Seventeen countries, including France, Chile and Kenya, stressed the need for systemic transformation in all economic sectors, driven by a "global phase-out of fossil fuels". They acknowledge that emissions-reducing technologies play a minimal role in decarbonizing the energy system and cannot be used to justify the expansion of fossil fuels. Leaders stressed the importance of restoring and protecting carbon sinks in fighting climate change and called for ambitious global targets on renewable energy and energy efficiency. They urged the mobilization of trillions of dollars in funding for climate action and the implementation of reforms to the financial system to address the multiple crises facing the world. Leaders also called for the Global Stocktake (GST) as a turning point and highlighted the importance of closing ambition and implementation gaps on all aspects of climate action during this critical decade and beyond.

'When it comes to low routine maintenance schedule, MAN L28/32 offers a great advantage with 20,000 hours between overhauls when operated on HFO. A low level of deformation and a low level of mechanical stresses (i.e. low wear-rates) are achieved through its sturdy engine structure and amply dimensioned running gear.'

The United States is planning to repurpose Department of Energy lands, including sites contaminated by atomic bomb production, for clean energy generation. The U.S. Department of Energy has identified 70,000 acres of land that could eventually host the largest solar project in the country. Energy Secretary Jennifer Granholm will present the Clean Power Plan, which includes developers of renewable energy and nuclear power. Potential sites include the Hanford site, Richland, Idaho Falls, the Nevada Nuclear Safety Site, the Savannah River site, and the Waste Isolation Pilot Plant.

Octopus Energy Generation plans to invest $20 billion in offshore wind by 2030, aiming to improve energy security and reduce dependence on fossil fuels. The investment will generate 12 gigawatts of renewable electricity per year, enough to power 10 million homes. The company targets projects on a global scale, with a focus on Europe. Offshore wind is already transforming the UK's energy system and Octopus Energy is excited about its potential for global net-zero emissions, energy security and reduced electricity bills.

U.S. President Joe Biden will announce the first sale of offshore wind rights in the Gulf of Mexico on Thursday. The sale will include a 102,480-acre lease near Lake Charles, Louisiana, and two nearly 200,000-acre leases near Galveston, Texas. The Biden administration has held three offshore wind lease auctions, including last year's largest auctions off the New York and New Jersey coasts and the first on California's Pacific coast. Biden will travel to Philadelphia to pitch the green economy to unionized workers who remain skeptical about the economics of the solar, wind and electric vehicle industries.

India's Ministry of New and Renewable Energy (MNRE) is developing a multi-pronged strategy to support its renewable energy industry. The government is also looking at energy storage, offshore wind and green hydrogen. The government has introduced a production-linked incentive (PLI) scheme and battery storage VGF regulations, while also focusing on offshore wind, which has the potential to meet energy commitments. Green hydrogen will play a vital role in India's energy transition, which plays an important role in the global landscape due to supporting infrastructure development and synergies.

Japanese Prime Minister Fumio Kishida is on a Gulf tour in the United Arab Emirates, focusing on energy supply and green technology. He will meet with UAE President Sheikh Mohamed bin Zayed Al Nahyan and attend the UAE-Japan Business Forum in Abu Dhabi. Kishida will also visit Qatar, a major gas producer, to boost Japan's energy production and push Japan towards its goal of carbon neutrality by 2050. Japan imports 25% of its crude oil from the UAE, making it the world's largest importer of oil and gas products.

India is expected to borrow Rs 2,000-2,200 crore via sovereign green bonds this fiscal, up from Rs 16,000 crore in 2022-23. Half of the proceeds will go to rail, renewable energy, housing, urban affairs, and environmental and climate change projects. The Ministry of Finance's 2023-24 spending plan allocates Rs 23,764 crore for green projects and increases spending to ensure green bond proceeds are fully utilized. Green bonds will form part of the central government's market lending program in the second half of this financial year.

Suzlon Group has received an order from Everrenew Energy for a 100.8MW wind power project in Tamil Nadu. The project will install 48 wind turbines and be operational by March 2024. The project can provide electricity to 65,000 households and reduce carbon dioxide emissions by 2.58 tons per year. The project aims to promote the adoption of renewable energy in India by targeting commercial and industrial consumer groups.

India is considering a bilateral agreement with the European Union to supply 10 million tonnes of green hydrogen, which will be invested in a clean energy project in India. The scheme allows EU companies to use carbon credits linked to green hydrogen production in exchange for investment and purchase deals. India's Ministry of Renewable Energy and renewable energy companies participated in the negotiations. The program aims to drive the energy transition from fossil fuels and tackle global warming.

