The first half of the year 2020 saw a sharp reduction in power demand, which in turn led to a huge decline in thermal power generation. On the other hand, the share of renewable energy especially wind and solar continues to rise as economies strive for green recovery from the covid-19 crisis.
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The Asian Development Bank (ADB) has approved a $73.39 million concessional loan and grant to the Government of Maldives to develop a waste treatment facility using waste-to-energy (WTE) technology and disposal infrastructure for the Greater Malé region and neighboring outer islands.
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Qatar’s 800 MW Siraj 1 solar project has reached financial closure with the Japan Bank for International Cooperation (JBIC) and Mizuho Bank agreeing to finance the construction of the project. The Japanese lenders have signed a $330 million syndicated loan according to the Qatar General Electricity and Water Corporation.
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Deutsche Bank has adopted a new Fossil Fuels Policy which aims to end its global business activities in coal mining by 2025. In addition, Deutsche Bank has signed the Equator Principles which is a risk management framework for assessing the environmental and social risk of financing projects.
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With all major economic activity halted, energy demand has also tumbled, leading to the steepest drop in oil prices in two decades. Simultaneously, there has been a significant cut in greenhouse-gas emissions. However, this temporary drop in carbon emissions only highlights the fact that there has been very little actual progress in decarbonization across the globe.
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Chinese regulators recently proposed eliminating so-called “clean coal” from the list of projects that can raise funds using green bonds. While this may not sound like a big deal, if it goes through, it could be the start of a much-needed transformation in China’s green finance market – and a move away from coal power.
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Offshore wind financings in 1H 2020 totaled $35 billion, up 319% year-on-year and in fact well above 2019’s record full-year figure (a revised $31.9 billion). The first half of this year saw investment decisions made on 28 sea-based wind farms, including the largest ever, the 1.5GW Vattenfall Hollandse Zuid array off the coast of the Netherlands, costing an estimated $3.9 billion.
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