RIYADH: Political instability between Russia and Ukraine adds to the woes of soaring energy prices. Nevertheless, countries such as Portugal and corporations such as Exxon Mobil, Toyota, and Yamaha continue to pursue green deals and initiatives.
Looking at the bigger picture:
·Portuguese glass producers BA Glass, Crisal and Vidrala along with cement makers Cimpor and Secil have joined a new consortium, also known as Nazare Green Hydrogen Valley, to launch a green hydrogen plant, Reuters reported.
Led by local renewable energy firm Rega Energy, the consortium aims to aid Portugal's aims to achieve carbon neutrality by 2050. The five companies, combined, account for 10 percent of the European country’s total industrial carbon emissions.
·Germany has halted the $11 billion Nord Stream 2 gas pipeline amid escalating political conflicts between Russia and Ukraine.
The pipeline was originally designed to double the flow of Russian gas into Germany.
Through a micro lens:
·American multinational oil and gas corporation Exxon Mobil Corp. has signed a fiscal deal with Papua New Guinea regarding a multi-billion dollar liquefied natural gas project, Bloomberg reported.
The project is expected to tap a field comprising an estimated 4.36 trillion cubic feet of liquified natural gas.
·Japanese carmaker Toyota and Japanese manufacturer Yamaha are to collaborate in the development of a hydrogen fueled engine, CNBC reported.
