🌎 Mining and recycling

Plus, repurposing a steel mill

Author

Acclimate Editor
August 24, 2023

Together with Market Briefs

Welcome back, climate leaders.

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In today’s edition:

  • ♻️ A circular economy for critical earth metals mining

  • 🔋 Repurposing a steel mill for a battery plant

  • 🚲 Rad Power Bikes hits 600k units sold

Read time: 5 minutes

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HOT TOPICS

  1. 🏦 Renewable financing: Interest in early-stage, speculative renewable projects without interconnection approvals has dwindled, according to LevelTen Energy's August 2023 report. This shift, attributed to prolonged interconnection queues and potential capital deficiencies, could hinder ambitions fueled by the Inflation Reduction Act.

  2. ♻️ Circular economy for mining: Mining giants like Rio Tinto and Glencore pivot to recycling critical metals amidst booming green-energy demand. Rio Tinto purchased half of Matalco, a recycled aluminum provider, for $700 million. Glencore intends to establish Europe's largest recycled battery-grade lithium, cobalt, and nickel hub with Li-Cycle Holdings.

  3. 👩🏼‍🏭 EV builders: The shift to EVs raises issues for the United Auto Workers union and Detroit automakers like General Motors, Ford, and Stellantis. Despite common belief, research suggests EVs need more labor primarily for battery cell production. However, these jobs may pay less and be non-unionized, potentially diminishing good-paying union jobs.

  4. 🔌 Charging infrastructure: Tesla's Supercharger network, now open to other EVs with its Magic Dock, proves to be its smartest product. Collaborations with Ford and GM could bring Tesla $3 billion by 2030, with a universal charging standard may be on the horizon.

  5. ☢️ Nuclear costs: While nuclear energy presents a cost-effective, reliable solution to achieving net-zero emissions by 2050, its wider adoption remains hindered by cost issues, not safety. As of July, 486 nuclear reactors with a total electric capacity of 65.9 billion watts are in planning or construction.

  6. 💨 DAC debate: Splurges of investment in the direct air capture industry are prompting debate over its impending environmental impact. In the spotlight is oil behemoth Occidental’s $1.1 billion acquisition of Carbon Engineering, stirring discussions regarding the oil and gas sector’s potential role in DAC operations.

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QUICK HITS

  • David Crane, former NRG Energy CEO & now DOE's undersecretary, is driving US's clean energy chain, striving for independence from China. (link)

  • A pioneering energy storage company is repurposing a former steel mill in Weirton, West Virginia, into a $760m iron-air battery plant, facilitated by Biden's 2022 Inflation Reduction Act. link)

  • Bioplastics production is surging 14% annually due to demand from fashion, food-packaging businesses and eco-friendly policies in Asia, despite being 50%-80% pricier than conventional plastics. (link)

  • China is escalating its anti-espionage initiatives in its energy sector, including nuclear power and oil, to prevent data breaches impeding the country's energy security efforts and green transition plans. (link)

  • Alberta halts new renewable energy projects for seven months, risking 80 projects worth $15 billion. (link)

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TODAY’S DATA

600,000

Rad Power Bikes has hit an impressive milestone of 600,000 e-bikes sold in the fluctuating US market, retaining a significant market share despite pandemic-induced sales ups and downs. To celebrate, every 600th e-bike buyer receives their purchase for free.

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