NVIDIA Hits Almost $216 Billion Revenue as AI Boom Tests Its Climate Strategy

Jennifer L
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NVIDIA Hits Almost $216 Billion Revenue as AI Boom Tests Its Climate Strategy

NVIDIA’s latest earnings report shows the scale of the AI boom. The chipmaker reported record revenue and became the fourth U.S. tech company to exceed $100 billion in annual profit. Alongside financial growth, Nvidia continues to push renewable energy use and efficiency gains. The results highlight the growing link between AI expansion and sustainability challenges.

NVIDIA reported record revenue of $68.1 billion for the fourth quarter of fiscal 2026, ending January 25, 2026. This figure was up 73% from a year earlier and up 20% from the prior quarter. Data center sales, which fuel artificial intelligence (AI) growth, were $62.3 billion, or about 91% of total revenue in the quarter.

For the full fiscal year, NVIDIA posted $215.9 billion in revenue, a jump of 65% from the prior year. Net income reached tens of billions, $120,067 million for the full year and $42,960 for the 4th quarter. Earnings per share also grew significantly.

These results exceeded most analysts’ expectations and underscored NVIDIA’s continued leadership in AI compute hardware. The company also forecast strong revenue for the first quarter of fiscal 2027.

NVIDIA financial results 2025
Source: NVIDIA

NVIDIA’s Sustainability Commitments at a Glance

NVIDIA has increasingly highlighted its environmental and sustainability goals in recent years. For the fiscal year 2025, the company achieved 100% renewable energy use for all offices and data centers it directly controls.

The renewable supply came from a mix of:

  • On-site generation
  • Purchased renewable electricity
  • Energy attribute certificates (EACs)
  • Power purchase agreements (PPAs)

This milestone eliminates the company’s market-based Scope 2 emissions tied to electricity use in those facilities.

While operational emissions from electricity have been addressed, total emissions figures remain complex. NVIDIA reported that its total greenhouse gas emissions increased. This includes Scope 3 emissions linked to its supply chain and purchased goods. Scope 3 emissions accounted for the bulk of its emissions inventory, and they rose significantly year-over-year.

Nvidia GHG emissions 2024

NVIDIA has also incorporated science-based targets and reduction plans into its public disclosures. The company aims to cut direct (Scope 1) and electricity-related (Scope 2) emissions by about 50% by 2030. This is based on its baseline figures. These science-based targets are consistent with internationally recognized climate frameworks.

Beyond energy use, NVIDIA has implemented other environmental actions. Closed-loop liquid cooling systems in data centers help cut water use. Also, there are significant increases in recycling electronic waste each year.

AI Performance Per Watt: NVIDIA’s Efficiency Edge

NVIDIA’s technology can influence emissions well beyond its own operations. The company’s GPUs and systems power AI infrastructure around the world. Many of these systems are designed to be energy efficient.

For example, NVIDIA-based systems dominate rankings of the most energy-efficient supercomputers globally. The Green500 list ranks systems based on energy efficiency.

Many top entries use NVIDIA GPUs, especially the advanced Grace Hopper architecture. These systems deliver high computing performance per watt of power, helping labs and data centers run complex workloads with less energy.

Record Profits, Cautious Market Reaction

Despite the strong financial performance, NVIDIA’s share price movement highlights market nuances. Some reports noted that after an initial uptick in after-hours trading, the stock’s gains flattened or reversed. This response came even as NVIDIA beat revenue and profit expectations.

NVIDIA nvda stock price

Analysts point to broader concerns about the valuation of high-growth AI stocks. Investors are cautious despite strong earnings. They worry about how fast AI demand will grow and whether valuations show future risks.

In early 2026, NVIDIA’s stock had also seen uneven performance year-to-date. Some analysts believe the trading pattern after earnings shows sector sentiment more than the company’s actual results.

NVIDIA’s profit scale also stands out compared with other major U.S. tech firms. For fiscal year 2026, the tech giant reported $120 billion in net income. This made it the fourth U.S. tech company ever to exceed $100 billion in annual profit, joining Alphabet, Apple, and Microsoft.

  • NVIDIA’s result trails only Alphabet’s $132 billion profit in 2025, which remains the largest annual profit ever recorded by a U.S. company.

The speed of NVIDIA’s rise is also notable. Just three years ago, the company’s annual net income was $4.4 billion. In its most recent quarter, the chipmaker generated that amount in less than 10 days.

Nvidia annual profit 2025 vs other big tech
Source: Statista

By comparison, Apple took 18 years to grow from $5 billion in annual profit to $112 billion, beginning around the launch of the iPhone in 2007. Microsoft took 27 years to move from $5 billion to more than $100 billion in annual profit. Alphabet first crossed the $100 billion mark in 2024. NVIDIA hit this milestone in under three years. CEO Jensen Huang pointed out the company’s AI gains in May 2023.

Efficiency Gains vs. Expanding Energy Footprint

NVIDIA’s external ESG ratings are similar to those of other tech companies for environmental and governance metrics. However, the scores vary in social and supply chain areas. These ratings consider things like how well companies disclose information, their plans for cutting emissions, and their governance. They also look at challenges related to wider supply chain emissions.

One sustainability ranking highlighted a “paradox” in NVIDIA’s performance. It noted that NVIDIA’s chips are among the most energy-efficient in the world, which boosts its sustainability profile. The quick rise in total energy use for AI infrastructure is increasing overall environmental impacts. This happens even as per-unit efficiency improves.

NVIDIA’s renewable energy goals and efficiency gains have positioned it as a leader. It combines strong finances with sustainable growth. For instance, in a 2026 list of top firms for sustainable growth, NVIDIA stood out. It achieved 100% renewable energy for its offices and data centers. Plus, its GPU platforms are energy efficient.

Can AI Hypergrowth Align With Climate Targets?

NVIDIA’s sustainability strategy focuses on three key areas:

  • Reducing direct and indirect emissions.
  • Improving energy use.
  • Enhancing reporting transparency.

The company has achieved important goals. It now uses renewable energy for its facilities. It has also improved chip efficiency. These steps show progress toward environmental goals.

Still, rising Scope 3 emissions and the booming demand for AI compute make tackling environmental impacts more complex. NVIDIA’s sustainability reports highlight that energy use in data centers is a major barrier. This limits both digital infrastructure growth and climate progress.

Energy-intensive “AI factories” — large data centers running training and inference workloads — require large power supplies, often on par with traditional industrial factories. This growth in demand puts pressure on energy systems to shift toward low-carbon sources.

NVIDIA’s efforts to work with suppliers on emissions targets and its investments in energy efficiency aim to address parts of this challenge. But the company has not yet announced a full net-zero emissions target with a fixed date.

So, What Comes Next for NVIDIA?

In the near term, NVIDIA will likely continue to be a focal point for both earnings performance and ESG debate. Future earnings releases and sustainability reports will show whether the company’s actions keep pace with its growth.

Investors and stakeholders will watch how NVIDIA manages AI demand, emissions challenges, and energy efficiency together.

On the sustainability side, developing and reporting progress on Scope 3 emissions, supplier engagement, and potential net-zero pathways will shape ESG evaluations. As AI energy use rises worldwide, companies like NVIDIA will face more scrutiny over how they balance growth with their emissions and climate impact.

Overall, NVIDIA’s record earnings and sustainability efforts highlight its role in tech innovation and environmental change. The company balances rapid AI growth with a commitment to lowering its environmental impact.

Indigo Carbon Surpasses 2 Million Soil Carbon Credits in Landmark 1.1 Million Issuance

Jennifer L
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Indigo Carbon Surpasses 2 Million Soil Carbon Credits in Landmark 1.1 Million Issuance

Indigo Carbon announced it has now passed 2 million metric tons of verified climate impact from U.S. croplands. The company reached the milestone after issuing its fifth U.S. “carbon crop.” The new issuance includes 1.1 million independently verified carbon credits issued through the Climate Action Reserve (CAR).

Indigo describes the milestone in its announcement as a sign that soil-based carbon programs can scale. It also points to rising corporate demand for credits that meet stricter quality rules.

Indigo’s latest issuance is important because it is linked to a major registry method that now carries an additional integrity label. Max DuBuisson, Head of Impact & Integrity, Indigo, remarked:

“Indigo continues to set the standard for high-integrity soil carbon removals that corporate buyers can trust. Soil carbon is uniquely positioned to scale as a climate solution because it captures and stores carbon while also improving water conservation and crop resilience. By combining world-class science and technology with farmer-driven practice change, we’re proving that agricultural soil carbon is an immediate, durable, high-integrity solution capable of helping global companies meet their climate commitments.”

