mineral and energy resources. The challenge is connecting those resources to infrastructure, financing, and global customers.

The new U.S.-Argentina framework attempts to bring those pieces together.

In conclusion, the next test will be project execution. The two countries now need to move from the framework to actual financing, construction, mining, and processing projects.

And this could determine how quickly the Andes-Atlantic Corridor becomes a meaningful part of the Western Hemisphere’s critical mineral supply chain.

READ MORE: Trump Unveils $2 Billion Mining Push for US Critical Mineral Independence

Japan Airlines Cuts CO₂ to 9.13M Tons, Expands Carbon Credit Strategy

Saptakee S

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September 28, 2026

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Japan Airlines Cuts CO₂ to 9.13M Tons, Expands Carbon Credit Strategy

Japan Airlines (JAL) is broadening its carbon credit and removal efforts to achieve net-zero CO₂ emissions by 2050. However, it does not view offsets as a substitute for cutting emissions from its aircraft.

Instead, JAL is creating a layered decarbonization strategy. It starts with more fuel-efficient aircraft and operational upgrades, followed by sustainable aviation fuel (SAF). Carbon credits and removals will tackle emissions that are tough to eliminate.

This approach is evident in JAL’s emissions profile. In FY2025, the airline reported 9.13 million metric tons of net CO₂ emissions from aircraft, a drop from 9.69 million tons in FY2024 and below its FY2025 target of 9.21 million tons.

At the same time, JAL improved its emissions intensity to 0.8461 kg of CO₂ per revenue tonne-kilometer, down from 0.9595 kg in FY2024. The airline aims to reduce aircraft emissions to 8.28 million tons by FY2030, a 10% drop from its FY2019 baseline.

In contrast, emissions from ground facilities were notably lower at about 54,000 tons in FY2025.

This gap highlights why aviation faces a tough carbon challenge. Most of JAL’s emissions stem from aircraft fuel combustion, meaning major reductions must come from changes in aircraft, fuel, and operations, not just offsets.

SAF Remains Central to JAL’s Emissions Strategy

JAL is placing SAF at the core of its near-term emissions reduction plans.

The airline reached its FY2025 goal of replacing 1% of total fuel uplift with SAF, which is about 40,000 kiloliters. JAL aims for at least 10% SAF use by FY2030. This should lead to a 5% reduction in aircraft CO₂ emissions that year.

The airline has also invested in domestic SAF supply chains and projects to boost SAF production in Japan.

However, scaling SAF remains challenging. Global production is small compared to aviation fuel demand, and high costs, limited feedstocks, and infrastructure issues limit supply.

JAL expects some emissions to continue even after maximizing aircraft efficiency, making operational upgrades, and using SAF. Its long-term plan estimates that about 10% of residual emissions could remain by 2050. This creates a need for carbon removals and other high-quality credits.

japan airlines carbon credits — Source: SAF

JAL Tightens Its Carbon Credit Framework

JAL is now focused not just on buying carbon credits but also on selecting those that genuinely support its climate strategy.

In October 2025, the airline set up the JAL Group Carbon Credit Utilization Regulations. This framework outlines group-wide principles for choosing and using carbon credits. It also considers international standards, including ICAO’s CORSIA.

The airline emphasizes factors like additionality and permanence when assessing credits.

The airline has invested in BeZero Carbon, a carbon-credit ratings company, to evaluate credit quality and enhance transparency in carbon markets.

This approach is crucial because JAL’s strategy goes beyond merely offsetting emissions. The airline seeks to build a portfolio of credits that meets specific quality and compliance needs.

ALSO SEE: Japan’s GX-ETS Sparks Carbon Credit Surge as Major Polluters Prep for Compliance

CORSIA and J-Credits Add Another Layer

CORSIA is becoming a key aspect of JAL’s carbon strategy. This global mechanism, created by ICAO, aims to tackle CO₂ emissions from international aviation through a market-based system.

JAL has participated in CORSIA from the beginning and has retired significant volumes of CORSIA-eligible credits.

The airline is also enhancing its use of Japan’s J-Credit system. J-Credits are government-certified units generated through activities like energy efficiency, renewable energy, and forest management that reduce or remove CO₂.

JAL’s interest goes beyond carbon reduction. The airline is developing a “locally produced, locally consumed” carbon-credit model, linking climate projects with regional economic activity in Japan.

This model can involve forests, conservation projects, and blue-carbon ecosystems like seaweed beds and tidal flats. JAL has also included J-Credits in its passenger offset strategy, allowing customers to support domestic projects.

