Of the 1,600 green hydrogen plants planned worldwide, the vast majority of projects don’t have a single potential customer. Businesses need expensive new equipment to replace fossil fuels with H2, H2 produced from water using clean energy costs 4-times as much as H2 made from natural gas, and the infrastructure to move the H2 around is not available.

The world’s largest commodity trader, paid 450 senior employees a record $6.4bn last year. Volatility in commodity markets brought about by Russia’s full-scale invasion of Ukraine in February 2022 has led to a boom for trading companies. Vitol, along with rivals Trafigura and Gunvor, made a combined $46bn in profits in 2022 and 2023.

The world’s largest publicly traded fund manager that focuses on sustainability (with £37 bln under management) reported its largest-ever outflows of £2.7 bln in 2024. The returns of its funds are well below their benchmarks. Clean energy companies in its portfolio have taken a beating in the market. Impax' share price fell by 70% since 2021.

Tianqi Lithium and Ganfeng Lithium, two of the major Chinese producers announced that they slipped deep into the red in the first 6 months of 2024. Chinese EV market has cooled and globally, new players and a chronic oversupply are pushing the price down. Although the demand for batteries is improving, the lithium market remains weak.

BHP will suspend its domestic nickel operations, including the country's only nickel smelter. A global oversupply has crashed nickel prices, driven by Chinese projects in Indonesia. A review of the suspension is scheduled for February 2027. Since 2020, BHP has invested $3 bln in Western Australia Nickel to service the electric vehicle market.

Countries in eastern Europe plan to build a dozen new nuclear reactors, with a value of €130 bln, but the question is, who will pay for them. Governments need to step in. EU will likely approve state aid for the next budget cycle 2028-34 by June 2025. But inadequate supply chain, and a shortage of experts and contractors will also slow down the projects.

Concerns over Trump presidency and high interest rates caused a clean energy sell-off in the US. Clean energy stocks have tumbled 28% since July last year. Low valuations have prompted takeovers by buyout groups. New equity raised by energy transition companies in the public markets has also fallen, from $68 bln in 2022 to $33 bln in 2023.

The biofuel sector is battling cost overruns, engineering shortcomings, and a glut of biofuels. They are up to six times as expensive as fossil fuels. The oversupply in China has depressed prices elsewhere. Many biofuel companies have already declared bankruptcy. Demand for biofuels remains low, while oil consumption is rising.

Chinese solar industry is grappling with a deepening glut after production outstripped demand in recent years. Major firms reported losses as they were forced to sell below costs. An oversupply of products is unlikely to ease for up to two years. Fierce competition at home has pushed many Chinese solar companies to seek higher premiums overseas.

Investors rush to get their hands on the juicy yields in the era of interest rates. The yield spreads between corporate and government bonds have become unusually slender, especially for bonds with longer maturities. Pension funds and insurance companies are more interested in yields in comparison with shares than in spreads.

A government decree will require installations of at least 2.1 metres above ground on land zoned for agriculture, to allow cultivation underneath. This will be 20-40% more expensive than normal ground-mounted installations. The decree also bars farmers from leasing their land to solar developers and instead requires them to invest in projects themselves.

ESG equity funds suffer net $40bn of outflows in 2024 globally, the first sustained exodus. Over the past 12 months, ESG funds made an 11% return, compared with 21% for conventional stock funds. Scandals such as one at German asset manager DWS also hit investors' appetite. But ESG bond funds have have raked in $22bn this year.