Chart of the Week
The United States is Building Grid Batteries at a Breakneck Pace (In Gigawatts)
In 2025, the United States is projected to install over 18 gigawatts of new utility-scale energy storage, exceeding 2024’s installations by over 50 percent. If these projections are met, the United States will have installed more grid batteries in 2025 alone than the country had in total by 2023. [Canary Media]
Energy Transition
Terabase Energy, a solar technology company, obtained $130 million from SoftBank to expand its solar technology implementation. As the company’s largest funding to date, the cumulative $200 million will be used to advance its Terafab robotics-assisted assembly line to improve construction speed and address workforce limitations. [Reuters]
Countries across Africa, led by South Africa and Egypt, added 2,400 megawatts of solar generation capacity last year, with a predicted 42 percent growth in new installations for 2025. The continent is expected to cumulatively install 23 gigawatts of new solar capacity between 2025 and 2029, more than doubling its 2024 cumulative installed capacity in just four years. [Bloomberg (Subscription)]
The International Renewable Energy Agency (IRENA) reported that renewable power accounted for 92.5 percent of global capacity additions in 2024, with solar and wind energy representing nearly 97 percent of these additions. This past year, renewable energy capacity surged by a record585 gigawatts, reaching a total global capacity of 4,448 gigawatts, marking the fastest annual growth rate ever at 15.1 percent. [ESG News]
Green Mobility
Altilium and the UK Battery Industrialisation Centre (UKBIC) successfully produced the first EV battery cells using recycled cathode active materials (CAM) in the UK. This achievement signifies major progress in EV battery circularity, reducing the UK's reliance on imported raw materials, and cutting the carbon footprint of battery manufacturing. [PR Newswire]
Climate Impact Corporation (CIC), a global investor and developer of large-scale renewable hydrogen projects, announced a net-zero shipping deal with Purus Marinefor its renewable hydrogen exports from Australia.This partnership aims to develop a net zero shipping pathway for CIC's hydrogen portfolio, using Purus Marine's expertise in decarbonizing maritime transport through clean fuels, energy-saving devices, electrification, and carbon capture systems.[H2 View]
Pherousa, a Norwegian maritime technology company, received Approval in Principle (AiP) from the international group Det Norske Veritas (DNV)and the American Bureau of Shipping (ABS), for its ammonia poweredUltramax dry bulk carrier design. This approval indicates that the design meets the necessary technical and safety standards, allowing Pherousa to advance the development and construction of these vessels, which will feature an onboard ammonia cracking technology to convert ammonia into hydrogen fuel. [PR Newswire]
Sustainable Fuels
Neste Corporation issued a €700 million green bond with a 5-year maturity. The funds raised will support the expansion of Neste's Rotterdam refinery, which is set to become the world's largest renewable diesel and sustainable aviation fuel (SAF) facility. [ESG News]
Mercedes-Benz and DB Schenker, a logistics and transportation company, announced a SAF deal for the company's global air freight shipments. As the largest-ever order of SAF from DB Schenker, this procurement will cover about 13,000 tons of SAF. [ESG News]
European Energy announced the production of the first green molecules of hydrogen-derived e-methanol at its Kassø facility in Denmark. This innovation represents a significant step towards decarbonizing industries that cannot rely on direct electrification by using e-methanol for its closed carbon cycle. [H2 View]
Sustainable Materials & Products
BASF, a global chemical company, successfully cut emissions associated with barley production in Ireland by nearly 90 percent. The project achieved said emissions reductions by implementing regenerative agriculture techniques such as planting cover crops and retaining straw, which increased soil carbon and limited soil erosion.[Trellis]
Boston Metal, a green-steel startup, achieved its first run of an industrial reactor that uses electricity to produce steel without emitting greenhouse gases. The company successfully operated its largest reactor to date, producing over a ton of metal, marking a major step towards commercializing its technology. [MIT Technology Review]
Increasing environmental awareness in India is boosting demand for green cement as stakeholders seek sustainable construction alternatives.The green cement market in India was valued at USD 2.31 billion in 2024 and is projected to grow to USD 3.28 billion by 2030, with a CAGR of 5.85 percent.[Yahoo! Finance]
Notable Corporate Commitments
Global Edge Worldwide Fund committed $100 million to ONE AMAZON, marking a pivotal step forward in tech-driven biodiversity finance. This pledge aims to promote rainforest conservation through advanced AI, IoT technology, blockchain-backed securities, and innovative financing. [ESG News]
The Premier League launched its Environmental Sustainability Strategy with the objective of achieving net zero emissions by 2040. This comprehensive plan includes reducing the league's carbon footprint, helping clubs transition to greener practices, engaging fans in sustainability efforts, and leveraging the league's global influence to promote climate awareness and sustainability education. [Forbes (Subscription)]
Global Climate Commitments and Progress
Indonesia plans to resume selling carbon credits from nature-based projects, such as peatland conservation and reforestation. The country’sForestry Ministry projects that sales from the forestry market could grow significantly, potentially reaching approximately $15.7 billion annually by 2034.[Bloomberg (Subscription)]
Thailand approved an investment of over $1 billion by China's SunwodaElectronic to produce electric vehicle (EV) battery cells and energy storage systems (ESS). This initiative aims to enhance Thailand's EV battery supply chain, create thousands of skilled jobs, facilitate knowledge transfer, and solidify the country's position as a regional hub for EV manufacturing. [ESG News]
Multimedia Insights
A March 11th release from the Kleinman Center for Energy Policy discusseshow the European Union (EU) will launch its Carbon Border Adjustment Mechanism (CBAM) on January 1, 2026. The episode explains how CBAM will work, its role in the EU's broader climate strategy, and its potential impact on global trade and exporters to the EU, including the United States.
A March 13th release from Bloomberg Zero shares insights about climate pragmatism from Barbados, a nation vulnerable to the impacts of climate change. Mia Mottley, the Prime Minister of Barbados, emphasizes the importance of hope and practical solutions in addressing climate challenges, highlighting her efforts to push for increased support from wealthy nations for developing countries facing adverse effects of climate change.
Climate Events
Energy Tech Summit
Dates: April 9 – 10, 2025
Location: Bilbao, Spain
Preview: The Energy Tech Summit is a conference that brings together investors, disruptors, and government leaders to address climate change through innovative solutions. The summit features themes such as green energy infrastructure, energy meets AI, and climate policy, providing a platform for networking and showcasing game-changing solutions by startups.
Global Power Markets Conference
Dates: April 14 – 16, 2025
Location: Las Vegas, Nevada
Preview: The Global Power Markets Conference is an event for decision-makers in the power industry, bringing together over 800 executives from various sectors including power, energy transition, finance, infrastructure, investment, and government. Key themes of the conference include the future of renewables, the geopolitical landscape, technological innovations, electrification, power reliability, gas generation, nuclear power, the impact of AI and data centers, and investments in renewables and battery storage.
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.