Energy Transition, Renewables, Hydrogen, Battery Metals
November 12, 2025
ET Highlights: European green hydrogen reality check, Trafigura marine fuel decarbonization mix, Australia CCS project gets carbon credits
Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.
Top story
Green hydrogen developers reckon with reality check in Europe
The European renewable hydrogen sector has faced fierce headwinds in 2025, with a slew of high-profile project cancellations and major energy companies abandoning investments in the space, but developers are finding routes to market where conditions align.
Most of the awarded capacity under the EU's second green hydrogen subsidy auction withdrew before signing grant agreements, and developers have also turned down UK grants, suggesting deeper structural problems in the nascent sector.
Industry leaders reference regulatory uncertainty, delays to policy and funding awards, escalating costs and difficulties securing long-term binding offtake.
But Ivana Jemelkova, CEO of industry body the Hydrogen Council, gives a more nuanced appraisal, pointing to a steady stream of large-scale projects reaching financial close and starting construction.
Benchmark of the Week
Eur2/kg
The amount industry leaders say EU regulations add to European green hydrogen costs, which Platts assessed at an average of Eur8.50/kg ($9.75/kg) in October (Dutch alkaline electrolysis with renewable PPA).
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INTERVIEW: Trafigura sees multi-fuel bunker mix on decarbonization journey
Trafigura has envisaged various types of marine fuels in its bunker mix amid a fragmented regulatory landscape, Global Head of Shipping Andrea Olivi said, after the International Maritime Organization failed to adopt a global emissions regulatory framework. The company has aimed to reduce the greenhouse gas emission intensity of its shipping operations by 25% by the end of the 2030 financial year (October 2029-September 2030) from a 2019 IMO baseline, with a 23% cut already achieved in FY 2024.
Australian Santos' Moomba CCS project receives record ACCU issuance
Australian oil and gas producer Santos' Moomba carbon capture and storage project has received the largest single Australian Carbon Credit Units issuance, bringing in fresh supply into the market, although market participants said the credits were unlikely to be offloaded into the secondary market. Australia's Clean Energy Regulator confirmed 614,133 ACCUs were allocated to Santos for September 2024 to March 2025.
China backs biodiesel blending in marine fuel; market awaits implementation
China's Ministry of Commerce has expressed support for blending domestically produced biodiesel with marine fuel oil within Chinese comprehensive bonded zones, as part of an announcement aimed at expanding green trade. The country has encouraged qualified regions to provide bonded bunkering services -- including liquefied natural gas, biodiesel, green alcohol and green ammonia -- for international vessels.
Platts Connect
South Korea to launch low-carbon hydrogen auction for power generation
South Korea plans to launch an auction for low-carbon hydrogen-based power generation after canceling a 3,000-GWh tender issued in May, a spokesperson for the Ministry of Climate, Energy and Environment said. The ministry plans to issue a new auction by the end of 2025, with the previous auction scrapped in line with the new government's push for the phaseout of coal-fired power plants by 2040.
Inner Mongolia in China approves 130,000 mt/year renewable hydrogen project
Inner Mongolia in China has approved a 130,000 mt/year renewable hydrogen project, marking a step forward in China's push to develop renewable hydrogen to establish itself as a global leader in clean energy technologies, the Inner Mongolia Carbon Neutral Industry Association said. Inner Mongolia Yingjie Alcohol Hydrogen Energy Technology received regulatory approval on Oct. 30 for the Yuan 5.3 billion ($750 million) project in Jalaid Banner, Xing'an League, according to the region's online investment project approval system, it said.
US RGGI prices reach 2025 highs as Democrats win key governor seats
US Regional Greenhouse Gas Initiative prices surpassed the highest in a year on Nov. 5 following elections that saw Democratic candidates Abigail Spanberger and Mikie Sherrill win gubernatorial races in Virginia and New Jersey, respectively. RGGI prices surpassed $26/allowance to end the day at $26.90/allowance in the next-December strip, up 90 cents on the day, according to Platts assessments.