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EU inks agreement with Serbia for lithium mining and EV production: Serbia and the European Union signed a framework agreement to secure critical raw materials, focusing on a planned lithium mine to boost EV production, Bloomberg reported on Friday. The agreement aims to create a comprehensive lithium industry in Serbia in efforts to reduce dependence on Asian imports. Despite previous environmental protests, Serbian Finance Minister Sinisa Mali emphasized the project’s economic benefits including EUR 6 bn in investments.
Serbia just overturned the ban on Rio Tinto’s lithium project: The agreement follows the reactivation by Serbia’s top court of the UK-based Rio Tinto’s USD 2.4 bn project last week to develop Europe’s largest lithium mine. The project was initially brought to a halt in 2022 by a governmental decree after “the public grew concerned that mining and processing the metal vital for battery production would heavily pollute the western part of Serbia where the mine was planned,” the news outlet said.
Mercedes and Stellantis also want in: Automakers Mercedes Benz Stellantis signed a letter of intent in Belgrade to invest in developing EV battery outputs, Bloomberg added.
Fortescue cuts jobs and green hydrogen targets: Australian iron ore giant Fortescue is slowing down its 15 mn tons of green hydrogen per year by 2030 production target and cutting 700 jobs, The Financial Times reported last week. The firm will still aim to produce 15 mn tons but not within the initial 2030 deadline as Australian power prices remain high while demand is yet to pick up, a company spokesperson told Reuters. Fortescue has earmarked USD 6.2 bn for decarbonization efforts by 2030, but must pick up spending with their average yearly expenditure only at USD 300 mn.
Fortescue is active in the region: The Australian green energy firm recently signed an agreement with Moroccan fertilizer giant OCP Group to form a JV to develop green hydrogen and ammonia projects in Morocco. The pair will collaborate to supply fertilizers, hydrogen, and ammonia domestically in the kingdom and export to European and global markets. Fortescue also signed an MoU with Egypt’s sovereign wealth fund in 2022 to begin conducting feasibility studies on its planned USD 10 bn 9.2 GW green hydrogen project. Oman’s Sohar International bank also inked an MoU with the firm in 2022 for green energy projects in Oman.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- D.light + AFC to provide affordable solar to East African low income households: US-based affordable solar distributor d.light and UK-based impact investor African Frontier Capital (AFC) have partnered to finance consumer loans for solar and high efficiency appliances in Kenya, Tanzania, and Uganda. (Press release, pdf)
- Shell quietly backtracks on recycling pledge: Shell is quietly backing away from its pledge to recycle 1 mn tons of plastic waste a year to use in their global chemicals plants by 2025. Although the company has been criticized by researchers and climate experts for using chemical recycling — warning it can create even more toxic and planet-heating pollution — Shell classified the feat as “unfeasible” due to slower than expected market demand rather than environmental concerns. (The Guardian)
- World Bank explores first drought bond: The World Bank plans to issue its first drought bond within the next 12-18 months while expanding catastrophe (cat) bond offerings. WB issued cat bonds amounting to USD 568 mn of ins. payouts in the past decade through its lending arm the International Bank for Reconstruction and Development in a bid to mitigate the impacts of storms and earthquakes in emerging economies. (Reuters)
