• Biden revamps US climate plan after Manchin's fatal legislative blow
• Agreement advances on Belgium's nuclear reprieve
• China is expected to take up new carbon legislation this year

US climate and clean energy stakeholders spent last week reeling from news of Senator Joe Manchin's withdrawal from negotiations over a reconciliation bill, which included a package of climate-related provisions. By the close of the week, a vision of what President Joe Biden's climate agenda will look like in the absence of congressional action began to emerge. On July 20, the White House announced that it will be taking a series of executive actions to support clean energy projects and climate adaption programs. Renewable energy developers, such as NextEra Energy, are hoping that tax credit extensions for renewable projects become part of Biden's new climate plan.

Europe's energy crisis has added spice to negotiations in Belgium to keep nuclear reactors running. Having committed to phase-out the technology in favor of renewables and flexible gas, the government is now in talks with operator Engie to keep two 1-GW reactors running beyond 2025. At what cost? Engie will want all bases covered, having warned of substantial investment needs. With global demand for critical minerals expected to grow fourfold by 2040, the UK has set out a strategy for securing "complex, opaque" supply chains currently dominated by China. A watchlist of energy transition-relevant minerals deemed to be increasing in criticality includes manganese, nickel, iridium, phosphates and ruthenium.

China is expected to take up new carbon legislation this year, which will better define long-term plans for the national carbon market, stricter punishments for malpractices such as data falsification, and broader decarbonization goals, while Shanghai-based Shanghai Environment and Energy Exchange (SEEE) plans to launch the nation's first hydrogen exchange along with three power and hydrogen companies. In Australia, the hydrogen investment pipeline has grown to A$133–A$185 billion ($92-$128 billion), equating to 35% of the country's total non-renewable energy and mineral resource investment; while industrial gas company Air Liquide Australia Solutions plans to develop an electrolysis-based renewable hydrogen plant in the city of Melbourne, Victoria focused on mobility and industrial use cases.

Americas

S&PGlobal.com

High gas prices make renewable energy more competitive, even without tax credits: NextEra

Republicans cautious to place hydrogen pipeline regulation in FERC's hands

Texas' oil, gas job recovery slow compared with solar, wind sectors

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Biden kicks off executive climate push as divided Congress struggles to take action

US senators introduce bill to encourage use of renewable gas for transport

EMEA

S&PGlobal.com

Saudi Arabia set to double renewables tenders as Middle East growth picks up

UK launches first critical minerals strategy

Household Devices carbon credit prices slump as interest wanes

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Belgium, Engie agree principles for Doel 4, Tihange 4 extension to 2036

Germany details $900 million hydrogen import tenders

Asia

SPGlobal.com-

China carbon market still needs to enhance top-level design, roadmap

Shanghai plans to launch the nation's first hydrogen exchange

Australia's hydrogen investment pipeline valued at A$133-A$185 billion

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Air Liquide to develop green hydrogen plant for Melbourne transport hub

Trade platform for relaunch of China's voluntary carbon credits nears completion: local media

Chart of the week:

Quote

"As renewables continue to get cheaper and cheaper over time, gas generation – which is what we primarily compete against – continues to get more expensive. When I think about gas prices today, we think they're going to remain elevated over a long period of time." -- NextEra President and CEO John Ketchum

Price

$9.05/mt CO2

Platts Household Devices carbon credit assessment, down 14% since early June

Florida, Zone 3 spot gas has averaged $8.92/MMBtu for May 1-July 21, nearly three times the $3.28/MMBtu averaged for the same time last year.