NextEnergy Capital has raised $480 million for its fifth investment fund, NextPower V ESG, which focuses on solar and battery storage assets in OECD countries. The fund has a 10-year investment horizon and targets mid-double-digit returns on projects in Europe, North America and Chile. The fund is in talks with more investors and plans to make a second close later this year to reach its $1.5 billion funding target, with a hard cap of $2 billion.

South African miners are stepping up efforts to produce solar and wind power to cut costs and emissions and address an electricity crisis. JUWI South Africa is developing a 400 MW mine renewable energy project, and the country's Minerals Board expects its own power to reach 2,294 MW by 2025 and more by 2030. This will reduce carbon emissions, save costs and increase energy security.

The Canadian government, led by Prime Minister Justin Trudeau, faces the challenge of achieving net-zero emissions by 2050. The Canadian Energy Regulator (CER) has published three scenarios for the target, but has yet to make any recommendations. The report highlights that further action is needed across industries and provinces to contribute to achieving this goal. Due to high oil prices, Canadian oil production will continue to grow until the end of the decade, with the most optimistic scenario seeing crude oil production peak in 2026. The third scenario is that oil production peaks in 2035. If Canada achieves net-zero emissions by 2050, it will generate electricity using zero- or low-emissions technologies, doubling electricity demand by 2050.

Reliance Industries, led by billionaire Mukesh Ambani, could earn $1-1.5 billion from its new energy business by 2030 and invest $2 trillion in India by 2050. The company plans to have 100GW of installed solar capacity by 2030, accounting for 35% of India's targeted capacity. The company aims to become a net zero carbon company by 2035 and is building a fully integrated end-to-end renewable energy ecosystem for customers through solar, batteries and hydrogen. The Indian government has set a target to install 500GW of renewable energy capacity by 2030, with solar accounting for the lion's share.

Cepsa and Iberdrola have signed an agreement to transport green hydrogen between Spain and the Netherlands, aiming to become a leader in green hydrogen. Cepsa hopes to sell some of its products to industrial customers eager to decarbonize the European economy through the Netherlands. The agreements will help create a green hydrogen sea corridor between Algeciras and Rotterdam and allow Cepsa access to its transport network in the Netherlands. Iberdrola plans to invest 3 billion euros in its flagship green hydrogen project in Andalusia, which includes a 1 billion euro green ammonia plant.

Athein is seeking to raise $250 million to $300 million in equity from investors to fund its planned solar and wind projects in India, the Philippines and Vietnam. The company has hired Hong Kong-based Green Horizon Capital Partners to advise on the equity raise. India and Southeast Asian countries are rapidly increasing their use of renewable energy due to blackouts and climate change. The equity financing is Athein's first joint venture with five solar companies.

The Japanese government has adopted a revised plan to use more hydrogen as fuel to reduce carbon emissions. It set an ambitious goal of increasing annual supply sixfold and pledged 15 trillion yen in funding. The plan prioritizes nine strategic areas, including the development of water electrolysis equipment, fuel batteries and large tank trucks for transporting hydrogen. Japanese leaders aim to transform the country into a "hydrogen society" by promoting the commercial use of pure hydrogen and ammonia. Japanese Prime Minister Fumio Kishida has set an ambitious goal to encourage long-term investment in developing large-scale hydrogen supply and demand. Economic sanctions against Russia have intensified competition for LNG, necessitating a long-term strategy to ensure a stable energy supply.

The world will add a record amount of renewable electricity capacity this year as governments and consumers seek to offset high energy prices and capitalize on a solar boom. It is expected to reach 440 GW by 2023, bringing global installed capacity to 4,500 GW, roughly as much as the combined generating capacity of the United States and China. The supply chain for wind turbines is not growing fast enough to meet demand, and the grid must be upgraded and expanded to account for the intermittency of solar and wind power. To meet the goals of the Paris climate agreement, emissions need to be halved by 2030 and cut to "net zero" by mid-century. Countries will discuss setting international targets for renewable energy rollout at the UN climate summit.

Portugal's first auction of permits to build offshore wind farms will start at the end of the year. Its goal is to have a total installed capacity of more than 1 GW by 2030, with a total investment of 3-40 billion euros in projects. The auction will target floating wind farms with turbines in the deep sea, where the winds are strong enough to harness more energy than conventional structures on land. Portugal already has a small 25 MW floating wind project off its Atlantic coast, and other utilities have shown interest in developing offshore wind projects in Portugal. There is also strong investment interest in Portugal, with hydrogen plants installed by 2030 doubling or even tripling the forecasted 2.5 GW.