RIYADH: On a macro level, Egypt is expecting the financial closure of wind and solar photovoltaic power generation projects with a combined total capacity of 1,000 MW.
Zooming in, British oil company BP has seen its profit triple to £7 billion ($8.5 billion) during the second quarter of the year, compared to the same period last year, as oil prices rise.
Looking at the bigger picture
Egypt is expecting the financial closure of wind and solar photovoltaic power generation projects with a combined total capacity of 1,000 MW, according to MEED.
The projects include a 500 MW solar PV plant in Kom Ombo and a 500 MW wind power plant in Ras Ghareb.
The European Commission had approved the German government's €3 billion ($3.07 billion) scheme to support renewable energy and waste heat-based district heating programs.
It added this would help Germany and the EU achieve their climate change targets, Reuters reported.
India is planning to start a carbon trading market for major emitters in the energy, steel and cement industries, Bloomberg reported citing people familiar with the plan.
This comes as part of the world’s third-biggest emitter’s efforts to hasten the transition to cleaner fuels.
Through a micro lens:
British oil company BP has seen its profit triple to £7 billion during the second quarter of the year, compared to the same period last year.
This happens as oil prices surge due to Russia’s invasion of Ukraine, the Guardian reported.
The quarterly profit jump is the second highest in BP’s history, behind its $8.8 billion profit during the summer of 2008.
Abu Dhabi’s Masdar has achieved financial close for its 230-MW Garadagh Solar Photovoltaic Plant in Azerbaijan, according to a statement.
The plant is the nation’s first foreign investment-based independent solar power project, and Masdar’s first project in the country.
