With the global energy transition looming large, many have been setting their sights on materials critical to the energy transition, such as copper, lithium, or uranium.
Nickel is yet another mineral on that list, albeit one that seems to have largely flown under most investors’ radars thus far.
It’s understandable why that’s been the case – after all, the primary use for mined nickel has long been industrial, with over three-quarters of global nickel demand being for things like alloy production or electroplating.

However, there’s one avenue of “green” demand for nickel that’s been slowly yet steadily driving up consumption – and that’s electric vehicle (EV) batteries.
- Last year, the average battery EV sold contained 25.3 kilograms of nickel – and that number has been going up year over year
Nickel is one of the key components of the lithium-ion batteries that power EVs worldwide, thanks to its unique physical and chemical properties.
In order to be used in an electric vehicle, nickel must first be refined to extremely high purities, creating what’s known as “battery grade” nickel. Following this, it then needs to be dissolved in sulphuric acid to create nickel sulphate, which can then be used to produce battery cathodes.
Nickel’s high energy density, which allows it to hold more charge for less weight, makes high-nickel battery chemistries more desirable in EV batteries. While the first iterations of the lithium-ion battery used equal proportions of nickel with manganese and cobalt, modern ones use as much nickel as manganese and cobalt combined.
And as technology continues to progress, it’s expected that the ratio will rise to as much as 80% nickel, or even more.
That’s why nickel is now on the critical minerals list of several countries including the US, the EU, and Japan.
- RELATED: Top 3 Nickel Stocks for 2024
The Lights Are Green for Nickel.
EV manufacturers are adding more and more nickel to their batteries each year in order to increase the efficiency and range of their vehicles.
- EVs sold in 2023 contained 8% more nickel, on average, than those sold a year previous
Combine that with the fact that EV sales are expected to continue growing at a breakneck pace, and what you end up with is very healthy outlook for long-term nickel demand.
Below you can see two charts created by the International Energy Agency. The one on the left forecasts nickel demand growth out to 2050 based on currently existing climate pledges, while the one on the right shows the same but in a more aggressive net zero scenario:

You can see that, regardless of which scenario we consider, nickel demand is expected to more than double over the next decade – the only question is how fast we get there.
Even in the conservative case where no more climate pledges are made in the coming years, as in the chart on the left, EV and cleantech demand for nickel is still expected to massively drive nickel’s demand growth.
- Last year, total nickel demand amounted to 3.1 million tonnes, of which 478,000 came from EVs and cleantech. This latter portion is expected to grow to 2 million tonnes of nickel demand by 2030 and 3.4 million tonnes by 2040 in the base case – and it could easily be more, if governments around the world pursue additional climate targets
While all scenarios do see nickel consumption plateauing and falling off slightly towards the tail end of 2050 due to forecast lower demand for nickel-rich battery chemistries, there’s still a 9x increase in nickel demand for EV batteries and other cleantech even in the conservative case.
Simply put, the future for nickel looks tremendous.

However, the recent price performance of nickel seems to tell a different story:
And that’s because of the other half of the picture: nickel supply.
But There’s a Supply Jam . . .
Despite how strong the demand outlook for nickel looks, there’s no escaping the fact that right now, supply far outstrips demand.
And there’s exactly one factor we can point to for this: Indonesia.

In the past ten years, Indonesia has accelerated the pace of nickel mine development domestically, thanks to heavy Chinese investment.
- In 2014, Indonesia produced just 7% of the world’s nickel, with just two nickel smelters. 10 years later in 2023, Indonesia now accounts for just over 50% of global production, with 43 operational smelters and another 52 on the way
Indonesia received $7.3 billion in foreign investment from China’s Belt and Road Initiative in 2023, the largest of any participating country. 90% of the nickel smelters in Indonesia were built by Chinese companies, and most of the mines are Chinese owned as well.
Thanks to the extensive Chinese involvement, the lower labor costs and environmental standards for nickel mines in Indonesia have also led to lower production costs. Nickel from Indonesian mines is cheaper to produce than it is on other countries like Australia or Canada.
This breakneck growth of Indonesian production, during a weak price environment where other producers have scaled back, has contributed to Indonesia’s rise to prominence as the top global nickel producer.

