Dombrovskis said there were several developments that risked hampering the recovery…reports Asian Lite News.
Inflation in the Eurozone will continue to increase in the coming months owing mainly to rising commodity and energy prices, but is expected to ease gradually in 2022, European Commission Vice President Valdis Dombrovskis said here on Tuesday.
He said the elements that are driving inflation “appear to be of a temporary nature” and its causes are global: the rising price of energy, particularly of natural gas, supply bottlenecks and the “release of pent-up demand as economies reopen”, Xinhua news agency reported.
“We will keep watching inflation developments closely, also for possible second-round effects, and we stand ready to adjust our policies if necessary,” he said, adding that all member states of the European Union (EU) are expected to return to their 2019 gross domestic product (GDP) levels this year or next.
A great discussion with @BusinessEurope about opportunities in recovery phase➡️
📌Green & digital transitions can give innovative companies a competitive edge 🌲🖥️
Dombrovskis spoke at a press conference at the end of a meeting of the EU member states’ economic affairs and finance ministers, also known as the Ecofin Council, which took place a day after a meeting of the finance ministers of the Eurozone member countries.
Dombrovskis said there were several developments that risked hampering the recovery. One of these was inflation, which stood at 4.1 per cent in October in the Eurozone, “a level never exceeded since the start of the data series in 1997”.
He said that the finance ministers had discussed the package presented by the European Commission last month with measures to offset the immediate impact of energy price increases and to strengthen resilience against future shocks with immediate measures to support the most vulnerable segments of society.
He said the ministers also discussed the completion of the major overhaul of banks’ regulatory and supervisory framework by implementing international standards to make the wider EU banking system more resilient to economic shocks.
Speakers in the Climate Parliament event also included two leaders of the international youth climate strike, Alexandria Villasenor of the US and Ayisha Siddiqa from Pakistan…reports Asian Lite News.
A new high-level coalition for clean energy was announced on Tuesday by India and the UK at the United Nations Climate Change Conference (COP26) in Glasgow, involving major governments, international organisations, legislators, business leaders, researchers, and citizen groups.
It includes a group of governments called the Green Grids Initiative — One Sun One World One Grid.
The group was announced at COP26 by summit host Prime Minister Boris Johnson and his Indian counterpart Narendra Modi.
Prime Minister Boris Johnson and Indian Prime Minister at the COP26 summit. Picture by Simon Dawson / No 10 Downing Street
In the presence of other heads of government, including US President Joe Biden, the two Prime Ministers presented a One Sun Declaration, endorsed by more than 80 countries, setting out the group’s aims.
A Ministerial Steering Group will lead a process to accelerate the construction of large solar power stations and wind farms in the best locations, linked together by continental-scale grids crossing national borders.
The Steering Group includes France, India, the UK and the US, and will also have representatives from Africa, the Gulf, Latin America, and Southeast Asia.
Germany attended the first meeting as an observer while post-election negotiations on a new government continue, as did Australia.
In a simultaneous online event convened by an international network of legislators called the Climate Parliament, members of a broader Green Grids Initiative partnership were introduced.
Working alongside the governments are members of parliament and Congress, renewable energy companies, university researchers and international development agencies.
Speakers in the Climate Parliament event also included two leaders of the international youth climate strike, Alexandria Villasenor of the US and Ayisha Siddiqa from Pakistan.
Among the business leaders were Anand Mahindra, Chairman of one of India’s largest industrial groups, the Mahindra Group, and Paddy Padmanathan, CEO of ACWA Power, which holds the record for the world’s cheapest solar power.
The online event was opened by African superstar Angelique Kidjo of Lion King fame, followed by William Ury, author of world bestseller on negotiation “Getting to Yes”.
Research support for the Green Grids Initiative is being provided by the Climate Compatible Growth consortium of universities, which includes Cambridge, Imperial College, Oxford, and the University College London.
Prime Minister Boris Johnson welcomes Joe Biden, the President of the United States of America to the COP26 summit. Picture by Simon Dawson / No 10 Downing Street
Green Grids Initiative Working Groups made up of national and international agencies have already been established for Africa and for the Asia-Pacific region. Their membership includes most major multilateral development banks such as the African Development Bank (AfDB), the Asian Development Bank and the World Bank.
The Green Climate Fund, established to channel part of the $100 billion a year pledged by rich countries in the climate negotiations, is leading a Finance Working Group.
The Africa Working Group is co-convened by the AfDB and the African Union, and the Asia-Pacific group is coordinated by the UN Economic and Social Commission for Asia and the Pacific.
The International Energy Agency and the International Renewable Energy Agency are actively involved, as are the ASEAN Energy Centre in Southeast Asia and the SAARC Energy Centre in South Asia.
“One Sun One World One Grid” is a favourite phrase of Modi.
