Insights

EFM and Meta Collaborate to Advance Climate-Smart Forestry in Washington State

DETAILS

- EFM and Meta finalized a long-term contract for 676,000 nature-based carbon removal credits through 2035. - The deal will transform 68,000 acres of forestland on Washington's Olympic Peninsula to climate-smart management. - The project aims to remove over one million tonnes of carbon emissions in the next decade. - EFM’s approach diversifies revenue streams from forests, including carbon credits and conservation easements. - This method enhances timber stocks, produces high-value logs, and delivers ecological benefits. - Meta's commitment has enabled commercially viable climate-smart forest investment strategies. - The contract represents a shift in carbon finance, allowing property owners to sell credits before securing ownership. - EFM’s CEO emphasized the project's community, ecological, and carbon storage benefits. - Meta aims for net zero emissions across its value chain by 2030 and found EFM’s management approach aligned with its sustainability goals. - The contract provides predictable carbon revenue, supporting the transition to climate-smart management. - EFM acquired the property through Olympic Rainforest LLC, backed by investments from the Natural Capital Fund. - The Olympic Rainforest represents a significant opportunity for climate action and biodiversity conservation. - EFM’s improvements are projected to double timber stocks in 15 years while enhancing forest health. - The acquisition allows for influential conservation efforts over 5 million acres and the creation of a conservation corridor. - The project will enhance habitat for endangered species and contribute to wild salmon restoration. - It offers collaboration opportunities with tribes and enhances public access for recreation and tourism.

COMPANIES

EFM, Meta, Climate Asset Management, Wild Salmon Center

TAGS

Carbon markets

Frontier and Hafslund Celsio pave the way for first waste-to-energy carbon removal retrofit

DETAILS

- Hafslund Celsio is building the first retrofit of a waste-to-energy facility aimed at carbon removal, which could serve as a model for around 500 similar facilities across Europe. - This approach has the potential to remove 400 million tons of CO₂ annually by 2050. - Retrofitting existing infrastructure allows for affordable carbon removal at scale. - Frontier facilitated offtake agreements with Hafslund Celsio, Norway’s largest supplier of district heating, enabling the retrofit project. - Frontier buyers will invest $31.6 million to remove 100,000 tons of CO₂ between 2029 and 2030. - Hafslund Celsio’s Oslo facility processes about 350,000 metric tons of waste each year, generating electricity and heat from incineration. - The incineration process generates biogenic CO₂ emissions from organic materials and fossil CO₂ emissions from inorganic materials. - The retrofit will include a unit that captures both biogenic and fossil CO₂ emissions, with plans to transport captured CO₂ to the Northern Lights facility for permanent storage. - Hafslund Celsio anticipates capturing up to 175,000 tons of each type of CO₂ emissions per year from this facility. - Waste-to-energy facilities can effectively manage pre-sorted waste and reduce methane emissions by converting waste into a low-carbon energy source. - The retrofitting of these facilities could allow for significant carbon removal and additional decarbonization benefits. - Existing infrastructure means retrofits can deliver affordable carbon removal at scale, particularly as European policies shift towards waste-to-energy over landfills. - The CO₂ capture project is supported by both public and private contributions, including funding from the Norwegian government and the City of Oslo. - Frontier's founders and various companies are participating in the offtake agreements, ensuring revenue stability for the project. - Hafslund Celsio’s initiative is seen as a path for other facilities across Europe to remove significant amounts of CO₂ from the atmosphere. - The Norwegian Minister of Energy praised the project for promoting carbon removals in challenging sectors like waste incineration.

COMPANIES

Hafslund Celsio, Frontier, Northern Lights, Stripe, Google, Shopify, McKinsey Sustainability, Autodesk, H&M Group, JPMorgan Chase, Workday, Salesforce, Aledade, Match Group, Samsara, SKIMS, Skyscanner, Wise, Zendesk

TAGS

Carbon Capture Utilization and Storage

WhiteHawk Energy Acquires Natural Gas Mineral and Royalty Interests Across 475,000 Gross Unit Acres in Core of Marcellus Shale

