Dec 12, 2017

AXA to increase investments in green projects to €9bn by 2020

Coal
Green Energy
Sophie Chapman
1 min
AXA to phase out coal and increase funding in green projects
The French insurance company, AXA, have committed to increasing its funding for green energy projects to €9bn (US$10.6bn) by 2020.

The French insurance company, AXA, have committed to increasing its funding for green energy projects to €9bn (US$10.6bn) by 2020.

The new target would quadruple the insurers current fund in environmentally-friendly projects.

“In 2015 AXA committed to reach 3 billion euros in green investments by 2020. Given that this target has already been reached, the Group has decided to quadruple its original target and reach 12 billion euros by 2020,” AXA commented.

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The company also plans to reduce its interest and disinvest in the coal industry, by targeting companies that obtain more than 30% revenue from coal.

This week France’s President, Emmanuel Macron, will be hosting a climate summit, according to Reuters.

During the summit he will press wealthier countries to increase financing in areas that deal with climate change, as well as encouraging investors to no longer fund polluters.

AXA also announced that they plan to no longer insure any new coal mines or oil sands projects, including associated pipeline businesses, as part of it’s bid to tackle climate change.

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Jun 23, 2021

HyNet North West and InterGen to build Zero Carbon plant

zerocarbon
Energy
Hydrogen
Liverpool
Dominic Ellis
3 min
Expected to open in the mid-2020s, the partnership could reduce the CO2 emissions from the Runcorn power station by over 150,000 tonnes each year

HyNet North West and InterGen are to create a low carbon power station at the independent power producer's Rocksavage Power plant in Liverpool City region.  

Expected to begin in the mid-2020s, the partnership could reduce the CO2 emissions from the Runcorn power station by over 150,000 tonnes each year, the equivalent of taking 60,000 cars off the road every year.

Situated across one of the UK’s largest industrial areas which supports the highest number of manufacturing jobs of any UK region, HyNet North West will bring clean growth to safeguard jobs, and create thousands of new employment opportunities.

Following a commitment of £72 million in funding, HyNet North West will transform the North West into the world’s first low carbon industrial cluster, playing a critical role in the UK’s transition to ‘net zero’ greenhouse gas emissions by 2050 and the global fight against climate change.

HyNet North West will begin decarbonising the North West and North Wales region from 2025, replacing fossil fuels currently used for electricity generation, industry, heating homes and transportation with clean hydrogen. The project will also capture and lock up carbon which is currently emitted into the atmosphere.

It anticipates that by 2028, Rocksavage will have enough hydrogen produced by HyNet to move towards a 100% net zero power generation power station as the Gas Turbine technology becomes available. 

InterGen’s Rocksavage Plant Manager Dan Fosberg said Rocksavage has been safely generating energy to power the north west for nearly 25 years, but in order to meet the UK’s net zero targets, traditional generation needs to adapt.

"HyNet North West will allow us to pivot our operations as we transition to a low-carbon world. The proximity of the Rocksavage Power Plant to the HyNet North West hydrogen network provides us with an exciting and unique opportunity," he said.

As soon as the first stage of the hydrogen network is available at Runcorn, InterGen intends to modify the existing generating plant to consume a blend of hydrogen with natural gas and start to reduce our emissions.

The HyNet North West project milestones mean that Rocksavage could be the first plant in the UK to blend Hydrogen with natural gas, a step forward for the industry in the target for net-zero. Once the gas turbine technology becomes available, it will explore options with HyNet North West to create a zero emissions power station using 100% hydrogen. 

The project will play a big part in supporting Liverpool City Region in its commitment to reach zero carbon by 2040 and accelerate the UK’s transition to net zero by 2050. 

Steve Rotheram, Metro Mayor of Liverpool City Region, said: “Putting the Liverpool City Region at the heart of the Green Industrial Revolution is one of my top priorities. With our existing strengths in green energy, we have the potential to become the UK’s renewable energy coast. 

“I am committed to doubling the number of green jobs in our region and exciting projects like HyNet will be a key part of that. We’re going to lead the way, not only in doing our bit to tackle climate change, but in pioneering new and innovative technology that in turn attracts more jobs and investment to our region.”

David Parkin, HyNet North West Project Director, said HyNet North West will play a big part in tackling climate change regionally. "It will ensure the region remains an attractive location for investment and for companies to grow through the establishment of a clean economy, protection of skilled jobs and creation of thousands of new long-term employment opportunities.

“Our partnership with InterGen at Rocksavage shows just how great an impact HyNet will have on the region – decarbonising homes, workplaces, travel and industry.”

HyNet North West is a low carbon energy project at the forefront of the UK’s journey to a Net Zero future, being developed by a consortium comprising Progressive Energy, Cadent, Essar, Inovyn, Eni, University of Chester, CF Fertilisers and Hanson.

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