RIYADH: On a macro level, the energy sector is hindered by soaring prices like those in Italy and unsustainable financing like those channeled into the coal sector. On a micro level, however, firms like Glencore and Comstock are investing in renewables while other businesses are joining forces to advance green plans.
Looking at the bigger picture:
·Italy’s electricity bills are projected to surge 131 percent while that of natural gas are estimated to increase over 90 percent in the first quarter of 2022, Bloomberg reported, citing officials from the regulator.
The government is said to be looking at measures to mitigate the impact on consumers.
·Commercial banks from the US, China, Japan, India, Canada, and the UK are accountable for channeling a total of $1.5 trillion into the coal industry in the period between January 2019 and November 2021, CNBC reported, citing the analysis of a "study by campaign groups Urgewald and Reclaim Finance, alongside more than two dozen other NGOs".
This figure represents more than 80 percent of the total investments and financing dedicated to the industry during the period.
Through a micro lens:
·Anglo-Swiss multinational commodity trading and mining company Glencore Plc injects 40 million pounds ($54 million) in UK based battery manufacturing firm Britishvolt as it aims to establish the first large-scale electric vehicle facility in the UK, Bloomberg reported.
This comes as part of the battery manufacturer’s 200-million-pound Series C fund which is led by US based investment bank, also known as Bank of America.
·German multinational electricity generation firm RWE and independent international oil and gas exploration and production company Neptune Energy will collaborate in the establishment of a green hydrogen project in the Dutch North Sea by 2030, Reuters reported.
Referred to as the “H2opZee”, the offshore project is projected to have an accumulated electrolyser capacity ranging between 300 and 500MW that will be capable of converting offshore wind power to hydrogen.
·US based power producer Comstock Resources Inc. has set its 2022 budget at between $750 to $800 million, representing a 23 percent increase in comparison to a year earlier, Bloomberg reported.
This comes as the natural gas producer aims to raise production between 4 to 5 percent this year.