Dubai Electricity and Water Authority (DEWA) has launched a pilot project for energy storage at the Mohammed bin Rashid Al Maktoum Solar Park which uses Tesla’s lithium-ion battery solution. With a power capacity of 1.21 MW and an energy capacity of 8.61 MWh, the project has a life span of up to 10 years.
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JERA, a Japanese energy company, has signed a share purchase JERA, a Japanese energy company, has signed a share purchase agreement with Aboitiz Equity Ventures and Aboitiz & Company for the purchase of approximately 27 percent of Aboitiz Power Corporation’s (Aboitiz Power) outstanding shares for $1.58 billion.
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While climate change is primarily caused by emissions from large advanced and emerging market economies, the Pacific islands are among those most heavily impacted by the adverse effects of climate change. This departmental paper by International Monetary Fund provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
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Improving energy access now will lift Africa’s socio-economic activities, alleviate the impacts of climate change and help ensure sustainable energy security for all in the future. Africa’s sustainable path in securing its future energy needs is reliant on strong commitments and practical implementation of funding. This will improve energy access and accelerate cleaner energy solutions that will reduce the climatic shocks to the region.
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This 2021–2023 investment plan covers the thirteenth year of the program and reflects laws, executive orders, regulations, and other funding programs to reduce greenhouse gas emissions, petroleum dependence, and criteria pollution emissions for all Californians. This 2021–2023 investment plan establishes funding allocations based on identified needs and opportunities, including a focus on zero-emission vehicles and infrastructure.
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The Japanese utility, Chubu Electric Power Co., Inc. will invest in Vietnam’s Bitexco Power Corporation (BPC) to become a 20 per cent equity stakeholder in the company. Chubu Electric participated in a bid for a partial share acquisition of BPC, under which it entered into a share purchase agreement with existing shareholders selling their shares in BPC and a share subscription agreement with BPC. This marks Chubu Electric’s first investment in Vietnam.
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Babcock & Wilcox Enterprises, Inc. (B&W) has signed a definitive agreement to acquire VODA A/S, a waste-to-energy and biomass-to-energy services based firm. B&W will create a B&W Renewable Service which will be integrated with VODA A/S and B&W Vølund aftermarket services businesses.
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The International Renewable Energy Agency (IRENA) and the Global Wind Energy Council (GWEC) have signed the Global Offshore Wind Energy Compact, an agenda that strives to secure sustainable energy for all while also aiding the global fight against climate change. According to the agreement, IRENA and GWEC will collaborate to raise government ambitions to achieve 380 GW of offshore wind installations globally by 2030, and 2,000 GW by 2050.
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UltraTech Cement Limited, a leading manufacturer of grey cement, white cement and ready-mix concrete in India, has announced its commitment to the Climate Group’s RE100 initiative at Climate Week NYC 2021. As part of this commitment, UltraTech Cement aims to meet 100 per cent of its electricity requirement through renewables sources by 2050.
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Rising coal prices in the world now make it cheaper to build a new wind or solar park for power generation in Turkey than running even the most efficient hard coal power plant that relies on coal imports. In Turkey, new wind power installation costs are 32% lower than five years ago, and new solar power installation costs are 50% lower. International hard coal prices are 3 times higher than a year ago.
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A new narrative has emerged around climate action and global actors are responding. SEA is gaining importance as a critical piece of the global Net Zero solution. There is renewed recognition of the untapped potential of SEA’s natural capital as carbon sinks, and MNCs who have committed to Net Zero recognize they cannot deliver their climate goals without supporting change in SEA across their local supply chains. Put simply, the world cannot achieve Net Zero without SEA coming along on the journey.
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Decarbonization has become the catch-all term for climate action. But while carbon dioxide is the biggest contributor to global warming, the case for tough action against methane emissions, known as ‘demethanization’, is literally becoming clearer by the day. As satellites and detectors closer to ground train increasingly sophisticated sensors at sources of ‘the other greenhouse gas’, this is lifting the veil on emissions that have long proven more elusive than CO₂.
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Green Bond Pricing in the Primary Market H1 2021 is the 12th iteration in the series by Climate Bonds Initiative and monitors the performance of 56 EUR and 19 USD denominated benchmark size green bonds with a total value of USD75.9bn issued between January and June 2021. The report includes 75 green bonds with a combined face value of USD75.9bn.
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This briefing by the International Council on Clean Transportation provides policy recommendations that could assist the European Council and Parliament as they negotiate the final legislation for the Fit for 55 package. The analysis also highlights sustainability risks associated with food-based fuels, including intermediate crops.
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Walmart has completed its previously announced $2 billion inaugural green bond issuance. The green bond is Walmart’s first issuance under the company’s Green Financing Framework, which was announced in August 2021. It explains the company’s alignment with the International Capital Markets Association’s 2021 Green Bond Principles.
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Jinko Solar Limited has decided to invest $500 million in Vietnam’s Qung Ninh Province to establish a monocrystalline ingot and wafer production facility. The project is expected to have a 7 GW annual capacity. This project obtained local government clearance in early 2021 and is scheduled to open in the first quarter of 2022.
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UK-based Octopus Energy Group has entered into a strategic partnership with Generation Investment Management for an additional investment of $600 million. This would increase Octopus Energy Group’s valuation to $4.6 billion post the deal. Generation Investment Management will take up to 13 per cent of equity stake in return for its investment.
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The Xinjiang based Goldwind Technology Co., Ltd. has won two wind power projects in Ukraine, namely the 337.5 MW Zophia wind power project and the 288 MW Ochakov wind power project. With a total installed capacity of 625.5 MW, the former is located in Zaporizhia and the latter in Ochakov, both in southern Ukraine. The two projects entail 75 units of GW 155-4.5 MW and 60 units of GW 155-4.8 MW smart wind turbines.
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The report “From Dong to Orsted: A Leading Utility’s Green Energy Transition – What Indian Firms Can Learn from Such a Transition” by The Institute for Energy Economics and Financial Analysis (IEEFA) charts the transition journey of Orsted. This Danish state-owned utility transitioned from being one of the most coal-intensive utilities in Europe to a global leader in offshore wind energy.
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The trend in the Middle East and North Africa (MENA) region has so far been towards the development of large utility-scale projects. MENA Solar and Renewable Energy Report produced by the Middle East Solar Industry Association in collaboration with Middle East Energy Dubai highlights MENA’s leading solar PV markets with a focus on trends, upcoming projects, and other major developments.
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