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Germany will expedite permits for hydrogen projects and lift a ban on carbon capture and storage to reduce its fossil fuel dependence, Bloomberg reports. The Hydrogen Acceleration Act and Carbon Management Strategy plans to streamline the approval process for hydrogen production, storage, and transport, aiming for a 65% carbon emission reduction by 2030 and net zero by 2045. Germany will allocate EUR 4.6 bn towards the initiative this year.
Swapping coal for nat gas: The country plans to transition from coal to natural gas power plants, three of which it wants to be able to run on hydrogen in the future, Bloomberg writes. Germany will also allow the use of carbon capture and storage for sectors like cement and waste incineration, which cannot decarbonize with hydrogen.
US’ KKR to acquire stake in Canadian energy transmission line: US global investment firm KKR is set to acquire a minority stake in Canadian clean energy firm Emera's Labrador Island Link (LIL) clean energy transmission project for CAD 1.19 bn (USD 872.24 mn), according to a press release. The LIL is a 1.1k km, 900 MW high voltage direct current (HVDC) transmission line that distributes renewable energy in Canada. The transaction, which is expected to close around 4 June, includes CAD 957 mn in cash and CAD 235 mn to cover Emera's remaining capital investment obligations. The funds will help Emera reduce its debt and invest in its regulated utility businesses.
FDA approves supplement that reduces cow methane emissions: The US Food and Drug Administration has approved a feed supplement from Elanco Animal Health that cuts dairy cow methane emissions by 30% and beef cattle emissions by 45%, Bloomberg reports. It is expected to generate over USD 200 mn of revenue. Called Bovaer, the ingredient used in the supplement suppresses a digestive enzyme that produces methane and is already sold in more than 50 countries. Farmers who use Bovaer will be able to benefit from carbon credits that they can sell. This isn’t the first supplement of its kind, with Marks & Spencer and Danone using similar products in their supply chains.
