RIYADH: The EU steps in once again with a new package aiming to boost renewables in favor of a clean future. Switzerland is also seen working on securing storage capacity ahead of winter. Meanwhile, America’s Caterpillar Inc is eyeing the energy transition as the main driver of the mining business as a whole. Other than that, Germany’s Uniper announced that it will continue importing natural gas from Russia for another decade.
Looking through the bigger picture:
· The EU has revealed a $221 billion plan which aims to cut red tape and pave the way for renewables, Bloomberg reported. The scheme also includes plans to ramp up liquified natural gas imports and lowering energy demand to reduce dependency on Russian supplies. Under the new plan, the EU wants to raise the renewables target to 45 percent of the bloc’s energy needs by 2030.
· Switzerland’s government and natural gas industry have announced that they will collaborate in an attempt to bolster storage capacity in nearby countries and guarantee additional supply sources before winter arrives, Reuters reported, citing the cabinet. This comes as the European country does not own any gas storage facilities. On top of this, gas constitutes an estimated 15 percent of the country’s overall energy consumption.
Through a micro-lens:
· American construction machinery and equipment firm Caterpillar Inc has announced that it believes that the energy transition will be a major driver for the mining business in the years to come. In the period between 2021 and 2024, the firm is targeting a global market with an accumulated worth of $5 trillion for energy transition-related infrastructure, Reuters reported, citing the firm’s CEO Jim Umpleby.
· German energy firm Uniper SE has announced that it will continue to import natural gas from Russia for another ten years despite Europe’s efforts to cut dependency on the country. This comes as the firm has contracts with Russian majority state-owned gas industry company Gazprom PJSC that is set to expire in the middle of the 2030s, Bloomberg reported, citing the corporation’s CEO Klaus-Dieter Maubach.