RIYADH: Like almost every aspect of the economy, the energy sector's current moves are tightly linked to the situation between Russia and Ukraine. Countries like Italy and Germany are taking the required measures to cushion consumers from the consequences of the war.
Mumbai looks to lead the way as it sets targets and timelines to transition to a greener way of life.
Looking at the bigger picture:
·Mumbai has become the first South Asian city to set a net-zero road map that aims to achieve zero carbon emissions by 2050, Bloomberg reported.
The scheme includes comprehensive changes in the way the Indian city manages its water, air, energy, waste, green spaces, and transport for its 19 million inhabitants.
·Italy might need additional borrowing to shield consumers from energy price hikes and supply-side shocks, Bloomberg reported, citing Agriculture Minister Stefano Patuanelli.
This comes as the European country tries to move away from Russian natural gas and deal with the impact of the sanctions imposed on Russia on the Italian economy.
·Germany is urged to reconsider its ban on allowing new drilling for oil and gas in the North Sea, Reuters reported, citing Finance Minister Christian Lindner.
A number of countries are reviewing their current energy supplies in light of the conflict and the desire to reduce dependency on Russian energy supplies.
Through a micro lens:
·Power has been restored in Ukraine’s Chernobyl nuclear power plant, Reuters reported, citing Ukraine’s atomic energy ministry.
This means that cooling systems will not have to use backup power and will be able to operate normally.
