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EU invests a further €800 million in priority energy infrastructure

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EU Member States voted on a Commission proposal to invest almost €800 million in key European energy infrastructure projects with major cross-border benefits. The EU funding comes from the Connecting Europe Facility (CEF), the European support programme for trans-European infrastructure.

Priority is given to projects that increase competitiveness, enhance the EU’s security of energy supply through the promotion of safe, secure and efficient network operation, and contribute to sustainable development and environmental protection. Creating a connected, modern energy grid represents a crucial element of the Energy Union, one of the political priorities of the Juncker Commission.

Commission Vice-President in charge of the Energy Union, Maroš Šefčovič affirmed:“CEF is one of those instruments that prove the EU’s added value. Today’s approved list showcases that Energy Union is an efficient tool to modernise and green our economies, to make them future proof in line with climate and environmental goals.”

Commissioner for Climate Action and Energy, Miguel Arias Cañete said: “As a crucial element of our overall energy and climate strategy, we need to ensure that our energy infrastructure is sustainable, goal-oriented, and operational. With almost two thirds of today’s investment decision devoted to electricity, we are delivering on our promise to align EU funding with our political ambition to deliver the clean energy transition. We continue to invest in the right energy infrastructure projects which are essential to the EU’s clean energy transition and security of supply. I am particularly pleased by the support given to the Baltic electricity synchronisation project, which will help materialise the Baltic States’ ambition to integrate their electricity system with continental Europe and improve security of supply in the Baltic region.”

Today’s vote concerns CEF financial aid for studies and works for a total of 14 projects: 7 for electricity, 2 for smart grids, 2 for CO2 cross-border transportation and 3 for gas. The proposed CEF-Energy funding amounts to almost €800 million, with electricity and smart grids accounting for €504 million, €9.3 million to support studies on the development of a CO2 transport infrastructure; and €286 allocated to the gas sector. This current call for proposals (2018-2) was launched in June and closed on October 11th 2018.

In the electricity sector, a €323 million grant is awarded to the Baltic electricity synchronisation project. The Baltic States remain synchronously connected to the central dispatch facility of Russia, hindering their full integration into EU electricity markets. The project aims to increase the security of supply and reliability of the power systems in the region through their synchronous connection to the Continental European Network (CEN). In June of 2018, EU leaders agreed the political roadmap for completing the synchronisation.

On smart grids, support has been approved for the ACON SG project tomodernize and improve the power grid between Czechia and the Slovak Republic. The €91 million grant will now contribute to the setting up of smart grids in the border region.

Moreover, €6.5 million in funding will be allocated to a study on the development of a CO2 infrastructure in the Port of Rotterdam. The objective is to establish an open access, cross-border, carbon dioxide network in North-West Europe, with its core located in the Port of Rotterdam.

Finally, in the gas sector, the CEF will support, with nearly €215 million, the Baltic Pipe project, a new, bi-directional offshore gas interconnection between Poland and Denmark. This pipeline will be crucial for security of supply and market integration of the region.

Background

The CEF envisages a total budget of €5.35 billion for trans-European energy infrastructure for the period 2014-2020. In order to be eligible for a grant, a proposal has to be ‘a project of common interest’ (PCI). When completed, the projects will each result in significant benefits for at least two Member States, enhance security of supply, contribute to market integration, and enhance competition, as well as reduce CO2 emissions. The Union-wide list of Projects of Common Interest is updated every two years. The latest PCI list was published by the Commission in November 2017. The CEF-Energy already granted €647 million to 34 projects in 2014, €366 million to 35 projects in 2015, €707 million to 27 projects in 2016, and €873 million to 17 projects in 2017.

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ADGM Inks Partnership with IRENA to Promote Sustainable Finance

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International Renewable Energy Agency (IRENA), the lead intergovernmental agency for the energy transformation, and the Abu Dhabi Global Market (ADGM), the award-winning international financial centre, have signed a Memorandum of understanding (MoU) to signify their joint commitment to progressing sustainable finance across the UAE and the wider region.

