RIYADH: On a macro level, the Group of Seven nations has reached a deal to launch a “Climate Club” where they agree on joint rules and standards to fight global warming.
Zooming in, the Saudi Arabian Refineries Co. has signed an initial agreement with UK-based Christof Global Impact to develop $300 million renewable energy projects.
Looking at the bigger picture:
• The UK is working on a plan to limit the influence of rising gas prices on consumers’ electricity bills, as it faces rising inflation due to its reliance on costly fossil fuels, Bloomberg reported.
• The Group of Seven nations has reached a deal to launch a “Climate Club” where they agree on joint rules and standards to fight global warming, Bloomberg reported.
The move comes with the hope of avoiding conflicts over green tariffs as well.
Through a micro lens:
• The Saudi Arabian Refineries Co. has signed an initial agreement with UK-based Christof Global Impact to develop renewable energy projects, Trade Arabia reported.
The first project, with an initial investment of SR1 billion ($266 million), will study an investment partnership to build a refinery producing the “biodiesel” biofuel carbon.
The second project, at an estimated total cost of SR130 million for the first phase, aims to study investment in the technology of slop oil to convert waste oil wells, oil from shipping ships, waste of fuel tanks and petroleum materials into low carbon raw materials to reduce carbon emissions.
• SSE plc and Equinor have partnered to purchase £341 million ($419 million) three UK electricity plants from Triton Power Co. as they plan to develop low carbon projects, Bloomberg reported.
The partnership reflects European energy companies’ interest in cleaning up their operations as they move towards green power.