Recent developments
Renewable fuels scale-up
In Asia and the U.S., deployments advanced: PETRONAS, Enilive, and Euglena initiated a Johor biorefinery for SAF/HVO, while NXTClean Fuels selected Topsoe for a 50,000 bpd SAF and renewable diesel project in Oregon. Circular carbon routes expanded as Clariant and Repsol progressed the Ecoplanta project in El Morell and MGC signed offtake from the Pacifico Mexinol Project. Near-term supply diversified via bio-LNG from EnviTec Biogas and Neste’s SCOOP project for tall‑oil co‑processing.
Hydrogen carriers advance
An ammonia cracking pilot unit at the Port of Antwerp‑Bruges began converting 30 t/day of NH3 to hydrogen, progressing long‑distance H2 logistics. For refinery decarbonization, OMV and Masdar formed a JV for a 140 MW electrolyzer in Austria. Maritime options broadened with DNV’s AiP for Hycamite’s Thermo‑Catalytic Decomposition, generating onboard hydrogen and solid carbon from LNG.
Policy and financing shifts
The EU recorded a 2.5% reduction in net greenhouse gas emissions in 2024, reaffirming ETS/ESR roles. The Commission cleared joint ventures for CO2 transport and storage and port shore‑power services, enabling infrastructure build‑out. Trade finance adapted as Gunvor secured a sustainability‑linked, multi‑currency revolving credit facility. Upstream, renewable fuels, hydrogen, CCUS, and lithium featured in Chevron’s new‑energies allocation.
Batteries and storage build
The Innovation Fund awarded €643 million to five EV battery cell projects targeting 2027–2029 operations. Grid flexibility expanded with Germany’s largest solar battery storage hybrid power plant in Zerbst and Brazil’s Noronha Verde project, pairing PV with utility‑scale batteries.