Through the MoU, IRENA and ADGM solidified their mutual dedication to promoting solutions that facilitate investment in renewable energy. The agreement was signed by Francesco La Camera, Director-General of IRENA and Dhaher bin Dhaher, CEO of the ADGM Registration Authority (RA).

Commenting on the agreement, Dhaher bin Dhaher AlMheiri, CEO of the ADGM RA, said: “We are proud to have entered into this MoU, alongside IRENA, as we reinforce our shared commitment to promoting sustainable practices across all sectors. ADGM is continuously looking to work with its strategic partners, locally and internationally, to further the UAE’s sustainability initiatives, including the 2030 agenda, and to safeguard the longevity of the UAE’s financial landscape. ADGM has been a leading force in fostering the adoption of sustainable operations as it aims to develop a thriving sustainable finance ecosystem in the UAE and the wider region.Through multiple sustainability initiatives, programmes and agreements, we hope to continuously collaborate with leading entities, such as IRENA, to secure the longevity and wellbeing of the financial community.” he concluded.

Reflecting on the partnership, Francesco La Camera, Director-General of IRENA, said: “Increasing investments into renewable energy and the energy transformation is essential to building a more resilient energy system and to more prosperous economies. To achieve sustainable economic and environmental development, partnerships between organisations with shared values is essential. The UAE has demonstrated its strong commitment to this future, and through this cooperation we aim to accelerate low-carbon investment flows building more stable, equitable and climate-safe societies.”

As per IRENA and ADGM’s joint agreement, the two organisations have committed to engage with one another to facilitate investment in renewable energy, support in the development of a sustainable finance ecosystem that is inclusive of renewable energy, and support on any ongoing initiatives relating to sustainability. Additionally, IRENA and ADGM will explore additional approaches to support local initiatives, mutually promote their respective platforms, exchange information on important events and support one another in promoting common aims, initiatives and events.

ADGM has highlighted their ongoing commitment to sustainability in the past through various initiatives, programmes and agreements, such as the establishment of their flagship Abu Dhabi Sustainable Finance Forum, championing the UAE Guiding Principles, pioneering the enactment of the Abu Dhabi Sustainable Finance Declaration, and entering into several agreements regarding sustainability with leading entities, such as UAE Ministry of Climate Change and Environment, the Abu Dhabi Authority for Social Contribution (Ma’an), the UAE Ministry of Finance, among many others. The IFC has continuously participated in partnerships of this nature to support the UAE’s 2030 agenda for sustainable development.

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IEA Clean Energy Transitions Summit

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Ministers from countries representing the vast majority of global GDP, energy use and greenhouse gas emissions will take part in the International Energy Agency’s Clean Energy Transitions Summit on Thursday 9 July, gathering around a virtual table to discuss measures to boost economies, create jobs, reduce global emissions and make energy systems more resilient.

Ministers in attendance will represent almost 80% of global energy consumption and carbon emissions, making the Summit the highest-profile energy and climate discussion since the start of the Covid-19 pandemic. They will include representatives of the world’s largest energy users: Minister Zhang Jianhua of China, Secretary Dan Brouillette of the United States, Minister R.K. Singh of India, Executive Vice-President Frans Timmermans of the European Commission, and Minister Kajiyama Hiroshi of Japan.

Among the high-level participants will be António Guterres, Secretary-General of the United Nations, and Alok Sharma, Secretary of State of the United Kingdom and President of the upcoming COP26, as well as Ministers representing the countries that held the past two COP meetings. They will be joined by the President of the Asian Development Bank, the President of the World Economic Forum (Davos), CEOs from across the energy sector, major investors, and representatives from civil society.

“The IEA Clean Energy Transitions Summit represents the key moment in 2020 to build momentum towards international energy and climate goals,” said Dr Fatih Birol, the IEA’s Executive Director. “Rather than letting the Covid-19 crisis undermine our clean energy transitions, we need to take advantage of the massive economic recovery plans to achieve a definitive peak in carbon emissions and put the world on path to sustainable recovery.”

