The European Commission will unveil 12 climate change policies in July designed to cut greenhouse gas emissions faster. One of the policies will be a revamp of the EU’s renewable energy regulations. These policies will aim to promote power purchase agreements for renewable energy and target sectors such as Transport and Industry, that have been slow to use sources like wind, solar, or bioenergy...
As geothermal is gaining momentum as a viable renewable energy source, the Japanese Environment Minister is leading the acceleration of developments of geothermal power. This is a part of the government’s goal to reduce greenhouse gas emissions by 46% from fiscal 2013 levels in fiscal 2030. The administrative reform minister has announced a goal of doubling Japan’s geothermal power facilities by 2030.
Africa’s vaccine manufacturing potential has always been overlooked, but COVID-19 warranted a closer look at internal capability development...Is this the beginning of something bigger?
Egypt has advanced from 26th place to 20th in the Renewable Energy Country Attractiveness Index in 2021, this index is published annually by Ernest & Young. Under the 2030 vision in Egypt the plan is to increase the supply of electricity generated from renewable sources to 20% by 2022 and up to 42% by 2035. This will be provided by 14% wind, 2% hydro power, 22% Photovoltaic (PV), and 3% Concentrated solar power (CSP).
Ørsted has unveiled their new strategic plan to accelerate the global build-out of renewable energy with plans to invest around DKK 250 billion in green energy from 2020 to 2027. With roughly 80% investment in offshore wind including renewable hydrogen and 20% onshore.
Acciona has priced an initial public offering of 15-25% stake in Acciona Energia with a valuation between €8.8bn and €9.8bn for the renewable energy entity. They have 11 GW of installed capacity but aims to reach 20GW by the end of 2025 and 30GW by 2030. This will be conducted through expanding their onshore wind and solar.
Asia Pacific investments in renewable energy generation by 2030 may double to $1.3 trillion from the previous decade. In Asia Pacific an average of 140 gigawatts of additional capacities will be added annually till 2030. China, Japan, India, South Korea and Taiwan are among the top contributors to renewable investments, which include solar and wind.
The Norwegian government is planning to continue handing out licences for fossil fuel exploration. This is due to a policy paper submitted to the Norwegian parliament in which it highlights that the petroleum sector will remain a significant factor in the Norwegian economy in years to come...
The Europe oil and gas sector climbed as the Brent crude-oil future reached $75 a barrel. Royal Dutch Shell and BP each rose 2% and oil services firm TechnipFMC rose 4%.
Hyosung Heavy Industries will invest $883 million USD (1 trillion Won) to build the largest liquefied hydrogen plant of it’s kind in Ulsan. The factory is set to be completed in 2023 and is expected to produce 13,000 tons of liquefied hydrogen per year. The company wants to expand it’s annual capacity to 29,000 tons per year as a long-term goal. Linde Hydrogen Energy will take charge of producing liquefied hydrogen production and operate the Ulsan factory.
The China National Petroleum Corporation (CNPC) announced the largest discovery in the basin in nearly 10 years. It is located in the Fuman Oilfield area and it’s drilling depth reached 8,470 meters and height of the test oil column hit 550 meters. This new reserva area was found after drilling 56 wells in the Fuman oilfield.
OPEC and non-OPEC partners — an energy alliance known as OPEC+ — agreed to gradually ease production cuts in the coming months amid a rebound in oil prices. Saudi Arabia is “producing oil and gas at low cost and producing renewables. I urge the world to accept this as a reality: that we’re going to be winners of all of these activities,” he added.
Total has finalized the name change to TotalEnergies in order to become a green energy major. The plans were first announced in February and were finally implemented at the end of May 2021. They have a 100 GW gross target for 2030 in order to be one of the largest players to embrace renewable energy. They have set 2050 corporate net-zero goals and will allocate 20% of net investments to renewables and “low carbon power” this year.
VårEnergie has preliminary estimates showing volumes between 60-135 million barrels of recoverable oil equivalents in the Balder area in the Southern North Sea. This is Vår Energi’s fifth significant exploration discovery so far. The discovery dubbed Prince had an oil column of about 35 meters and the King discovery had a gas column of about 30m and a light oil column of about 55 meters.
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