Chart of the Week
More than 100 countries have cut their reliance on fossil-fuel imports by building renewables.
A CarbonBrief analysis of International Energy Agency (IEA) energy scenarios found that, compared to a low-renewables pathway, renewable energy investments have saved fossil fuel importing nations an estimated $1.3 trillion in avoided fossil fuel spending since 2010. Specifically, the UK, the Netherlands and Denmark led in their reductions to fuel import dependence by cutting over 30% through solar and wind supply developments. [Carbon Brief]
Energy Transition
The US government signed a deal with Westinghouse Electric and its owners to build at least $80 billion worth of new nuclear reactors across the US. Through the profit-sharing partnership, the US government will arrange financing and secure permits for the plants, which will then use Westinghouse’s advanced nuclear reactor technology. [Reuters]
The United Arab Emirates’ government-backed renewable energy supplier Masdar and the Emirates Water and Electricity Company (EWEC) broke ground on a $6 billion solar and BESS project set to deliver 1 gigawatt of continuous clean power. Once operational in 2027, the project’s 19 gigawatthour BESS facility could become the largest of its kind in the world, capable of storing enough renewable electricity to provide consistent power delivery during periods without sunlight. [ESG News]
The UK government allocated $1.4 billion to a November renewable electricity auction, where wind producers will bid for contracts and guarantee stable prices for the renewable energy they generate. The plan allocates $300 million of its budget to floating offshore wind, an early-stage technology that places turbines on platforms anchored further out at sea and detached from the seabed, enabling access to stronger, more consistent winds. [Bloomberg]
Green Mobility and Sustainable Fuels
African e-mobility company Spiro raised $100 million to expand production of its electric motorbikes, targeting a 5x annual increase in operational vehicles to 100,000 bikes at the end of 2025. Spiro produces its motorbikes in East Africa and offers lower operating costs than petrol bikes, which are widely used in Sub-Saharan Africa due to their affordability, ease of maintenance, and ability to navigate varied road conditions. [Financial Times]
The Los Angeles-Long Beach-Shanghai Green Shipping Corridor completed phase one milestones, including full shore power electrification for container vessels and expanded green methanol fuel operations. Next steps for the partnership, the first of its kind across the Pacific, include a demonstration project of container ships with zero-carbon lifecycle emissions by 2030. [C40Cities]
Airbus and Hong Kong-based airline Cathay Pacific announced a $70 million co-investment partnership towards funding SAF projects and increasing production capacity. The partnership aims to identify and scale promising early stage SAF technology through direct investment and advocacy for policy that incentivizes SAF deployment in Asia.[ESG Today]
Sustainable Materials & Products
German steel group Stahl-Holding-Saar (SHS) obtained $1.7 billion in financing, in part from the German federal government, for the decarbonization of existing steel plants through replacing blast furnaces with electric arc furnaces and a direct reduction plant. Unlike conventional methods that rely on coal, SHS’s direct reduction technology will use hydrogen to extract iron from ore, dramatically lowering carbon emissions from steelmaking. [Hydrogen Insight]
Luxury jeweler Boucheron unveiled its Carte Blanche Impermanence collection, which uses plant-based bio-resin to produce faux gemstones using repurposed food waste materials. The technology is inspired by designer Anabela Chan, whose Fruit Gems collection uses bio-resin and colored extract derived from corn, agave, soybean, and avocado seeds, to create vibrant faux gemstones. [Financial Times]
Leading international green building organizations, including the US Green Building Council and the Building Research Establishment, partnered to harmonize international building sustainability rating systems. The partnership aims to create a cohesive reporting system that facilitates global communication and collaboration across decarbonization efforts.[US GreenBuilding Council]
Notable Corporate Commitments
Mars partnered with Independent Power Producer GoldenPeaks Capital to deliver 100+ solar projects across Poland, towards the company’s goal of powering their operations and supply chain with 100% renewable electricity by 2030. The projects will provide the Polish grid with 222 gigawatt hours of electricity annually, enough to power 100,000 households.[ESG News]
American mass media company Condé Nast and eBay announced a multiyear partnership designating eBay as Condé Nast’s official pre-loved partner and aiming to champion secondhand fashion across Condé Nast publications. The collaboration aims to promote secondhand fashion across Condé Nast titles, including Vogue, Wired, Vanity Fair, and Architectural Digest in the US, UK, and Germany.[Conde Nast]
Global Climate Commitments and Progress
Morocco pledged to phase out coal power by 2040, and triple renewable capacity to 15 gigawatts by 2030, conditional on international financial support. The targets mark Morocco’s first concrete timeline towards the elimination of coal power, which currently accounts for 59% of the country’s electricity supply. [Morocco World News]
Singapore dedicated 300 hectares of land on Jurong Island toward the development of solar energy, battery storage, SAF production, and zerocarbon ammonia. The allocation represents 10% of Jurong’s total land area and is a historic shift from the island’s history as a petrochemical refining hub. [ESG News]
Multimedia Insights
This installment of Bloomberg’s “Zero: The Climate Race”unpacks rising EV demand in emerging economies, notably India, Nepal, and Costa Rica. Colin McKerracher, head of transport at BloombergNEF, joins the podcast to highlight the cost-competitiveness of EVs in many emerging markets, where plummeting battery prices are driving consumers towards sustainable choices.
With most of the world’s population projected to live in cities by 2050, this episode of the BBC’s “Climate Question”tackled the challenge of improving mental health and environmental impact in urban spaces. Visiting Egypt and the Netherlands for innovative solutions, the episode explores the roles of urban planning and architectural design in fostering both climate solutions and happier communities.
Climate Events
UN Conference of Parties (COP)
Dates: November 10-21 2025
Preview: COP30 in Belem, Brazil will convene parties of the UN Framework Convention on Climate Change (UNFCCC) to discuss multilateral policymaking and international progress on climate action. This year’s COP will see member states commit to new Nationally Determined Contributions (NDCs) outlining their emissions reductions targets through 2030, with a focus on mobilizing climate finance towards climate vulnerable nations and indigenous communities.
Dates: December 4-5 2025
Preview: The Impact Investing World Forum will convene leaders in sustainable finance and impact investing in London for two days of panels and keynotes covering impact measurement, environmental investment in South East Asia, and the role of blended finance in delivering impact solutions.
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.