🌞 Energy Futures #48

Happy Monday 👋

In Q3 2024, the US reached a record 10.2 GW in clean energy capacity, focusing on solar, wind, and energy storage. Meanwhile, ČEZ secured a $420M loan from the European Investment Bank for grid upgrades in Czechia. Uganda is fully funding its $4B oil refinery project to boost local refining capacity. On the global stage, China’s ban on exports of critical minerals, including gallium and germanium, impacts US industries like solar and semiconductors. Amarenco also raised $525M to expand its renewable energy initiatives internationally.

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

🌞 Record Clean Energy Capacity Added in US in Q3 2024. The US added a record 10.2 GW of utility-scale solar, wind, and energy storage capacity in Q3 2024, according to the American Clean Power Association (ACP).

☀️ Jacobs Lands $3.3B Contract for World's Largest Solar Farm in Philippines. Jacobs, an engineering firm, was awarded a $3.3B contract to engineer a massive solar and battery project in the Philippines, which will be the world's largest solar farm.

⚛️ Britain's First New Nuclear Reactor in Over 30 Years Installed at Hinkley Point C. Workers at the Hinkley Point C nuclear power station installed Britain's first new nuclear reactor in more than 30 years.

⚡️ Japanese Scientists Develop New Technology to Produce Hydrogen Fuel from Sunlight and Water. Researchers in Japan developed a breakthrough technology using sunlight to efficiently split water into hydrogen fuel, leveraging photocatalysts for a cleaner energy future. 

🔌 Utilities

⚡️ EIB grants $420M loan to ČEZ for power grid upgrade in Czechia. The European Investment Bank (EIB) approved a $420M loan to the Czech energy company ČEZ to upgrade and expand its electricity distribution system across Czechia.

🌱 Researchers Develop Proton Battery for Safe Hydrogen Storage. Scientists from the University of New South Wales developed a rechargeable proton battery using an organic material capable of safely storing protons. An innovative technology that holds promise for hydrogen storage, addressing issues like resource scarcity and safety. 

⚡ Russia's Energy Attacks Cause Major Outages in Ukraine. Russia's latest strikes on Ukraine's energy grid caused outages for over a million people, severely impacting infrastructure, including nuclear facilities. The attacks heighten nuclear safety risks and stress Ukraine’s energy resilience during freezing conditions.

⛽ Oil & Gas

💰 Uganda to Fully Fund $4B Oil Refinery. Uganda's government committed to fully financing the $4B oil refinery project, aiming to increase domestic refining capacity and reduce reliance on imports. 

⛽ Kazakhstan Solidifies Position as Key Energy Player in Europe. Kazakhstan is increasing its oil exports to the European Union, making it the bloc's third-largest non-OPEC supplier. It is now upscaling and solidifying its position as a key player in Europe's energy market.

⛽ Russia Lifts Ban on Gasoline Exports. Russia lifted its ban on gasoline exports, effective immediately for producers, though restrictions for independent traders remain until January 2025. This move aims to stabilize the market after earlier restrictions were imposed to manage prices and refinery maintenance.

💎 Mining and Metals

⛔ China Bans Export of Critical Minerals to US. China imposed a ban on the export of certain critical minerals including gallium, germanium, antimony, and superhard materials to the United States. Gallium is vital for producing solar panels, while germanium plays a crucial role in advanced electronics and semiconductors, affecting industries that rely on these materials for technological advancements.

🌍 G7 Commits to Phasing Out Coal by 2035 with Exceptions. The Group of Seven (G7) nations reached a significant climate agreement committing to end the use of unabated coal by 2035, with some exceptions allowing certain countries to extend the deadline.

⚠️ UN to Strengthen Global Mining Safety with Satellite Monitoring. The United Nations plans to deploy satellite-based monitoring to strengthen global mining safety standards, as the World Mine Tailings Failures predicts 13 catastrophic tailings storage facility failures between 2025 and 2029.

🛠️ 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.

🚗 UNDP and Partners Launch Electric Mobility Skilling Programme. In collaboration with the United Nations Development Programme (UNDP), Makerere University Innovation Pod (UniPod), and Kiira Motors Corporation (KMC), an Electric Mobility Skilling Programme was introduced to equip students with cutting-edge skills in electric vehicle technologies.

🌧️ Boston Secures $9.8M Grant for Climate Resilience Workforce Expansion. Boston has received a $9.8 million federal grant to create over 1,200 climate resilience jobs in four years, focusing on coastal protections and green infrastructure. The funding supports roles in construction, storm response, and wastewater redesign while establishing the Greater Boston Climate and Coastal Resilience Workforce Alliance to enhance training accessibility. Mayor Wu highlighted the program's security against federal rollbacks, and local businesses, like Parterre, underscored the urgent need for skilled workers in the field.

🌿 New City College Wins Prestigious Green Gown Award for Green Skills. New City College (NCC) earned the Green Gown Award for Next Generation Learning and Skills, recognizing its groundbreaking ‘Green Skills Revolution’ curriculum. NCC’s innovative low-carbon courses, supported by £10 million in partnership projects, focus on electric vehicle maintenance, energy efficiency, and solar power. With state-of-the-art labs and specialized staff training, NCC equips students, apprentices, and workers with essential green skills, positioning itself as a national leader in sustainable education and workforce development.

HolonIQ has launched the Green Skills Map, an open-source framework initiated for cataloging, evaluating, and contextualizing the different 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

💰 Amarenco secures $525M financing for international growth. Amarenco secured financing of $525M in debt from a consortium of European banks to support its growth internationally and advance its renewable energy portfolio.

🔋 New firm secures $300M financing for solar-storage project at Arkansas steel mill. Newly formed Green & Clean Power LLC (GCP) obtained $300M in debt and equity financing for a 105-MW solar-plus-storage project under construction in Osceola, Arkansas to serve a nearby steel rebar mill.

⚛️ Tokamak Energy Raises $125M for Fusion Power Development. British fusion energy startup Tokamak Energy secured $125M in funding to develop fusion power. Tokamak Energy is working on a tokamak reactor, a fusion design first developed in the 1960s.

💰 First Gen's hydro unit secures a $119M loan. First Gen’s hydroelectric power unit secured a $119.13M loan agreement to fund its expansion, aiming to support the development of additional clean energy capacity.

🌱 Nortegas Group Secures $84M EU Funding for Biomethane Plants and Digital Operations. The European Investment Bank (EIB) granted Nortegas Group, a Spanish energy company, $84M to finance the construction of biomethane plants and a digital operations center through its subsidiary Nortegas Renovables.

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