Spanish multinational oil and gas company Cespa has signed a memorandum of understanding (MoU) with Masdar, Abu Dhabi Future Energy Company, to collaborate on renewable energy ventures, particularly in solar and wind.
France plans to invest €20 billion in its own energy transition plan to increase clean energy deployment by 70% over five years, while it has also moved to reduce connection costs for smaller-scale renewables by up to 40%.
India’s energy and mines minister Piyush Goyal has challenged Germany and the city of Munich to a race with the ancient holy city of Varanasi to become the first large city in the world to be 100% powered by clean energy.
At least 13.7GW of planned coal-fired power plants have been cancelled in India this month, while solar prices have tumbled to new lows, showing that India’s energy transformation is in full swing, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
The route to decarbonisation in the energy sector will create benefits of US$10 trillion every year by 2050, while requiring only US$1.8 trillion to implement, according to a new joint report from the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA).