Weekly Roundup June 30
Invert is focused on providing clients and subscribers up-to-date news on net-zero developments, carbon markets, and how many sectors are evolving to meet climate change goals and ESG requirements.
Danish lawmakers agreed to a new corporate carbon tax targeting companies both inside and outside of the EU’s carbon quota system. Companies not currently subject to the EU Emissions Trading System (ETS) will face a €100 per tonne carbon price by 2030 through the new corporate tax and covered companies will see a €50 increase above ETS levels to €150 per tonne by 2030. The nation views a high carbon tax as a key component for reducing greenhouse gas emissions by 70% by 2030.
Invert Insights: This move by the Danish government goes a step beyond the EU ETS, which covers around 40% of the union’s greenhouse gas emissions, in ensuring that companies that impact the climate pay for their own emissions.
Teck Resources announced a carbon capture utilization and storage (CCUS) pilot project at its Trail Operations metallurgical complex, expected to begin operations in the second half of 2023. The plant will capture acid flue gas from the complex at a rate of 3 tonnes per day and could potentially be scaled up to over 100,000 tonnes of captured CO2 per year if proven successful. The pilot project will also serve as a technical platform to assess the technologies viability in decarbonizing the companies steelmaking operations.
Invert Insights: Decarbonizing the smelting and refining processes currently used to produce raw materials is one the largest challenges faced globally in the fight against climate change. Piloting these emerging technologies is an important first step in assessing the viability of these decarbonization pathways and developing the clean economies of the future.
Rio Tinto, in partnership with Corona Canada, launched Canada’s first specially-marked, low-carbon beverage can. The cans were made through a pilot project in Ontario using Rio Tinto’s aluminum and leveraging ELYSISTM technology, a process which eliminates all direct greenhouse gas emissions from the aluminum smelting process. The pilot is a step towards creating a fully traceable beverage can, as part of the START initiative, which would allow consumers to scan a QR code and see how the products were made from mine to market.
Invert Insights: Metals provenance is continuing to grow in importance as consumers and corporations alike seek to understand where their products originate and the environmental cost of their production, as evidenced by this partnership between a major mining and major beverage corporation. The START initiative, using blockchain technology, provides traceability and the environmental footprint of aluminum products for each step of the production process, including mining, refining, smelting, and shipping and transportation, through to the retail location where customers can make climate-conscious decisions at the point of purchase.