The European Investment Bank (EIB) has committed €1.6 billion (around $1 billion) to the Bay of Biscay electricity interconnection project, which will significantly expand electricity exchange between Spain and France. Led by Inelfe—a joint venture of Spain’s Red Eléctrica and France’s Réseau Transport d’Électricité—the project involves building a submarine direct current line between the two…
The Climate Investment Fund (CIF) has announced the launch of a $1 billion Industry Decarbonization Program, selecting Brazil, Egypt, Mexico, Namibia, South Africa, Türkiye, and Uzbekistan as the first countries to participate. This initiative is the first global concessional finance programme focused on helping developing nations decarbonise their high-emission industrial sectors. It targets hard-to-abate industries…
Meta has signed a deal with XGS Energy to develop a 150 megawatt (MW) geothermal project in New Mexico. The project will support Meta’s growing energy needs, especially as it expands its data centre and AI infrastructure in the state. The geothermal energy will be delivered through the PNM (Public Service Company of New Mexico)…
The World Bank’s State and Trends of Carbon Pricing 2025 report shows global carbon pricing revenues surpassed US$100 billion in 2024, with over 50 per cent allocated to environmental, infrastructure, and development projects. This marks a threefold increase in revenue over the past decade and underscores carbon pricing’s fiscal and climate relevance. As of 2025,…
The World Bank has ended its 2013 ban on financing nuclear energy projects in developing countries. The decision, reported by Reuters, reflects a shift in response to rising electricity demand and a push for energy diversification. Under the new strategy, the Bank will support countries in developing nuclear power, including life-extension of existing reactors and…
Operational emissions from leading AI-focused tech companies have surged, according to a new report by the World Benchmarking Alliance (WBA) and the International Telecommunication Union (ITU). From 2020 to 2023, emissions rose by an average of 150%, driven by the high energy needs of data centres. Amazon recorded the steepest rise, with operational emissions increasing…
Indonesia’s Ministry of Energy and Mineral Resources has released its 2025–2034 Electricity Supply Business Plan, targeting 69.5 GW of new power generation capacity. Of this, 76 per cent will come from renewable sources and storage systems. The plan aligns with Indonesia’s goal to reach net-zero emissions by 2060. It addresses rising electricity demand, especially in…
Global energy investment is set to reach USD 3.3 trillion in 2025, up 2% from 2024, according to a report from the International Energy Agency (IEA), World Energy Investment 2025. Around USD 2.2 trillion will go to clean energy, double the USD 1.1 trillion set for fossil fuels. China, Europe, the US, and India drove…
French renewable energy firm Neoen has inaugurated Portugal’s largest solar park, located in Azambuja, 70 km north of Lisbon. The facility began supplying electricity to the grid in late 2024 and is now fully operational. The park includes the 204 MWp Rio Maior and the 68 MWp Torre Bela solar farms, which together will generate…
Waaree Solar Americas, the US subsidiary of India’s Waaree Energies, has signed a solar module supply agreement worth $176 million with a US-based independent power producer (IPP). Under the agreement, Waaree will supply 586 MW of solar photovoltaic (PV) modules for four projects. The modules will be produced at Waaree’s facility in Brookshire, Texas, with…