India has put in place an emission limit of two kilogram CO2 per each kg of hydrogen produced to be labeled “green” from renewables, Reuters reported on Saturday, citing a statement by the country’s New and Renewable Energy Ministry. "With this notification, India becomes one of the first few countries in the world to announce a definition of green hydrogen," it said in the statement. The announced limit is higher than a proposed 1 kg CO2 limit for green hydrogen earlier this year, according to the newswire. It comes under an ambitious strategy by India to become a global hub for green hydrogen production by producing 5 mn metric tons of the fuel by 2030 annually.

Why this matters: Transparency on green hydrogen production is necessary given concerns about what type of energy is being used in the production process and its carbon footprint.

Oil giant Occidental acquires carbon capture tech firm for USD 1.1 bn: 1PointFive — a wholly-owned subsidiary of US oil and gas company Occidental Petroleum — has bought Canada-based direct air capture (DAC) technologies developer Carbon Engineering for USD 1.1 bn, according to a statement. The transaction — expected to close by the end of 4Q 2023 — would see Carbon Engineering become a wholly-owned subsidiary of the oil producer’s venture capital arm Oxy Low Carbon Ventures, the statement notes. Earlier this month, the US Department of Energy named 1PointFive and Carbon Engineeringamong beneficiaries for a USD 1 bn grant aimed at scaling US DAC capacity. 1PointFive is developing the world’s largest DAC plant in Texas, and its parent company Occidental has plans to build another 100 DAC plants, according to Reuters.

SOUND SMART- DAC technology refers to the removal of CO2 directly from the atmosphere at any location, as opposed to carbon capture, which involves absorbing CO2 at the point of emission. Carbon dioxide removed under DAC technologies can be permanently stored in deep geological formations or be utilized in various applications.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Big green potential for ASEAN: A carbon neutrality strategy by Association of Southeast Asian Nations (ASEAN) could help unlock up to USD 6.7 tn in green investment regionally by 2050. (Statement)
  • Malaysian firms to explore using palm waste for SAF: The Malaysian Palm Oil Board and state-owned oil firm Petronas have signed an agreement to explore using palm oil waste and used cooking oil to produce sustainable aviation fuel (SAF). (Reuters)
  • EU emissions down almost 3% y-o-y in 1Q: The European Union’s carbon emissions dropped 2.9% y-o-y in 1Q 2023, amounting to 941 mn tons of CO2 equivalent. The largest decreases in carbon emission were recorded in Bulgaria, Estonia, and Slovenia. (Reuters)
  • Brazil mulls over multi-bn low-carbon hydrogen projects: Brazil is exploring the possibility of USD 30 bn worth of low-carbon hydrogen production projects. The country has the potential to produce 1.8 bn metric tons of the green fuel per year. (Reuters)
  • US investors sinking funds in solar and wind projects: Bank of America is facilitating the purchase of USD 1.5 bn worth of renewables projects for US-based Invenergy and Blackstone, along with Canada's second-largest pension fund. The investors will sell tax credits worth USD 580 mn to Bank of America, and put those funds towards buying 14 projects from American Electric Power. (Reuters)
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