RIYADH: From the US to Europe to Asia, instability in the energy sector prevails as prices continue to soar, delays take place, proposals jeopardize green goals, and gas flows come to a halt. However, countries including Indonesia seem to be keeping their green push on track with major investments on the way.
Looking at the bigger picture:
- European power prices are soaring as mild weather reduces wind turbine output, Bloomberg reported. The surge in prices is further deepened by the political turbulence caused by Russia’s movements on Ukraine’s border which could jeopardize the continent’s energy supply.
- Around 300 renewable power firms are appealing to congress leaders in the US to speed up the signing off of climate projects which are part of President Biden’s tax and spending plan. This comes as projections indicate that each month of delay leads to a loss of an estimated $2 billion of economic activity.
- The EU has been criticized by The Platform on Sustainable Finance for its plan to label nuclear energy and natural gas projects as green and sustainable, Bloomberg reported. This comes as the plan is expected to threaten the continent’s net zero goals, diminishing the EU’s credibility when it comes to environmentally-friendly policies.
- Several Turkish manufacturers have temporarily stopped production after neighboring Iran cut gas flows into the country for as much as 10 days due to technical issues in a local station, Reuters reported.
- Indonesia is to establish a $4 billion worth polysilicon industry to boost solar panel production, Bloomberg reported. This comes as the Asian country aims to drift away from fossil fuels and shift its dependability on green energy.
Through a micro lens:
- UK multinational oil and gas firm Shell’s carbon capture plant located in Canada, better known as The Quest, is responsible for releasing more greenhouse gases than it captures, according to an investigation by UK human rights organization Global Witness The group claims that while the carbon capture facility has averted 5 million tons of carbon dioxide from breaking free into the atmosphere since 2015, it has emitted 7.5 million tons of greenhouse gases in return during the same period. A spokesman for Shell claimed that the analysis is “simply wrong,” CNBC reported.