The European Investment Fund (EIF) invested 125 million euros in the "Green Energy Solutions Fund" operated by Sustainable Development Capital (SDCL) to establish power projects in places such as hospitals and data centers to reduce energy waste. The investment helped the fund reach its fundraising target of 650 million euros ($707 million) last month. The EIF aims to advance the EU’s policy priorities to combat climate change and deploys 66% of its capital across the EU’s 27 member states.
Asia, driven primarily by India, China and Vietnam, is the global leader in wind and solar development and will account for 52.5% of global capacity by 2022. Sales of electric motorcycles and scooters in the region grew by 3,000% between 2015 and 2022. Despite committing to long-term net-zero emissions targets, India and China still have large coal fleets. A new study highlights the Asian region as the global leader in wind and solar power development, with the fastest growth in wind and solar power generation at 35% per year. Asia's funding of renewable energy will total $532 billion by 2022, accounting for 65% of global spending on renewable energy. The Asia-Pacific region faces climate challenges such as rising sea levels, extreme weather events, and threats to biodiversity and water resources.
Europe's electricity grid is becoming a major bottleneck in absorbing Europe's rapidly expanding renewable energy, the electricity lobby says. The grid is designed to handle capacity in excess of demand, creating a slack space in the system that allows for the growth of clean energy production. This has resulted in a slew of renewable energy projects waiting to be connected to the grid, with Spain and Italy each having more than 150 GW of wind and solar capacity waiting to be connected to the grid. The European Commission is drawing up plans to push for more grid investment, while companies are restructuring networks to send power in different directions.
The International Energy Agency's World Energy Employment Report shows that wages in the energy industry are still higher than in other industries, with mature industries such as oil, gas and nuclear power offering more competitive wages. This is due to a higher proportion of skilled labor, with nuclear, oil and gas jobs typically requiring a bachelor's degree. However, this wage gap creates challenges for workers switching from fossil fuels to renewable energy industries. The IEA's 2023 Energy Employment Survey showed that about 60% of companies raised wages last year to attract workers.
Eurelectric reports that 2022 will see a major shift in the EU energy sector as a result of Russia's invasion of Ukraine causing soaring gas prices. Energy bills for medium-sized households increased by 14.5%, and new retail contracts in European capital cities increased by 76%. The government spent 646 billion euros on households and businesses, but energy-intensive industries such as aluminum, zinc and silicon manufacturing were forced to halt production. European power companies have criticized a disconnect between oil and gas companies and regulatory priorities, pointing to the need for increased investment and infrastructure to triple electrification rates by 2050.
The EU's Recovery and Resilience Facility (RRF), worth €723 billion, is part of the Next Generation EU package aimed at promoting a post-pandemic green economic transition. The plan covers renewable energy, energy efficiency, grid development and electric vehicles. Member states receive installments as milestones are reached, but negotiations on investments in gas and nuclear power, synthetic fuels and emergency subsidies for energy consumers remain a challenge. Greece and Romania have asked for revisions to their recovery and resilience plans, with Greece seeking more funding and Romania seeking leeway on the deadline.
A study by the University of Oxford and the Regulatory Assistance Program found that heat pumps are several times more efficient than oil, gas or electric heating. The study, published in the journal Joule, found that heat pumps operate two to three times more efficiently than combustion heating or resistive heating technologies. Heat pumps harness nature's energy and take advantage of temperature differences, with the coefficient of performance (COP) being the main indicator of efficiency. The study also found that even air source heat pumps are suitable for sub-freezing temperatures, making them twice as efficient as electric heating systems.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman stressed that climate change policies should not "overwhelm" countries struggling with energy poverty. Speaking at the African Economic Cooperation Conference, he urged more action to help the estimated 800 million people around the world who do not have reliable access to electricity. Saudi Arabia, the world's largest crude oil exporter, has announced a goal of achieving net-zero emissions by 2060. However, he also believes that continued investment in hydrocarbons is necessary for energy stability. He stressed that attempts to provide financial support to affected countries have had limited success.
Hinduja Renewables has won the bid for a 250 MW solar power project from India's state-run NHPC. The project, which includes a 3,000 MW Interstate Transmission System (ISTS) connected solar power project, aims to reduce carbon emissions equivalent to over 5,51,000 tonnes annually. Hinduja Renewables was one of the eight successful bidders in the tender.
The Bosnian Federal Highways (FBiH) has called for a study into the potential of photovoltaic power plants on the Vc corridor connecting Hungary, Croatia and Bosnia and Herzegovina. The company believes solar panels could transform roads into large generators, with the potential to generate electricity in rest areas, roads and tunnels. The study should also examine the case for installing electric vehicle chargers and setting up energy cooperatives in venture corridors. The deadline for submitting offers is November 20, with the estimated value of the purchase being BAM 146,260 KM (€75,000). The company believes solar panels can transform roads into generators.