{"id":2899,"date":"2023-12-07T23:09:52","date_gmt":"2023-12-07T23:09:52","guid":{"rendered":"https:\/\/economicherald.net\/?p=2899"},"modified":"2023-12-07T23:09:52","modified_gmt":"2023-12-07T23:09:52","slug":"vulcan-eyes-green-financing-pathway-after-positive-esg-report-for-zero-carbon-lithium-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=2899","title":{"rendered":"Vulcan eyes green financing pathway after positive ESG report for zero carbon lithium project"},"content":{"rendered":"<p>Environmental and Social Impact Assessment complete for Vulcan Energy Resources\u2019 Zero Carbon Lithium project in Germany<br \/>\nThe project is to produce lithium from Europe, for Europe, as well as provide renewable geothermal energy<br \/>\nThe report notes multiple positive impacts and opens green financing pathway for the project<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> The Environmental and Social Impact Assessment (ESIA) has been completed for phase one development of Vulcan Energy Resources\u2019 Zero Carbon Lithium project in Germany.<\/strong><strong>\u00a0<\/strong><\/p>\n<p>The company is on a mission to bring the world\u2019s first zero carbon lithium operation online in 2025 to feed Europe\u2019s electric vehicle battery needs, where demand is more than five times the volume of currently confirmed projects.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/vulcan-energy-vul\/\"><strong>Vulcan Energy Resources<\/strong><strong>\u2019<\/strong><strong> (ASX:VUL)<\/strong><\/a><strong>\u00a0<\/strong>unique geothermal project \u2013 home to Europe\u2019s largest lithium resource at 27.7Mt contained lithium carbon equivalent at 175 mg\/L \u2013 will produce renewable heat and power as well as enough lithium hydroxide for ~500,000 battery electric vehicles each year in Germany\u2019s Upper Rhine Valley.<\/p>\n<p>Phase one development is targeting 24,000tpa of lithium hydroxide production via the more environmentally friendly Direct Lithium Extraction (DLE) method of using the project\u2019s own geothermal brine \u2013 that is already naturally heated \u2013 to extract the lithium.<\/p>\n<p>The completion of the ESIA is a prerequisite to the raising of sustainable or \u2018green\u2019 debt finance and is an important third-party validation of the project\u2019s sustainability credentials.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Numerous positive community impacts<\/strong><\/h2>\n<p>By advancing phase one of its integrated renewable energy and lithium project, VUL aims to meet Europe\u2019s battery electric vehicle critical raw material needs and provide affordable, baseload renewable energy to local communities \u2013 as well as generating thousands of direct and indirect jobs linked to the energy transition, decarbonisation, and electrification of transport.<\/p>\n<p>And the key outcomes of the EISA report certainly support those goals.<\/p>\n<p>The report notes multiple positive impacts of the project, including renewable heating provision for local communities, and carbon neutral lithium production to decarbonise the lithium supply chain, in a world leading first for the industry.<\/p>\n<p>Other positive impacts noted in the ESIA included:<\/p>\n<p>The creation of numerous energy transition jobs, as well as ongoing local innovation and research in green technologies;<br \/>\nThe project is being developed entirely on industrial and farming land, with no material negative impact to the local environment, and farming activities continuing uninterrupted; and<br \/>\nThere are no potential impacts of the project classed as greater than \u2018minor\u2019 post-mitigation; with most impacts classed as \u2018insignificant\u2019, during the construction, operation and de-commissioning phases.<\/p>\n<p>\u201cThe completion of the Environmental and Social Impact Assessment marks a significant milestone in the advancement of our Zero Carbon Lithium project,\u201d VUL ESG lead Storm Taylor said.<\/p>\n<p>\u201cThe ESIA has validated the world-leading sustainability and social benefits our integrated renewable energy and lithium project will deliver to stakeholders.<\/p>\n<p>\u201cUniquely, our project has no potential impact classed as greater than \u2018minor\u2019 post mitigation and has instead shown a range of positive impacts to both people and the planet.\u201d<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Phase One \u2018green\u2019 financing process underway<\/strong><\/h2>\n<p>The ESIA is in line with lenders\u2019 requirements to ensure a level of environmental performance prior to the furnishing of debt finance \u2013 namely the International Finance Corporation (IFC) Performance Standards on Environmental and Social Sustainability, and the Equator Principles (EP4).<\/p>\n<p>In addition, an Environmental and Social Management Plan (ESMP) has also been created in advance of construction start, in line with the ESIA recommendations and industry best practice.<\/p>\n<p>The ESMP will now be integrated with the ESIA into VUL\u2019s Phase One project-level debt and equity financing process, which has been initiated and is a key component towards the provision of green financing.<\/p>\n<p>\u201cAs a next step, we look forward to implementing the best practice ESMP, and to engaging with lenders on this matter during the Phase One financing process, which has been initiated,\u201d Taylor said.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Vulcan Energy, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/vulcan-eyes-green-financing-pathway-after-positive-esg-report-for-zero-carbon-lithium-project\/\">Vulcan eyes green financing pathway after positive ESG report for zero carbon lithium project<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Environmental and Social Impact Assessment complete for Vulcan Energy Resources\u2019 Zero Carbon Lithium project in Germany The project is to produce lithium from Europe, for <a href=\"https:\/\/economicherald.net\/?p=2899\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":2900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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