RIYADH: On a macro level, the military conflict between Russia and Ukraine continues to adversely affect nations worldwide, in particular European nations as they try to reduce reliance on Russian energy. On a micro level, corporations such as Neste and Ford continue to pursue renewable initiatives and moves that fall in line with the global green agenda.
Looking at the bigger picture:
·Greece is contemplating acquiring more nuclear-produced power from Bulgaria, should it build a third nuclear reactor in its capital Sofia, Bloomberg reported.
This comes as both countries plan to diversify energy supply in an attempt to reduce dependency on Russian energy.
·Germany has announced a 1.5 billion euro ($1.6 billion) order for non-Russian liquefied natural gas, Reuters reported.
This is also a move to drift away from reliance on Russian energy supplies.
Through a micro lens:
·Finnish oil refining and marketing company Neste will become the world’s first renewable fuels maker with global capacity, Reuters reported.
The company will achieve this via its joint venture with US petroleum refining, marketing, and transportation company Marathon Petroleum Corp, which aims to make renewable diesel from residues.
·American multinational automobile manufacturer Ford aims to produce over two million electric vehicles, or EVs, per year and generate 10 percent operating profit by 2026.
This comes as the car maker, along with rivals, is trying to raise output in order to boost the adoption of EVs as the sector continues to evolve and develop, CNBC reported.