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COP29: IEEFA pushes banks to reorient lending for renewables, $400 billion annual funding shortfall

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The Institute for Energy Economics and Financial Analysis (IEEFA) has urged global action at the 29th Conference of Parties (COP29), emphasizing a $400 billion annual investment gap to meet renewable energy targets by 2030. Labelling COP29 as the “climate finance COP,” IEEFA’s new briefing highlights the need for policies incentivizing banks to redirect lending toward renewables. IEEFA’s report notes a significant rise in global renewable energy investments, increasing by 73%-78% from $329-424 billion in 2019…

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Turkey aims to quadruple wind and solar capacity by 2035

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Turkey‘s Energy Minister, Alparslan Bayraktar, announced that the country will need $108 billion in public and private investment to increase its wind and solar power capacity to 120,000 MW by 2035, aiming to quadruple its current capacity.  This announcement was made during an event outlining Turkey’s renewable energy roadmap. The first renewable energy resource area tender conditions for 2024 will be disclosed next week. The energy ministry is revising regulations to encourage private sector investment…

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Constellation Energy orders $100m transformer for Three Mile Island reactor revival

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Constellation Energy has placed a $100 million order for a main power transformer, marking a critical step in the revival of the Three Mile Island nuclear reactor in Pennsylvania, according to Reuters. The transformer is the largest single piece of equipment needed for the reactor’s restart. Constellation has committed to investing $1.6 billion by 2028 to bring the plant back online. Following a detailed survey of the site, which assessed essential infrastructure and equipment, Constellation…