EU negotiators have struck a landmark deal to create the world's first "green" bond standard, aimed at becoming a global benchmark for investors in the green transition. The European Council and the European Parliament, which represent the 27 EU member states, announced the "world's first green bond standard" late on Tuesday. The European Commission first proposed the idea in July 2021. The standard complies with the Green Label, known in EU parlance as the "taxonomy", or EU legislation that defines which economic activities can be considered sustainable. The European Union aims to be carbon neutral by 2050.
Annual transactions in the European bond market are estimated to be worth 100 trillion euros ($107 trillion). The agreement must now be formally ratified by the council and parliament.
Banks will finance 81 cents of every dollar spent on fossil fuels in 2021 to finance low-carbon energy supply, but they will need to scale up their commitments to meet the world's climate goals. Energy analyst BloombergNEF pooled data from 1,142 banks to assess whether banks are aligning their funding with the real economy and the 1.5-degree target. The bank funding ratio is lower than the 90-cent-to-dollar investment ratio in global energy supply, but the latter ratio has climbed in recent years from around 0.45:1 between 2011 and 2015. Funding ratios for individual banks vary, with RBC Canada at 0.4, JPMorgan at 0.7, BNP Paribas at 1.7 and Deutsche Bank at 2.2. The report's findings differ from another study published by the environmental group last month, which said the share of bank financing devoted to renewable energy had stagnated.
Amp Energy India has announced a joint venture (JV) with Websol Energy to manufacture and produce solar cells and modules. The two companies have signed a term sheet for the formation of a joint venture to produce monocrystalline PERC solar cells in two phases of 600 MW each at Websol's existing facility in Falta, West Bengal. Websol will hold 51% and Amp Energy will hold 49%. The project will be financed through a combination of debt and equity and will have an off-take agreement with Amp Energy India for up to 50% of production.
Not many engine manufacturers can meet the stringent technical requirements to produce a back-up generator for a nuclear power plant. Thanks to its robust and reliable design, Adria 40 engine has been the primary choice of many nuclear power plant owners around the globe when it comes to emergency power generation.
Adriadiesel d.d. is the successor of the former diesel engine factory Jugoturbina and continues the tradition of producing diesel engines, spare parts and other equipment. We offer machining services for parts made of alloy and steel materials - standard up to a weight of 25t, exceptionally up to max. 70t, the service of heat treatment of annealing positions of large dimensions can be carried out in our large annealing furnace (6.5 m length / 3.5 m width / 2.5 height), we can offer heat treatment services of positions: hardening, improvement, cementation, nitriding , annealing as well as welding services by MAG, MIG, TIG, REL procedures performed by certified welders.
Among other things, Adriadiesel also offers machining services for positions of larger dimensions, for example CNC Portal milling machine 66K 25 PM F4-06 is able to machine positions 2.5 meters high, 2.5 meters wide and even up to 6 meters long and weighing up to 70 tons.
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The world's first 36,000-hour dual-fuel engine overhaul has been completed on an LNG tanker in Malaysia. SK Audace uses six WinGD X62DF twin engines developed by the Swiss marine power company Winterthur Gas & Diesel (WinGD). The overhaul was carried out by CMS Korea at the Malaysian Marine and Heavy Engineering (MMHE) shipyard in June 2022.
Germany, Italy and Austria face the greatest risk of gas shortages in the EU due to uncertain supply prospects from Russia. The European Commission presented member states last week with a plan to reduce gas demand, triggering a special meeting of energy ministers. Hungary was the only EU member state to vote against it. The EU is united. Czech Industry and Trade Minister Josef Sikela said today's decision made it clear that member states would firmly oppose any attempt by Russia to split the EU.
Germany has agreed to buy a 30% stake in Uniper, the country's largest natural gas importer, which is suffering from severe liquidity shortages. The bailout may be just the beginning of a structural shift in the energy sector.
Nofar Energy, which is listed on the Tel Aviv Stock Exchange, intends to install a 255 MW solar power plant on 290 hectares of land in southern Romania. The utility said it expects annual revenue of 27 million euros. Nofar said it aims to start construction in 2023, pending the necessary permits. The investor revealed that it has a total of 579 MW in pipeline in Romania, including the Răteşti project with a planned installed capacity of 155 MW.
The Sauk Valley Hydrogen project in Illinois will produce green hydrogen using electricity from Invenergy's co-located solar power plant. Green hydrogen projects can scale quickly and efficiently to reach megawatt to gigawatt applications. The project will break ground in the coming months and is expected to be fully operational by the end of 2022.