RIYADH: Projects are being planned in the Middle East and North Africa region to advance the region’s energy transition journey.
Namibia is considering green bonds for financing projects that are set to produce hydrogen.
Energy firms are also being urged to address windfall profits to ease the pain of rallying costs on consumers and further drive the green transition.
Elsewhere, Coal India announced it will launch the biggest mine in the country, while France’s TotalEnergies is on track to supply South Korea’s Hanwha Energy Corporation with liquified natural gas supply.
Looking at the bigger picture:
·Several projects amounting to $220 billion are being planned across the MENA region in an attempt to further propel the energy transition journey, MEED reported. This comes as almost all countries in the region have pledged to significantly reduce greenhouse gas emissions by 2030.
·Namibia is contemplating green bonds as a financing tool for projects that will use clean energy to produce hydrogen for export purposes. This comes as the South African country is on track to construct several plants to take advantage of the ideal conditions in the country for solar and wind powered energy, Bloomberg reported, citing the government’s green hydrogen commissioner James Mnyupe. The plants under construction are expected to start generating output in four years’ time.
·Energy firms have been told to carry the weight of the energy crisis by addressing the major windfall profits that they are currently making, Bloomberg reported, citing the EU’s climate chief Frans Timmermans. This comes as consumers are struggling to keep up with the rallying costs of living and surging energy bills. As it is, the situation is also hindering the path to green transition, the chief stressed.
Through a micro lens:
·Indian government-owned coal mining and refining corporation Coal India is set to launch the biggest coal mine in the country in an attempt to combat the energy crisis, Reuters reported. Also referred to as the Siarmal mine, the mine — which is estimated to start operating between October and December — is projected to have a capacity of 50 million tons in five to seven years’ time, Reuters reported, citing Vinayak Jamwal, a spokesman from the corporation.
·French multinational integrated oil and gas company TotalEnergies has signed a long-term sale contract with South Korean comprehensive energy solutions firm Hanwha Energy Corporation to supply it with up to 600,000 metric tons of liquified natural gas a year, Reuters reported, citing the firm. For the upcoming 15 years, LNG will be sourced from TotalEnergies before being channeled to the South Korean firm.