Inside the 1.1M Credit Issuance and CCP Label

Indigo says its fifth issuance includes 1.1 million carbon credits verified and issued through CAR. These credits come from Indigo’s U.S. soil carbon project, listed on the Climate Action Reserve under the Soil Enrichment Protocol (SEP) Version 1.1.

CAR’s SEP is designed to quantify and verify farm practices that increase soil carbon and reduce net emissions. It covers changes in soil carbon storage and also includes reductions in certain greenhouse gases tied to farm management.

CAR’s SEP Version 1.1 has the ICVCM Core Carbon Principles (CCP) label. This means the method meets the standards set by the CCP framework.

ICVCM core carbon principles
Source: ICVCM

Indigo’s disclosures also describe long-term monitoring rules. The company reports that its U.S. project includes 100 years of project-level monitoring after credit issuance, in line with CAR requirements. This mix of independent verification, registry issuance, and long monitoring periods is central to the case Indigo makes for credit quality.

Breaking Down the 2 Million Ton Milestone

Indigo says its total verified impact now exceeds 2 million metric tons of carbon removals and reductions across U.S. croplands.

In carbon markets, one credit equals one metric ton of CO₂ equivalent. Indigo’s latest issuance is very large by soil carbon standards. It also builds on earlier “carbon crop” issuances.

Indigo’s project disclosures include a quantified impact figure for its U.S. project. The company reports 927,367 tCO₂e reduced or removed through Dec. 31, 2023, for the project listed as CAR1459.

Indigo Carbon impact by the numbers
Source: Indigo

Indigo announced it has saved 118 billion gallons of water. It has also paid farmers $40 million through its programs so far. These points matter because many buyers now look beyond carbon totals. They also want evidence of farmer payments, monitoring rules, and co-benefits like water conservation.

Corporate Demand Shifts Toward Verified Removals

One reason soil carbon is getting more attention is the growing demand from buyers for removals. Many companies now focus more on carbon removal credits, not only avoidance credits.

Indigo’s largest recent buyer example is Microsoft. In January 2026, the carbon ag company announced a 12-year agreement under which Microsoft will purchase 2.85 million soil carbon removal credits from them.

  • The soil carbon producer said this is Microsoft’s third transaction with the company, following purchases of 40,000 tonnes in 2024 and 60,000 tonnes in 2025.

The tech giant’s purchases show how corporate buyers may use long-term offtake deals to secure future supply of credits. This matters for soil carbon programs because credits are typically generated over multiple years. And they also depend on practice changes and verification cycles.

Indigo also says its program works across eight million acres, which signals how it is trying to scale participation across U.S. farms.

Soil Carbon Credits: Market Trends and Forecast

Soil carbon credits are gaining attention as buyers shift toward higher-quality credits and clearer verification rules. Ecosystem Marketplace reports that the voluntary carbon market is entering a new phase. This phase emphasizes integrity, even though trading activity has slowed down.

In its 2025 market update, Ecosystem Marketplace noted a 25% drop in transaction volumes. This decline shows lower liquidity as buyers are becoming more selective.

Voluntary carbon credit market; price, volume, value 2022-2024

At the same time, demand for higher-quality credits is rising. Sylvera’s State of Carbon Credits 2025 reported that retirements dropped to 168 million credits in 2025, a 4.5% decrease.

Still, the market value climbed to US$1.04 billion due to rising prices. It also found that higher-rated credits (BBB+) made up 31% of retirements, and traded at higher average prices than lower-rated supply.

For soil carbon, buyers are also watching methodology quality. The ICVCM has approved two sustainable agriculture methods as CCP-approved. These are the Climate Action Reserve’s Soil Enrichment Protocol v1.1 and Verra’s VM0042. This can support stronger buyer confidence and may increase demand for soil credits that meet CCP rules.

Looking ahead, Sylvera projects compliance-linked demand will keep growing and could exceed voluntary demand by 2027. That trend may favor credits with stronger verification and compliance alignment, including higher-integrity soil carbon credits. However, integrity issues still occur, and this is where Indigo comes in.

Tackling Permanence and MRV Head-On

Soil carbon credits face a key challenge: carbon stored in soil can be reversed. A drought, land use change, or a shift in farm practices can reduce stored carbon.

This is why monitoring and reversal rules matter. CAR’s protocol is built to quantify, monitor, report, and verify practices that increase soil carbon storage.

Indigo’s project disclosure notes that projects are monitored for 100 years after they are issued. This shows the durability rules tied to their method and registry approach.

The company also positions its program as “outcome-based,” meaning it pays for verified carbon outcomes rather than paying only for adopting a practice. This messaging is designed to reassure buyers that credits are not only modeled. It stresses verification and the registry process.

A Scale Test for High-Integrity Soil Carbon

Indigo’s fifth issuance lands at a time when voluntary carbon markets are placing more weight on integrity labels and independent verification.

Two parts stand out:

  • First, volume. An issuance of 1.1 million credits through a registry is large for an agricultural soil carbon program.
  • Second, method approval. CAR’s SEP Version 1.1 carries the ICVCM CCP label, which is meant to signal alignment with a global integrity benchmark.

That combination may make it easier for corporate buyers to justify purchases internally. Many companies now face stronger scrutiny from auditors, regulators, investors, and civil society groups.

At the same time, more supply does not automatically mean market confidence rises. Buyers still assess risks such as permanence, additionality, and measurement uncertainty.

Even so, the milestone shows how fast some parts of the removals market are trying to scale. Large buyers are also helping drive this shift through multi-year offtake deals, like the Microsoft agreement for 2.85 million credits.

For Indigo, the new issuance supports its claim that soil carbon is moving from small pilot volumes toward larger, repeatable issuances. For the market, it adds another real-world data point: a major soil carbon program has now completed five issuance cycles and passed 2 million metric tons of verified climate impact.

Meta, Amazon, Google, and Microsoft Dominate Clean Energy Deals as Global Buying Slips in 2025

Saptakee S
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0
Meta, Amazon, Google, and Microsoft Dominate Clean Energy Deals as Global Buying Slips in 2025

For nearly a decade, global companies have been racing to buy clean energy from wind farms, solar parks, and other green power projects. But 2025 marked the first decline in this trend in almost ten years — a surprising shift that signals a changing landscape for corporate sustainability.

The latest report from BloombergNEF (BNEF) shows that corporate clean energy purchasing dropped about 10% in 2025, falling from roughly 62.2 gigawatts (GW) in 2024 to 55.9 GW last year.

Let’s break down why this happened, what it means, and how the market could evolve in the coming years.

Clean Energy Buying: The Big Picture

Corporate clean energy buying usually happens through power purchase agreements (PPAs). They are long-term contracts where companies agree to buy electricity directly from renewable energy projects, often wind or solar farms.

For years, this was one of the fastest-growing parts of the clean energy market. Companies like Google, Amazon, Meta, and Microsoft drove most of the demand, helping build huge amounts of renewable capacity. But 2025 interrupted that streak.

Even though 55.9 GW is still one of the largest annual totals ever, the fact that it is lower than the year before shows a real shift in how companies approach renewable energy deals.

Why Corporate Clean Energy Buying Fell

There are several reasons why corporate clean energy buying slowed in 2025:

Corporate buyers are sensitive to electricity market rules and government policies. In many regions, uncertain policy environments made it harder to finalize long-term clean energy contracts. In the United States, for example, uncertainty about future clean energy incentives and carbon accounting standards caused many smaller corporations to hold off on signing new deals.

In some power markets, especially in parts of Europe, there were long hours of negative electricity prices. This happens when supply exceeds demand and power becomes so cheap that producers pay buyers to take it.

These price swings make standalone solar and wind contracts less attractive, especially for companies that want predictable, long-term value from their clean energy purchases.

corporate clean energy

Dominance of Big Tech

Another key point in the BloombergNEF findings is that the market is becoming more concentrated. As said before, four major tech firms, like Meta, Amazon, Google, and Microsoft, signed nearly half of all clean energy deals in 2025.

Meta and Amazon alone contracted over 20 GW of clean power last year, including deals that cover not just solar or wind, but also nuclear power — something unusual in past corporate PPA markets.