Meanwhile, its voluntary passenger offset program is expanding. JAL recorded 5,012 carbon-offset users in FY2025, up from 2,310 in FY2024 and just 385 in FY2022.

Climeworks Deal Brings Carbon Removal Into the Strategy

JAL’s carbon strategy advanced in September 2026 with an agreement with Climeworks Solutions for carbon dioxide removal credits to meet CORSIA requirements.

This agreement combines CORSIA-compliant removals with Climeworks’ direct air capture (DAC) credits. It will also include other removal methods, like biochar and soil carbon sequestration.

The deal provides JAL access to engineered carbon removal without relying on a single pathway. Climeworks’ DAC technology captures CO₂ directly from the air for permanent storage.

Its Mammoth facility in Iceland aims to capture up to 36,000 tons of CO₂ annually once fully operational. Climeworks reported 675 tons of net carbon removal from Mammoth in the first half of 2026, compared to 119 tons during the same period in 2025.

Carbon Credits Complement, Rather Than Replace, Reductions

JAL’s strategy reflects the tough economics and technological limits of aviation decarbonization.

The airline must cut the largest share of emissions through aircraft renewal, operational efficiency, and SAF. Yet, aviation cannot fully eliminate all fuel-related emissions, especially on long routes.

So, carbon credits are a second layer of the strategy.

JAL combines CORSIA-eligible credits, J-Credits, domestic projects, passenger offsets, and carbon removals to build this layer. It focuses on additionality, permanence, and regulatory eligibility. This shows a market where buying a credit matters less than proving its quality and intended use.

For JAL, the path to net-zero isn’t based on offsets alone. The airline uses carbon markets to address residual emissions while pushing for reductions through aircraft efficiency, operations, and SAF.

As CORSIA grows and carbon removal tech advances, this mix could be key for airlines. It helps them cut down major emissions while tackling the tougher ones that remain.

READ MORE: 2026 Could Redefine Voluntary and Compliance Carbon Market Convergence, with Japan Leading the Way

Federal Judges Restore $7B “Solar for All Program” After EPA Cancellation

Jennifer L

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September 28, 2026

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Federal Judges Restore $7B “Solar for All Program” After EPA Cancellation

Two U.S. federal judges have ruled that the Environmental Protection Agency (EPA) acted unlawfully when it ended the $7 billion Solar for All program, reopening the path for a nationwide effort to expand solar power in low-income communities.

The first ruling came on September 18, 2026, when U.S. District Judge Mary McElroy in Rhode Island vacated the EPA’s decision to terminate the program. Four days later, U.S. District Judge Tanya Chutkan in Washington, D.C., also ruled that the EPA exceeded its authority when it canceled the program.

The rulings matter for climate and energy markets because Solar for All was designed to fund more than 4 gigawatts (GW) of distributed solar and cut an estimated 30 million metric tons of CO2 equivalent over five years.

However, the money is not immediately flowing again. The EPA is reviewing the rulings and considering its options, including possible appeals.

What “Solar for All” Was Designed to Do

The Solar for All program was created under the Inflation Reduction Act as part of the $27 billion Greenhouse Gas Reduction Fund. In April 2024, the EPA selected 60 recipients to receive the $7 billion in grants. The money went to states, territories, Tribal governments, municipalities, and nonprofits to develop or expand solar programs for low-income and disadvantaged households.

The original plan was ambitious. EPA estimated the program could help more than 900,000 households access residential or community solar. It projected more than $350 million in annual electricity-bill savings. That’s more than $8 billion over the 25-year life of the funded solar assets.

The program was also expected to support about 200,000 jobs nationwide. The grants were structured across several groups. EPA selected 49 state-level recipients for about $5.5 billion, six Tribal recipients for more than $500 million, and five multistate recipients for about $1 billion.

The Solar Projects Were Already Moving

The court rulings come after many recipients had already started building their programs. Solar for All money was intended to support more than simply installing rooftop panels. Grant recipients could use funding for financing, technical assistance, workforce development, interconnection and community engagement.

For example, the Illinois Solar for All program is still operating a 2026–2027 project cycle. Its current schedule includes applications for residential solar, public facilities, and community solar projects.

New Jersey’s $156 million award was designed to support residential and community solar, including projects serving low- and moderate-income households. The state gave the example of a 2.82-MW community solar project expected to serve about 440 households and save subscribers more than $111,000 a year.

These examples show the practical role the program was expected to play. The legal fight therefore concerns funding for programs that had already moved beyond the planning stage.

Why the Judges Rejected the Cancellation

The EPA ended Solar for All in August 2025, following passage of the federal spending law known as the One Big Beautiful Bill Act. The agency argued that the legislation removed its authority and funding to continue the program.

