RIYADH: The new year is seeing countries such as Turkey and Indonesia apply strict measures to keep up with the energy sector, while those like Germany and Belgium continue to lead with green initiatives.
Looking at the Bigger Picture:
- Brussels to recognize nuclear power and natural gas as green activity under the EU’s “taxonomy for sustainable finance” that distinguishes the projects that count as renewable investments, according to the Financial Times. The system is the first of its kind by a crucial global regulator, and will cover industries responsible for around 80 percent of greenhouse gas discharges in the EU.
- Turkey elevates electricity and natural gas tariff costs to keep up with the worldwide surge in energy prices, Bloomberg reported. The increase in prices could potentially further hasten the Turkish inflation which is projected to reach 27.4 percent by the end of 2022.
- Indonesia delays coal exports during the month of January to prevent the shutting down of 20 local power plants dispersed across the country, Bloomberg reported, citing the energy and mineral resources minister. This move is to avert a shortage in power supply that could put 10 million inhabitants and industry customers at stake.
- Germany announced the closing of three out of six of its remaining nuclear power stations as it drifts away from nuclear power and shifts focus to renewables, Reuters reported. The remaining three power plants are expected to be entirely turned off by the end of the year.
Through a microlens:
- Indian multinational conglomerate corporation, Reliance Industries Ltd acquires $135 million (100 million pounds) worth of UK-based sodium-ion cell technology company, Faradion Ltd in green push. In addition, the retail-to-refining corporation has dedicated $10 billion to renewable initiatives in an attempt to achieve net zero by 2035.
- Two Suffolk based wind farms face opposition from locals hindering the UK’s drive to net zero in the process, according to the Financial Times. Suffolk residents argue that the onshore elements of both wind farms threaten the country’s coastal areas.