While this heavy concentration helps maintain volume, it also means that smaller companies are scaling back, which lowers the total number of buyers and contributes to the overall slowdown.

meta amazon google microsoft

Regional Differences: Where Things Slowed and Where They Didn’t

Corporate clean energy markets didn’t all move in the same direction last year. Bloomberg’s data shows clear regional patterns:

United States

The U.S. remained the largest single market for corporate clean energy deals, signing a record 29.5 GW of commitments. Much of this came from major technology companies looking to match their growing electricity needs with zero-carbon power sources.

Yet despite these high numbers, the number of unique corporate buyers in the U.S. dropped by about 51%, as many smaller firms pulled back from signing new PPAs.

Europe, Middle East & Africa (EMEA)

In the EMEA region, corporate PPAs fell around 13% in 2025, slipping back to levels closer to 2023. In Europe, in particular, rising negative prices and unstable policy conditions discouraged many new deals.

Asia Pacific

Asia had a mixed story. Some markets like Japan and Malaysia continued to attract corporate clean energy buyers, thanks to mature PPA markets and supportive regulations. But slower activity in countries like India and South Korea contributed to a drop in total volumes in the region.

clean energy

The Rise of Hybrid and Firm Power Deals

One interesting trend that emerged in 2025 is that companies are looking beyond just wind and solar. Because of the limitations with standalone renewable deals, many buyers are now exploring hybrid power contracts that mix renewables with storage, or even nuclear and geothermal sources.

Hybrid deals like solar paired with battery storage give companies more reliable power and help manage price and supply risks. BloombergNEF tracked nearly 6 GW of these hybrid agreements in 2025, and expects this share to grow.

  • According to a report by SEIA and Benchmark Mineral Intelligence, the United States added a record 28 gigawatts (GW) / 57 gigawatt-hours (GWh) of battery energy storage systems (BESS) in 2025. It reflected a 29% year-over-year increase.

Cheaper battery costs are part of this trend. Recent data shows that the cost of four-hour battery storage projects fell about 27% in 2025, reaching record lows. This makes storage-based renewable contracts more financially compelling.

bess US

Big Companies Still Push the Market

Even with the overall slowdown, corporate clean energy buying remains strong, especially among large technology firms.

In fact, while smaller companies took a step back, the major tech buyers helped keep total volumes near all-time highs. In other words, the market didn’t crash; it just shifted shape.

This becomes even clearer when we look at individual company progress. Microsoft reported recently that it now matches 100% of its global electricity use with renewable energy, an achievement that required decades of energy contracts and partnerships.

The Clean Energy Market Is Resetting, Not Retreating

The IEA projects that renewables will provide 36% of global electricity in 2026. This shows that the energy transition is moving forward, even if corporate clean energy purchases dipped in 2025. The slowdown does not signal failure. Instead, it reflects a market that is adapting as companies, technologies, policies, and economics evolve together.

renewables

Growth in corporate renewable deals is not always steady. A single year of lower volumes does not erase the gains of the past decade. Instead, it highlights the natural adjustments markets go through as strategies shift and conditions change.

In this transitioning phase, policy and regulation remain critical. Clear rules, incentives, and supportive frameworks encourage smaller companies to participate. Additionally, regions that provide stability, such as parts of the Asia Pacific, are seeing continued growth in corporate clean energy demand.

In conclusion, even with the dip in 2025, corporate renewable energy purchasing is far larger than it was ten years ago. The market is shifting rather than shrinking, and companies continue to find ways to power growth with clean energy. This slowdown may serve as a wake-up call, encouraging smarter, more flexible strategies that can sustain the energy transition for years to come.

Canada Approves First Uranium Mine in 20 Years as Tech Giants Eye Nuclear Fuel for AI Power

Jennifer L
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Canada Approves First Uranium Mine in 20 Years as Tech Giants Eye Nuclear Fuel for AI Power

Canada has taken a major step in its mining history. The country recently approved the first large-scale uranium mine in more than 20 years. This new project is part of Canada’s effort to support clean energy and nuclear power production.

The federal and provincial governments approved the Phoenix In Situ Recovery (ISR) uranium mine. This mine is part of Denison Mines’ Wheeler River Project in Saskatchewan. This approval allows the construction of both the mine and its processing mill.

Phoenix will use ISR mining, a method seen as more environmentally friendly than traditional open-pit or underground mining. The technique uses liquid to dissolve uranium underground. It then brings the uranium to the surface for processing. This method reduces land disturbance compared to traditional methods.

With its license now issued and environmental reviews completed, construction is expected to take about two years. The project remains on track for its first production by mid-2028.

The approval is a milestone for Canada’s nuclear fuel sector. It signals renewed interest in uranium mining at a time when nuclear power is gaining traction as a low-carbon energy source.

A New Era for Canada’s Uranium Sector

Uranium is the key fuel for nuclear power plants. Nuclear power provides large amounts of low-carbon electricity around the world. As countries seek to reduce greenhouse gas emissions, nuclear energy is playing a growing role in clean energy strategies.

Canada is one of the world’s top uranium producers. Mines like Cigar Lake, McClean Lake, and Rabbit Lake in Saskatchewan have been supplying uranium for decades.

Canada uranium production
Source: Government of Canada

However, no new large mining projects had been approved at the federal level in over two decades before Phoenix. Canada can now boost uranium production. This will help support nuclear fuel supply chains at home and abroad.

The Phoenix mine will create economic benefits. This includes jobs during both construction and operations in northern Saskatchewan. It will also contribute to local tax revenue and community development.

Rising Power Needs Put Nuclear Back in Focus

Nuclear power accounts for a significant share of clean electricity globally. Nuclear reactors produce constant, reliable power that does not depend on weather like wind or solar. Many countries view nuclear energy as critical to meeting climate goals while maintaining grid stability.

As electric grids transition to cleaner energy sources, the demand for uranium — the core fuel for nuclear plants — is rising.

According to the International Energy Agency (IEA), global electricity demand grew by 3 % in 2025, following a 4.4 % increase in 2024. The agency expects demand to rise by about 3.6% each year from 2026 to 2030. This growth will come from industrial use, electrification, electric vehicles, cooling needs, and more data centers.

global electricity demand 2030 IEA
Source: IEA

This growth underscores the need for reliable, low-carbon generation capacity. Nuclear energy is a strong candidate because it supplies large volumes of consistent electricity with low emissions.

Tech Sector Turns to Nuclear for 24/7 Power

As electricity demand grows, especially from data centers, tech companies are focusing on long-term power solutions.

Executives at NexGen Energy, developing Canada’s largest uranium project in Saskatchewan, say they’ve talked with data center providers. They discussed financing uranium mining projects and securing a long-term uranium supply. These talks aim to ensure stable fuel for nuclear plants that could help power future data infrastructure.

CEO Leigh Curyer said,

“It’s coming. You’ve seen it with automakers. These tech companies, they’re under an obligation to ensure the hundreds of billions that they are investing in the data centres are going to be powered.”

NexGen is working on the Rook I uranium project in Saskatchewan’s Athabasca Basin. This area is one of the richest for uranium and hosts Canada’s largest development-stage uranium project.

Canada nuclear power generation
Source: Government of Canada

The company anticipates full government approval soon, and it aims for production around 2030. NexGen executives say the mine could supply more than 20 % of global uranium demand once operational.

NexGen’s discussions with data center operators focus on financing and long-term supply agreements. The idea is like car makers investing in battery material mines. They do this to secure vital supplies for electric vehicles.

These talks do not involve giving tech firms any control of NexGen. Instead, they focus on ways to help ensure uranium supply and potentially support early project development.

Why Tech Firms Are Interested in Nuclear Fuel

Modern data centers need a lot of electricity. This is especially true for those supporting AI, cloud computing, and large digital services. Power demand from data centers is a key driver of rising global electricity use, according to the IEA.

Unlike intermittent renewables, nuclear power provides 24/7 electricity that is not affected by weather. This reliability makes it attractive for companies that need stable energy for critical infrastructure.

Some technology firms have already signaled interest in long-term arrangements with nuclear energy providers. These supply arrangements might involve financing for mining, long-term fuel contracts, or offtake agreements when projects start production.

Long-term contracts for uranium can help companies lock in fuel supply for decades. This can reduce risks related to supply shortages or price volatility in commodity markets.The discussions show how energy security and climate goals are intersecting with corporate planning in the tech sector.

Tight Supply and Rising Prices Reshape the Market

The uranium market has tightened in recent years. Uranium prices have gone up. This rise shows supply issues and increasing interest in nuclear energy. Recent trading values put uranium at almost US$89 per pound, after briefly exceeding US$100 per pound in end of January.

uranium prices

Projections suggest that global nuclear capacity will need more fuel in coming decades as new reactors come online and existing ones are extended. Countries like China and India are expanding nuclear power to meet their growing electricity needs.

