Canada to spend $7.3bn to slash emissions; New Zealand to inject $1.75bn in offshore wind farm: NRG matters

Canada to spend $7.3bn to slash emissions; New Zealand to inject $1.75bn in offshore wind farm: NRG matters
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Updated 30 March 2022
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Canada to spend $7.3bn to slash emissions; New Zealand to inject $1.75bn in offshore wind farm: NRG matters

Canada to spend $7.3bn to slash emissions; New Zealand to inject $1.75bn in offshore wind farm: NRG matters

RIYADH: Countries are slowly shifting focus away from geopolitical tensions, and starting to pay attention to their own goals and targets related to the energy sector.

Canada, New Zealand, the US and the European Union are seen making investments either to meet emission targets, meet energy demand, or to aid countries, like Tunisia, in their times of need.

Through a micro lens, electric vehicle, or EV, manufacturers continue to pursue investments to boost EV adoption.

Other firms such as Germany’s E.ON and Australia’s Fortescue Metals are forming partnerships to help Europe curb reliance on Russia.

Looking at the bigger picture: 

·Canada is planning to dedicate a total of C$9.1 billion ($7.3 billion) in new spending to slash emissions, Bloomberg reported.

This comes as the Canadian government is seeking to slash oil and gas emissions by 42 percent in an attempt to meet its 2030 emission reduction target.

·The European Union will lend Tunisia an amount accumulating to 450 million euros ($500 million) to back its budget, and pledges to inject $4billion in the few years to come; Reuters reported.

This comes as the North African country seeks international help to cushion potential crises from public finances.

·New Zealand’s pension fund is planning to invest NZ$2.5 billion ($1.75 billion) in an offshore wind farm that will cater to as much as 11 percent of the island country’s overall energy demand, Bloomberg reported.

·The US is set to hold an auction for floating wind farms off the California coast, Bloomberg reported, citing Interior Department officials. 

This comes as the country plans to install enough wind turbines to generate as much as 30 GW of electricity by 2030.

Through a micro lens: 

·Vietnamese electric vehicle startup, VinFast is planning to construct a $2 billion plant in North Carolina, Bloomberg reported.

The factory, which is expected to commence operations in the second half of 2024, will have capacity to produce an estimated 150,000 electric cars annually, alongside electric buses and batteries.

·Germany’s largest energy firm E.ON has signed a Memorandum of Understanding with the green power arm of Australian iron ore company Fortescue Metals, known as Fortescue Future Industries, that aims to ship green hydrogen to Europe amid geopolitical tensions, Reuters reported.

Under the agreement, both entities will explore ways to ship as much as five million tonnes annually of hydrogen generated from renewables to Europe by 2030.