Iberdrola will sink EUR 12 bn in the UK’s renewables sector: Spanish renewable energy giant Iberdrola is investing around EUR 12 bn (USD 13 bn) in grids and renewable projects in the UK between 2024 and 2028, according to a statement. The company already invested more than EUR 2 billion in the UK as part of its previously announced EUR 6.7 bn program and plans to build on this with over EUR 7 bn more in the years 2026-28, amounting to EUR 12 bn. Iberdrola will also continue investing in its East Anglia 3 offshore wind farm and other onshore wind and solar projects. Iberdrola has giant backers including Norway's sovereign wealth fund and Masdar.

ALSO- Australia’s IFM will back the UK’s energy transition: Australian global investment manager IFM Investors is set to roll out GBP 10 bn in funds by 2027 after signing an MoU with the UK government, according to a statement. IFM’s investment will go towards large-scale infrastructure and energy transition projects.

Vietnam finalizing climate reform commitments to unlock G7 funding: Vietnam is reportedly close to finalizing national reform commitments with G7 countries and multilateral lenders in a bid to unlock bns of USD in funding for renewables and power grid upgrade projects that would help it reduce dependency on coal, Reuters reports, citing a source familiar with the matter. Vietnam — for whom coal constituted 31% of the installed energy mix in 2020 — signed an agreement with international investors last year that could unlock as much as USD 15.2 bn in green commercial loans over three-five years provided it makes changes to its regulatory framework to help remove investment obstacles, the newswire notes.

Coming soon: The reform commitments agreement has to be finalized before COP28 kicks off on Thursday to make 272 of the country’s planned electricity grid enhancement, solar energy, and wind power projects eligible for the USD 15.2 bn green financing, Reuters notes. Vietnam has set a target to stop coal-fired plant expansions after 2030, but plans to increase coal capacity to 30 GW by the same date from about 21 GW in 2020.

Mozambiqueapproves USD 80 bn energy transition plan: Mozambique approved a USD 80 bn strategy to attract investments and reduce the nation's dependence on fossil fuels by 2050, Bloomberg reports. The Energy Transition Strategy will see the addition of 2 GW of hydropower capacity by 2030 and the expansion of the transmission grid to allow for the addition of more renewable energy. President Filipe Nyusi will announce the full program of the plan on 2 December at COP28, Bloomberg notes.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Greenpeace accuses China of “greenwashing” LNG purchases: Greenpeace is accusing Chinese oil and gas companies of using carbon offsets to greenwash their natgas imports, while failing to make significant cuts to their emissions. Chinese firms including PetroChina and CNOOC Gas and Power have penned agreements with Shell to buy "carbon neutral" LNG, which uses "forest offsets" to balance out carbon emissions. (Reuters)
  • China is offering households incentives to curb emissions: China is implementing “carbon inclusion” programmes in a bid to urge citizens to help in the achievement of carbon neutrality by 2060. The "carbon coins'' program offers commuters a chance to earn shopping vouchers and travel cards in return for using public transport. (Reuters)
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