First Solar leads the global solar race: US-based solar manufacturer First Solar surpassed its Chinese counterpart Sungrow Power Supply as the most valuable solar manufacturer, Bloomberg reported on Friday. The shift — which marks the first time since 2018 that a US company has become the world’s most valuable solar manufacturer over a Chinese competitor — comes as First Solar’s shares jumped 1.5% raising its market cap to USD 21.5 bn while Sungrow's fell 4.2% valuing it at around USD 20.8 bn. The drop for the Chinese manufacturer is attributed to price competition and increasing trade barriers from the US.

REMEMBER- The US bumped tariffs on Chinese goods: The US government announced last week a raft of tariff increases on USD 18 bn worth of Chinese imports that will each begin taking effect between 2024 and 2026. Solar cell tariffs doubled to 50% while EVs quadrupled to 100%, and lithium-ion EV batteries more than tripled to 25%.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Climate activists arrested in Germany: The German police detained eight climate activists who infiltrated Munich Airport’s grounds, leading to a temporary closure and the cancellation of about 60 flights. The protest was organized by student-led climate research organization Last Generation. (Reuters)
  • IFC + Italy to boost biofuels in Kenya: The International Finance Corporation and the Italian Climate Fund announced a USD 210 mn investment in Eni's Kenyan subsidiary to boost advanced biofuel production and support small-scale Kenyan oilseed farmers. The initiative aims to increase oilseed, the main feedstock for biofuel, production to 500k tons annually. (Press release)
  • IMF to support climate resilience in Tanzania with USD 790 mn: The IMF has agreed to back climate change resilience reforms in Tanzania with USD 790 mn in financing from its Resilience and Sustainability Facility. The concessional funding is pending final approval — expected to come in the next few weeks — from the Fund’s executive board. (Reuters)
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