Follow-ups -eshrag News:
West must seek broader energy sources; Saudi minister says fossil fuels still needed for economic recovery: NRG matters
RIYADH: Geo-political instability continues to dominate the sector as well as risks to economic recovery as supply and price constraints remain. Developments such as those by Ethiopia suggest progress in the sector.
In addition, on a micro level, firms like those in France and the UK continue to raise funds and make moves that support the global green push.
Looking at the bigger picture:
·Saudi Arabia’s energy minister cautions that focusing solely on renewable power could negatively affect the post pandemic economic recovery process, Reuters reported.
This comes as projections indicate that the world might not be able to produce all the energy needed for full recovery.
·The West is advised to search for alternative energy sources other than Russia in case political tensions between Russia and Ukraine advance, CNBC reported, citing German chancellor Olaf Scholz.
The situation remains tense as Western officials stressed the possibility of potential sanctions on Russia’s energy industry if it invades Ukraine.
·Ethiopia’s $4.2 billion mega dam, also known as the Grand Ethiopian Renaissance Dam or GERD, has started to generate electricity, the Financial Times newspaper reported.
Being the largest African Dam on the Blue Nile, GERD is expected to generate a total of 5,000MW by its completion in 2024 to cater to 65 million Ethiopians who still have no access to electricity.
Through a micro lens:
·French mass market retail group Casino Guichard-Perrachon SA’s renewable energy arm GreenYellow has raised a total of 200 million euros ($226 million), Bloomberg reported.
The amount will be utilized in propelling the firm’s projects before its initial public offering, the details of which are yet to be disclosed.
·UK major retail and commercial bank NatWest has announced that it will stop doing business with several coal corporations and end lending to major oil and gas firms due to their lack of proper credible decarbonization schemes, according to the Financial Times.
The bank is planning to enforce this move as soon as possible as it discontinues business activities with polluting firms in line with its net zero commitments, the Financial Times reported, citing the bank.
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