Chart of the Week
2024 Top Ten Countries by Renewable Contributions
In 2024, Iceland and Bhutan led the world in meeting their country’s energy demand with renewable energy contributions. Wind and solar account for 15 percent of global power generation, a 2 percent increase from 2023. [Energy Institute]
Energy Transition
Redwood Materials constructed the largest energy-storage installation ever assembled from used electric vehicle (EV) batteries. Situated outside Reno, Nevada, the project utilizes 792 old EV batteries to store 63 megawatt-hours of energy, powering a small data center and supporting Redwood's own facilities. [Canary Media]
Phlair and Carbon Removal partnered to develop a pioneering large-scale Direct Air Capture (DAC) and carbon dioxide storage project in Øygarden, Norway, powered by renewable energy and utilizinghydrogen-looping electrolyzer tech for efficient carbon capture and release. In its initial phase, the novel DAC+S plant will have the capacity to remove 60,000 tons of atmospheric carbon dioxide annually. [Carbon Herald]
As the largest offshore wind farm in the Irish Sea, the Mona Offshore Wind Farmreceived approval from the Energy Secretary. This project is expected to generate enough electricity to power over 1 million homes.[GOV.UK]
Green Mobility
Hive Hydrogen South Africa announced a $5.8 billion green hydrogen project in the Eastern Cape province. This joint venture between the UK's Hive Energy and South Africa's BuiltAfrica Group aims to produce over 1 million tons of green ammonia annually, primarily for export markets in Japan and Korea. [Bloomberg (Subscription)]
Volkswagen Bank issued its inaugural €1.5 billion green bond to finance electric vehicles. The proceeds from this bond will be exclusively used to refinance products for battery electric vehicles, supporting the sales of electric vehicles from Volkswagen Group brands. [ESG Today]
Turkey shared plans to mandate airlines and jet fuel suppliers to increase the use of sustainable aviation fuel (SAF) to reduce aviation emissions by 5 percent by 2030.This initiative is tied to Turkey’s compliance with the U.N. International Civil Aviation Organization's mandatory emission reduction planset to begin in 2027..[Reuters]
Sustainable Materials & Products
IKEA revealed its initiative to replace plastic fitting bags with paper-based alternatives, aiming to eliminate 1,400 tons of virgin plastic annually.This effort aligns with IKEA’s broader Plastics Out Agenda, which targets eliminating all plastic in consumer packaging by 2028.[ESG News]
Credo Beauty, in collaboration with the Pact Collective, created a first-of-its-kind recyclable lotion pump using a resin called NewMatter. This resin was made from small-format beauty packaging waste collected at over 3,300 stores.[Trellis]
H&M Group signed a multi-year deal with Circulose to replace significant volumes of virgin viscose with Circulose-made viscose derived from recycled cotton. This partnership targets substituting cotton with Circulose's lyocell or viscose and supports H&M's goal of ensuring 100 percent of its materials are recycled or sustainably sourced by 2030. [Vogue Business]
Notable Corporate Commitments
Mars reported a 16.4 percent reduction in greenhouse gas emissions as outlined in its Sustainable in a Generation Report.Key initiatives included increasing renewable electricity usage, improving recyclable packaging, and investing $47 million to reduce supply chain emissions through its Moo'vingDairy Forward plan. [Sustainability Magazine]
Salesforce released the launch of Agentforce, a next-generation AI-powered assistant integrated into its Net Zero Cloud platform.This tool simplifies sustainability reporting by automating disclosures, optimizingcompliance, and delivering real-time emissions insights using AI-driven automation.. [ESG News]
Global Climate Commitments and Progress
Poland, historically the most coal-dependent nation in the European Union, generated more power from renewables than coal for the first time last month.The country now has 23 gigawatts of solar capacity, triple its original 2030 target, largely due to rooftop solar subsidies.[Financial Times (Subscription)]
Jordan's cabinet approved a roadmap to develop a domestic green hydrogen industry to diversify its energy resources, reduce reliance on imported fossil fuels, and capitalize on future energy export opportunities. This initiative seeks to position Jordan as a green hydrogen hub through investor support, infrastructure development, land allocation, and facilities for desalination, ammonia storage, and exports. [H2 View]
Multimedia Insights
A June 28th release of Bloomberg Zero highlights how energy access has become a critical boardroom conversation, as companies like Meta and Google invest in innovative energy solutions to meet growing demands for data services and AI models. This shift underscores the increasing importance of energy innovation in business operations.
A July 1st release of Two Steps Forward explores the evolving role of sustainability professionals, emphasizing the need to align long-term strategic goals with short-term operational actions. Rebecca Marmot, Unilever's Chief Sustainability and Corporate Affairs Officer, highlighted the importance of collaboration, business skills, and emotional intelligence in embedding sustainability into business practices.
Climate Events
Climate Week NYC
Dates: September 21 – 28, 2025
Location: New York City, New York
Preview: Climate Week NYC 2025 will bring together global leaders from business, government, tech, academia, and civil society to address pressing environmental challenges. With over 900 events covering themes such as health, energy, finance, and food, the conference will inspire systemic change and advance clean technology investments.
5th Global Congress on Climate Change (GCCC-2025)
Dates: September 29 – 30, 2025
Location: Berlin, Germany
Preview: The 5th Global Congress on Climate Change will unite professionals, researchers, and industry experts to explore advancements in climate change mitigation and adaptation. Key topics include renewable energy, sustainability, biodiversity conservation, and climate policy.
This material is solely for informational purposes and shall not constitute an offer to sell or the solicitation to buy securities. The views expressed herein are those of the third-party sources and not necessarily those of TPG.