Macro Snapshot — Turkey’s central bank slashes interest rate; Spain’s trade deficit widens almost to $32bn 

RIYADH: Oman is planning to boost its daily power production using renewable energy to 3,350 MW by 2027, up from its current 650 MW, according to Oman Daily Observer.

The country also aims to become one of the top 40 countries globally in the environmental performance index. 

Electric vehicle 

China’s Geely Automobile is aiming to increase the proportion of electric vehicles in its total sales to 50 percent in 2023, Reuters reported. 

It is part of the company’s objectives to accelerate its transition to EV production amid weakening demand for petrol-driven cars.

Green hydrogen conference

The Connecting Green Hydrogen MENA 2023 event will be held on March 14-16, 2023, in Palazzo Versace Dubai, according to Trade Arabia. 

The event will include 1,500 policymakers, oil and gas firms, energy utilities, investors, project developers, suppliers, hydrogen mobility and transportation firms.

The conference will focus on future development and prospects of the Middle East and North African region’s hydrogen industry.

Energy transition 

Malaysian utility Tenaga Nasional Bhd is aiming for capital expenditure of about 20 billion ringgit ($4.48 billion) annually till 2050 to fast track its energy transition plans, Reuters reported citing a statement. 

The investments will help Tenaga reach net-zero emissions by 2050 and “open opportunities in more than doubling its earnings before interest and taxes,” said CEO Baharin Din.