In Canada, new mines such as Phoenix and big projects like Rook I can fill global supply gaps. They also support national energy plans.

Global Supply Strain: U.S. and China Reshape the Uranium Market

The scramble for uranium supply is accelerating beyond Canada.

In the United States, a ban on Russian enriched uranium imports will take full effect in January 2028. Russia holds around 44% of the world’s uranium enrichment capacity. In 2023, it provided 27% of U.S. utility enrichment purchases, according to S&P Global Commodity Insights.

To reduce this dependence, the U.S. Department of Energy announced $2.7 billion in task orders to expand domestic enrichment capacity. The funding supports Centrus Energy, General Matter, and Orano Federal Services.

  • Orano got $900 million to build a new enrichment facility in Oak Ridge, Tennessee. They expect to submit a license application in the first half of 2026.

Conversion capacity is also expanding. Solstice Advanced Materials plans to increase uranium conversion output by 20% at its Metropolis Works plant in Illinois. The facility is expected to exceed 10 kilotonnes of UF₆ production in 2026, and it is reportedly sold out through 2030.

At the same time, China’s nuclear buildout is adding pressure to global supply. China operates 58 reactors, with 34 more under construction. Citi Research estimates China’s uranium needs will rise from 35 million pounds in 2025 to 58 million pounds by 2030, equal to about 27% of global demand. Yet, China produces only around 4 million pounds domestically.

Global uranium demand could reach 400 million pounds by 2040, more than double today’s levels. Meanwhile, about 70% of post-2027 uranium requirements remain uncontracted, highlighting the growing supply gap.

uranium production forecast S&P Global

S&P Global expects a uranium market upcycle until 2028, fueled by rising nuclear demand, especially from AI data centers. Global capacity is set to double, reaching 561-992 GW by 2050. Production jumps 141% to 141.2 million pounds by 2033, generating $14.9 billion revenue at $98.7/lb—65% above current prices.

Kazatomprom and Cameco will lead in 2025, generating $5.4 billion in revenue. This accounts for 86% of the group’s output. After 2028, NexGen and Denison will drive the supply wave, peaking at $1.6 billion in capex. Big Tech (Meta, AWS, Google, Microsoft) signs PPAs and equity deals.

uranium production 2030 S&P Global forecast

Nuclear Fuel Security Becomes a Climate Strategy

The approval of a new mine after more than 20 years shows that uranium is regaining importance in global energy planning. The Phoenix ISR project and other potential mines reflect renewed confidence in nuclear fuel production.

Early interest from tech companies in securing uranium supply shows a shift in energy planning. As power demand increases, companies are exploring new clean energy options. They want stable, low-carbon electricity.

For countries pushing decarbonization, nuclear power — supported by a stable uranium supply — offers a path to reduce emissions while meeting baseload electricity demand.

In this context, the Canadian uranium sector is poised for growth. New mines and potential private sector involvement may strengthen nuclear fuel security, supporting both national and global energy transitions.

ENGIE’s Brazil Solar Plant Explores Energy Storage and Bitcoin to Solve Grid Curtailment

Saptakee S
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ENGIE’s Brazil Solar Plant Explores Energy Storage and Bitcoin to Solve Grid Curtailment

ENGIE has officially brought its Assú Sol photovoltaic complex into full commercial operation. The French utility secured final approval from Brazilian authorities on February 13, 2026, after completing construction in December 2025. With a total investment of BRL 3.3 billion, the project now stands as ENGIE’s largest operational solar asset worldwide.

Located in Rio Grande do Norte in northeast Brazil, Assú Sol has an installed capacity of 895 MWp. The complex spans 2,344 hectares and consists of 16 solar plants. At full output, it can generate enough electricity to meet the annual demand of roughly 850,000 people.

  • In 2025, Brazil added 7.4 GW of new large-scale electricity generation capacity, driven primarily by over 2.81 GW of solar PV, according to the energy regulator Agência Nacional de Energia Elétrica (ANEEL).

  • In August 2025, ABSOLAR reported Brazil’s solar capacity hit 60 GW and forecasted strong distributed generation growth through 2030.

By January 1, 2026, the country’s total large-scale power generation capacity reached 215.9 GW, with renewables accounting for 84.6% of the mix. ANEEL projects a 23.4% increase in renewable capacity in 2026, equivalent to an additional 9.14 GW.

However, while the scale is impressive, the project also reflects a deeper shift underway in Brazil’s renewable energy market.

BRAZIL SOLAR

Assú Sol Delivers at Scale: Advanced Tech Powers Brazil’s Largest Solar Plant

ENGIE completed the project over 30 months, keeping it on schedule and within budget. More than 4,500 direct jobs were created during construction. The development required over 1.5 million solar modules, extensive cabling, and new internal road infrastructure.

Importantly, the company adopted advanced construction technologies. Drone-based aerial mapping improved site planning. Automated graders linked to 3D models enhanced precision. In addition, ENGIE deployed Brazil’s first dedicated automatic pile-driving machine for a solar project.

As a result, execution was faster, safer, and more efficient. Assú Sol demonstrates that large-scale renewables can be delivered with industrial discipline. Yet commissioning marked only the beginning of a more complex challenge.

Assú Sol photovoltaic complex

Assú Sol photovoltaic complex engie
Source: Engie

Curtailment Pressures Test Solar Profitability

Despite reaching full operations, Assú Sol faces curtailment — a structural issue affecting Brazil’s clean energy sector since 2023. Curtailment occurs when renewable plants must reduce output because the grid cannot absorb all available electricity.

Brazil has added wind and solar capacity at record speed. At the same time, electricity demand has grown slowly. Distributed generation, especially rooftop solar, has also expanded rapidly. Consequently, supply often exceeds transmission capacity and real-time demand.

According to Reuters, ENGIE’s Brazil country manager Eduardo Sattamini confirmed that Assú Sol’s production has already been curtailed to balance the grid. Although specific volumes were not disclosed, the impact is material enough to prompt strategic adjustments.

In other words, renewable abundance does not automatically translate into revenue. Infrastructure constraints now shape project economics as much as generation capacity does.

How ENGIE Plans to Use Storage and Bitcoin

Reuters further revealed that to address this imbalance, ENGIE is evaluating two parallel strategies: battery storage and localized demand solutions such as bitcoin mining data centers.

Battery storage provides the most direct fix. By storing excess midday solar output and discharging it during peak demand hours, batteries reduce curtailment and improve grid stability. They also open access to ancillary service markets, strengthening revenue streams.

However, ENGIE is also studying a more unconventional model — using surplus electricity to power bitcoin mining operations. At first glance, the combination may seem unusual. Yet, from an energy economics perspective, it offers several compelling advantages.

Solar farms often produce maximum output during midday, precisely when grid demand can soften. Instead of shutting down generation, operators can redirect excess electricity to mining operations that can scale consumption up or down in real time.

This model delivers multiple strategic benefits.

  • Lower carbon intensity: Solar-powered mining sharply reduces emissions compared to fossil-fuel-based operations, helping reposition crypto infrastructure within a cleaner energy framework.

  • Flexible demand response: Mining facilities can quickly ramp power usage up or down, absorbing excess electricity during peak solar hours and easing pressure during grid stress.

  • Stable long-term energy costs: Solar generation offers predictable operating expenses after initial capital deployment, protecting operators from volatile power markets.

  • Improved asset utilization: Co-locating data centers with large solar plants maximizes land use and monetizes electricity that might otherwise be curtailed.

  • Diversified revenue streams: Developers gain an additional income channel beyond wholesale power sales, strengthening overall project economics.

Of course, integration comes with challenges. Both solar infrastructure and mining facilities require significant upfront investment. Moreover, energy supply must remain balanced to avoid operational disruptions. Smart-grid systems and, ideally, battery storage will play a critical role in stabilizing performance.

Sattamini made clear that such initiatives would take time to implement. Nonetheless, the strategy signals an evolution in renewable business models — from pure generation toward integrated energy ecosystems.

Community Development and Long-Term Strategy

The company has also invested in the Assú region’s social infrastructure. It supported the construction of a school, a health center, and sports facilities. It improved access to water and provided agricultural equipment to local communities. Such initiatives enhance local acceptance and reinforce the long-term sustainability of the project.

ENGIE’s Renewable and Storage Capacity Goal

Looking ahead, it aims to reach 95 GW of renewable and storage capacity globally by 2030. More than 80% of its planned capital expenditure aligns with the European Taxonomy framework, focusing on low-carbon generation, infrastructure modernization, green gas, and storage technologies.