The EPA’s current website still states that Administrator Lee Zeldin announced the termination on August 7, 2025, saying the agency was acting to align with congressional intent. The courts reached a different conclusion about already obligated grants.

Judge McElroy found that Congress had funded and obligated the grants and that the EPA did not have authority to simply terminate them. She therefore vacated the termination decision.

Judge Chutkan reached a similar conclusion in the Harris County case. She ruled that EPA’s program-wide elimination decision was “arbitrary and capricious, contrary to law, and in excess of statutory authority.” She vacated that decision, meaning the EPA cannot continue acting on the basis that the spending law required or authorized Solar for All’s termination.

The D.C. ruling is particularly significant because it addressed the EPA’s broader decision to eliminate the program, rather than only one grant.

Solar for All Could Cut Emissions and Energy Costs

The program’s environmental value comes mainly from expanding distributed solar, including rooftop and community solar systems.

EPA estimated the 4-GW-plus program could reduce 30 million metric tons of CO2e cumulatively over five years. That estimate was based on expected generation and the emissions that would be avoided by producing more electricity from solar.

Distributed solar can also reduce exposure to rising electricity prices by allowing households and communities to generate part of their own power or subscribe to shared solar projects.

The climate benefit is also tied to the wider U.S. electricity transition.

The Energy Information Administration reported that wind and utility-scale solar generated 17% of U.S. electricity in 2025. Including small-scale solar, the combined share of wind and solar reached about 19%. Small-scale solar generation increased 11% in 2025, reaching about 93 billion kilowatt-hours.

US electricity generation 2026 by source solar EIA — Source: EIA

Solar for All was designed to expand that growth into communities that have historically had less access to solar financing.

SEE MORE: The Ultimate Guide to Solar Energy: Everything You Need to Know in 2026 and Beyond

America’s Power Demand Adds to the Stakes

The potential return of Solar for All comes as U.S. electricity demand is entering a period of faster growth. EIA expects total U.S. electricity generation to increase 1.1% in 2026 and 2.6% in 2027. It also forecasts the combined share of wind and solar to rise from about 18% in 2025 to 21% in 2027.

Small-scale solar is already expanding rapidly. EIA estimates U.S. small-scale solar capacity reached about 59.5 GW at the end of 2025, up from 53.2 GW in 2024. Residential systems accounted for about 40.5 GW of that capacity.

That growth matters for the grid. Rooftop and community solar can produce electricity closer to where it is consumed and, when paired with storage, can also improve local resilience during outages.

Solar for All recipients were specifically allowed to use funding for storage and other enabling upgrades. EPA said the program could improve grid reliability and climate resilience in disadvantaged communities.

The $7B Question: What’s Next?

The court rulings do not mean every Solar for All project can immediately spend its grant money again. Judge Chutkan noted that the EPA has said the funds will remain in a Treasury account through September 30, 2031.

The agency had also paused the closeout process for Harris County while the case was pending. That provides a potential path for the grants to move forward, but legal and administrative steps remain.

The EPA has said it is reviewing the decisions and considering an appeal. The separate lawsuits also mean the future of the program could remain tied up in federal courts for some time.

For solar developers and community organizations, the uncertainty matters because project financing and construction schedules depend on when grant funding becomes available.

A Legal Test for U.S. Clean Energy Funding

The Solar for All rulings come at an important moment for U.S. clean energy. Solar deployment is growing, electricity demand is rising, and small-scale generation is becoming a larger part of the country’s power system.

At the same time, the federal government has changed its approach to several clean energy programmes, creating uncertainty for developers and investors. The two court decisions show that legal and funding risk can be as important to clean energy markets as technology and project economics.

The immediate issue is now implementation. The next stage will depend on whether the EPA accepts the rulings, appeals them, or begins restoring the affected grants. For now, two federal courts have made the same basic finding: the EPA could not use the 2025 spending law as authority to simply cancel the already obligated Solar for All programme.

READ MORE: U.S. Solar in 2026: $12.2B Investment by Year-End, 75.3 GW Module Capacity and Rising Solar Prices

Microsoft and Relae Put CDR Delivery Risk in Focus at Climate Week NYC 2026

Saptakee S

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September 25, 2026

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Microsoft and Relae Put CDR Delivery Risk in Focus at Climate Week NYC 2026

Climate Week NYC 2026 has put a growing issue in the carbon dioxide removal (CDR) market under the spotlight: Can carbon removal projects actually deliver the tonnes they promise?