It’s expected that the nickel market will see a surplus of 36,000 tonnes this year, according to a recent report from Macquarie. And it’s unlikely that the nickel market will balance out until after 2025.
Further Down the Road, the Outlook Looks Rosy
Despite how the supply and demand balance looks right now, however, it’s not expected to stay that way as we near the end of the decade.

As the chart above shows, based on current announced mine supply, the nickel market is expected to enter a supply deficit shortly after 2025 – and this shortfall is expected to widen considerably in the decade following, even in the conservative scenario (the solid line).
In other words, even though the current low nickel price environment is discouraging investment, it’ll also create more opportunities down the road thanks to the eventual supply-demand gap that will widen due to the current lack of interest in nickel mining.
Furthermore, as you might recall, in order to be used in EV batteries nickel needs to be further processed into nickel sulphate, which is something not all raw nickel refineries are built to do.

The supply shortfall for nickel sulphate is expected to see an even wider gap than for mined nickel. That said, processing facilities for nickel sulphate can be built on the order of 18-24 months – much quicker than a mine, which is often a years-long process that can get bogged down in studies and permitting.
Even so, the sheer amount of additional nickel sulphate supply required represents yet another opportunity in the nickel markets.
In the near term, it’s likely that nickel prices will continue to stay weak as supply continues to outpace demand. As we near the end of the decade and the push towards net zero continues to accelerate, however, the projected supply-demand gap might just leave the nickel market in significantly different shape than how it looks now.
The post The Ultimate Guide to Nickel appeared first on Carbon Credits.
Carbon Footprint
Climate Impact Partners Unveils High-Quality Carbon Credits from Sabah Rainforest in Malaysia
The voluntary carbon market is changing. Buyers are no longer focused only on large volumes of cheap credits. Instead, they want projects with strong science, long-term monitoring, and clear proof that carbon has truly been removed from the atmosphere. That shift is drawing more attention to high-integrity, nature-based projects.
One project now gaining that spotlight is the Sabah INFAPRO rainforest rehabilitation project in Malaysia. Climate Impact Partners announced that the project is now issuing verified carbon removal credits, opening access to one of the highest-quality nature-based removals currently available in the global market.
Restoring One of the World’s Richest Rainforest Ecosystems
The project is located in Sabah, Malaysia, on the island of Borneo. This region is home to tropical dipterocarp rainforest, one of the richest forest ecosystems on Earth. These forests store huge amounts of carbon and support extraordinary biodiversity. Some dipterocarp trees can grow up to 70 meters tall, creating habitat for orangutans, pygmy elephants, gibbons, sun bears, and the critically endangered Sumatran rhino.
However, the forest within the INFAPRO project area was not intact. In the 1980s, selective logging removed many of the most valuable tree species, especially large dipterocarps. That caused serious ecological damage. Once the key mother trees were gone, natural regeneration became much harder. Young seedlings also had to compete with dense vines and shrubs, which slowed the forest’s recovery.
To repair that damage, the INFAPRO project was launched in the Ulu-Segama forestry management unit in eastern Sabah.
- The project has restored more than 25,000 hectares of logged-over rainforest.
- It was developed by Face the Future in cooperation with Yayasan Sabah, while Climate Impact Partners has supported the project and helped bring its credits to market.
Why Sabah’s Carbon Removals are Attracting Attention
What makes Sabah INFAPRO different is not only the size of the restoration effort. It is also the way the project measured carbon gains.