The company currently operates 15.7 GW of fully renewable installed capacity across hydropower, wind, and solar assets. It also manages 3,200 kilometers of transmission lines and 22 substations.

Some significant achievements include:

  • In late 2025, ENGIE commissioned the Serra do Assuruá wind complex in Bahia, adding 846 MW of onshore wind capacity.
  • Meanwhile, the Asa Branca transmission project continues to expand grid infrastructure across several states, with more than 1,000 kilometers planned upon completion.
  • Another initiative, the Graúna transmission project, will further strengthen interconnections in southern Brazil.
engie decarbonization
Source: Engie

These investments are critical. Without stronger transmission networks, renewable curtailment will persist. Therefore, grid expansion and flexibility solutions must advance alongside generation growth.

As renewable penetration rises, profitability depends not only on installed megawatts but also on flexibility, storage, and innovative demand-side solutions. In that context, combining solar power with storage or even bitcoin mining may redefine how excess clean energy is valued.

And Assú Sol is part of ENGIE’s broader renewable expansion in Brazil, setting an example for renewable markets facing maturity challenges.

Enel Unveils €20B Renewables Push to Add 15GW by 2028

Jennifer L
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Enel Unveils €20B Renewables Push to Add 15GW by 2028

Enel, the Italian energy giant, is increasing its commitment to clean power for the coming years. The company has unveiled its new 2026–2028 Strategic Plan, which outlines a major expansion in renewable energy and grid investment.

Under the plan, Enel will invest €53 billion over three years. This marks a 23% increase compared with the previous strategy. Of this total, nearly €20 billion will go directly into renewable energy projects.

The renewable spending will support the addition of 15 gigawatts (GW) of new clean energy capacity by 2028. This expansion will bring Enel’s total installed renewable capacity to about 80 GW globally.

The plan reflects the company’s effort to grow clean energy while maintaining financial discipline. The company aims to strengthen earnings and improve returns, while accelerating the shift to low-carbon electricity.

Flavio Cattaneo, CEO of the Enel Group, said:

“Today, Enel presents an ambitious and credible Strategic Plan with a sharp acceleration in growth thanks to an increase of Greenfield and Brownfield investments, which will lead to further improvement of the Group’s risk/return profile. The managerial actions carried out in the last three years provide us with the financial flexibility to invest in the most dynamic markets in terms of electricity demand.”

€20 Billion Commitment: The Clean Power Blueprint

Under Enel’s 2026–2028 Strategic Plan:

Enel renewable investments 2026-2028
Source: Enel
  • €20 billion will fund renewable energy projects.
  • Enel will add 15 GW of new renewable capacity by 2028.
  • Total renewable capacity will rise to about 80 GW.
  • The company’s total gross investment across all businesses will reach €53 billion over three years.
  • These figures show a strong push toward carbon-free power. Renewables now represent one of the largest components of Enel’s capital plan.

The new capacity will focus mainly on wind and solar power. These technologies remain cost-effective and scalable. Enel will also invest in hydroelectric plants and battery storage systems. These technologies help balance wind and solar output.

By adding 15 GW, Enel is positioning itself among the largest global renewable power producers.

How This Fits Into Enel’s Broader Strategy

The €53 billion investment plan covers more than renewables. A large share of spending will go to electricity networks, wherein grid modernization remains a key priority. Stronger grids allow more renewable energy to connect and flow efficiently.

The company is directing most investments toward markets in Europe and North America, which together account for more than €23 billion of total planned spending. Around €3 billion is allocated to Latin America.

Enel expects its strategy to generate solid financial results. Over the 2026–2028 period, the company projects cumulative ordinary EBITDA of €74 billion.

Enel ebitda strategic plan
Source: Enel

The company says it will maintain a disciplined approach to capital allocation. It plans to focus on projects with stable regulation, clear returns, and predictable cash flow.

Where the Renewables Will Grow

Enel’s renewable expansion will cover several key technologies, including:

  • Onshore Wind and Solar

Most of the 15 GW addition will come from onshore wind and solar farms. These projects can be built at scale and deployed quickly.

Wind and solar are central to Enel’s strategy because they deliver competitive electricity costs and support decarbonization goals.

  • Hydro and Dispatchable Renewables

Hydropower remains important for Enel. Unlike solar and wind, hydro can generate electricity on demand. This helps stabilize grids when renewable output varies.

Dispatchable renewable assets help ensure a steady supply during peak demand.

  • Battery Storage

Battery systems are essential for integrating variable renewables. Storage allows electricity to be saved and used later.

By combining wind, solar, hydro, and batteries, Enel aims to provide cleaner electricity around the clock.

From Coal Exit to Renewable Leadership

Renewables are central to Enel’s long-term climate goals. The company aims to achieve 100% renewable generation and fully exit coal by 2040. This objective aligns with global decarbonization targets and European climate policy.

Electricity demand continues to rise worldwide. Growth is driven by the electrification of transport, industry, and heating. Data centers and digital services also increase demand.

As more sectors shift from fossil fuels to electricity, utilities must expand clean generation capacity. Enel’s investment plan responds directly to this trend.

By scaling renewables and strengthening networks, the company aims to support both climate goals and rising electricity consumption.

What’s Inside Enel’s 2040 Net-Zero Goals?

Enel has set clear goals to fight climate change. The company aims to reach net zero greenhouse gas emissions by 2040, a full decade sooner than the global 2050 target set under the Paris Agreement. This means Enel plans to eliminate all direct and indirect emissions across its operations and value chain.

A key part of this strategy is switching all energy production to sustainable sources like wind, solar, and hydroelectric power. Enel also plans to exit the natural gas sector, so renewable electricity will be the only type of energy it supplies to its customers.

Enel’s climate targets align with the 1.5°C limit — the most ambitious goal of the Paris Agreement. These targets have been validated by the Science-Based Targets initiative (SBTi), meaning they follow science-based methods for emissions reduction.

enel ghg footprint and net zero
Source: Enel

The company has outlined milestone steps on the path to 2040. By 2025, it expects renewables to make up about 75% of its total electricity production. By 2027, Enel plans to finish phasing out all coal-fired power plants. Then by 2040, all of its installed capacity will come from renewable sources, and all direct and indirect emissions will be eliminated.

Enel has already made measurable progress. Its operational emissions (Scope 1 and Scope 2) have dropped significantly from a 2017 baseline. The company is working to reduce emissions across its value chain (Scope 3 emissions) as well.

Enel absolute ghg emissions 2024
Source: Enel

To support these goals, Enel engages with suppliers and customers. It helps them reduce their own emissions through clean energy solutions and energy efficiency programs. This broader approach aims to cut emissions not just within Enel’s operations, but across the entire energy ecosystem.

Scaling Renewables Amid Market Pressures

The energy sector faces ongoing challenges. Rising interest rates have increased financing costs. Supply chain issues have affected equipment delivery. Inflation has pushed up construction expenses.

Enel acknowledges these pressures. The company says it will prioritize projects that offer stable returns and operate in strong regulatory environments.

Partnerships and flexible financing will also help manage risk. This includes cooperation with institutional investors and local partners.

Despite these market challenges, the long-term outlook for renewables remains positive. Clean energy continues to attract capital as governments and businesses pursue decarbonization. Big tech companies are the major purchasers of clean energy, with booming data centers as the main driver.

corporate clean energy purchases BNEF 2025

Utilities Powering the Next Phase of Decarbonization

Enel’s decision to invest €20 billion in renewables and €53 billion overall through 2028 signals confidence in clean energy as a core growth driver.

The planned 15 GW capacity increase will strengthen its position as a major renewable producer. It will also support grid stability and energy security in key markets.

As countries set ambitious 2030 and 2040 climate targets, utilities like Enel play a central role. Expanding renewable capacity, modernizing grids, and maintaining financial discipline are all essential parts of the transition.

Through its 2026–2028 plan, Enel aims to balance sustainability with profitability. By scaling renewables while maintaining strong earnings, the company is positioning itself for the next stage of global energy transformation.

Microsoft Hits 100% Renewable Electricity Milestone With 40GW Clean Energy Portfolio

Jennifer L
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Microsoft Hits 100% Renewable Electricity Milestone With 40GW Clean Energy Portfolio

Microsoft has achieved a major sustainability milestone by matching 100% of its global electricity use with renewable energy. The target, set in 2020, was part of the company’s wider climate goals and originally slated for completion by 2025.

