RIYADH: On a macro level, a report by Moody’s said India needs up to $250 billion investments to be able to meet its 2030 renewable targets, with TotalEnergies teaming up with Adani Enterprises to invest $5 billion to produce green hydrogen in India.
Zooming in, a consortium led by a Spanish energy company has started commissioning the 600,000 cubic meter per day Jubail 3A desalination plant located in the Eastern Province of Saudi Arabia.
Looking at the bigger picture:
• India needs to spend $225 billion to $250 billion to be able to meet its 2030 renewable targets, according to a report by the global credit rating agency Moody’s.
To reach net-zero emissions by 2070, the South Asian country needs a shift in its energy mix and move toward renewable sources.
It needs an energy mix that is enabled by supportive government policies, private sector participation and low cost capital, Moody’s added.
• The Middle East and North African region’s investment in energy is expected to increase by 9 percent to reach over $879 billion over the next five years, according to a report released by the Arab Petroleum Investments Corp.
Through a micro lens:
• TotalEnergies has partnered with Adani Enterprises to invest $5 billion to produce green hydrogen and related products in India as part of the South Asian country’s plans to decarbonize, according to a statement.
Without disclosing the amount, the French company said it will acquire a 25 percent stake in Adani New Industries that will target a production of 1 million metric tons of green hydrogen per year by 2030, underpinned by around 30 GW.
• A consortium led by the Spanish energy company Abengoa has started commissioning of the 600,000 cubic meter per day Jubail 3A desalination plant located in the Eastern Province of Saudi Arabia.
Set by ACWA Power, the Jubail 3A is said to be the world’s first and largest desalination facility run on renewable energy generated by a solar photovoltaic plant, according to Trade Arabia.
• The German company Siemens is working on a roadmap for emerging energy technologies, electric vehicles and energy storage in Egypt this year.
Funded by the French company EDF, the project is scheduled to cover a five-year period, local newspaper Daily News Egypt reported citing informed sources.