🌞 Energy Futures #45

Happy Monday 👋

Global solar capacity doubled to 2 TW in two years, driven by declining costs, and is estimated to reach 8 TW by 2030. Australia set a record for battery storage, adding 3.9 GWh, highlighting a 95% increase in storage investments. Nigeria’s $1.2B deal will revitalize its gas plant, enhancing aluminum production. Meanwhile, China and Indonesia secured $10B in agreements to boost strategic economic sectors like nickel mining. Li-Cycle secured $475M in funding from the US Department of Energy to develop a new battery recycling hub in Rochester, New York.

What's new?

HolonIQ’s new Green Skills Map and Workforce section reveal industry-wide sustainability skills and jobs, as well as workforce development initiatives, supporting upskilling for a sustainable economy.

HolonIQ's new skills newsletter is here! Get updates on emerging skills, workforce shifts, and industry insights across impact sectors. Subscribe now to stay ahead.

🌅 New Energy

☀️ Global solar power capacity doubles to 2 TW in just two years. Global solar power capacity doubled to 2 terawatts in two years, driven by rapid installations and falling costs. The industry aims to reach 8 TW by 2030 to align with global climate goals. Further investment in storage and grid infrastructure is essential.

🤝 Indonesia and China ink $10B deals for high-tech, renewable energy. Indonesia and China signed $10B in agreements focused on high-tech and renewable energy initiatives. These deals are expected to boost collaboration in sectors like green technology, with both nations aiming to advance sustainable development and clean energy projects.

☀️ Australia Reaches Milestone of 4 Million Rooftop Solar Installations. Australia achieved a significant milestone by recording its four millionth rooftop solar installation, with a total capacity of 25 GW, surpassing the country's coal generation capacity.

⚛️ Six More Nations Join Nuclear Energy Expansion Plan at COP29. El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Türkiye joined the declaration to triple nuclear energy production by 2050 at the World Climate Action Summit during COP29, bringing the total number of signatory nations to 31.

🔌 Utilities

🔋 Australia Achieves Record Battery Storage Capacity. Australia set a new record for battery storage capacity with 3.9 GWh, adding 1,235 MW/3,862 MWh across eight new projects, a 95% increase from the previous year. The Clean Energy Council reported $776M in storage investments. Alongside this, ten large-scale solar and wind projects with a combined 1,405 MW capacity also reached final investment decisions.

⚡ CATL Pushes Forward with All-Solid-State EV Batteries. CATL, the world's largest EV battery maker, advances a new generation of all-solid-state batteries, aiming for higher energy density. The company began sample validation to commercialize this technology, which could significantly boost electric vehicle efficiency and extend driving range.

🪫 Mega battery projects competing for limited renewable zones. Mega battery projects are outpacing the capacity of Australia’s designated renewable energy zones, raising concerns over space limitations. With multiple gigawatt-scale proposals, the surge in large-scale battery storage, wind, and solar projects is creating pressure on zones capped at 4 GW. Existing infrastructure may face challenges in accommodating this rapid expansion.

⛽ Oil & Gas

💰 Nigeria Signs $1.2 Billion Deal to Upgrade Gas Plant. Nigeria signed a $1.2B deal with Chinese firm CNCEC to upgrade its gas processing plant at the Aluminum Smelter Company of Nigeria. This move aims to revive the dormant plant, boosting aluminum production capacity to one million tons per year and generating 540 MW of power. The project is expected to position Nigeria as a leading global aluminum producer.

🌱 Exolum Tests Green Hydrogen In UK Using Oil Infrastructure. Exolum, a Spanish company, tests green hydrogen transport and storage using existing oil infrastructure in the UK, a world-first initiative. The project, backed by major investors and the UK government, explores integrating green hydrogen into the current energy system.

⛽ India Becomes Major Exporter of Russian Oil to Europe. India emerged as a major buyer of Russian crude oil since Russia's invasion of Ukraine and is now the biggest exporter of fuel to the European Union, with Russian oil flowing through India to European markets.