The company bought enough clean power to meet all its electricity needs. This covers the total use at its data centers, offices, campuses, and facilities around the world for the year.

It is one of the largest corporate clean energy achievements ever recorded. The milestone shows how major energy buyers can boost renewable infrastructure and cut emissions.

Microsoft’s Chief Sustainability Officer, Melanie Nakagawa, said:

“This is an important step on our path to carbon negativity. Electricity is a major source of emissions for Microsoft – and for many organizations. Microsoft’s experience building our clean energy portfolio has served as an important catalyst in driving commercial demand for infrastructure and innovation across the power sector.”

The Scale of Microsoft’s Renewable Energy Portfolio

Microsoft’s renewable matching does not mean every kilowatt-hour it uses comes directly from clean sources every hour of the day. Instead, the company matched its total annual electricity use with clean energy it helped finance.

The tech giant’s renewable energy portfolio is extensive and global in scale. Since 2013, when the company signed its first 110 MW power purchase agreement in Texas, it has grown its clean energy commitments. As of 2025, Microsoft has contracted about 40 gigawatts (GW) of new renewable energy supply across 26 countries.

Microsoft clean energy potfolio
Source: Microsoft

Of this total, roughly 19 GW is already online and delivering electricity to the grid. The remaining 21 GW are expected to become operational during the next five years.

  • To help put this scale into context, 40 GW of renewable capacity is roughly enough electricity to power 10 million U.S. homes.

The big tech company quickly grew its renewable energy contracts. It went from about 1.8 gigawatts in 2020 to 40 gigawatts by 2025, showing an increase of around 2,100% in just five years. This sharp rise reflects the company’s accelerated clean energy procurement strategy.

Microsoft Clean Energy Capacity (2020 vs. 2025)

The scale of growth shows how quickly large technology firms are securing long-term clean power contracts to support expanding data center and AI operations while reducing emissions.

Microsoft’s clean energy contracts include solar, wind, hydro, and other renewables. These projects are built under long-term agreements called power purchase agreements (PPAs). These PPAs usually last 10 to 15 years, which gives renewable energy developers steady revenue. It also helps them fund new clean energy plants.

How Renewable Matching Works

Matching 100% of electricity use with renewables means Microsoft buys as much renewable energy as it uses each year.

The company achieves this mainly through long-term PPAs, which finance new generation capacity. PPAs occur when Microsoft contracts with renewable energy developers to buy power at a set price over many years.

Microsoft buys renewable energy in key U.S. markets like PJM Interconnection, MISO, and ERCOT. It also invests in renewable capacity in Europe, the Asia Pacific, and Latin America.

Renewables from grid programs and clean tariffs count toward the matching goal. This is true when they have long-term contracts, not short-term “spot” credits.

This approach helps ensure that Microsoft’s demand supports new renewable capacity, not just transfers ownership of existing clean power. Long-term contracts allow developers to build new projects.

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Powering the Path to Carbon Negative by 2030

Matching 100% of electricity use with renewable energy is a central step in Microsoft’s broader climate strategy. In 2020, Microsoft announced a “moonshot” goal to become carbon negative by 2030. This means removing more carbon than it emits.

Microsoft 2030 carbon negative goal
Source: Microsoft

The renewable matching effort also helps reduce Scope 2 emissions, which are those associated with purchased electricity. Microsoft estimates it has cut its Scope 2 CO₂ emissions by around 25 million metric tons since starting its clean energy journey.

Microsoft’s renewable electricity commitment is part of a larger climate plan. This plan includes investing in carbon removal, improving efficiency, and exploring new technologies.

Microsoft carbon removals by the numbers 2025

The tech giant created a Climate Innovation Fund. It has invested hundreds of millions in energy systems, storage, and grid innovation.

The company closely tracks Scope 2 progress. It also tracks how fast artificial intelligence (AI) and cloud computing grow. This growth impacts total energy demand and emissions.

From Texas to India: A Global Procurement Strategy

Microsoft’s renewable energy contracts span many countries and energy markets.

In the United States, Microsoft has focused on major grid regions like PJM Interconnection (about 8,089 MW contracted), MISO (7,897 MW), and ERCOT (4,696 MW).

In Europe, the UK leads with about 1,666 MW of renewable capacity contracted, followed by Spain (1,496 MW) and Germany (1,425 MW).

Renewable capacity is also growing in the Asia Pacific. India leads with 1,011 MW, while Australia follows with 868 MW. This geographic diversity spreads investment. It also boosts renewable capacity in markets at different stages of energy transition.

Microsoft is exploring new procurement models and agreements. They are tailoring solutions for local markets and regulations.

Big Tech’s Expanding Role in Grid Decarbonization

Microsoft’s renewable energy milestone reflects a wider shift in corporate clean energy demand. Bloomberg New Energy Finance reports that over 200 global companies have bought almost 200 GW of clean energy since 2008. Microsoft’s efforts are part of this broader trend.

Big tech companies like Google, Amazon, and Meta have pledged to use renewable energy for their data centers and operations. These companies typically use PPAs to finance new wind and solar projects around the world.

corporate clean energy purchases BNEF 2025

The renewable energy demand from major corporations helps mobilize capital, lower financing costs, and accelerate the deployment of clean infrastructure.

This market signal can boost investor confidence. It also encourages utilities to adopt cleaner generation plans. These plans align with long-term decarbonization goals.

Analysts say that matching yearly renewable energy use with clean electricity doesn’t mean all power use is emissions-free at every moment. Balancing electricity supply with demand each hour, known as 24/7 carbon-free electricity, is a tough task.

Microsoft’s milestone is a big win for corporate climate action. This is true even with the challenges faced.

Beyond Annual Matching: The 24/7 Clean Power Challenge

Microsoft says it will continue to conduct renewable energy contracting to support future growth and climate goals.

Through 2030, the company plans to maintain 100% annual renewable matching and expand into emerging markets. This includes looking into more carbon-free sources like nuclear power. It also covers grid-enabling technologies to meet clean energy needs anytime.

The company is also scaling partnerships to extend its clean energy footprint. It has several contracts with global energy partners that each provide more than 1 GW of capacity.

As energy demand from cloud and AI services continues to grow, Microsoft’s renewable portfolio and innovation efforts will be central to balancing electrification with climate commitments.

Kazatomprom Deepens Strategic Ties with India in Major Long-Term Uranium Supply Deal

Saptakee S
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Kazatomprom Deepens Strategic Ties with India in Major Long-Term Uranium Supply Deal

National Atomic Company Kazatomprom JSC, the world’s largest uranium producer, has moved closer to sealing a massive long-term supply deal with India. The Kazakh state miner announced that it plans to sell a significant portion of its natural uranium concentrates to India’s Department of Atomic Energy (DAE).

However, the transaction is so large that it requires shareholder approval under Kazakhstan’s Joint Stock Companies law. As a result, the company has called an Extraordinary General Meeting (EGM) at the initiative of its Board of Directors.

If approved, the agreement could tighten an already strained global uranium market.

A Deal That Could Reshape Uranium Supply

The proposed contract signed with the Directorate of Purchase & Stores (DPS) under India’s DAE, covers the long-term sale of natural uranium concentrates (U₃O₈) for physical delivery to India.

The value of the transaction equals or exceeds 50% of Kazatomprom’s total book asset value. Under Kazakh law, such a major transaction must go before shareholders for approval.

While pricing, volumes, and delivery schedules remain confidential due to commercial sensitivity, the scale alone signals its strategic weight.

Kazatomprom’s Q4 2025 Fourth-Quarter Uranium Output

Kazatomprom currently accounts for about 20% of global uranium production. In 2025, it produced 25,839 tonnes of uranium (around 67.2 million pounds U₃O₈) on a 100% basis. That marked a 10–11% increase from 2024, driven largely by ramp-up at JV Budenovskoye.

  • Meanwhile, spot transactions increased sharply. Spot volumes rose 50% year-over-year to 55.3 million pounds U₃O₈ (around 21,270 tonnes), with an average price of $72.75 per pound.
  • Group sales volumes reached 5,719 tonnes (14.87 million pounds U₃O₈), up 14% from the previous year.
Kazatomprom uranium
Source: Kazatomprom

At the same time, global uranium mine production for 2025 was projected at 62.2 kilotonnes (ktU), according to industry estimates. Reactor demand stands higher at 68.9 ktU. This gap highlights a persistent supply deficit. Therefore, removing a sizeable share of Kazakh output under long-term contracts with India could tighten spot availability even further.

global uranium output
Source: Mining.com, data from Global Data

Fueling India’s Nuclear Ambitions: Why Uranium Imports Matter

India’s nuclear expansion explains the urgency behind this deal.

