RIYADH: High energy costs are unlikely to abate anytime soon, potentially dragging down many industries.
Looking at the Bigger Picture:
·Europe’s manufacturing companies have cut down production as energy prices skyrocket, and just as demand increased due to cold weather, the Wall Street journal reported.
The industrial firms demanded governmental intervention before high costs hinder the region’s economy.
·Greece has turned to US gas to diversify its energy supply and reduce its dependence on Russian coal and gas, the Wall Street Journal stated.
·Japan is in need of more renewable energy funds to back its 2050 carbon neutrality goal. It is slow on tackling climate change, Bloomberg reported citing a top Japanese official.
Through a micro lens:
· The US has guaranteed $1 billion conditional loan for Nebraska based hydrogen project that aims to dispense hydrogen to the agriculture sector, Bloomberg reported.
The loan is the first of its kind to go to a non-nuclear project since 2016.
Read more: https://www.arabnews.com/node/1993061/business-economy
·Europe’s largest solar developer, Lightsource BP has partnered with Portuguese Dourogas to deliver green hydrogen projects, CNBC reported.
Green hydrogen generated in the process is to be injected directly into the Portuguese gas grid.
Read more: https://www.arabnews.com/node/1993046/business-economy