In addition to two plenary sessions, the Summit will consist of high-level panels. These will focus on Accelerating Clean Energy Technology Innovation, co-chaired by Tina Bru, Minister of Petroleum and Energy of Norway, and Juan Carlos Jobet, Minister of Energy of Chile; An Inclusive and Equitable Recovery, co-chaired by Seamus O’Regan, Minister of Natural Resources of Canada, and Aziz Rabbah, Minister of Energy, Mines and Environment of Morocco; and A Resilient and Sustainable Electricity Sector, co-chaired by Kadri Simson, European Commissioner for Energy, and Sontirat Sontijirawong, Minister of Energy of Thailand.

The IEA first announced plans to convene the Clean Energy Transitions Summit during its Ministerial Meeting in December – before Covid-19 became a global health emergency. As the pandemic escalated, the IEA led the calls worldwide for governments to put clean energy at the heart of their economic recovery plans in order to avoid the kind of sharp rebound in emissions that followed the 2008-2009 crisis. The IEA quickly refocused its work to analyse the impact of the Covid-19 crisis on the energy world, conducting in-depth assessments across fuels, technologies and emissions trends – and developing policy advice for governments to help them respond.

In the lead-up to the Summit, the IEA brought together numerous Ministers and other international decision-makers from industry, the investment community and civil society to address immediate energy issues arising from the crisis. These Ministerial-level meetings included Economic Recovery through Investments in Clean Energy (April); Mobilizing Investments for Secure and Sustainable Power Systems (May); the Fifth Annual Global Energy Efficiency Conference (June); and the Africa Energy Ministerial on Covid-19 Impacts (June). Ministers from Denmark, the United Kingdom and Senegal, who co-chaired these three events with Dr Birol, will each share the main outcomes of these roundtables.

The high-level discussions at the Summit, which the public can watch live online, will draw on key IEA reports, most notably the Sustainable Recovery Plan and the Special Report on Clean Energy Innovation. Together, those two reports provide both near-term and longer-term strategies for improving economic development and meeting energy and climate goals.

You can watch the sessions on our livestreams here, and follow the conversation around the event on social media via the hashtag #IEASummit.

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The Gambia: World Bank to Strengthen Access to Energy and Water

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The World Bank Board of Executive Directors approved today a $43 million grant from the International Development Association (IDA)* for The Gambia’s Electricity Restoration and Modernisation Project (GERMP). The additional financing was made available through reallocation of IDA18 balance, thus augmenting the Banks initial funding envelope for The Gambia by 20 percent.

The people of The Gambia face many challenges in terms of access to electricity and water. Nearly 50% have still no access to electricity, and in urban areas, about 69 percent of the population has access to safe drinking water. Further, the quality of services is weak due to frequent service outages, with some neighbourhoods not receiving water for days, weeks or even months at a time. While the National Water and Electricity Company (NAWEC) has made significant improvements in its operational and financial performance in recent years, the utility has yet to achieve financial viability. Customers still face erratic supply of water and electricity, which have been exacerbated by the COVID-19 pandemic.

“This support will build on the ongoing efforts of the government to strengthen the electricity and water sectors, and further boost the national response to the COVID-19 pandemic through communications and targeted investments including hand washing facilities in the Greater Banjul Area,” said Elene Imnadze, World Bank Resident Representative.

The additional financing will further strengthen NAWEC’s transmission and distribution network, provide additional support to transform NAWEC into an efficient and credit-worthy utility, and expand the scope of the project to the water sector. Specifically, more than 1.6 million people will have gained or improved access to electricity; 17 km of transmission lines will be constructed or rehabilitated; 20 grid-connected photovoltaic system with storage will be installed; 20,000 water meters will be installed or replaced; and three water storage tanks will be repaired.

“This additional grant comes at an important moment in the reform process underway. We have already seen significant improvements in NAWEC’s performance. Additional resources will help to solidify these gains,” said Chris Trimble, Task Team Leader and Senior Energy Specialist, World Bank.

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