Projects worth $220 million on track in the MENA region as part of the energy transition: NRG counts
RIYADH: Projects are planned in the Middle East and North Africa region to advance the region’s energy transition journey.
Namibia is considering green bonds to fund projects to produce hydrogen.
Energy companies are also urged to manage windfall profits to ease the pain of rising costs for consumers and further spur the green transition.
In addition, Coal India has announced the launch of the country’s largest mine, while the French TotalEnergies is in the process of supplying the South Korean Hanwha Energy Corporation with liquefied natural gas.
Looking at the big picture:
·Several $220 billion projects are planned in the MENA region to further propel the energy transition, MEED reported. This comes as almost all countries in the region have pledged to drastically reduce greenhouse gas emissions by 2030.
· Namibia is considering green bonds as a financing tool for projects that will use clean energy to produce hydrogen for export. This comes as the South African country is on track to build several power plants to take advantage of the country’s ideal conditions for solar and wind power, Bloomberg reported, citing government commissioner for green hydrogen James Mnyupe. The factories under construction should start generating production in four years.
Energy companies have been urged to bear the brunt of the energy crisis by tackling the large windfall profits they are currently making, Bloomberg reported, citing EU climate chief Frans Timmermans. It comes as consumers struggle to cope with the rising cost of living and rising energy bills. As it stands, the situation is also hampering the path to green transition, the leader pointed out.
Through a micro lens:
India’s government-owned coal mining and refining company Coal India is set to launch the country’s biggest coal mine in a bid to tackle the energy crisis, Reuters reported. Also called the Siarmal mine, the mine – which is expected to start operating between October and December – is expected to have a capacity of 50 million tonnes in five to seven years, Reuters reported, citing Vinayak Jamwal, a spokesman for the company.
French integrated oil and gas multinational TotalEnergies has signed a long-term sales contract with South Korean global energy solutions company Hanwha Energy Corporation to supply it with up to 600,000 metric tons of liquefied natural gas per year, reported Reuters, citing the company. For the next 15 years, LNG will be sourced from TotalEnergies before being sent to the South Korean firm.