Many economists, politicians, and central bankers have been studying, theorizing, and debating the potential role central banking could play in the global effort to promote decarbonization and address climate change. There is little consensus, if any. However, the People’s Bank of China (PBOC) has eschewed debate and quietly made efforts to green China’s financial system for some time.
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India and Sri Lanka have signed a MoU to establish hybrid power plants in the island nation. The announcement comes after the Sri Lankan government recently ousted the Chinese company that had been cleared for these projects in 2021. The projects call for the development of three wind turbine farms in the Palk Strait, on the small islets of Nainativu, Analaitivu, and Delft.
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ArcLight Capital Partners (ArcLight) has given service contracts to energy asset management company Consolidated Asset Management Services (CAMS) for their 10 GW power generating portfolio. CAMS will provide operations and maintenance (O&M) and asset management services for the power plants under the conditions of the contract.
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The total energy access gap is pretty huge in Nigeria. Even for those who do have access to power, the power supply is unreliable and unstable. Thus, there is a lot that needs to be done. The federal government of Nigeria has taken huge steps towards bridging the existing energy access gap. A number of policies and regulations have been introduced to promote solar power in Nigeria to not take over but supplement the main grid.
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Russia’s invasion of Ukraine has once more exposed the EU’s vulnerability in relying on fossil fuels to heat our homes, power our cars and fuel our industries. While heavy industry is a major consumer of fossil gas, it has been notably absent in the emerging EU strategy to rapidly get off Russian gas. The EU needs to act now, maximising short-term gas savings in industry and ensuring the Fit for 55 package sends the right policy signals to substantially reduce gas dependency in the next 10 years.
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Copenhagen Infrastructure Partners (CIP), a Danish renewable investment group, has teamed up with the New Zealand Superannuation Fund (NZ Super Fund) to develop 1 GW of offshore wind capacity off New Zealand’s west coast. The projected capacity, which will be located on the South Taranaki Bight, will be equivalent to more than 11 per cent of New Zealand’s current electricity demand.
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Heliogen, a solar power technology company based in the US, has signed a project agreement with Woodside Energy, an Australian energy company owned by Woodside Petroleum, to test a concentrated solar energy project in the United States. Heliogen is planning to build a concentrated solar energy facility with artificial intelligence (AI) at a site in Mojave, California.
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The year 2022 is expected to be a turning point for the ASEAN Region in terms of its energy transition. The AMS’ updated NDCs are expected to bring more ambitious strategies. This is evident by the statement under the Glasgow Climate Pact and the Global Coal to Clean Power Transition Statement. In addition to this, the AMS also set their long-term strategies to reach net zero emissions, which are beyond their NDCs target.
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The government of India is planning to develop ten nuclear power stations in “fleet mode” over the next three years. According to the reports, the nuclear power plants will be built over a five-year period, starting with the first pour of concrete (FPC). The FPC will take place in 2023 at the 700 MW Kaiga nuclear power plant in Karnataka.
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BP Alternative Energy Investments Limited (BPAEIL) and Marubeni have inked cooperation and participation agreements to build offshore wind projects and explore decarbonization initiatives, including hydrogen. As part of their relationship, the two companies will form a joint venture to pursue offshore wind business prospects in Japan.
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ESG was already gaining traction among the biggest investors in the world. The United Nations Principles for Responsible Investing (UNPRI) was founded in 2006 and now has more than 3,500 signatories including the biggest institutional investors with US$120 trillion in assets under management. These signatories have committed to integrating ESG factors into investment decision-making.
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Could the waves in our oceans and seas help tackle the global energy crisis? In theory, yes. Wave energy globally could meet the world’s annual electricity needs, if it was fully harnessed, scientists have estimated. Indeed, the waves around the United States coasts could provide 66% of the country’s electricity, according to the US Energy Information Administration.
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California’s 100 Percent Clean Energy Act of 2018 or Senate Bill 100 (SB 100) calls for a switch over to carbon-free electricity by 2045, in addition to accelerating the integration of new renewable electricity resources into the grid. It also aims to ensure at least 60 per cent of California’s electricity is renewable by 2030. The draft develops a long-range blueprint of the interconnected high-voltage wires required to meet the above goals.
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Mainstream Renewable Power recently announced that Mitsui & Co., Ltd. has agreed to invest EUR €575 million in Mainstream in the form of new common shares. This corresponds to a 27.5 percent equity stake in the company, and will enable Mitsui to take a long-term active role in Mainstream’s growth.
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United Kingdom based independent renewable power company Anesco has secured a £12m revolving credit facility from Santander UK. Anesco plans to use these funds for expansion in the UK and Europe. This finance will support its pipeline of various renewable energy projects which includes five battery storage projects and three solar farms, that are at the ready-to-build stage.
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March is a stress test for the European Green Deal. European and national leaders can endorse it as part of the solution to the current crisis, and send a clear political signal of increased ambitions for the Fit for 55 Package. The invasion of Ukraine by Russia raises the importance of understanding and managing the deep entanglement between energy, security and geopolitics. EU and national leaders will have to show strong leadership to actively shape Europe’s course of destiny, not just respond to incredibly tragic events.
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At REGlobal’s 2nd edition of “Solar Power in Africa” conference, Martin Lyambai, Advisor, Renewable Energy and Private Sector Development, GIZ gave a presentation on solar power growth and outlook in the African continent. In his presentation, he discussed the growth trends, key drivers, and barriers; cost trends and emerging business models; and future outlook and the way forward.
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The climate and clean energy provisions Congress is discussing would catalyze the deployment of clean energy technologies, resulting in significant reductions in oil and natural gas demand. The findings from Energy Innovation’s modeling underscore the role the climate and clean energy provisions Congress is now considering could have in securing U.S. energy independence and supporting its allies while also growing its economy and cutting its emissions.
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A Virtual Power Plant (VPP) is the aggregation of supply and/or demand response from Distributed Energy Resources (DER) such as batteries and smart appliances to participate in one or more markets. VPPs have been lauded as a major part of the future energy mix in the Australian National Electricity Market (NEM). When the Australian Energy Market Operator (AEMO) announced its VPP demonstrations project in 2019, AEMO predicted there could be 700MW of VPPs by 2022.
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The central purpose of this document is to provide a vision for policymakers at all levels towards a clean and secure electricity system in Moldova, providing actionable items towards this vision in three steps, as well as outlining the economic, environmental and social benefits it could deliver. This document also serves to support further development of the national renewable energy strategy.
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