Indonesia has signed a deal with the G7 group of industrialised countries on a $20 billion financing package to help it speed up its transition from fossil fuels to renewable energy.
The British government has confirmed its commitment to integrating nature into economic and fiscal decision-making, but progress is slow. A significant step in this regard was recently taken with publishing of the first set of quarterly greenhouse gas emissions and environmental statistics.
By Alistair Taylor, Trainee Solicitor at Browne Jacobson
Eskom of South Africa said that its energy transition plan may require $71 billion of investment, with the bulk of the money, up to $60 billion, coming from private investors.
Korean Electric Power Corporation (KEPCO) has announced that it will develop commercialisation of carbon-free power generation technologies that use ammonia blends and hydrogen blends.
The Irish state energy group ESB has announced it will spend up to €2 billion a year until the end of the decade on reducing greenhouse gas emissions. It said it would reach net zero by 2040.
The International Energy Agency (IEA) said that it anticipates that the rise in global electricity demand will slow over the next few years after a record 2021, but will still result in higher carbon emissions without rapid gains in low-carbon supply and energy efficiency.
A report from the research firm Rhodium Group said that US emissions jumped last year from the low levels caused by Covid lockdowns in 2020.
Over 40 countries have agreed at the COP26 climate summit to phase out their use of coal-fired power generation.
Fumio Kishida, Japan’s Prime Minister, has announced at the COP26 conference in Glasgow, Scotland, to provide $10 billion over five years to help Asia reach zero carbon emissions.
President Moon Jae-in of South Korea pledged at the G20 summit in Rome that South Korea will complete the phaseout of coal-fired power generation by 2050.