RIYADH: Inconsistency in the global energy sector prevails. While countries like South Africa are setting goals and targets that signal a renewable future ahead, countries like the US are still combatting soaring energy prices. Through a micro lens, carmakers such as Honda are investing to propel the adoption of electric vehicles in the near future. Other firms such as Japan’s Osaka Gas and Germany’s BayWa r.e. are seen utilizing solar power either to generate green hydrogen or to reduce dependency on Russian fossil fuels.
Looking at the bigger picture:
- South Africa has announced an annual target of luring $900 million worth of mining exploration expenditure yearly by 2025, Bloomberg reported.
Mining activities under this new target will focus on metals used in electric vehicles, battery storage, and the production of hydrogen.
- US president Joe Biden is planning to raise the ethanol content in gasoline from 10 percent to 15 percent in an attempt to lower the prices associated with fossil fuel, Bloomberg reported.
Also referred to as E15 — where 15 reflects the 15 percent ethanol content — the new gasoline formula to be used in the summer season is anticipated to increase smog despite Biden’s pledges to fight climate change.
Through a micro lens:
- Japanese public multinational conglomerate Honda Motor Co. will allocate a total of 5 trillion yen ($40 billion) to switch its lineup to fully electric vehicles and phase out sales of gasoline-powered cars by 2040, Bloomberg reported.
With an estimated annual production capacity of 2 million vehicles, the carmaker is planning on introducing as many as 30 new electric vehicle models by 2030.
- Japanese gas company Osaka Gas Co. Ltd. has announced that it will back the $10.75 billion green hydrogen project in Australia, Reuters reported.
Also known as the Desert Bloom Hydrogen, the project will use up to date technology to suck water out of the air and then use solar power to produce hydrogen.
- German renewable energy company BayWa r.e. has constructed a solar power plant on a lake in an attempt to help drift away from Russian fossil fuels after its invasion of Ukraine, Reuters reported.
The photovoltaic plant — which is expected to launch towards the end of May — is projected to generate as much as 3 MW of power.
