The Week in Cleantech: 24 September 2023

U.S. Treasury Unveils New Principles for Net-Zero Finance and Investment

The U.S. Treasury has released a new set of "Principles for Net-Zero Financing & Investment" aimed at guiding private sector financial institutions toward net-zero commitments. These voluntary principles focus on financial institutions' Scope 3 greenhouse gas emissions, which are often the largest part of their carbon footprint. The nine principles emphasise aligning net-zero goals with limiting global temperature increases to 1.5°C, developing transition plans, establishing credible metrics, and enhancing transparency in progress reporting.

This announcement aligns with the increasing demand for greenhouse gas reduction technologies, clean energy, and climate adaptation solutions. As the world grapples with the climate crisis, the financial sector plays a pivotal role in allocating capital to support the growth of the clean energy economy. These principles set a clear path for financial institutions to contribute meaningfully to carbon reduction efforts and foster the development of green industries, which is crucial for addressing the climate emergency.

Covered in: ESG Today and 6 other sources tracked by Cleantech Vanguard

EU Moves to Curb Greenwashing with Consumer Empowerment Law

The European Commission's proposed law to empower consumers, which bans companies from making climate-neutral claims without substantiation, has seen success in negotiations between EU countries and Parliament. This law, expected to be formally approved by EU countries and the parliament's plenary assembly, aims to combat greenwashing effectively. It requires companies to back environmental claims with proof of recognised performance and bans claims solely based on emissions offsetting.

The EU's commitment to curbing greenwashing through the Consumer Empowerment Law is a significant step toward transparency and accountability in environmental claims. With the ban on unsubstantiated "carbon-neutral" or "CO2 neutral" product claims, consumers can make informed choices. This move is expected to impact various industries, including airlines, where deceptive carbon offsetting offers will no longer be allowed. The law's success highlights the EU's dedication to addressing climate concerns and preventing misleading environmental marketing.

Covered in: Global Cement and 2 other sources tracked by Cleantech Vanguard

Redwood Materials Expands into European Battery Recycling Market with Redux Acquisition

Redwood Materials, a leading player in battery recycling, has made its European debut by acquiring Germany-based Redux. This strategic move aims to tap into the booming European electric vehicle (EV) and energy storage system (ESS) battery recycling market, where EV sales are projected to reach nearly 30% of total car sales by 2025. The acquisition includes Redux's advanced recycling plant in Bremerhaven, equipped with a 10,000-tonne annual processing capacity for recycling EV batteries, e-bike batteries, stationary storage systems, and consumer devices. Redwood plans to leverage Redux's proprietary technology, which boasts a recovery rate exceeding 95%, to accelerate its expansion into Europe.

Redwood Materials' expansion into the European battery recycling market highlights the growing importance of sustainable practices in the electric vehicle industry. As EV adoption continues to surge, efficient battery recycling becomes crucial to reduce environmental impact and ensure a sustainable supply chain for critical materials. Redwood's move into Europe positions it to play a key role in addressing the recycling needs of the rapidly expanding European EV and energy storage markets, contributing to the circular economy and reducing dependence on finite resources.

Covered in: Energy Storage Journal and 2 other sources tracked by Cleantech Vanguard

Top-3 Funding Rounds Raised by Cleantech Startups

• HyET Solar, a startup focused on thin-film solar PV foil technology, secured €29 million ($31 million) to speed up its 40 MW manufacturing facility completion in Arnhem, Netherlands. Invest-NL, an impact investor, provided €14.5 million in debt financing for this purpose. The investment aims to reshore solar production, promote sustainability, and enable HyET Solar to scale up to 300 MW capacity and go public in two years. (pv magazine)
• Cleantech startup Oneka Technologies raised $12.5 million CAD in a Series A round, backed by $20 million CAD in grants. The firm has developed wave-powered desalination tech with zero emissions, aiming to tackle water scarcity. This funding will support product development and expansion, highlighting growing investor interest in climate tech solutions. (Betakit)
• UK carbon capture firm C-Capture has secured up to £10 million ($13.5 million) in funding from investors including Northern Gritstone, bp Ventures, Drax, and Kiko Ventures (IP Group). C-Capture's technology uses a next-generation solvent that requires up to 40% less energy to capture carbon emissions. The funding will support the development of a commercial demonstration plant capable of capturing around 100-200 tonnes of CO2 per day, aiding industries like power generation, cement, steel, and aluminum production in decarbonisation efforts. (Bioenergy Insight)

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