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Ørsted Completes First Phase of Onshore Wind Farm in Germany
Ørsted has completed the first phase of its Bahren West onshore wind farm in Germany, its largest onshore wind farm in Germany. With a combined capacity of 50.4 MW, Bahren West I will produce enough power to supply approximately 35,000 German households. The firm is now gearing up for the second pha
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Canada's Carbon Pricing System Faces Repeal Threat
Canada's six year old carbon pricing system is facing uncertain times. Recently, 14 oil and gas CEOs and opposition leader Pierre Poilievre have called for its repeal. This raises questions about the future of Canada’s climate policy and the Pathways Alliance carbon capture project.Calls for Repeal The carbon pricing system...
Alfa Laval Secures First FCM Ammonia Fuel System Order for Sustainable Shipping
Alfa Laval has secured its first order for the FCM Ammonia fuel supply system, marking its path toward creating sustainable shipping solutions. The firm will deliver the ammonia-fueled fuel system to seven Tianjin Southwest Maritime-owned dual-fuel LPG/ammonia carriers.A Step Towards Low-Carbon Shipping SolutionsWith global shipping projected to nearly double by...
EIB Grants €405 Million to Energa for Power Grid Expansion in Poland
The European Investment Bank (EIB) announced the signing of a 1.7 billion Polish zloty (€405 million) loan agreement with Orlen's subsidiary, Energa. As the third and last tranche of a broader 3.5-billion-zloty loan to Orlen, the money is intended for the development and improvement of Poland's electricity grid. The financing...
ADQ and Energy Capital Partners to Launch $25B Partnership for Data Center Power Generation
ADQ, one of the premier sovereign investors in critical infrastructure and global supply chains, has joined forces with Energy Capital Partners (ECP), the largest private owner of power generation and renewables in the US, to form a 50-50 joint venture to develop new-build power generation and energy infrastructure opportunities. It...
EBRD invests €20 million to boost EV charging infrastructure in Poland
The European Bank for Reconstruction and Development (EBRD) announced that it will be providing €20 million as a loan to European charge point operator Allego. The funds are targeted towards expanding the construction of EV charging stations in Poland. Allego is a European charge point owner and op
EBRD and Raiffeisen Bank to provide €110 million to support Romania’s green transition
The European Bank for Reconstruction and Development (EBRD) announced that it and Raiffeisen Bank will provide a €110 million financing package for constructing and operating two solar photovoltaic (PV) power plants in south-eastern Romania.An EBRD loan of €55 million, complemented by an equal amount from Raiffeisen Bank International, will be...
Indonesia’s President Calls for Greater Global Investment in Climate Solutions
Indonesian President Joko Widodo urged developed countries to invest in Indonesia's energy transition and climate solutions, Reuters reported. The nation's substantial renewable energy potential and carbon mitigation capabilities were showcased.Known locally as Jokowi, the outgoing president emphasized that Indonesia has an estimated 3,600 gigawatts of potential for renewable energy projects.Additionally,...
European Commission Approves €2.7 Billion State Aid Program to Decarbonize Austrian Industry
The European Commission (EC) announced its approval of a €2.7 billion ($3 billion) state aid program in Austria aimed at assisting industrial companies in their efforts to decarbonize production processes. This support will be allocated through a competitive bidding framework, with the inaugural au
New type of carbon credits gain momentum to phase out coal plants in Asia
Lenders to power producers are witnessing increasing momentum in developing a new type of carbon credit designed to facilitate the phase-out of coal-fired power capacity. Bloomberg reported that entities such as the Monetary Authority of Singapore have supported the creation of transition credits,
US oil & gas methane emissions four times higher than estimates, new data shows
New comprehensive aerial measurements reveal that oil and natural gas producers in the US are emitting methane at more than four times the rates estimated by the Environmental Protection Agency based on industry-reported data.The findings also indicate that these operators are surpassing their own emissions reduction goals by eight times.The...