Many forest carbon projects issue credits in annual vintages based on year-by-year growth estimates. Sabah INFAPRO followed a different path. It used a landscape-scale monitoring system and waited until the forest moved through its strongest natural growth period before issuing removal credits.
- This approach gives the credits more weight. Rather than relying mainly on short-term annual estimates, the project measured carbon sequestration over a longer period. That helps show that the forest delivered real, sustained, and measurable carbon removal.
The scientific backing is also unusually strong. Since 2007, the project has maintained nearly 400 permanent monitoring plots. These plots have allowed researchers, independent auditors, and technical specialists to observe the full growth cycle of dipterocarp forest recovery. The result is a large body of field data that supports carbon calculations and strengthens confidence in the credits.
In simple terms, buyers are not just being asked to trust a model. They are being shown years of direct forest monitoring across the project landscape.
Strong Ratings Support Market Confidence
Independent assessment has also lifted the project’s profile. BeZero awarded Sabah INFAPRO an A.pre overall rating and an AA score for permanence. That places the project among the highest-rated Improved Forest Management, or IFM, projects in the world.
The rating reflects several important strengths. First, the project has very low exposure to reversal risk. Second, it has a long and stable operating history. Third, its measured carbon gains align well with peer-reviewed ecological research and independent analysis.
These points matter in today’s market. Buyers have become more cautious after years of debate over the quality of some forest carbon credits. As a result, they now look more closely at durability, transparency, and third-party validation. Sabah INFAPRO’s rating helps answer those concerns and makes the project more attractive to companies looking for credible carbon removal.
The project is also registered with Verra’s Verified Carbon Standard under the name INFAPRO Rehabilitation of Logged-over Dipterocarp Forest in Sabah, Malaysia. That adds another level of market recognition and verification.
A Wider Model for Rainforest Recovery
Sabah INFAPRO also shows why high-quality nature-based projects are about more than carbon alone. The restoration effort supports broader ecological recovery in one of the world’s most important rainforest regions.
Climate Impact Partners said it has worked with project partners to restore degraded areas, run local training programs, carry out monthly forest patrols, and distribute seedlings to support rainforest recovery beyond the project boundary. These efforts help strengthen the wider landscape and expand the project’s environmental impact.
That broader value is becoming more important for buyers. Companies increasingly want projects that support biodiversity, ecosystem health, and local engagement, along with carbon removal. Sabah INFAPRO offers that mix, making it a stronger fit for the market’s shift toward higher-integrity credits.

The post Climate Impact Partners Unveils High-Quality Carbon Credits from Sabah Rainforest in Malaysia appeared first on Carbon Credits.
Carbon Footprint
Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story
Bitcoin’s recent drop below $70,000 reflects more than short-term market pressure. It signals a deeper shift. The world’s largest cryptocurrency is becoming increasingly tied to global energy markets.
For years, Bitcoin has moved mainly on investor sentiment, adoption trends, and regulation. Today, another force is shaping its direction: the cost of energy.
As oil prices rise and electricity markets tighten, Bitcoin is starting to behave less like a tech asset and more like an energy-dependent system. This shift is changing how investors, analysts, and policymakers understand crypto.
A Global Power Consumer: Inside Bitcoin’s Energy Use
Bitcoin depends on mining, a process that uses powerful computers to verify transactions. These machines run continuously and consume large amounts of electricity.
Data from the U.S. Energy Information Administration shows Bitcoin mining used between 67 and 240 terawatt-hours (TWh) of electricity in 2023, with a midpoint estimate of about 120 TWh.

Other estimates place consumption closer to 170 TWh per year in 2025. This accounts for roughly 0.5% of global electricity demand. Recently, as of February 2026, estimates see Bitcoin’s energy use reaching over 200 TWh per year.
That level of energy use is significant. Global electricity demand reached about 27,400 TWh in 2023. Bitcoin’s share may seem small, but it is comparable to the power use of mid-sized countries.
The network also requires steady power. Estimates suggest it draws around 10 gigawatts continuously, similar to several large power plants operating at full capacity. This constant demand makes energy costs central to Bitcoin’s economics.
When Oil Rises, Bitcoin Falls
Bitcoin mining is highly sensitive to electricity prices. Energy is the highest operating cost for miners. When power becomes more expensive, profit margins shrink.
Recent market movements show this link clearly. As oil prices rise and inflation concerns persist, energy costs have increased. At the same time, Bitcoin prices have weakened, falling below the $70,000 level.