The country’s domestic uranium production currently meets only about 36% of its needs. Between 2025 and 2033, imports were projected to reach roughly 9,000 tonnes of uranium (tU) to support new reactor capacity.

India holds recoverable reserves estimated at 252,500 tU below $260/kgU. In addition, the Atomic Minerals Directorate for Exploration and Research (AMD), a unit of the Department of Atomic Energy, has identified 433,800 tonnes of in-situ U₃O₈ resources across 47 deposits in states including Andhra Pradesh, Jharkhand, Rajasthan, and Telangana.

Mining at Jaduguda began in 1967 under Uranium Corporation of India Limited (UCIL). Recently, AMD discovered 26,437 tonnes of additional in-situ uranium oxide resources at the Jaduguda North–Baglasai–Mechua deposit in Jharkhand. This discovery is expected to extend the mine’s life significantly.

Still, domestic output alone cannot support India’s long-term reactor fleet expansion. Hence, securing a stable overseas supply has become a strategic priority.

The DPS, which handles procurement and inventory for India’s nuclear industry, accepted Kazatomprom’s commercial offer within its validity period. That move now awaits shareholder approval in Kazakhstan.

uranium output india
Source: Atomic Minerals Directorate for Exploration and Research (AMD)

Uranium Supply in a Shifting Geopolitical Landscape

The uranium market remains highly concentrated in 2025, and this proposed deal reflects a broader shift in global nuclear geopolitics.

  • Looking ahead, Kazatomprom’s 2026 production guidance stands at 27,500–29,000 tonnes on a 100% basis, slightly below nominal capacity due to sulphuric acid supply constraints. Group sales are expected at 19,500–20,500 tonnes.

If the India contract absorbs a major portion of future output, the free market could feel the impact quickly, especially given the structural supply gap.

Reports say that by 2050, Kazakhstan and Canada are expected to dominate uranium exports. And in this market, uranium giants like Kazatomprom and Canada’s Cameco Corp. will dominate global revenue and production. Yet pricing trends have shown volatility. As demand for nuclear energy grows, countries are likely to form tighter supply alliances to secure fuel.

global uranium output

Balancing Strategy and Market Risk

At present, we can perceive that political tensions and energy security concerns are reshaping trade routes in oil and gas. And uranium may follow a similar path. Significantly, the IAEA has repeatedly noted that primary mining will remain the main source of uranium supply. Secondary sources, such as stockpiles and recycled materials, can only play a limited role.

Therefore, policymakers must rethink production and export strategies. Uranium-rich nations may reassess how much supply they allocate to long-term bilateral deals versus the open market.

For importing nations like India, long-term contracts provide stability. They reduce exposure to spot price volatility. They also strengthen diplomatic and economic ties. However, for the broader market, such agreements may reduce liquidity and amplify price swings during supply shocks.

Verra’s First DMRV Solar Project Pushes Carbon Credits into the Digital Era

Saptakee S
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Verra’s First DMRV Solar Project Pushes Carbon Credits into the Digital Era

Verra approved the first carbon credits under its new digital monitoring, reporting, and verification (DMRV) pilot. This move signals a major shift in how carbon credits are issued. Instead of waiting for annual verification cycles, projects can now receive high-frequency issuances, including monthly or bi-monthly approvals. As a result, the carbon market may become faster, more transparent, and more data-driven.

The first credits under this pilot came from the Foumbouni-Mitsamiouli solar farm project (Verra Project 3788) in the Union of Comoros.

Foumbouni-Mitsamiouli Solar Project Leads Verra’s Digital Carbon Shift

The project operates on Grande Comore Island, also known as Ngazidja. It was developed and is operated by Innovent Comores and Aera Group. The project follows the Clean Development Mechanism (CDM) methodology AMS I.D, which applies to grid-connected renewable electricity generation.

The solar initiative includes two photovoltaic parks, each with a capacity of 4 megawatt-peak (MWp). One is located in Foumbouni in the south of the island, while the other is in Mitsamiouli in the north. Together, the facilities use 10,080 solar modules rated at 405 Wp each. The panels are mounted on single-axis trackers with a backtracking system, which improves efficiency by adjusting panel angles throughout the day.

solar farm
Foumbouni-Mitsamiouli solar project: Aera

In addition, the project integrates 1 MW/2 MWh of battery storage. This storage system allows the solar plants to operate in hybrid mode and islanding mode. In simple terms, the plants can stabilize the grid and export clean power even when grid conditions fluctuate.

This development marked a turning point for the island’s energy system. Before the solar farms came online, the national utility SONELEC relied almost entirely on diesel-fired power plants. Electricity access remained below 60%, and supply was often unreliable. Diesel imports were costly and exposed the country to fuel price volatility.

Now, each plant generates around 12.7 gigawatt-hours (GWh) of electricity per year. On average, the bundled project reduces 9,384 tons of carbon dioxide equivalent annually. Beyond emissions cuts, the project strengthens national energy security and creates local employment opportunities.

Most importantly, it replaces fossil fuel-based electricity with renewable solar power. For a country that depended heavily on diesel generation, this shift is significant.

Fully Digital Verification Sets a New Standard for Carbon Credit Integrity

SustainCERT acted as the validation and verification body (VVB). It conducted a fully digital verification process. Project developers submitted monitoring data electronically, and the verification process took place entirely online. This marked the first successful digital verification under Verra’s DMRV pilot.

Verra Project Hub Powers a New Digital Era

Verra launched the DMRV pilot as part of a broader plan to digitize its entire project cycle. The organization aims to improve efficiency, reliability, speed, and transparency across the voluntary carbon market.

At the center of this transformation is the Verra Project Hub. This online platform serves as a comprehensive tool for creating and managing projects under Verra’s standards programs. It allows project proponents to submit validation, monitoring, and verification documents digitally. It also integrates directly with the Verra Registry, enabling faster issuance once approvals are granted.

The platform simplifies several steps in the project lifecycle. For example:

  • It enables the digital submission of monitoring data.
  • It automates calculations of emission reductions and removals using built-in engines aligned with approved methodologies.
  • It allows VVBs to access project records and submit verification reports directly.
  • It tracks milestones, deliverables, and reviews progress in real time.

As a result, stakeholders can collaborate more efficiently. Communication between project developers, VVBs, and Verra becomes smoother. At the same time, the system enhances transparency because documentation and data are centrally managed and traceable.

Verra is also digitalizing its most widely used methodologies. Templates collect all required project information in a structured format. A built-in calculation engine then computes emission reductions or removals for a given crediting period. This reduces human error and improves consistency across projects.

Verra digital carbon credits
Source: Verra

Digital Project Submission Tool for QC

In parallel, the Digital Project Submission Tool strengthens quality control. It checks data consistency and completeness using automated validation logic. If data is missing or incorrect, the system flags it immediately. Corrections can be made quickly, and all changes are logged for traceability. This improves auditability and builds trust among credit buyers.

Safeguards and Phased Credit Issuance

Under the DMRV pilot, Verra introduced a phased issuance structure to manage risks.

If a DMRV-based verification request for a high-frequency issuance installment is approved, the project proponent may request 80% of the approved credits. Verra withholds the remaining 20% as a safeguard during the pilot phase.

After one year of high-frequency issuances, the project must undergo a full traditional verification. This broader review covers additional elements such as safeguards, stakeholder engagement, and other non-digitized parameters. If Verra approves this non-DMRV-based verification request, the proponent can request issuance of the remaining 20%.

This structure balances innovation with risk management. It allows projects to benefit from faster cash flow while maintaining environmental integrity.

Verra is currently piloting this digital process for other project types as well. These include carbon capture and storage (CCS) activities and clean cookstove projects. If successful, the DMRV approach could expand across multiple sectors.

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Carbon Market Supply and Demand Shift in 2025

While Verra pushes digital innovation, the broader carbon market also experienced notable changes in 2025.

As of December 31, 2025, more than 10,200 projects were registered across 18 major carbon credit registries tracked by MSCI. During the year, these projects issued 294 million tonnes of carbon dioxide equivalent (MtCO2e). Since the Paris Agreement was signed in late 2016, cumulative issuances have surpassed 2.6 billion credits.