DOE Releases Better Buildings Initiative Report, Revealing Nearly $22 Billion in Energy Savings
The US Department of Energy (DOE) has released its “2024 Better Buildings Initiative Progress Report,” which showcases the accomplishments of public and private sector partners in advancing decarbonization and enhancing energy efficiency in buildings, manufacturing facilities, and homes. According
IFC Supports Indonesian Steel Producer GRP in Cutting GHG Emissions with New Loan
The International Finance Corporation has announced a loan to PT Gunung Raja Paksi Tbk (GRP), an Indonesian steel producer, to support the decarbonization of the country’s steel sector.The funds will be used to enhance low-carbon steel production, cut greenhouse gas (GHG) emissions, and support the nation's climate objectives.Steel is a...
Australian pension fund fined A$11.3 million for greenwashing case filed by ASIC
Australian pension fund Mercer Superannuation Australia Ltd. has been fined A$11.3 million ($7.3 million) for greenwashing, concluding the corporate regulator's first court action on this issue. The Australian Securities and Investments Commission (ASIC) initiated the case in February 2023, accusin
Asia-Pacific executives propose new climate measures including climate bonds and VCM
Asia-Pacific business executives called on emerging countries in the region to issue climate bonds indexed to a basket of currencies. This approach aims to mitigate the risk of foreign exchange fluctuation by raising funds for clean energy transition. The APEC Business Advisory Council (ABAC) also
New Zealand to scrap green policies in bid to boost economy
New Zealand's green policies are under threat as the government rolls back environmental reforms to boost the struggling economy and honour voter promises.Prime Minister Christopher Luxon's centre-right coalition has reversed the oil and gas exploration ban, delayed agricultural emissions pricing by five years, and is encouraging more mining.This shift aims...
Analysis shows nearly 25% of US lawmakers deny climate change amid rising public alarm
A recent analysis found that nearly one in four members of the US Congress members deny climate change despite growing public concern over global warming. The study revealed that 123 federal representatives—100 in the House and 23 senators—all Republicans—reject the reality of human-caused climate c
Germany’s solar power generation hits new record
According to BloombergNEF, Germany solar generation is expected to increase by 34% this summer compared to last year due to added capacity. This rapid growth in solar power, coupled with the slow recovery in energy demand since the crisis, has led to lower long-term contracts as more costly fossil
KKR acquires major stake in Avantus, accelerates growth with $522 million financing
KKR, an investment firm, announced that it has acquired a majority equity interest in Avantus, a developer of utility-scale solar and solar-plus-storage projects, through KKR-managed investment funds and accounts. Along with the close of the acquisition, Avantus secured a $522 million development
Gunvor Group and VARO Energy announce joint venture for large-scale SAF manufacturing
Gunvor Group, an independent commodities trading house, announced its plans to join VARO Energy in building a large-scale sustainable aviation fuel (SAF) manufacturing facility at the Gunvor Energy Rotterdam site through a proposed joint venture.Under the terms of the agreement, costs and risks related to developing the plant up to...
EBRD supports Romanian renewable energy with €12.2 million for solar power plants
The European Bank for Reconstruction and Development (EBRD) announced that it will provide €12.2 million for the construction of two solar power plants in Romania’s Dolj County. The funding is part of a “limited recourse financing package” directed at accelerating renewables construction in the cou
Vopak and Northern Territory Government partner on CO2 import terminal in Australia
Vopak announced that it has signed a Memorandum of Understanding (MoU) with the Northern Territory Government to develop a common-user infrastructure, including a CO2 import terminal in the Middle Arm Sustainable Development Precinct in the Northern Territory, Australia. The MoU outlines the collab
China’s central bank to extend low-carbon loan program through 2027
China's central bank will extend its low-cost loan program for carbon reduction projects until the end of 2027, the government announced on Sunday. The People's Bank of China (PBOC) introduced the scheme in 2021 to support companies in cutting carbon emissions. Under the program, banks can receive
CarbonQuest boosts market reach with new investment from Riverbend Energy Group
CarbonQuest, a provider of distributed carbon capture technology, announced the initial closing of its Series A funding round with Riverbend Energy Group. The investment acquired will enable CarbonQuest to extend its Distributed Carbon Capture technology to a wider range of carbon emitters. The ex
UK climate tech firm raises $5.4 million to decarbonize concrete and steel sectors
Cocoon, a UK-based climate tech company, announced that it has secured $5.4 million in pre-seed funding. The funding will be used to develop the company’s technology for decarbonizing the concrete and steel sectors. This investment comes from investors such as Wireframe Ventures, Celsius Industrie