As CDR moves from early-stage development toward larger commercial projects, buyers and investors are looking beyond the quality of carbon removal credits. They also want to know whether projects can deliver the contracted volume on time.

This is where delivery risk comes in.

Relae, formerly Carbon Direct, and Microsoft are addressing the issue through the sixth edition of their Criteria for High-Quality Carbon Dioxide Removal. Released during Climate Week, the 2026 framework adds a dedicated approach for assessing delivery risk alongside carbon removal quality for the first time.

The change reflects an important shift in the CDR market. A project can use a credible removal method and meet quality requirements, but that does not automatically mean it will deliver the promised tonnes.

What Is Delivery Risk in Carbon Removal?

Delivery risk is the possibility that a CDR project will fail to produce the amount of carbon removal it has promised or fail to deliver it within the agreed timeframe.

The reasons can extend well beyond the underlying technology. A project could face construction problems, higher-than-expected costs, financing delays, supplier failures, weak project management or regulatory obstacles.

The new Relae-Microsoft framework therefore looks at delivery as a broader project-development challenge.

The TECOP Framework

Its delivery risk assessment covers five areas within a new framework called TECOP. It covers Technical, Economic, Commercial, Organizational, and Political risks.

These factors examine whether a project has the technology, financing, contracts, management capacity, and external conditions needed to move from development to actual carbon removal.

Importantly, the framework distinguishes between open-system and closed-system projects, recognizing that different CDR approaches face different execution risks.

A facility-based project, for example, may depend heavily on construction, equipment, and storage infrastructure, while an open-system project can face risks linked to land, feedstocks, field conditions, and decentralized operations.

This makes delivery risk broader than simply asking whether a technology works.

Why Delivery Risk Matters in the Current CDR Market

The timing of the new framework is significant because the CDR market is entering a more execution-focused phase.

The market expanded rapidly in 2025. CDR offtake volumes reached about 64 million metric tons, more than double the 30 million tonnes recorded in 2024, according to a 2025 market review. Durable CDR accounted for 29 million tonnes of that volume, up from 8 million tonnes a year earlier.

However, contracted tonnes are not the same as delivered tonnes.

In the first quarter of 2026, durable CDR buyers contracted about 2.3 million tonnes, the strongest first quarter on record. Yet only about 145,000 tonnes were delivered during the quarter.

That gap illustrates why delivery has become a bigger issue for buyers. Developers may announce large future projects and sign long-term offtake agreements years before facilities or removal systems reach full-scale operations.

As commitments become larger, the consequences of delays also increase.

For buyers, delivery risk can affect when credits become available, how they plan their climate strategies and whether contracted tonnes arrive in the quantities expected. For developers, failure to meet commitments can affect financing, customer relationships and future contracts.

LATEST: Climate Week NYC: Renewable Supply Gaps Grow as States Push Carbon Removal

Microsoft Shows Both the Scale and Concentration of CDR Demand

Microsoft’s role in the market makes the delivery question particularly important.

The company has contracted more than 78 million metric tons of CDR from more than 60 projects across 10 removal approaches, according to its January 2026 portfolio update. Microsoft said it was increasingly targeting near- to medium-term deliveries while maintaining longer-term purchases linked to its carbon-negative goal beginning in 2030.

This procurement strategy has helped provide developers with long-term demand signals. However, it has also contributed to a highly concentrated market.

CDR.fyi estimated in April 2026 that Microsoft accounted for 78.5% of disclosed durable CDR tonnes contracted, equal to more than 36.4 million tonnes.

Diversification of the CDR Market

The market has continued to diversify outside Microsoft. Sylvera reported that disclosed non-Microsoft offtake volume increased 73% year over year in the first half of 2026 to 12 million tonnes, even as total disclosed offtake volumes fell sharply.

That creates an important backdrop for the new delivery framework. CDR developers are not only competing for buyers. They are also moving from contracts and project announcements toward actual construction, operations, verification and delivery.

Relae and Microsoft Have Tracked CDR Quality Since 2021

Relae and Microsoft first introduced the CDR quality criteria in 2021.

The criteria have been updated annually as scientific understanding, project experience and the voluntary carbon market have evolved. The 2026 edition draws on lessons from diligence conducted across hundreds of real-world projects and adds delivery risk as a distinct assessment area.

Relae says it conducted 170 additional diligence reports since the 2025 criteria. Its assessment has now covered more than 900 projects, with fewer than 10% meeting its threshold for high quality. More than 60 subject matter experts contributed to the 2026 update.

The purpose is not to replace the existing quality framework. Instead, delivery risk adds another layer to project assessment.