Also, according to Sylvera, new issuances declined to roughly 270 million tonnes in 2025. This marked the lowest annual issuance level since 2020.

sylvera carbon credits issuances

On the supply side, renewable energy credits saw the sharpest drop. For years, market participants debated their additionality. Many buyers increasingly viewed grid-connected renewable projects as having limited incremental climate impact, especially in markets where renewables are already competitive. As confidence weakened, fewer new renewable credits entered the market.

Nature-based projects still dominate overall volumes. Forestry and land-use projects remain the largest sources of issued and retired credits. However, even within this segment, the mix is evolving. Buyers now focus more on quality, permanence, and robust monitoring systems.

On the demand side, retirements fell slightly in 2025. Yet this does not necessarily signal declining corporate interest. The number of buyers remained relatively stable. What changed was purchasing behavior.

msci carbon credit demand and supply

Companies became more selective. They scrutinized methodologies, co-benefits, and verification standards more closely. In many cases, they shifted toward higher-integrity credits, even if volumes were lower. At the same time, price sensitivity increased in some segments.

Therefore, the market is not shrinking. Instead, it is maturing. Buyers demand stronger transparency, clearer impact, and better data.

Digitalization Could Restore Confidence

In this context, Verra’s DMRV initiative arrives at a critical moment. As the voluntary carbon market faces scrutiny over quality and additionality, digital monitoring and automated calculations can improve credibility.

High-frequency issuance also benefits project developers. Faster approvals improve cash flow and reduce administrative delays. Meanwhile, automated systems reduce manual paperwork and the risk of calculation errors.

For buyers, digital verification enhances confidence. Real-time data submission and traceable logs create a clearer audit trail. Over time, this may help rebuild trust in segments where credibility has weakened.

Ultimately, the Foumbouni-Mitsamiouli solar project represents more than just a renewable energy investment. It marks the beginning of a new digital chapter for carbon markets. If Verra successfully scales DMRV across sectors, the VCM could become more transparent, efficient, and resilient in the years ahead.

Google Taps Earth’s Heat in 150MW Geothermal Deal with Ormat Technologies to Power Data Centers

Jennifer L
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Google Taps Earth’s Heat in 150MW Geothermal Deal with Ormat Technologies to Power Data Centers

Google has signed a long-term agreement with renewable energy company Ormat Technologies to bring new geothermal power to its data centers in Nevada, U.S.A. The deal could deliver up to 150 megawatts (MW) of electricity from geothermal sources under a special tariff program.

Ormat will develop a portfolio of geothermal projects across Nevada. These projects are set to come online between 2028 and 2030. Once operational, the electricity will support Google’s growing digital infrastructure.

The guide for this arrangement is NV Energy’s Clean Transition Tariff (CTT), a utility program designed to let large energy users buy new clean power while covering costs without shifting them to other customers.

The contract will begin when the first project starts commercial operation. It will run for 15 years beyond the final project’s completion, creating a long-term revenue stream for Ormat and a stable source of clean energy for Google.

Why Geothermal Delivers 24/7 Clean Baseload Power

Geothermal energy uses heat from deep underground to generate electricity. It can run 24 hours a day, unlike solar or wind, which depend on sunlight or wind. This makes it a baseload power source — always available. That feature is critical for data centers, which require constant electricity.

Ormat is one of the world’s longest-standing geothermal power companies. It designs, builds, and runs plants that convert heat into electricity. Its global portfolio includes nearly 1,700 MW of capacity, with about 1,310 MW in geothermal and solar generation and 385 MW in energy storage.

Here’s how Ormat’s geothermal process works:

In recent years, the tech industry has shown rising interest in geothermal energy. Some operators, including Google, have already signed smaller geothermal power deals in other regions. For example, Google previously secured a 10 MW geothermal PPA in Taiwan and a separate arrangement to procure 115 MW of geothermal power from Fervo Energy in Nevada.

AI’s Energy Appetite and the Need for Clean Power

Data centers consume large amounts of electricity. They house computers that run search engines, Artificial Intelligence (AI), cloud services, and other digital tools. As digital activities grow, so does demand for power.

AI and advanced computing drive particularly strong electricity use. Without reliable clean energy sources like geothermal, data centers often depend on fossil fuels or intermittent renewables that don’t run continuously.

AI data center energy GW 2030

By partnering with Ormat, Google ensures a reliable, carbon-free power supply to meet its needs and reduce its environmental footprint. The new geothermal portfolio is expected to scale with future energy demand from AI and cloud computing workloads.

The Clean Transition Tariff (CTT) model used in this deal is designed so that Google pays full costs for its electricity. This limits cost impacts for other utility customers while enabling investment in new clean generation.

The Ormat–Google Deal: A 150MW Bet on Long-Term Clean Power

The Ormat–Google agreement covers up to 150 MW of geothermal capacity. To put that in context:

  • 150 MW can power tens of thousands of homes if it were used for residential consumption.
  • For data centers, it represents a meaningful share of electricity demand, especially as AI services expand.

The projects will ramp up over time. The first facilities are expected to start operating by 2028, with additional capacity coming online through 2030. This flexible build-out allows Ormat to expand the portfolio site by site.

The long-term nature of the contract, with a 15-year term after the final project completes, gives both Ormat and Google forecasting clarity. It assures stable revenue for Ormat and long-duration clean power for Google.

From Climate Pledges to Policy-Backed Power Deals

Google has long pledged to reduce its carbon footprint. It aims to operate on carbon-free energy 24/7 by 2030 across all its data centers and offices. This new geothermal deal aligns with that goal by adding dispatchable clean energy to its power mix.

Google carbon-free energy goal 2030
Source: Google

Geothermal energy can play a key role in meeting this aim because it provides baseload power that complements other renewables like wind and solar. Together, these sources help tech firms reach net-zero goals more reliably.

On the policy side, the extension of federal geothermal tax credits under U.S. law strengthens the economics of geothermal development. Programs such as the Oil and Gas Geothermal Tax Credit (OGBTC) and incentives in the Inflation Reduction Act (IRA) have expanded support for geothermal and other clean technologies.

The Clean Transition Tariff is another policy signal. It creates a scalable structure that utilities in other U.S. markets might adopt. This could help large users, not just Google, secure new clean generation that aligns with climate and reliability goals.

Tech Giants Turn to Deep Earth Energy

The Ormat–Google deal fits a broader industry trend. As demand for reliable, low-carbon power grows, more tech and cloud companies seek direct ties to physical clean energy projects.

Tech giants signed 14 geothermal PPAs totaling 635 MW in 2025 alone, up 3x from 2024. Data centers now drive 60% of new geothermal capacity, targeting 120 GW by 2050, per DOE’s forecast.

geothermal energy infographics

One example is Switch, a major data center operator that signed a 20-year Power Purchase Agreement (PPA) with Ormat to supply about 13 MW of geothermal power from the Salt Wells plant in Nevada. That agreement begins energy deliveries around 2030, contingent on upgrades to the facility.

Switch’s PPA also includes an option to add roughly 7 MW of solar PV to support the geothermal site’s auxiliary needs. This hybrid approach supports stability and broader sustainability objectives.

Other tech giants are exploring geothermal and other firm clean energy sources, recognizing that intermittent renewables alone cannot supply constant power for large computing loads. Key deals are:

  • Google-Fervo: 115 MW enhanced geothermal (Nevada, online 2026) via NV Energy CTT—Ormat deal doubles Google’s NV commitment.
  • Microsoft-ENEL: 120 MW Hellisheidi (Iceland, operational 2026)—world’s largest geothermal data center link.
  • Google-Taiwan: 10 MW PPA (operational).

These moves underline a broader shift toward long-term, grid-connected clean power strategies. Grid-tied PPAs signal seismic shift: tech won’t wait for battery breakthroughs.

For Google, geothermal unlocks 24/7 carbon-free baseload when it needs it online: 2028, matching the NV data center expansion phase.

A Blueprint for Future Clean Power Partnerships

The Ormat–Google geothermal deal could serve as a model for future clean power partnerships. If the Nevada Public Utilities Commission approves the agreement in late 2026, the structure may be replicated in other states.

Developers may use similar portfolio PPAs to build geothermal and other clean energy projects. Utilities and policymakers may also adopt clean transition tariffs or flexible frameworks that allow large users to co-finance new clean generation.

For Google, securing scalable clean power helps future-proof data centers against rising energy demand from AI and cloud services. For Ormat, the deal provides long-term revenue and validates its strategy to expand geothermal capacity.

Geothermal energy, once a niche clean source, is gaining traction as a firm, reliable part of the renewable mix. And as digital infrastructure grows, deals like this one show how deep underground heat can power the next wave of cloud and AI computing sustainably.

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