💎 Mining and Metals

💰 China and Indonesia Sign $10B Deal for Strategic Economic Growth. China and Indonesia signed $10B worth of business agreements focused on strategic sectors like nickel mining, aiming to boost economic growth and strengthen strategic ties.

⛏️ India's Coal Production Surpasses 100 Million Tonnes Ahead of Schedule. India's captive and commercial coal output exceeded 100 million tonnes, achieved 100 days earlier than expected, due to policy reforms by the Ministry of Coal to increase private sector participation and the share of captive and commercial mines in coal production.

💰 Zimbabwe to End Tax Incentives for Miners from 2025. The Government of Zimbabwe announced that it will discontinue offering tax relief to mining companies starting January 2025. The move is part of efforts to restructure the mining sector and increase government revenue. 

🛠️ Skills and Workforce

HolonIQ is now tracking reskilling and upskilling initiatives critical in bridging workforce gaps. Impact industries are rapidly evolving, fueled by technological advancements, decarbonization, geopolitical dynamics, and socio-economic factors. To that extent, these sectors require considerable workforce/professional development initiatives to enhance workers' capabilities, boost economic growth, and promote social well-being. Read on for this week’s insights, and discover more in HolonIQ's latest Skills newsletter.

👷 IEA Report: 16 Million New Clean Energy Jobs Boost Transition in 2024. The IEA's 2024 report reveals clean energy jobs surged by 16 million since 2019, reaching 75 million globally. Solar and wind sectors lead growth, notably in Asia and the US, underscoring clean energy’s resilience amid complex geopolitical and supply chain challenges. The report identifies over half of the new roles in emerging economies, reinforcing their critical role in achieving the global energy transition.  

🏢 Jobs for the Future Awards $5M for US Workforce Equity Projects. Jobs for the Future (JFF) has awarded nearly $5 million to US-based organizations focused on improving workforce equity. This funding supports initiatives creating inclusive career pathways in fields like information technology, especially for marginalized communities. With grants dispersed across multiple states, JFF aims to reduce educational and employment disparities, fostering economic mobility.

🪫 Adani Group Pledges $10 Billion for US Energy Infrastructure Projects. India’s Adani Group has committed $10 billion to advance US energy security and infrastructure, with plans to create up to 15,000 jobs. This investment encompasses a range of projects aimed at bolstering energy resilience and enhancing infrastructure, showcasing Adani’s strategic confidence in the American market. The initiative aligns with broader US priorities to drive economic growth through strengthened energy systems and essential infrastructure development across key regions.

HolonIQ has launched the Green Skills Map, an open-source framework initiated to catalog, evaluate, and context components of the rapidly expanding field of green jobs. This comprehensive taxonomy will serve as a resource for understanding the full spectrum and complexity of green skills required across various sectors, thereby enabling a cohesive approach toward achieving net zero and decarbonizing the global economy. Green Skills Map spans 11 areas, 54 sub-areas, and 243 green skills clusters. A snippet of the map covering four areas has been included above. Explore the full map on greenskills.org.

💰 Energy Deals

🪫 Li-Cycle Secures $475M Loan for Rochester Hub Project. Li-Cycle closed a $475M loan facility with the US Department of Energy to support the development of a new battery recycling plant in the US

💰 esVolta Secures $110M Tax Equity Investment for Energy Storage Project. esVolta completed a $110M tax equity transaction with Greenprint Capital Management for its 300 MWh Hummingbird Energy Storage Project.

💡 Australian Company Vulcan Energy Resources Secures $106.42M Funding. Vulcan Energy Resources secured $106.42M in funding from the German Economy Ministry to advance its geothermal energy projects.

⛏️ Syrah Resources Receives $53M Loan Disbursement for Mozambique Graphite Operation. Syrah Resources' subsidiary Twigg Exploration and Mining received the first $53M disbursement from a $100M loan from the US International Development Finance Corporation (DFC) to support the development of the Balama graphite operation in Mozambique.

⚡ RHyno Project Awarded $36.4M by EU Innovation Fund. The EU Innovation Fund awarded $36.4M to Advent Technologies Holdings Inc.'s RHyno Project. The funding will support the project’s efforts to advance hydrogen technologies and sustainable energy solutions.

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