The basic questions for buyers now become:

Is the removal scientifically credible?
Does the project meet quality requirements?
Can the developer actually deliver the contracted tonnes?
What could prevent delivery, and how resilient is the project to those risks?

Six Principles Still Define High-Quality CDR

The delivery framework sits alongside the existing quality requirements.

The 2026 criteria continue to assess six core areas across CDR pathways:

Social harms, benefits and environmental justice
Environmental harms and benefits
Additionality and baselines
Measurement, monitoring, reporting and verification
Durability
Leakage

These principles focus on whether the carbon removal is credible and whether the project avoids significant environmental and social harms.

Delivery risk addresses a different part of the equation: whether the project can execute its plan.

This distinction matters because a project can satisfy quality requirements while still facing financing, construction, supply-chain or regulatory problems.

Direct Counterparties Are Part of the Delivery Equation

The updated criteria also place greater attention on direct counterparties.

These are organizations that developers depend on to generate and deliver carbon removal. They can include feedstock suppliers, landowners, transportation companies, storage providers, local implementation partners, and major offtakers.

For many CDR projects, these relationships are essential to the project’s operating model.

A biochar developer, for example, may depend on a consistent supply of biomass. A geological storage project may rely on transportation and injection infrastructure. Nature-based projects can depend on landowners and local implementation partners.

The 2026 criteria therefore call for greater due diligence on these relationships and consideration of whether counterparties could introduce social or environmental risks.

This expands project assessment beyond the company selling the carbon removal.

CDR Pathways Face More Detailed Scrutiny

The updated criteria also increase the level of scrutiny for individual CDR pathways.

Enhanced rock weathering (ERW) faces stronger requirements around measuring actual carbon removal, managing potentially toxic elements, and protecting farmers. Projects are expected to use physical field measurements rather than relying solely on modeled results.
Afforestation, reforestation and revegetation (ARR) projects face updated requirements around dynamic baselines and statistically matched controls. These changes are intended to improve confidence that measured removals represent genuine additional climate benefits rather than changes that would have occurred without the project.

The framework therefore continues to evolve alongside the technologies it evaluates.

READ MORE: Microsoft Signs 650,000 Carbon Removal Credit Deal with BioCirc’s Denmark BECCS Project

The Next Phase: From CDR Commitments to CDR Delivery

The biggest change in the market may be the growing importance of the gap between contracted tonnes and delivered tonnes.

CDR.fyi’s 2026 data shows that buyers outside Microsoft and Frontier accounted for only a minority of contracted durable CDR volumes but a much larger share of deliveries and retirements to date. This suggests that market activity looks different when measured by actual delivered tonnes rather than future commitments.

The trend also helps explain why delivery risk is becoming more important as the sector matures.

Large CDR contracts can provide developers with revenue visibility and help unlock project financing. But those contracts also create expectations around timing and volume.

The market now needs to demonstrate that contracted tonnes can move through the entire chain: project development, financing, construction, operation, measurement, verification and delivery.

Relae and Microsoft’s framework does not guarantee that a project will meet those milestones. Instead, it gives developers, buyers and investors a structured way to identify potential weaknesses before they become delivery failures.

For the CDR industry, that represents a shift from asking whether carbon removal can work in principle to asking whether projects can execute at commercial scale.

The discussion at Climate Week NYC reflects this next phase. Carbon removal is no longer only about developing better technologies or securing large offtake agreements. It is increasingly about building projects that can deliver measurable, durable, and high-quality tonnes at the scale and time promised.

READ MORE: New CDR Report Sounds Alarm on 5.2-Billion-Tonne Carbon Removal Gap by 2050

Tesla (TSLA Stock) Leads 2,500 Electric Class 8 Trucks. Microsoft, PepsiCo Back U.S. Freight Decarbonization

Saptakee S

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September 25, 2026

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Tesla (TSLA Stock) Leads 2,500 Electric Class 8 Trucks. Microsoft, PepsiCo Back U.S. Freight Decarbonization

The U.S. trucking industry is taking a major step toward electrification as shippers move from pilot projects to large-scale fleet commitments.

Smart Freight Centre and Catalyst Mobility, formerly CALSTART, have helped organize a 2,500-truck battery-electric Class 8 order through their Zero-Emission Truck Shipper-Carrier Alliance Leading Electrification (ZET SCALE) program. The organizations say the deal is the largest electric Class 8 truck order in the U.S. and could nearly double the country’s existing electric Class 8 fleet.

The press release says Tesla has been selected as the primary original equipment manufacturer (OEM) for the initial procurement following a competitive request-for-proposals process. Kenworth, Volvo and RIDE will remain secondary options for carriers whose operating requirements call for different truck configurations.