DETAILS

- WhiteHawk closes $118 million acquisition of additional Marcellus Shale natural gas mineral and royalty assets by doubling its ownership interests in its existing 475,000 gross unit acres position. - Acquisition generates cash flow from over 1,400 wells, anchored by top-tier operators EQT, Range Resources, and CNX Resources. - This transaction increases WhiteHawk’s natural gas mineral and royalty interests in its approximately 1,050,000 gross unit acres in the core of the Marcellus and Haynesville Shales with interests in over 3,400 producing wells. - The $118 million transaction doubles the Company’s present ownership interest in a portion of its Marcellus Shale royalties position, primarily focused in Washington and Greene counties, Pennsylvania. - The 2025 Marcellus Acquisition provides additional production, line-of-site development, undeveloped inventory, and cash flow from WhiteHawk’s core Appalachia position. - This marks WhiteHawk's sixth acquisition over the last three years and the third acquisition of royalty interests on these assets. - WhiteHawk’s consolidated Marcellus Shale assets cover approximately 675,000 gross unit acres with production from around 2,068 horizontal shale wells. - The Company owns mineral and royalty interests in 141 wells-in-progress, 66 permitted wells, and 1,713 undeveloped Marcellus locations, with additional potential from the underlying Utica Shale. - Approximately 95% of production, cash flow, and present value associated with the Marcellus assets are operated by EQT, Range Resources, CNX Resources, and Antero Resources. - WhiteHawk also owns natural gas mineral and royalty assets in the Haynesville Shale, covering approximately 375,000 gross unit acres and about 1,371 producing horizontal shale wells. - The Haynesville Shale assets are actively being developed by Expand Energy, Aethon Energy Management, and Comstock Resources. - WhiteHawk Energy focuses on acquiring mineral and royalty interests in top tier natural gas resource plays, including the Haynesville and Marcellus Shales. - The management team at WhiteHawk has successfully grown over $13 billion of minerals, midstream, and exploration and development companies over the last 20 years.

COMPANIES

WhiteHawk Energy, EQT, Range Resources, CNX Resources, Antero Resources, Expand Energy, Aethon Energy Management, Comstock Resources

TAGS

oil and gas

PG&E Advancing $43 Million for Nine New Community Microgrids in Northern California

DETAILS

- Pacific Gas and Electric Company (PG&E) plans to award up to $43 million for developing nine new community microgrids in Northern and Central California. - The application window for the second wave of Microgrid Incentive Program (MIP) grant funding opens on April 3. - Interested parties must submit project ideas by May 30, 2025, via email. - The MIP supports the development of microgrids to assist disadvantaged communities most vulnerable to power outages. - Microgrids can disconnect from and reconnect to the grid to maintain energy during outages. - Community microgrids are designed to serve vulnerable customers and essential community resources. - PG&E received around 50 inquiries from various organizations since launching the MIP in late 2023. - Out of these, 22 projects advanced to submit applications after initial screening and consultations. - Each of the 22 projects received a $25,000 grant for application development. - Nine projects were selected after a thorough evaluation based on community benefits and project costs. - The selected projects will undergo due diligence to confirm project details before formally accepting the awards. - Approximately $34 million will fund generating resources, engineering, project management, and property costs. - Each project will receive up to an additional $1 million for interconnection costs related to distributed energy resources. - The chosen projects include four in Humboldt County, three in Lake County, and two in Marin County, with four serving tribal communities. - These microgrids will provide energy resilience to nearly 9,000 customers, including many with access and functional needs. - Selected projects will receive between $1 million and $6 million based on their scoring from PG&E. - Generation resources will include various clean energy solutions such as solar and battery energy storage. - The MIP is a $200 million competitive grant program approved by the California Public Utilities Commission to fund clean-energy community microgrids. - Projects under the MIP can receive up to $14 million in funding for a multi-customer community microgrid. - More information and application details for the second wave of funding can be found on PG&E's website. - PG&E serves over sixteen million people across 70,000 square miles in Northern and Central California.

