Spending on energy transition projects totaled $1.1 trillion last year, matching spending on fossil fuels. The increase was due to the energy crisis following Russia's invasion of Ukraine. Renewable energy was the largest area of investment at $495 billion, followed by electrified transportation projects. China - the world's largest polluter - is by far the largest investor in the energy transition.
U.S. solar contract prices have soared by a third over the past year as developers struggle to secure imported panels. But wind energy prices have fallen slightly in recent months, thanks to major new federal subsidies. Since June, U.S. customs officials have seized hundreds of shipments of solar panels at U.S. ports, sending solar prices soaring.
The first G20 Energy Transition Working Group (ETWG) meeting under India's presidency will be held in Bengaluru from 5-7 February. The meeting will have more than 150 participants, including G20 member countries and nine specially invited guest countries. It will examine every technical aspect of the value chain, from capture to storage and utilization pathways.
The European Commission's plan to create a new EU fund for green industry is facing growing opposition. Seven EU countries publicly rejected the idea in a letter to the EU executive. The letter was signed by the Czech Republic, Denmark, Finland, Austria, Ireland, Estonia and Slovakia. Germany, the Netherlands and Belgium also oppose any new joint EU borrowing.
Greece's largest power utility, Public Power Corp. (PPC), and Germany's RWE have taken a final investment decision to build five solar farms in Greece. The farms will cost 180 million euros ($196 million) and have a combined capacity of around 200 megawatts. They are expected to be fully operational by the end of the first quarter of 2024.
India's first sovereign green bond issue yields better than expected. The 10-year bond has a coupon rate of 7.29%, 6 basis points lower than sovereign debt of similar maturity. Proceeds will be used for renewable energy projects and infrastructure. Prime Minister Narendra Modi's goal is to zero greenhouse gas emissions by 2070.
AdGreen Energy reported sales of its solar portfolio surged 9% from 2.3 billion units to 2.507 billion units in the quarter ending December 2022. The growth is supported by the commissioning of 150 MW in Rajasthan in November 2022 and a 140 basis point increase in capacity utilization (CUF), the company said.
The solar-powered Zephyr drone is designed to stay at altitudes of about 70,000 feet (21 kilometers) for months at a time. The drones run on solar power, with secondary batteries charged during the day to power nighttime flights. Airbus plans to retain ownership of Aalto, but will consider outside investment to help accelerate the company's goals.
The King of Wales wants to use the proceeds of a new multi-million pound wind farm deal with the Crown Estate for the "wider public good", Buckingham Palace said. Profits from the Crown Estate finance the British Crown, and profits from it finance the maintenance of the Crown. Crown Estate has secured agreements for six offshore wind projects worth around £1bn. Six projects could start generating green electricity by the end of the decade, potentially powering seven million homes. The Sovereign Appropriation is 25% of the Crown Estate's annual profits and is used to cover the expenses of the Crown.
Unigel announced plans to build the plant last July, when it said it would make an initial investment of $120 million. Green hydrogen will use electrolysers supplied by Thyssenkrupp Nucera. Much of the plant's output will be exported to regions such as Europe to meet demand for products that reduce or eliminate carbon emissions.