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Glencore buying in to Hydro Alunorte alumina refinery, MRN bauxite mining in Brazil

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The bauxite agreement between Vale and Hydro will be terminated and, following the transactions, Glencore will continue to supply approximately 30% of Alunorte’s long-term bauxite requirements from MRN. The transaction will have no impact on the physical supply contracts or cost to Hydro Aluminium Metal. million metric tons of bauxite.

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IEA: global CO2 emissions rebounded to their highest level in history in 2021; largely driven by China

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billion tonnes, their highest ever level, as the world economy rebounded strongly from the COVID-19 crisis and relied heavily on coal to power that growth, according to new IEA analysis. Coal accounted for over 40% of the overall growth in global CO 2 emissions in 2021, reaching an all-time high of 15.3 billion tonnes.

Emissions 370
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H2 Green Steel partners with Rio Tinto and Vale on direct reduction iron ore pellets and hot briquetted iron

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Rio Tinto and H2 Green Steel , an industrial startup establishing large scale production of green steel, have signed a multi-year supply agreement for high-grade direct reduction iron ore (DRI) pellets from Rio Tinto’s Iron Ore Company of Canada (IOC) operations. This is a significant milestone for our project in Boden.

Green 150
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BNEF: steel industry set to pivot to hydrogen in green push; additional $278B for clean capacity and retrofits

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Another 45% could come from recycled material, and the rest from a combination of older, coal-fired plants fitted with carbon capture systems and innovative processes using electricity to refine iron ore into iron and steel. Retrofit or close any remaining coal-fired capacity by 2050. Source: BloombergNEF.

Hydrogen 221
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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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EIA also expects oil production in Canada, Brazil, and Norway collectively to grow 12% from 2022 to 2024, and also expects growth from new sources such as Guyana. Areas of uncertainty include Russian oil supply and OPEC production. LNG export facilities come online.

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BNEF: cost of new renewables rises as inflation starts to bite

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The cheapest renewable power projects in the first half of 2022 were able to achieve an LCOE of $19/MWh, as in best-in-class onshore wind farms in Brazil, and $21/MWh for tracking PV farms in Chile, and $57/MWh for offshore wind in Denmark. If the offshore transmission costs are excluded, the latter estimate falls to $43/MWh.

Cost Of 210
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MIT Report Finds Natural Gas Has Significant Potential to Displace Coal, Reducing Greenhouse Gas Emissions; Role in Transportation More Limited

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Natural gas will play a leading role in reducing greenhouse-gas emissions over the next several decades, largely by replacing older, inefficient coal plants with highly efficient combined-cycle gas generation, according to a major new interim report out from MIT. The first two reports dealt with nuclear power (2003) and coal (2007).

MIT 240