On November 7, the US Department of Energy (DOE) announced a significant $475 million loan facility to assist Li-Cycle Holdings in the development of its Rochester Hub, a lithium-ion battery resource recovery facility located in New York state. This marks a notable occasion as it is the first instance the DOE has provided funding to a lithium-ion battery recycling operation. According to Li-Cycle, the Rochester Hub is poised to be North America's inaugural “commercial hydrometallurgical resource recovery facility.” The facility aims to recycle lithium-ion batteries utilised in a variety of products, including consumer electronics and electric vehicles. Once operational, it is expected to become a crucial domestic source of recycled materials necessary for the manufacture of new lithium-ion batteries, thereby contributing to the establishment of a sustainable and locally-sourced battery supply chain. Industry observers highlighted that the loan is non-revocable, underscoring the government’s commitment to advancing battery recycling initiatives.
In another significant development during COP 29, the United Nations Climate Change Conference held in Baku, Pennsylvania-based sustainability firm ClimeCo announced an agreement with four chemical manufacturing companies in China to significantly reduce their emissions of nitrous oxide (N2O), a potent greenhouse gas. The deal aims to address emissions from factories producing adipic acid, crucial for nylon 6,6 manufacturing, a polymer frequently used in the automotive industry. ClimeCo is set to implement pollution control systems to convert N2O into harmless nitrogen and oxygen, with an estimated 97 to 98 percent reduction expected in emissions from these facilities. Additionally, ClimeCo plans to install real-time monitoring equipment to measure N2O destruction rates and will offer carbon-offset credits based on these figures. Earlier this year, ClimeCo facilitated the abatement of over 99 percent of N2O emissions for US-based Ascend Performance Materials.
The California Air Resources Board (CARB) has also taken steps to update its Low Carbon Fuel Standard (LCFS) rules, crucial for the state's objectives to reduce oil and gas consumption by 2030. The new regulations will impose additional costs on oil refiners, with the aim of cutting the carbon intensity of transport fuels by 30 percent by 2030 and by 90 percent by 2045. Non-compliant producers will have the option to purchase credits from those that meet the targets, with proceeds allocated to enhance zero-emission vehicle infrastructure in underserved locations. CARB estimates a potential increase in gas prices of up to 47 cents per gallon next year as refiners adjust prices to reflect the new standards.
In military technology, the Pentagon has taken steps to expand its Replicator initiative by procuring two new types of smart drones and additional networking software. Announced on November 13, this initiative, originally launched in 2022, aims to create a streamlined acquisition process within the Department of Defense, facilitating rapid deployment of affordable smart drones by August 2025 for future conflict readiness. The Pentagon has allocated an annual budget of $500 million for this programme.
The Department of the Treasury has implemented new regulations regarding outbound investments, adding restrictions on US investments in certain products and technologies classified as a threat to national security. These regulations will take effect on January 2, 2025, and are seen as a pivotal shift in the US investment landscape.
In the renewable energy sector, the offshore wind industry faces a challenging year ahead. Despite global ambitions set in 2023 to triple renewable energy use by 2030, the International Renewable Energy Agency (IRENA) reported that the industry may struggle to achieve its offshore wind target of 494 gigawatts (GW) by the end of the decade, falling short by approximately a third. A November 18 report revealed myriad setbacks, including rising costs, inadequate supply chain investments, and project cancellations, leading some industry leaders to reconsider their commitments to offshore wind development.
Lastly, the National Association of Manufacturers (NAM) highlighted its commitment to "post-partisanship" in light of recent electoral changes. In a statement made on November 8, NAM Executive Vice President Erin Streeter expressed confidence in securing future manufacturing successes under the incoming administration and Congress, emphasising the organisation’s historical achievements across both political landscapes while steering clear of partisan affiliations.
Source: Noah Wire Services