The development comes at a critical point for U.S. freight. Trucks move enormous volumes of goods across the country, but the sector remains heavily dependent on diesel.

Why Heavy Trucks Matter for U.S. Emissions

Transportation is the largest source of direct greenhouse gas emissions in the U.S. economy. Within transportation, medium- and heavy-duty trucks accounted for 23% of transportation-sector greenhouse gas emissions in 2022, according to the EPA.

The emissions challenge is particularly significant for long-haul trucking. The U.S. Department of Energy estimates that long-haul freight trucks account for only about 7% of medium- and heavy-duty vehicles but around 38% of their greenhouse gas emissions, reflecting their high mileage, heavy loads, and energy consumption.

The broader medium- and heavy-duty vehicle fleet is also still dominated by fossil fuels. A DOE analysis found that about 92% of these vehicles ran on diesel and 7% on gasoline, with natural gas and propane accounting for roughly 1%.

That makes Class 8 trucks an important target for decarbonization.

Electric Truck Sales Are Growing, But From a Small Base

The U.S. electric truck market is expanding, although heavy-duty adoption remains relatively small compared with conventional trucking.

The International Energy Agency said global electric truck sales surpassed 400,000 units in 2025, with electric heavy freight truck sales nearly tripling to about 230,000 units.

U.S. electric truck sales increased 25% to roughly 17,000 units in 2025. However, more than 95% of those U.S. sales were medium freight trucks, partly because Rivian’s electric delivery vans are included in the category.

For the heavier Class 8 segment, the numbers are much smaller. Reporting based on the International Council on Clean Transportation’s 2026 market monitor put U.S. zero-emission heavy truck sales at about 875 units in 2025, representing only around 0.3% of the market.

The ZET SCALE procurement therefore stands out because its initial order is several times larger than annual U.S. zero-emission heavy-truck sales recorded in 2025.

Tesla (TSLA) Semi Gets a Major Commercial Opportunity

Tesla’s Semi is at the center of the new procurement. As per reports, Tesla has officially started high-volume production of its Semi electric truck at a new dedicated factory in Nevada. The company says the facility can produce up to 50,000 electric trucks a year.

The company currently lists the Semi with an estimated 500-mile range, energy consumption of about 1.7 kWh per mile, and gross combination weight of up to 82,000 pounds for the long-range version. The company says its Megacharger system can restore up to 60% of range in 30 minutes, with charging capability of up to 1.2 MW.

Tesla has also said Semi deliveries will start in 2026. However, the company has faced delays in bringing the truck to high-volume production. In July, Tesla said it was working to increase battery production to support production of the Semi at scale.

The ZET SCALE order allows Tesla to move from limited deployments toward a much larger commercial fleet base.

It also comes as Tesla prepares to expand the Semi beyond the U.S. Reuters reported in September that the company is targeting the European heavy-duty market, where several established truck manufacturers already offer battery-electric models.

Microsoft and PepsiCo Help Aggregate Demand

The bigger story behind the order, however, is not simply Tesla.

ZET SCALE is designed to solve one of the biggest challenges facing electric trucking: fragmented demand.

Individual fleets often hesitate to place large electric-truck orders because of higher upfront costs, uncertain residual values, charging requirements, and questions about how vehicles will perform across different routes.

The alliance pools demand from multiple shippers and carriers. Founding participants include Microsoft and PepsiCo, among others. By combining their requirements, ZET SCALE created a larger purchasing pool that encouraged truck manufacturers to compete for the business.

The model could also help reduce costs beyond the truck itself.

The key advantages include:

Bulk purchasing: Larger orders can improve pricing and strengthen the business case for electric trucks.
Shared infrastructure: Deployments are concentrated around freight hubs where charging assets can achieve higher utilization.
Financing support: ZET Financial plans to use a fair-market-value leasing structure designed to reduce residual-value risk for carriers.
Operational data: Fleet-specific analysis can compare electricity, diesel, maintenance, and financing costs.
Multiple OEM options: Tesla leads the first procurement, while Kenworth, Volvo and RIDE provide alternatives for different operating needs.

Ten Freight Hubs Form the First Deployment Wave

The initial deployments will focus on major freight corridors rather than spreading trucks thinly across the country.

ZET SCALE has identified 10 primary freight regions, including Southern California and Los Angeles, Northern and Central California, Seattle-Tacoma, Houston, Dallas, San Antonio, Chicago, Atlanta, and the Northern New Jersey-New York region.

This approach is important because electric trucking depends on more than vehicle availability. Charging infrastructure, route length, electricity prices, truck utilization, and local operating conditions all influence the economics.