This is not a coincidence. Studies show a direct relationship between Bitcoin prices, mining activity, and electricity use. When Bitcoin prices rise, more miners join the network, increasing energy demand. When energy costs rise, less efficient miners may shut down, reducing activity and adding selling pressure.
This creates a feedback loop between crypto and energy markets. Bitcoin is no longer driven only by demand and speculation. It is now influenced by the same forces that affect oil, gas, and power prices.
Cleaner Energy Use Is Growing, but Fossil Fuels Still Matter
Bitcoin’s environmental impact depends on its energy mix. This mix is improving, but it remains uneven.
A 2025 study from the Cambridge Centre for Alternative Finance found that 52.4% of Bitcoin mining now uses sustainable energy. This includes both renewable sources (42.6%) and nuclear power (9.8%). The share has risen significantly from about 37.6% in 2022.
Despite this progress, fossil fuels still account for a large portion of mining energy. Natural gas alone makes up about 38.2%, while coal continues to contribute a smaller share.

This reliance on fossil fuels keeps emissions high. Current estimates suggest Bitcoin produces more than 114 million tons of carbon dioxide each year. That puts it in line with emissions from some industrial sectors.
The shift toward cleaner energy is real, but it is not complete. The pace of change will play a key role in how Bitcoin fits into global climate goals.
Bitcoin’s Climate Debate Intensifies
Bitcoin’s growing energy demand has placed it at the center of ESG discussions. Its impact is often measured through three key areas:
- Total electricity use, which rivals that of entire countries.
- Carbon emissions are estimated at over 100 million tons of CO₂ annually.
- Energy intensity, with a single transaction using large amounts of power.

At the same time, the industry is evolving. Mining companies are adopting more efficient hardware and exploring new energy sources. Some operations use excess renewable power or capture waste energy, such as flare gas from oil fields.
These efforts show progress, but they do not fully address the concerns. The gap between Bitcoin’s energy use and its environmental impact remains a key issue for investors and regulators.
- MUST READ: Bitcoin Price Hits All-Time High Above $126K: ETFs, Market Drivers, and the Future of Digital Gold
Bitcoin Is Becoming Part of the Energy System
Bitcoin mining is now closely integrated with the broader energy system. Operators often choose locations based on access to cheap or excess electricity. This includes areas with strong renewable generation or underused energy resources.
This integration creates both opportunities and challenges. On one hand, mining can support energy systems by using power that might otherwise go to waste. It can also provide flexible demand that helps stabilize grids.
On the other hand, it can increase pressure on local electricity supplies and extend the use of fossil fuels if cleaner options are not available.
In the United States, Bitcoin mining could account for up to 2.3% of total electricity demand in certain scenarios. This highlights how quickly the sector is scaling and how closely it is tied to national energy systems.
Energy Markets Are Now Key to Bitcoin’s Future
Looking ahead, the connection between Bitcoin and energy is expected to grow stronger. The network’s computing power, or hash rate, continues to reach new highs, which typically leads to higher energy use.
Electricity will remain the main cost for miners. This means Bitcoin will continue to respond to changes in energy prices and supply conditions. At the same time, governments are starting to pay closer attention to crypto’s environmental impact, which could shape future regulations.

Some forecasts suggest Bitcoin’s energy use could rise sharply if adoption increases, potentially reaching up to 400 TWh in extreme scenarios. However, cleaner energy systems could reduce the carbon impact over time.
Bitcoin is no longer just a financial asset. It is also a large-scale energy consumer and a growing part of the global power system.
As a result, understanding Bitcoin now requires a broader view. Energy prices, electricity markets, and carbon trends are becoming just as important as market demand and investor sentiment.
The message is clear. As energy markets move, Bitcoin is likely to move with them.
The post Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story appeared first on Carbon Credits.
Carbon Footprint
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