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Sovereign Carbon Credits: A New Competitor in the Carbon Market

Carbon credits have been struggling to gain a foothold, but Deutsche Bank just lit a fire under them by acquiring sovereign carbon credits from rainforest nations. The primary purpose of sovereign carbon credits is to minimize deforestation by transforming them into financial assets that enable rainforest nations to maintain forests while gaining financial support. The United Nations Framework Convention on Climate Change (UNFCCC) REDD+ process generates sovereign credits. The proceeds from carbon credit sales will be used to reduce emissions and create infrastructure. Forests act as carbon sinks, sequestering roughly 7 billion metric tonnes of CO2 per year, a number that will increase from sovereign credits. Technology-based carbon projects are another essential component in the fight against climate change, creating an opportunity for companies like DevvStream, Sunworks, Inc. (NASDAQ:SUNW), Orbital Energy Group, Inc. (NASDAQ:OEG), Canadian Solar Inc. (NASDAQ:CSIQ), and Plug Power Inc. (NASDAQ:PLUG) to aid in the clean energy transition.

DevvStream is a pioneer in green technology-based project investment and carbon credit generation, providing seed capital for green projects in exchange for the rights to the carbon credits produced by these projects. The company’s unique approach provides capital to incentivize and initiate environmental projects while transparently managing the entire carbon credit generation process from start to finish. 

DevvStream and its affiliate, Devvio, a leading provider of advanced Web3 solutions, announced a $2.5 million initial investment and partnership agreement with Albuquerque-based TS-Nano in July. This ESG company helps the oil and gas industry by designing, making, and using next-generation polymer nanocomposite sealants. Through wellbore plugging and abandonment (P&A), wellbore cleanup, and oil & gas infrastructure repairs, all employing TS-Nano’s unique line of sealant materials, this investment heralds the beginning of a cooperative initiative to combat methane emissions. In the US alone, more than 3 million abandoned wellbores are conservatively projected to produce approximately 300 kilotons of methane yearly. 

The estimated annual methane emissions from abandoned wellbores worldwide are 2.5 million tonnes. As methane is thought to be responsible for around 30% of the rise in global temperatures since the pre-industrial era, reducing methane emissions is crucial to the fight against climate change.

All wellbore cleanup tasks will be under TS-Nano’s supervision. Devvio will use its blockchain-based DevvESG platform to manage the rdata, quantifying and confirming the pertinent carbon credit inputs produced by each abatement operation. DevvStream will participate in the joint venture as a streaming partner, investing half of the initial investment revenues and growing the offset project per a recognized offset program.

“DevvStream is proud to be a partner in this important methane-reduction initiative. As a carbon streaming company, we look for projects that take a unique, technology-focused approach to climate improvement that provides our stakeholders with the opportunity to purchase high-quality carbon offsets,” said DevvStream CEO Sunny Trinh. “TS-Nano’s innovative sealant technologies, combined with Devvio’s DevvX Web3 platform, offer an ideal opportunity for our Company to further its world-changing goals.”

For more information about DevvStream, please visit this link.

Demand for Clean Energy is Growing

On October 3, solar power and battery storage solutions provider Sunworks, Inc. (NASDAQ:SUNW), advanced its commitment to sustainability with the launch of a nationwide, long-term recycling program in collaboration with asset disposal firm Zeep Technology. Sunworks reached an agreement with Zeep after recycling 293 decommissioned panels in 2021 and recognizing the need to formalize the practice. The ESG Advisory Committee of the corporation then prioritized the construction of a comprehensive recycling program, which officially began in August. Unlike most electronic waste collection companies, Zeep employs a revolutionary, sustainable technology that breaks down and separates all materials, ensuring that no product pieces end up in landfills. 

On September 6, Orbital Energy Group, Inc. (NASDAQ:OEG) announced that its subsidiary Orbital Power has been awarded a Texas-based multi-year electric distribution project for an Investor-Owned Utility customer. The project, which will take about two years to finish, includes a reconductor and pole replacement program on a 20-mile overhead, as well as underground electric distribution circuit and related maintenance on feeder and service lines. 

Recurrent Energy and CSI Energy Storage, subsidiaries of Canadian Solar Inc. (NASDAQ:CSIQ) and Axium Infrastructure (collectively, “Axium”), announced on October 18 that Crimson Storage, a 350 MW/1400 MWh standalone energy storage project, is now operational and offering flexible capacity to the California grid. 80% of the project is owned by a fund managed by Axium Infrastructure US Inc., and Recurrent Energy, the project developer, holds 20%. The project’s engineering, procurement, and construction (EPC) services were provided by CSI Energy Storage, which also will handle the project’s long-term operational needs. CSI Energy Storage served as the project’s turnkey system integrator. 

Plug Power Inc. (NASDAQ:PLUG), a leading provider of turnkey hydrogen solutions for the green hydrogen economy, released an update to its revenue forecast for 2022. The Company estimates its previous full-year revenue guidance of $900-$925M for 2022 could be 5% -10% lower for the year. The revenue impact reflects the possibility of some major projects being completed in 2023 rather than 2022 because of timing and broader supply chain concerns. While revenue in 2022 may be lower than expected, demand for fuel cell applications and electrolyzers remains strong. Plug Power recently became aware of the potential impact on its full-year revenue in 2022 and believes it is prudent to notify stakeholders. It is important to note that the Company anticipates the projects to be completed by 2023.

As DevvStream investments give the company carbon credits for 10 to 30 years, it is well-positioned to capitalize on the exponential growth in demand for offsets.


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