Colombia Sustainable Finance State of the Market 2022 identifies sustainable investment opportunities in Colombia in accordance with the Colombian Green Taxonomy and the potential for green and other thematic instruments to attract investment to the country. The report describes the shape and size of the local green, social, sustainability, and sustainability-linked (GSS+) debt market.
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NEOM Green Hydrogen Company (NGHC) has announced that, following the signing of financial documents with 23 local, regional, and international banks, and investment firms, it has now achieved financial close on the world’s largest green hydrogen production facility at a total investment value of $8.4 billion. The plant is currently being built at Oxagon, in Saudi Arabia’s NEOM region.
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To achieve climate-resilient economies, financial resources need to be directed towards environment-friendly projects and activities. Therefore, as green finance gains traction in the public and private sectors across global economies, the Reserve Bank of India (RBI) has announced plans to establish a framework for the acceptance of green deposits. As a financial instrument, a “green deposit” is an interest-bearing deposit received by regulated entities (REs) for a fixed period.
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Italy in 2022 successfully reduced its reliance on Russian natural gas imports, by signing new contracts with alternative suppliers, making use of the pipeline and LNG infrastructure that it has built up over the last decade. Reducing overall demand for natural gas through an accelerated shift to alternative energy sources and a stronger focus on energy efficiency, especially in the building sector, will not only further strengthen energy security, but also help the country meet its climate targets.
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Indonesia is the world’s fourth-most populous country and is set to become the world’s fourth-largest economy by mid-century. The key contributor to this growth has been the export of coal and natural gas, which has helped it maintain a positive trade balance. The country aims to increase the share of renewables in the generation mix to 23 per cent by 2025 and further to 32 per cent by 2030 and 69 per cent by 2060.
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The long-term roadmap for the ASEAN region includes identifying seven key strategies to strengthen the enabling environment, attract climate financing, promote research and development, increase investment attractiveness, establish an ASEAN renewable energy facility, enhance interconnection, and catalyse future investments. ASEAN member countries must learn from each other in formulating robust policies and competitive renewable energy markets in the region.
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GE has secured a contract from Red Eléctrica to supply six pumped storage turbines for the 200 MW Chira Soria pumped storage power plant in Gran Canaria, Spain. The contract was secured in a consortium with Cobra Infrastructuras Hidráulicas. Red Eléctrica is the sole transmission agent as well as the operator of Spain’s national electricity system. GE will commission, design, supply and transport the turbines and deliver generators, main transformers and electrical balance-of-plant equipment.
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Renewable energy in the five EU member states in Southeast Europe – Bulgaria, Croatia, Greece, Romania and Slovenia – has been the fastest developing segment of the energy industry over the last few years and is poised to reach new heights. This is the main conclusion in the 2023 edition of Renewable Energy in Southeast Europe – a regional report by SeeNext. It includes an in-depth financial analysis covering the performance of 2,567 companies in the period 2019-2021, a comprehensive overview of changes in the regulatory framework in all five countries, and information on key investments and M&A deals.
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Toyota Tsusho, an affiliate of Toyota, has completed the acquisition of an 85 percent stake in SoftBank Group’s renewables arm SB Energy. SB Energy has been rebranded as Terras Energy and has become a subsidiary of Toyota Tsusho. The remaining 15 per cent of the company is owned by SoftBank. With nearly 4.5 GW of capacity, Terras Energy is anticipated to be amongst Japan’s biggest wind and solar power providers. This comprises 1.02 GW of solar energy and 3.18 GW of wind power.
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Renewable energy capacity addition is the most favourable option for Bangladesh’s power system, which suffers from a hefty subsidy burden and overdependence on imported fossil fuels. The Bangladesh government should enhance renewable energy ambition to achieve a higher target like 40% renewable energy capacity by 2041 and reflect the same in the upcoming Integrated Energy and Power Master Plan (IEPMP).
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On March 29, 2023, DOE released ‘Advancing Offshore Wind Energy in the United States, U.S. Department of Energy Strategic Contributions Toward 30 Gigawatts and Beyond’ strategy, which is a comprehensive summary of its role to meet the country’s OSW target. The strategy has divided the OSW efforts by the DOE into four pillars – Near-Term Offshore Wind (NOW), Floating Offshore Wind Accelerated Research and Development (FORWARD), CONNECT and TRANSFORM.
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Following Russia’s invasion of Ukraine, Greece is reducing its reliance on Russian energy imports and ensuring secure access to energy by diversifying its supply and increasing domestic energy production. Despite these notable successes, significant challenges remain. Fossil fuels still account for most of Greece’s energy use and stronger efforts are needed on energy efficiency. In this report, the IEA provides a range of energy policy recommendations to help Greece smoothly manage its transition to a secure, efficient and flexible carbon neutral energy system.
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As India moves towards installing more than 200 GW of new solar power capacity by 2030, there is a collective aim to ensure that a large part of this is made from locally sourced components. This is a massive undertaking for the Indian solar industry, which depends significantly on imports of solar cells and modules from China and other countries. The launch of the attractive production-linked incentive (PLI) scheme and two tranches of successful capacity and amount allocations under this have brought domestic manufacturing to the fore, with developers too wanting a piece of the pie.
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The findings indicate that with government support, declining renewable energy costs, rapid technological advances, and a growing focus on decarbonization and sustainability, the demand for low-carbon hydrogen will increase manifold in the coming years. E&U organizations expect low-carbon hydrogen to meet up to 18% of energy demand by 2050.
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In this report, E3G and Re:Pattern set out proposals for goals, themes, objectives and indicators to guide the Net Zero-Aligned Financial Centre to success. They might be used, as part of a regular monitoring process, to ensure the UK remains on track. It builds on E3G’s earlier work on the Net Zero-Aligned Financial Centre, and draws on input from a range of financial services professionals and experts.
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Arctech, a solar equipment manufacturer has secured a contract to provide 1.5 GW trackers for a solar project in Saudi Arabia.
Arctech will supply its SkyLine II solar tracking solution. This single-axis tracker with a multipoint parallel drive has a tracking range of plus or minus 60° and can be easily installed. Each of the trackers can carry up to 120 PV modules.
Masdar, a UAE-based energy company, has concluded the purchase of a 50 per cent interest in EDF Renewables North America’s solar and battery storage project. Located in California, the Big Beau project includes a 128 MW alternating current photovoltaic solar plant and a 40MW/160MWh battery energy storage system (BESS).
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More than $1 trillion of private investment went into the global energy transition in 2022, which “shattered records” according to the report. The US attracted the second-highest amount, $141 billion, which represented an 11% increase over 2021. Over 40% ($57.3 billion) of this investment went into electrified transport, and $49.5 million was pumped into the renewable energy sector. At least $369 billion of government funds is also due to be invested through the IRA.
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Germany is focusing on rapid offshore wind energy development to decarbonise its energy systems as part of its energy transition, also known as Energiewende, and ensure energy security in the wake of the Russia-Ukraine war, which has had a significant impact on the entire European Union. The country aims to increase the share of renewable energy in power consumption to at least 80 per cent by 2030 and 100 per cent by 2035 (compared to around 49 per cent at the end of 2022).
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CBET is crucial from the viewpoint of energy security in the South Asian region, especially in light of the current geopolitical scenario. Following Russia’s invasion of Ukraine, global prices of fuels such as gas and coal have surged, adversely impacting the energy security in countries heavily dependent on imported fossil fuels for electricity. A case in point is Bangladesh, which has been suffering energy shortages for the past several months. Besides this, several other factors make CBET attractive in South Asia.
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