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Australia must invest AUD 3.56 trillion to decarbonize power sector by 2030, says BNEF

Global, News

New modeling from BloombergNEF (BNEF) reveals that Australia needs to rapidly decarbonize its power sector to meet its 2050 net-zero goal, requiring an investment of AUD 3.56 trillion ($2.4 trillion) by 2030 and a 135% increase in renewable energy capacity to over 126 GW. BNEF’s New Energy Outlook report emphasizes the urgent need to transform Australia’s energy mix, phasing out all unabated coal and nearly all unabated gas generation by 2035. The country will need…

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PGCIL, Sterlite Power, Adani qualify for initial price bids in Navinal ISTS-TBCB project

India, News

Three developers—Power Grid Corporation of India Ltd (PGCIL), Sterlite Power, and Adani Energy Solutions Ltd (AESL)—have qualified for the opening of initial price bids for the ISTS-TBCB scheme under “Navinal Transmission Ltd.” The bidding process, coordinated by PFC Consulting Ltd (PFCCL), began in May 2024 and will soon move to the e-reverse auction (e-RA) phase. The project, officially termed the “Network expansion scheme in Navinal (Mundra) area of Gujarat for drawl of power in the…

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Fortescue begins construction on US$50 million Green Metal Project in Australia

Global, News

Fortescue has commenced works on its Green Metal Project, located at the Green Energy Hub in Christmas Creek, Pilbara, Western Australia. The US$50 million project aims to produce over 1,500 tonnes of green metal annually, with the first production expected in 2025. The facility will utilize green hydrogen from Fortescue’s gaseous and liquid hydrogen plant—Australia’s largest of its kind—alongside an electric smelting furnace to produce high-purity green metal, suitable for global steel production. The hydrogen…

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CS Energy acquires $1.3 billion Lotus Creek Wind Farm, Queensland’s first publicly owned wind project

Global, News

CS Energy has announced the acquisition of the $1.3 billion (A$1.96 billion), 285 MW Lotus Creek Wind Farm near St Lawrence in Queensland, Australia, from Copenhagen Infrastructure Partners (CIP). This marks a significant milestone in Queensland’s renewable energy sector as the first 100% publicly owned wind farm to enter the construction phase under the Queensland Energy and Jobs Plan. The project has received substantial financial backing, including $624.3 million from the Queensland Government’s Renewable Energy…

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OECD electricity production rises 3.7%, driven by solar power surge, renewable growth

Global, News

In May 2024, total net electricity production in the OECD reached 854.4 TWh, marking a 3.7% increase compared to the same month last year, according to the IEA Monthly Electricity Statistics. This growth was primarily driven by a strong increase in renewable energy generation, which rose by 6.6% year-on-year (y-o-y). Solar power saw the most significant growth, surging by 19.7% y-o-y, while wind power also contributed with a 5.8% y-o-y increase. Hydropower generation remained largely…

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CCEA approves Rs 57.92 billion for SJVN’s 669 MW Lower Arun HEP

India, News

The Cabinet Committee on Economic Affairs (CCEA) has approved an investment of Rs 57.92 billion for SJVN Limited’s 669 MW Lower Arun hydroelectric project (HEP) in Nepal’s Sankhuwasabha district, with a tariff set at Rs 4.99 per unit. The CCEA also granted retroactive approval for the creation of a special purpose vehicle (SPV) and approved an equity investment of Rs 17.37 billion in SJVN Lower Arun Power Development Company Private Limited. The project will utilize…

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Himachal Pradesh advances green energy projects in Spiti

India, News

Himachal Pradesh is pushing forward with green energy initiatives in Spiti and Una to address climate change. A major project is the upcoming 1,000 MW hybrid solar and wind energy Mega Solar Park in Spiti, Lahaul-Spiti. Chief Minister Sukhvinder Sukhu has called for central assistance through the Green Corridor Transmission to fully leverage the state’s renewable energy potential, which is vital for mitigating global warming. In the Una district, the 32 MW Pekhubela Solar Power…

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BPCL to invest Rs 1.7 trillion in petrochemicals, green energy, refining

India, News

Bharat Petroleum (BPCL) plans to invest Rs 1.7 trillion over the next five years in petrochemicals, green energy, fuel marketing, and oil refining. Under its strategic plan ‘Project Aspire,’ BPCL aims to strengthen its core operations in refining and marketing while expanding into emerging sectors like green energy, gas, and non-fuel retail. Key investments include Rs 490 billion for an ethylene cracker project at the Bina refinery in Madhya Pradesh, which will boost refining capacity…

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PM Modi highlights green jobs in Independence Day speech

India, News

In his Independence Day speech on August 15, Prime Minister Narendra Modi emphasized the nation’s focus on promoting green growth and creating sustainable employment opportunities. Modi highlighted India’s ambition to lead in green hydrogen production and its dedication to generating jobs in environmental conservation and renewable energy sectors. The International Labour Organisation (ILO) projects that the circular economy, which includes reusing, recycling, and sustainable manufacturing, will create numerous green jobs. Since 2015, demand for green…

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India’s renewable energy storage capacity set to surge to 6 GW by 2028: Crisil

India, News

India’s renewable energy storage capacity is projected to increase to 6 GW by fiscal 2028, up from less than 1 GW operational as of March 2024, according to a statement by Crisil Ratings on August 14.   The Indian government is focusing on developing infrastructure through standalone storage systems, such as pumped hydro or battery storage, as well as storage-linked projects that combine renewable energy (RE) generation with storage. In the past two fiscal years, auctions…