{"id":79213,"date":"2023-09-27T00:00:00","date_gmt":"2023-09-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/09\/27\/uks-bii-plans-usd-1-bn-for-india-australia-edges-closer-to-renewable-energy-superpower\/"},"modified":"2023-09-27T00:00:00","modified_gmt":"2023-09-27T00:00:00","slug":"uks-bii-plans-usd-1-bn-for-india-australia-edges-closer-to-renewable-energy-superpower","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/09\/27\/uks-bii-plans-usd-1-bn-for-india-australia-edges-closer-to-renewable-energy-superpower\/","title":{"rendered":"UK\u2019s BII plans USD 1 bn for India + Australia edges closer to renewable energy superpower"},"content":{"rendered":"

The UK has big climate plans for India: <\/strong>British International Investment (BII) \u2014 the UK government\u2019s development finance institution \u2014 is planning to pour in c. USD 1 bn in climate-related projects in India by 2026, BII\u2019s CEO Nick O\u2019Donohoe tells Reuters<\/a>. \u201cWe are evaluating exciting businesses in sectors such as biofuels, circular economy ... as part of the vision for the 2030 roadmap agreed between India and the UK,\u201d O\u2019Donohoe said. BII invested over USD 300 mn in climate finance last year in the South Asian country\u2019s renewable energy, electric mobility, and sustainable agriculture sectors, he told the newswire. BII\u2019s current portfolio in India currently stands at USD 2.2 bn with investments in more than 290 businesses, according to Reuters. Its latest venture in the country was a USD 250 mn commitment in Indian carmaker\u2019s Mahindra and Mahindra\u2019s new electric vehicle unit last year<\/a>. <\/p>\n

Australia is one step closer to becoming <\/strong> a renewable energy superpower: <\/strong>A future hydrogen hub in South Australia has secured funding commitments in a bid to bring the country closer to becoming a renewable energy superpower, according to a statement<\/a> by the Australian prime minister\u2019s office. Both the Albanese and Malinauskas governments have committed USD 100 mn to develop infrastructure at Port Bonython to help it become South Australia\u2019s first large-scale export terminal for hydrogen. The port is also expected to be home to projects worth up to USD 13 bn and generate as much as 1.8 mn tons of hydrogen by 2030, the statement read. <\/p>\n

ALSO- <\/strong> Households in Australia are close to adding 3 GW of rooftop solar capacity to the electricity grid this year, the Guardian<\/a> reports, citing data from the Clean Energy Regulator. Some 1.4 GW of capacity from c. 160k rooftop systems was added to the grid in the first six months of the year. The new additions would bring the size of rooftop solar capacity to the grid close to the 2021 record of 3.2 GW, according to the regulator. <\/p>\n

South Korea\u2019s Posco may set up shop abroad in a \u201cdesperate\u201d attempt to meet its <\/strong> corporate target to slash 30% of its emissions by 2035<\/strong>, with Australia among the countries Posco is considering, Senior Vice President for Posco\u2019s Climate Action Strategy Kim Hee told Bloomberg<\/a>. The company\u2019s plans to reach net-zero targets by mid-century would require some 3.7 mn tonnes of green hydrogen, Kim said. The company \u2014 which has some 45 global subsidiaries and operations in over 16 countries<\/a> aside from South Korea \u2014 plans to establish its green steel plants beyond its hometown due to non-competitive domestic levelized electricity costs. Although the move would be a \u201clast resort\u201d due to associated risks, \u201cthe fact that we may put this idea on the table shows how desperate we are in delivering our climate commitment,\u201d Kim said. <\/p>\n

Regional footprint and expected net-zero investment ticket: <\/strong>The company, which plans to fuel its green steel production targets from renewables-powered hydrogen, was awarded in June<\/a> a USD 6.7 bn contract to set up what it described as the world\u2019s largest green hydrogen plant in Oman\u2019s Duqm, and later in July signed an agreement<\/a> with KSA\u2019s Acwa Power to jointly develop green hydrogen and its derivatives, in a bid to help decarbonize Posco Group\u2019s power generation and steel manufacturing operations. The global steel industry accounts for about eight percent of global greenhouse gas emissions, generating around 1.85 tons of CO2 per steel ton<\/a>, and Posco remains South Korea\u2019s largest corporate emitter. The company estimates its carbon-neutrality ambitions would have a 40 tn KRW (USD 30 bn) price tag, and entail development of nine clean hydrogen production plants. Earlier in July, the company announced plans<\/a> to allocate some USD 93 bn to scale its hydrogen, battery materials, and steel production sectors. <\/p>\n

Kenya plans to break ground on its first nuclear power plant <\/strong> in 2027 as it pushes <\/strong> for zero carbon energy<\/strong>, CEO of the Nuclear Power and Energy Agency (NuPEA) Justus Wabuyabo tells the Business Daily<\/a>. The agency plans to issue international tenders to construct the plant in either Kilifi or Kwale counties. The plant will have an expected capacity of 1 GW. \u201cWe will do the bidding stage, as anytime between 2026 and 2027 and start construction in 2027. Construction ranges six to 10 years so we are looking at 2034-35 to commission the first plant,\u201d Wabuyabo added.<\/p>\n

China may offer compensation to utilities with idle coal plants to support their <\/strong> green transition: <\/strong> China is considering compensating utility providers for the coal plants initially built to tackle persistent supply shortages, but are likely to become idle as the country transitions to renewables, Bloomberg<\/a> reported, citing a draft of the plan of which it obtained a copy. The funds will be collected through fees for industrial and commercial consumers based on their power capacity and the rates they pay on their electricity, the news outlet added. If approved, consumers will begin to pay for the additional fee starting next year.<\/p>\n

BACKGROUND- <\/strong> China has accelerated its construction of coal-fired power in recent years due to supply shortages and a need for backup generation to intermittent wind and solar. Despite the breakneck speed of China\u2019s renewable power installations, coal still accounts for 59% of the country\u2019s electricity.<\/p>\n

IFC + Reserve Bank of Fiji to develop a green finance taxonomy: <\/strong> The International Finance Corporation (IFC) and the Reserve Bank of Fiji (RBF) will work together to implement a \u201cgreen taxonomy\u201d \u2014 a set of clear guidelines and parameters to help define green assets and projects, the IFC said in a statement<\/a>. The move, the IFC and RBF say, will facilitate more climate financing from the private sector to such projects, as well as creating green jobs and avoiding greenwashing. The IFC will also help Fiji\u2019s financial sector to implement ESG practices. <\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING- <\/strong><\/p>\n