Concentrating trucks around established freight hubs can allow fleets to share charging infrastructure and maximize vehicle utilization.

From 2,500 Trucks to 10,000

The 2,500-truck order is being positioned as the first phase rather than the final target.

ZET SCALE aims to expand the model to 10,000 or more electric trucks, while recruiting additional shippers and carriers and expanding into new regions.

That ambition comes as U.S. policymakers and industry groups continue to look for ways to reduce emissions from heavy-duty transportation. DOE’s SuperTruck 3 initiative, for example, is focused on electric and hydrogen fuel-cell technologies and targets a 75% lifecycle reduction in medium- and heavy-duty truck greenhouse gas emissions.

The challenge is no longer simply developing an electric Class 8 truck. The industry must build the commercial ecosystem around it.

ZET SCALE’s approach brings together shippers, carriers, manufacturers, financiers, and charging infrastructure around one procurement strategy. If the model works, it could offer a path for freight companies to electrify without each fleet having to solve the same cost and infrastructure problems independently.

For Tesla, meanwhile, the order could provide an important bridge from limited Semi deployments to a much larger commercial market.

And for U.S. freight decarbonization, the significance may extend beyond the 2,500 trucks themselves. The bigger test is whether aggregated demand can turn electric Class 8 trucks from an emerging technology into a scalable fleet solution.

READ MORE: Truck Titans Clash: Tesla Semi vs. Nikola Hydrogen

Gevo Targets $60M Profit as Carbon Credits and 45Z Boost Renewable Fuel Economics

Jennifer L

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September 24, 2026

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Gevo Targets $60M Profit as Carbon Credits and 45Z Boost Renewable Fuel Economics

Gevo is increasingly relying on carbon credits and U.S. clean-fuel incentives to improve the economics of its renewable fuels business. Chief Executive Officer Paul Bloom said at a Water Tower Research conference on September 23 that Gevo now expects more than $60 million in 2026 non-GAAP adjusted EBITDA, up from its earlier $30 million target.

The company says carbon monetization, the Section 45Z Clean Fuel Production Credit, stronger operations, and new Canadian clean fuel opportunities are behind the higher outlook. The forecast is important because it shows how carbon value can add another revenue stream to low-carbon fuel production.

However, the $60 million figure is a company forecast, not reported earnings. Gevo must still deliver the expected tax-credit sales, carbon revenues, and operating improvements.

Carbon Value Is Becoming a Second Revenue Engine

Gevo’s strategy is built around getting value from both its fuel and the carbon benefits linked to that fuel. Its main asset is Gevo North Dakota, a low-carbon ethanol plant in Richardton, North Dakota, with carbon capture and storage (CCS) on site.

The facility produces about 67 million gallons of low-carbon ethanol a year and currently captures and stores roughly 180,000 metric tons of CO2 annually. The site has an operating Class VI well and enough permitted storage capacity to potentially reach 1 million tonnes of CO2 per year.

The captured biogenic CO2 can generate carbon removal certificates, while the plant’s low carbon intensity can also increase the value of fuel-related incentives.

Gevo calls this approach “carbon arbitrage.” The company can seek value from different carbon markets and choose where the carbon attribute has the highest value, although a particular carbon benefit cannot be sold twice.

Chief Executive Officer Paul Bloom said:

“For every ton of fuel we produce about a ton of carbon dioxide. We capture that carbon dioxide and sequester it in a deep well under our North Dakota facility.”

Bloom said the combined value of carbon and incentives can add roughly $1.50 per gallon beyond the underlying fuel commodity value. This is a company estimate and can vary with market prices and policy rules.

45Z Tax Credits Power Gevo’s 2026 Outlook

The Section 45Z Clean Fuel Production Credit is one of the biggest drivers of Gevo’s improved forecast. The company expects to monetize more than $70 million of 45Z tax credits during 2026, compared with $52 million in 2025.

Gevo also said it had already closed $20 million of 45Z credit sales after the second quarter and was targeting another $50 million by year-end.

The 45Z credit is a U.S. tax incentive for qualifying domestic clean transportation fuels. The credit is available for fuel produced after 2024 and sold through December 31, 2029, following changes made by federal legislation in 2025.

For fuel produced after 2025, eligible feedstocks must be produced or grown in the United States, Mexico, or Canada. The value of the credit depends on the fuel’s emissions performance and other requirements.

That makes carbon intensity extremely important for producers like Gevo. Lower lifecycle emissions can increase the amount of tax credit attached to qualifying fuel.

