- Europe has recently increased their renewable energy production target to account for 45% of overall energy consumption by 2030, up from 32% previously
- The continent’s renewable energy ambitions will be underpinned by increasing the production capacity of several clean energy sources – including biomethane or renewable natural gas
- EverGen Infrastructure have been at the forefront of growing Canada’s RNG output in recent years, with a goal to expand capacity to 480,000 GJ per annum in the near term
- With RNG potentially classed as a ‘carbon negative’ energy source, expanding output of the gas ranks amongst the Canadian Government’s key energy priorities in coming years
Late in the evening on Thursday 31st March, European lawmakers reached a new consensus; by 2030, 45% of Europe’s overall energy consumption will be powered by renewable energy, a necessary goal for the continent to achieve its climate neutrality target by 2050 (https://ibn.fm/yvlDO). The target, which builds upon the prior goal of 32% set in 2018, will reinforce the need to increase the production output across a wide array of clean energy sources – biogas and biomethane ranking chief amongst them.
Biomethane, which is also known as renewable natural gas, is methane which can be sourced from a number of biological sources, including landfills, sewage, food waste and agricultural waste, among several others. Given that natural gas and renewable natural gas are nearly chemically identical, they can be mixed, processed, stores, transported and utilized in a similar manner. Moreover, and because renewable natural gas ultimately emanates from plants which captured carbon during their lifetime, RNG may theoretically be considered to be carbon neutral when it is burned. Interestingly and relative to other renewable energy sources, a case can even be made that utilizing RNG is carbon negative in nature.
When RNG is burned rather than being released directly into the atmosphere by way of methane emissions, methane is effectively converted into water and carbon dioxide; in effect, generating a greenhouse gas with a much lower carbon footprint than methane itself. Vincent Morales, manager of legislative and regulatory affairs for the Coalition for Renewable Natural Gas, noted that methane from waste can represent more than five per cent of a country’s greenhouse gas emissions (https://ibn.fm/CrNQE): “RNG is the most viable solution to decarbonize waste,” he said.
British-Columbia based natural gas operator, EverGen Infrastructure (TSX.V: EVGN) (OTCQX: EVGIF), has long operated at the forefront of Canada’s RNG industry, spearheading the effort to expand the nation’s RNG production. The company has publicly announced a goal to own over 20 RNG-generating facilities across the country within five years; with four revenue generating assets already in operation, the company recently reiterated their ambition to grow their cumulative gross RNG generating capacity to 480,000 gigajoules of energy per annum in the near future, a process which can grow the company’s EBITDA by upwards of 300 percent.
“We are a renewable natural gas energy company. We’re a developer, owner and operator of projects that take organic waste and convert that organic waste into renewable energy in the form of renewable natural gas (‘RNG’),” stated Chase Edgelow, Co-Founder and CEO of EverGen Infrastructure Cop. “If you look back at the benefits of bringing in other sources of energy 20 years ago, there wasn’t one silver bullet for the electrical grid to be as renewable as it is today, with wind, solar and hydro,” he continued. I think renewable natural gas can hold its own, and at the same time solve a massive waste problem and emissions problem from waste.”
The Canadian Government has long been a global leader in the move towards developing renewable natural gas assets; whether it involved funding gasification pilot projects across the country, providing carbon credits for the use of RNG by gasoline or diesel producers, or event mandating a minimum usage of RNG in a province’s gas feedstock (i.e. British Columbia will require a minimum 15% of RNG in its gas feedstock by 2030), Canada has put RNG production at the forefront of its mission to lower the nation’s carbon footprint over time. With its ongoing drive towards expanding its production capacity and broadening its geographical footprint, EverGen Infrastructure finds itself remarkably well placed to cater to Canada’s clean energy ambitions.
For more information, visit the company’s website at www.EverGenInfra.com.
NOTE TO INVESTORS: The latest news and updates relating to EVGIF are available in the company’s newsroom at https://ibn.fm/EVGIF
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