Energy

Investment in renewable energy will need to hit $1.3 trillion a year by 2030 for the world to be on track to limit global temperatures set out in the Paris climate accord. That’s the latest assessment from the International Energy Agency (IEA), which revised up the figure from $1 trillion in a previous forecast. While the amount is more than ...

South Africa and Indonesia will receive a combined $1 billion from the Climate Investment Funds to replace some of their coal-fired power plants with renewable energy facilities, part of global efforts to cut planet-warming emissions. The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund ...

Abu Dhabi / WAM Jaheziya, a single-stop service provider for defence solutions and emergency response services, on Thursday announced their participation in Adipec 2022, where they will unveil a new strategic business collaboration, and underscore their innovative solutions intended to aid energy sector training and technology initiatives. At the event, running from October 31 to November 3 at the Abu ...

Australia joined the Global Methane Pledge, becoming one of the last major developed economies to sign on to an effort to reduce emissions of the potent greenhouse gas 30% from 2020 levels by the end of this decade. Announcing the decision to sign the methane pledge on Sunday, Climate and Energy Minister Chris Bowen said meeting the 2030 target could ...

Bloomberg European Union (EU) governments have pledged more than 550 billion euros ($536 billion) to protect citizens and businesses from soaring energy costs over the past year, highlighting the enormous fiscal burden the bloc’s leaders face as they jostle over how to pay for it. That figure climbs to 710 billion euros when support for utilities via loans, bailouts and ...

  Bloomberg Italy’s Enel SpA is in talks with banks on a new €16 billion ($15.8 billion) state-backed credit line to cover derivatives risks linked to spiking energy prices, according to people familiar with the matter. Under the plan, the country’s trade-credit insurer Sace would provide guarantees for around 70% of the total amount, said the people, asking not to ...

  Bloomberg Germany is at risk of wasting billions of euros on boosting liquefied natural gas imports instead of moving towards sustainable alternatives like energy efficiency, according to a new report. The country faces about 200 billion euros ($196 billion) of additional costs for gas imports by the end of the decade, causing a doubling of bills for consumers, the ...

  Bloomberg A city in southern China is planning an offshore wind farm bigger than all of the power plants in Norway combined. Chaozhou, in Guangdong province, intends to start work on the 43.3-gigawatt project before 2025, according to a copy of the city’s five-year plan posted on industry publication bjx.com. The wind farm will be built between 75 and ...

  Bloomberg BP Plc agreed to acquire biogas producer Archaea Energy Inc. for about $4.1 billion including debt, the latest step in the UK energy giant’s expansion into into lower-carbon fuels. BP will pay $26 per share, a 38% premium to the average share price in the 30 days to Oct. 14, Archaea said in a statement. The Houston-based company, ...

  Bloomberg Indonesia plans to sell biofuels made from a blend of sugarcane extract and oil from next year as the world’s largest exporter of dirty coal seeks to reduce emission and curb fuel imports. State-owned oil and gas firm PT Pertamina Persero will begin selling A20 fuel, which is a mix of 80% gasoline, 15% methanol derived from natural ...