In September 2026, the IRS also issued Notice 2026-53, providing the 2026 emissions-rate table and additional guidance on 45Z, including treatment of regenerative agricultural practices.

Gevo Turns Tax Credits Into Cash

Gevo has demonstrated that 45Z credits can become actual cash rather than simply a future policy benefit. In 2025, Gevo North Dakota sold $52 million of 45Z tax credits. That included a $30 million sale in November, added to $22 million sold earlier in the year.

The structure is important for Gevo’s business model. The company can sell tax credits to third-party buyers, turning the incentive into cash rather than waiting to use the full value against its own tax liability.

Gevo’s low carbon intensity helps support that value.

The company says Gevo North Dakota has a carbon-intensity score in the low 20s grams of CO2e per megajoule under the GREET model variation proposed for 45Z. British Columbia has previously assigned the plant a score of 19 gCO2e/MJ.

Its on-site CCS is a major reason for the low score. This creates a direct connection between carbon management and fuel economics.

SEE MORE: Gevo Advances BECCS Strategy to Meet Rising Demand for Durable Carbon Removal

Canada Adds Another Carbon Revenue Channel

Gevo’s stronger 2026 outlook also includes a new pathway under Canada’s Clean Fuel Regulations (CFR). Canada’s CFR operates a credit market in which each compliance credit represents one tonne of lifecycle CO2e emissions reduction. Credits can be generated by supplying lower-carbon fuels or by reducing the lifecycle carbon intensity of fuels.

In the second quarter, Gevo received approval for a new pathway covering its low-carbon ethanol with CCS.

The approval allows Gevo to recognize carbon value from qualifying ethanol previously delivered into the Canadian market. The company expected sales under the new pathway to begin appearing in its third-quarter 2026 results.

This gives Gevo another compliance market alongside U.S. incentives and voluntary carbon removal sales. That diversification is important because carbon prices and fuel markets can change.

North Dakota Expansion Could Scale Fuel and Carbon Revenue

Gevo is also increasing the amount of fuel and carbon value its North Dakota facility can generate. A debottlenecking project is expected to raise low-carbon ethanol output to about 75 million gallons per year, a 10% to 15% increase in ethanol, coproduct, CCS and related incentive volumes starting in 2027.

Gevo said the project remained on track in September and that its new CO2 degassing system had been commissioned ahead of schedule.

The company plans a big expansion. This could double North Dakota’s ethanol production to 150 million gallons per year. It will include CCS and aims to start in 2028.

More production could mean more low-carbon fuel, more captured biogenic CO2 and more associated incentives. Gevo’s North Dakota site therefore sits at the center of its near-term growth strategy.

Carbon Removal Demand Is Rising But Delivery Lags

The wider carbon removal market is growing, but it remains relatively young. CDR.fyi currently tracks 50.5 million tonnes of durable carbon removal contracted globally, compared with only about 1.7 million tonnes delivered. Its current weighted-average price across publicly disclosed purchases is around $196 per tonne.

The large gap between contracted and delivered tonnes shows why operational projects can have an advantage.

Gevo’s North Dakota facility is already operating and has generated hundreds of thousands of certified removal credits. That gives the company an existing supply base while many newer CDR projects are still being developed.

gevo carbon credits sales — Source: CDR.Fyi

However, Gevo’s future carbon revenue will still depend on credit prices, buyer demand, and the amount of CO2 that can be captured and certified.

Can Carbon Management Change the Economics of Renewable Fuel?

Gevo’s updated more-than-$60 million 2026 adjusted EBITDA outlook reflects a business model that goes beyond selling ethanol. The company produced $47 million in revenue in the second quarter of 2026 and generated $11 million of adjusted EBITDA. For the first six months, revenue reached about $89.4 million, while adjusted EBITDA was $19.6 million.

The full-year target is therefore a significant step up from first-half results.

Gevo has said the stronger outlook is supported by 45Z monetization, the Canada CFR pathway, low-carbon fuel sales, operational improvements and its carbon business. The broader market lesson is that carbon value can materially change the economics of renewable fuel production.

For Gevo, ethanol provides the core commodity product. CCS creates carbon removal value. 45Z creates a federal clean fuel incentive. Canada’s CFR creates another compliance market. The challenge now is turning those different revenue streams into durable cash flow.

If Gevo can continue producing low-carbon fuel, monetizing eligible incentives and delivering certified carbon removals, its North Dakota facility could serve as a model for how fuel production and carbon management can operate as one integrated business.

READ MORE: Gevo Expands Carbon Credit Business as Low-Carbon Fuel Growth Boosts 2026 Outlook

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The key advantages include:

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