Dubai-based logistics operator DP World plans to meet 60% of power requirements at all its Indian terminals by 2026 from green sources, in line with the government's Maritime Vision 2030. The company plans to switch all fossil fuel-powered equipment and vehicles at its terminal operations to electric power. DP World operates five container terminals in India, including two at Nhava Sheva and one at Mundra, Kochi, and Chennai. The company has initiated open access sourcing of green power at two terminals in Nhava Sheva, replacing 75% of conventional electricity needs with green power, resulting in a 50% reduction in carbon emissions. DP World plans to replicate this approach for all its other portfolio assets across India.
India's state-controlled Oil and Natural Gas Corporation (ONGC) plans to replace natural gas used in oil well operations with green electricity by 2028. The move is part of ONGC's ambitious decarbonization plan, which aims to reduce methane emissions by 30% by 2030 from 2020 levels. ONGC will use large quantities of natural gas to generate electricity and meet compression needs by 2028 , the released natural gas will be sold to industries such as fertilizers and power plants. The company is working with technology providers to detect methane leaks and reduce flaring.
Grenergy Renovables plans to invest 2.6 billion euros in 2026, of which 1.5 billion euros will be used for photovoltaic power generation and 800 million euros for battery energy storage. The company aims to have 5 GW of solar capacity and 4.2 GWh of energy storage by 2026. Chile is key to the expansion of the energy storage industry, with the world's largest Atacama Oasis project. The project is expected to be completed within three years and will contribute to network stability and decarbonization. Grenergy has signed a 15-year power purchase agreement with Chilean company EMOAC.
Sterlite Power has secured an order for the Rajasthan REZ Ph-IV: Part B transmission project, which will deliver 8 GW of renewable energy to the states of Rajasthan, Haryana and Uttar Pradesh. The project will see around 8,000 MW of renewable energy flow from renewable energy-rich Bikaner to load centers in Rajasthan, Haryana and Uttar Pradesh. Sterlite Power will build the project on a 35-year BOOT basis.
The International Monetary Fund (IMF) has warned that to achieve net-zero emissions by 2050, green investment will need to increase fivefold, from $900 billion in 2020 to $5 trillion per year in 2030. Emerging and developing countries need US$2 trillion per year, a fivefold increase from 2020. The private sector will need to provide much of the financing for these low-carbon investments. The IMF guidance comes ahead of the COP28 conference in Dubai, where policymakers and governments will discuss future climate mitigation strategies. More than 80% of the 50% emissions reduction target by 2030 can be achieved through existing technologies.
A study by the Council on Energy, Environment and Water (CEEW) shows significant differences in carbon dioxide emissions between average income earners in developed countries and the richest 10% of people in developing countries. The study suggests that developed countries, including China, should adopt a sustainable lifestyle and allocate carbon space to developing countries. Research shows that encouraging the wealthiest people to adopt low-carbon lifestyles could lead to significant emissions reductions and carbon taxes.
Hungary and Slovenia have agreed to build the first gas pipeline between the two countries, while Greece and North Macedonia are completing preparations for their first gas interconnector. This would provide alternative supply routes and allow Hungary and North Macedonia to import liquefied natural gas (LNG), which is becoming the main alternative to Russian gas. Another natural gas interconnector between Serbia and Bulgaria is nearing completion.
The solar power plant funded by the EU Modernization Fund will be built in Chernica, Ilfov County, by the end of 2026. The project, worth RON 14.3 million, will reduce energy costs in buildings such as the county's social welfare home, the Child Protective Service, Ilfov County Hospital and the Obstetrics and Gynecology Hospital by 90%. The power plant will generate 96.91% of electricity consumption and have an annual power generation capacity of 3.7 million lei. Other local authorities are also exploring renewable energy to improve energy security.
Leaders from more than a dozen African countries will gather in Germany for the G20 Africa Compact meeting to promote private investment in Africa. The summit, chaired by German Chancellor Olaf Scholz, aims to coordinate the development agenda and discuss investment opportunities. The event will include bilateral talks with African countries and a Germany-Africa Investment Summit. Germany aims to diversify supply chains, secure a skilled workforce, reduce illegal immigration and achieve a green transition.
India is expected to overtake Southeast Asia and become the second-largest producer of solar modules by 2025, mainly catering to demand in the United States. However, high production costs pose challenges due to the 25% tariff on imported solar cells. Under the Inflation Reduction Act, the United States is developing its own photovoltaic manufacturing capabilities but will still rely on imports. China’s leadership in N-type battery technology is expected to impact the market, accounting for 95% of global expansion. Vertically integrated manufacturers may still find growth opportunities.