The German government plans to allocate EUR 4 bn in subsidies to help energy-intensive industries switch to climate-friendly production methods, Reuters reports, citing a source with knowledge of the matter. Approved by the European Commission, the program will offer 15-year subsidies to companies in industries like steel, glass, paper, and chemicals in return for reducing their carbon emissions. The first round of tenders will be this spring and the second is planned for later this year.

A decarbonization push for Germany: Germany’s Baden-Württemberg state and the UAE Ministry of Industry and Advanced Technology (MoIAT) signed a Joint Declaration of Intent to collaborate on projects that support industrial decarbonization and green hydrogen production earlier this week.

Adani looking to raise funds for green hydrogen projects: Indian conglomerate Adani Group is looking to secure USD 2.6 bn from West Asian sovereign funds to finance green hydrogen products and an airport expansion, the Business Standard reports. Adani Enterprises, the group’s flagship entity, will potentially reduce its stake in these ventures for investment funds. Fundraising is expected to begin in mid-2024.

Adani has been eying hydrogen production in the region: Adani Group signaled back in 2022 potential investments in renewables projects with a combined 10 GW capacity in Morocco to supply green ammonia to Europe.

IMF extends climate resilience loan to the Ivory Coast: The International Monetary Fund (IMF) and the Ivory Coast have reached a staff level agreement on a climate-focused reform program supported by the fund’s Resilience and Sustainability Facility (RSF) for a total of SDR 975.6 mn (c. USD1.3 bn), according to a statement. The reform program — expected to be rolled out between 2024 and 2026 — aims to expand the county’s climate mitigation and adaptation funding capacity with a focus on readying its agriculture, transport, infrastructure and public financial management sectors against the impact of global warming. The loan will be sent to the fund’s Executive Board for approval in the coming weeks.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Japan’s Tohoku reactivating nuclear reactor at Onagawa plant: Japanese utility Tohoku Electric Power plans to restart the second reactor at its Onagawa nuclear station around September. Tohoku is currently working on securing materials, equipment, and workers for safety construction works. (Reuters)
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