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.

Karnataka Minister of Minor Irrigation N S Bose Raju is exploring the installation of floating solar panels in lakes to reduce electricity dependence. The sector has 483 lift irrigation projects that work to increase groundwater recharge, protect tanks and lakes, and prevent encroachment. Finding ways to reduce electricity dependence is being discussed. All lakes are being surveyed to remove erosion and protect water bodies. Additionally, the K C Valley and H N Valley Enhanced Irrigation Projects in Kolar and Chikkaballapur districts are taking steps to replenish groundwater.

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.

Schneider Electric and Platinum Electrical Engineering partnered to deploy the EcoStruxure Automation Expert solution for Brilliant Planet's low-cost algal carbon capture program. Brilliant Planet uses algae as an affordable and scalable method to sequester carbon on a gigaton scale. By growing microalgae in open pond systems, they can capture 30 times more carbon than forests. The EcoStruxure Automation Expert system is based on the IEC 61499 standard for easy integration with third-party equipment and seamless scalability across Brilliant Planet's global sites. This standardized application simplifies troubleshooting and adapts the process to the customer's specific needs, providing a complete, customized, scalable system.

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.

U.S. Treasury Secretary Yellen announced that the U.S. is working with India to develop an investment platform to reduce capital costs and increase private investment in India's energy transition. The two countries have been cooperating on economic issues, including commercial and technological cooperation and supply chain strengthening. Yellen's visit to India, her third to the country this year, underscores the growing relationship between the two countries. The two countries are also close to reaching an agreement on a global minimum tax regime.

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.

Wind and solar projects are expected to account for more than one-third of global electricity by 2030, the Rocky Mountain Institute (RMI) reports, demonstrating the energy sector's ability to meet global climate goals. The report predicts that wind and solar projects will generate at least 33 percent of the world's electricity, reducing fossil fuel generation and promoting cheaper electricity. Benefiting from the rapid deployment of renewable energy and long-term energy price deflation, the cost of solar power is expected to drop to $20 per megawatt-hour.

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.

Oriana Power plans to launch an IPO by the end of this month or early August to raise up to Rs 60 crore. Proceeds will be used for working capital, asset building and technology upgrades. Leading solar provider Oriana Power is expected to raise around Rs 55-60 crore in its IPO.