Nothing But Net Zero - June edition

In June, as London Climate Action Week brought industry leaders together to confront the urgency of the energy transition, developments across global markets revealed a mix of policy pressure, technological progress, and shifting investment landscapes.

In the UK, the government pledged £200 million to revive the stalled Acorn carbon capture project in Scotland, while Siemens Energy warned that record-breaking offshore wind auctions will be essential to meet 2030 targets. Labour, through the Reeves Review, has promised to reassert net zero as a national economic priority—pitting bold climate ambition against political volatility.

In the U.S., the clean hydrogen industry faces a defining moment. As hydrogen tax credits (45V) come under political threat, nearly 250 companies and trade unions are urging Congress to uphold them, warning of a potential investment exodus. The Wall Street Journal echoed these concerns, noting the U.S. risks ceding clean tech leadership just as global competition heats up. At the same time, Blockchain for Energy joined the Hedera Council, signalling increased adoption of blockchain to digitise emissions tracking and energy infrastructure.

In the Middle East, a clear message from the MENA Steel Forum drew attention to greenwashing risks: “Green steel is not green if it runs on fossil fuels.” Gulf countries are beginning to confront the limitations of export-focused hydrogen strategies, with Oman targeting 30% renewable electricity by 2030 and solar rapidly expanding across energy-intensive sectors like data centres.

Across Asia, momentum continues in solar innovation, with BayWa r.e. and Tigo Energy launching high-wattage commercial solutions tailored for Southeast Asia’s climate. But financial pressure is growing—Canadian Solar reported a 92% drop in Q1 profits, highlighting the volatility in global PV markets despite robust energy storage backlogs.

Elsewhere, Plug Power secured a 2GW electrolyser deal with Uzbekistan, potentially opening new corridors for green hydrogen export from Central Asia. Meanwhile, fossil fuel reliance still dominates large parts of the Asia-Pacific region, raising questions about the pace of real transition.

As we head into Q3, the sector faces a critical balancing act: scaling innovation while navigating political and financial headwinds that could define the next chapter of the net-zero race.

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