Companies in Greece's fossil fuel industry are investing in green energy. Motor Oil and Public Power Corp. or PPC have formed a green hydrogen joint venture, Hellenic Petroleum has changed its name to HELLENiQ Energy to mark its entry into an era of sustainability, and DEPA Commercial is preparing a tender to select the company that will build its first solar power plant. DEPA Commercial intends to sell electricity, including gas and electricity, to Fysiko Aerio – Hellenic Energy Co. through bilateral power purchase agreements (PPAs). The plan is to have the solar farm come online in 2025. Hellenic Petroleum operates the largest solar power plant in Greece with an installed capacity of 205 MW, while PPC Renewables is building and developing large stand-alone photovoltaic plants. DePA Commercial has another 150 MW of photovoltaics in the project pipeline awaiting grid connection conditions.
Norway's sovereign wealth fund has sold its stakes in three Adani Group companies worth more than $200 million since the start of the year, the world's largest stock investor said on Thursday. As of the end of 2022, the $1.35 trillion fund holds stakes in Adani Total Gas, Adani Ports & Special Economic Zone and Adani Green Energy. Christopher Wright, the fund's head of ESG risk monitoring, said the fund had been monitoring Adani's handling of environmental risks for several years. Adani's seven major India-listed shares have plunged by about $110 billion after U.S. short-seller Hindenburg Research published a scathing report on Jan. 24 accusing the group of improperly using offshore tax havens and manipulating shares. Adani Group denies any wrongdoing. Managed by a unit of the central bank, the fund owns 1.3% of all listed stocks globally, with stakes in about 9,200 companies.
Vestas, the world's largest wind turbine maker, reported its first annual loss in almost a decade as energy and raw material costs rose. Sales fell 7 percent to 14.5 billion euros, while the operating margin, excluding special items, was negative 8 percent. Vestas, which announced a profit warning last month because of delays and provisions for its turbo model in the fourth quarter, expects to be marginally profitable in 2023 on sales of $14 billion and an operating margin of 3%. Its shares were up 2.7 percent on the Copenhagen Stock Exchange in morning trade.
General Antonio Guterres has called on nations to act decisively to prevent a global collapse. He called for urgent action for peace, economic rights and development, climate action, respect for diversity and inclusive societies. He called for a holistic view of the peace continuum, identifying the root causes of conflict and focusing on prevention, mediation, reconciliation, peacebuilding and greater participation of women and youth. He also called for an overhaul of the global financial architecture to invest in education, universal health care, pandemic preparedness, decent work and social protection. He said global emissions must be halved this decade, including through "more ambitious action" to switch from fossil fuels to renewable energy, especially among the top group of industrialized G20 countries.
The European Union is nearing completion of its response to a multibillion-dollar U.S. climate subsidy plan that has sparked tensions with the bloc. French Economy Minister Bruno Le Maire and his German counterpart, Robert Habeck, will travel to Washington on Monday for talks on European concerns over the Inflation Reduction Act (IRA). European Commission President Ursula von der Leyen unveiled proposals to ease state aid rules on Wednesday, but no new EU funding will be forthcoming. The plans will be debated at a summit of EU heads of state and government in Brussels on Thursday and Friday, with a final decision expected in March. The IRA provides $370 billion in subsidies for America's energy transition, including tax breaks for American-made electric vehicles and batteries.
Europe is concerned about unfair competition and the collateral damage of companies moving out of the bloc. Harbeck said the U.S. is pushing to "reduce the cost of developing climate-friendly technologies," but the important thing is that it's friendly, fair competition.
India Energy Week is estimated to have over 650 exhibitors and will be attended by 34 ministers from various countries. The PM will roll out a big energy plan, including accelerating the blending of ethanol in petrol to 20% by 2025 under a plan called E20. Other initiatives include solar cookers, producing clothes by recycling millions of plastic pet bottles, and the inauguration of a green hydrogen mobility rally.