RIYADH: New York is on track to advance with 22 green projects, in line with the state’s climate ambitions. In addition, EU countries will use money from the EU recovery fund to expand liquified natural gas capacity. Meanwhile, Moscow is seeing a jump in profits from energy exports in 2022, despite sanctions from the West.
Looking at the bigger picture:
· New York has unveiled a total of 22 renewable energy projects in line with the state’s target to achieve net-zero by 2040, Bloomberg reported, citing Gov. Kathy Hochul. The projects are expected to generate enough power to cater to 620,00 homes in the city for at least 20 years. In addition to this, the projects are also likely to create over 3,000 jobs and spur up to $2.7 billion in private investments.
· EU countries are set to utilize the money coming from the EU recovery fund to bolster liquified natural gas capacity, Reuters reported, citing EU Commissioner Paolo Gentiloni. Originally created to facilitate pots-pandemic economic growth, the EU recovery fund will help EU countries gain dependency from Russian gas imports.
· Qatar has exported less than 35 million tons of liquified natural gas in the period between January and May of 2022, down from 36 million tons in the corresponding period a year ago, Bloomberg reported, citing ship-tracking data compiled by Bloomberg. This is despite the major delivery requests from European countries keen on finding alternative sources to Russian fuels.
· Moscow is anticipating an increase in profits from the export of energy resources in 2022 despite Western sanctions on Russian oil, Reuters reported, citing Russian Foreign Minister Sergei Lavrov.