COMPANIES

Pacific Gas and Electric Company, Southern California Edison, San Diego Gas and Electric

TAGS

Power

RWE expands partnership with GE Vernova to secure U.S.- made components for two energy projects

DETAILS

- RWE has chosen American manufacturer GE Vernova to provide over 100 domestically produced wind turbines for energy projects in West Texas. - The partnership supports the commitment to advancing America's manufacturing and energy dominance through collaboration with leading U.S. companies. - RWE's investment aims to increase domestic energy production, supporting demand growth and generating new economic activity and job creation. - RWE is expanding homegrown energy capacity near Big Spring, Texas, with strategic investments to meet the demands of the state's booming manufacturing and technology sectors. - The projects involve repowering the 127 MW Forest Creek wind farm and constructing the 181 MW Honey Mesquite project, providing a total of 308 MW of new and upgraded power capacity. - Both projects will utilize GE Vernova's domestically produced wind turbine technology, reinforcing RWE's commitment to support U.S. manufacturing. - GE Vernova will supply 109 state-of-the-art 2.82 megawatt wind turbines for the projects. - Onsite construction at Forest Creek is underway, modernizing the facility for an additional 30 years of operations. - The project includes decommissioning original components and constructing new foundations for the GE Vernova turbines. - RWE is partnering with Wanzek Construction, Inc. to manage the recycling and repurposing of decommissioned materials. - Construction of the Honey Mesquite wind farm is expected to start later this year, with operations beginning in late 2026. - The two projects will create hundreds of jobs during peak construction times and contribute millions in economic activity to rural West Texas. - Since 2007, RWE has invested $9 billion in Texas, starting with the Forest Creek wind farm. - RWE is committed to long-term economic benefits for communities hosting its facilities, ensuring job opportunities and tax revenues for local services. - The upgraded Forest Creek and Honey Mesquite projects are expected to generate approximately $60 million in tax revenue for local counties, enhancing their financial support for essential services. - RWE is a prominent renewable energy company in the U.S. with over 15 years of experience in developing and operating renewable facilities. - The company has a workforce of around 2,000 in the U.S. dedicated to the clean energy transition and developing innovative energy solutions. - RWE Clean Energy is the third-largest operator of onshore wind, solar, and battery storage in the U.S. - RWE Offshore Wind Holdings is the only U.S. developer with offshore wind lease areas on all three coasts, investing heavily in expanding its generation portfolio in the country.

COMPANIES

RWE, GE Vernova, Wanzek Construction, Inc., MasTec Renewables

TAGS

Wind

JetBlue Marks First Regular Supply of Sustainable Aviation Fuel (SAF) for Commercial Air Travel in New York

DETAILS

- JetBlue and its fuel partners have marked the first regular supply of sustainable aviation fuel for commercial air travel in New York at John F. Kennedy International Airport. - This supply is part of a 12-month agreement with World Fuel Services for at least 1 million gallons of neat sustainable aviation fuel from Valero Marketing and Supply Company. - JetBlue’s sustainable aviation fuel supply is supported by corporate partners who help cover the cost premium over traditional jet fuel. - An additional 4 million gallons of neat sustainable aviation fuel is possible under the terms of the deal with the backing of corporate partners. - JetBlue's chief financial officer highlighted the importance of incorporating sustainable aviation fuel into their flights to help decarbonize the aviation industry. - The fuel is produced by Diamond Green Diesel LLC, blended with conventional jet fuel, and is delivered through existing infrastructure to be used by JetBlue at JFK. - Blended sustainable aviation fuel can lower lifecycle greenhouse gas emissions by approximately 80% compared to conventional jet fuel. - World Fuel Services aims to enhance the supply network for sustainable aviation fuel on the U.S. East Coast through this collaboration. - The delivery of sustainable aviation fuel in New York was explored in a 2021 study by the Port Authority and the National Renewable Energy Lab. - The successful delivery of sustainable aviation fuel has already been demonstrated at LaGuardia Airport and through a transatlantic flight fueled by sustainable aviation fuel at JFK. - Port Authority leadership expressed pride in collaborating with JetBlue to promote sustainable air travel. - The Port Authority is committed to achieving net-zero emissions by 2050 and encourages partnerships to advance sustainability goals. - Expanding the sustainable aviation fuel market requires public and private collaboration along with federal and state incentives. - JetBlue has doubled its sustainable aviation fuel procurement year-over-year since 2020 and has other sustainability initiatives like improved aircraft efficiency. - JetBlue is known for low fares and exceptional service, operating flights to over 100 destinations.

COMPANIES

JetBlue, World Fuel Services, World Kinect, Valero Marketing and Supply Company, Valero Energy Corporation, Diamond Green Diesel LLC, Darling Ingredients Inc., Port Authority of New York and New Jersey

TAGS

SAF

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