NRG Matters — Meta’s HQ to electrify 95% of its buildings; IRENA signs renewable energy deals with Masdar, ADFD

RIYADH: The International Renewable Energy Agency has signed agreements with the Abu Dhabi Fund for Development and the Abu Dhabi Future Energy Co., known as Masdar, in the fields of renewable energy. 

Zooming in, in a bid to meet the climate goal of carbon neutrality by 2030, Meta’s home and technology hub Menlo Park is planning to electrify 95 percent of its buildings.

Looking at the bigger picture

• The International Renewable Energy Agency has signed agreements with the Abu Dhabi Fund for Development and the Abu Dhabi Future Energy Co., known as Masdar. The first agreement enables the fund’s investment of $400 million to IRENA’s Energy Transition Accelerator Financing Platform, according to a statement. The deal with Masdar paves the way for renewable energy projects through technical advisories and equity investments.
• Russia’s deputy prime minister, Alexander Novak, has said Europe will face a $400 billion cost increase due to higher energy prices, according to Reuters.  As EU countries agreed on an embargo on Russian oil supplies, Novak predicted that this plan could lead to a shortage of oil products in the European market.

 Through a micro lens

• TotalEnergies has joined forces with Gabonese logging firm Compagnie des Bois du Gabon to develop a new forest management model. The new model combines sustainable harvesting, biodiversity conservation, and long-term carbon storage, according to a statement. 
• Meta’s home and technology hub Menlo Park has partnered with BlocPower in a new form of public private partnership to electrify 95 percent of its buildings, CNBC reported. This happens in an effort to meet the climate goal of carbon neutrality by 2030.