In their One Sun Declaration the national leaders say, “all the energy humanity uses in a year is equal to the energy that reaches the earth from the sun in a single hour. The sun never sets — every hour, half the planet is bathed in sunshine. By trading energy from sun, wind and water across borders, we can deliver more than enough clean energy to meet the needs of everyone on earth”.
In addition to large-scale solar and wind power connected through international grids, the One Sun Declaration highlights the need for investment in solar minigrids for remote villages, smart charging for electric vehicles to help balance green grids, and new financial instruments to attract low-cost capital into clean energy.
Mahindra, whose company is a major car manufacturer and solar developer, said: “Nothing could be more urgent than to accelerate the shift to clean energy and electric transport around the world. Companies like ours need to partner with legislators, governments and international organisations to step up the pace. We will be an active participant in the Green Grids Initiative.”
Former British environment minister Barry Gardiner, whose long-standing personal friendship with Prime Minister Modi played an important role in convening the initiative, said: “In an interconnected world it makes no sense that governments continue to fixate on energy independence. A global green grid will make it possible for power generated anywhere to be utilised everywhere.
“It is cooperation on a global scale to utilise the renewable resources of water, wind and sun and to trade each country’s surplus to where it is required. This is an international political vision equal to the climate challenge we face.”
The regulator’s price cap also limits how much firms can charge. But providers have complained that they are unable to pass on rising costs to customers because of the cap on energy bills…reports Asian Lite News.
Around 1.5 million UK customers have been affected by energy firms collapsing under soaring gas prices, media reported.
Avro Energy and Green ceased trading on Wednesday and their 830,000 combined customers face being switched to a new, potentially more expensive, provider, the BBC reported.
All affected customers will still receive energy while a new supplier is appointed by watchdog Ofgem.
Neil Lawrence, director of retail at Ofgem, said its “number one priority is to protect customers.”
The regulator’s price cap also limits how much firms can charge. But providers have complained that they are unable to pass on rising costs to customers because of the cap on energy bills.
Since wholesale gas prices have started to spike, a number of firms have collapsed.
People’s Energy, Utility Point, PfP Energy and MoneyPlus Energy ceased trading in September. These smaller companies, including Avro Energy and Green Supplier Limited, account for more than five per cent of the UK energy market – about 1.5 million customers, according to the report.
Earlier, Business and Energy Secretary Kwasi Kwarteng and Ofgem chief executive Jonathan Brearley We have said that this is not an issue of supply – “the United Kingdom benefits from having a diverse range of gas supply sources with capacity that can more than meet demand.”
“In the event an energy supplier fails, we are committed that consumers face the least amount of disruption possible – and there are clear and well-established processes in place to ensuring this is the case,” a joint statement from government and Ofgal read.
“In the coming days, we will also meet with smaller and challenger energy suppliers and set out the next steps for protecting consumers, businesses and energy suppliers from these global prices rises. Central to any next steps is our clear and agreed position that the Energy Price Cap will remain in place,” it added.
Sharjah Sustainable City is the first community to demonstrate energy storage solutions in the region
Sharjah Sustainable City (SSC) has taken an initiative for a global movement towards sustainable living, promoting a lifestyle that is compatible with the future…reports Asian Lite News
Sharjah Sustainable City, a fully sustainable community by the Sharjah Investment and Development Authority (Shurooq) and Diamond Developers, will be the first community in the region to give residents access to a renewable energy storage solution. The move comes after SEE Institute, the research and development arm in The Sustainable City entered into a memorandum of understanding (MoU) with Hager Group, an international company specialised in renewable energy storage. The agreement, of which Sharjah Sustainable City is the first beneficiary, formalizes an ongoing relationship with the German-based company to test and deploy the latest technologies and innovations in demand management and smart energy solutions.
Sharjah Sustainable City is the first community to demonstrate energy storage solutions in the region
The partnership with Hager Group is aligned with the wider brand -The Sustainable City, which supports innovation through pilot programmes, prototype testing as well as helping to present complex solutions in a real-life context. Sharjah Sustainable City retains an agile and ever evolving outlook towards a low carbon future and is committed to promoting the transfer of sustainability know-how. Hager Group offers varied energy solutions such as battery storage, EV charging stations (EEBUS) as well as energy management systems that allow users to control and balance different energy sources and loads.
Yousef Ahmed Al-Mutawa, Chief Executive Officer of Sharjah Sustainable City said: “We prioritise innovation and leverage the smartest technologies to drive efficiencies across all our sustainability targets. Renewable energy is one of the biggest contributors towards achieving net zero carbon and this partnership with Hager Group will allow us to reach the highest possible energy efficiencies and the lowest energy intensities in our development. Sharjah Sustainable City is proud to be the first beneficiaries of this MoU signed by SEE Institute, our invaluable knowledge hub.”
Torsten Hager, Future Energy Solutions International Corporate Strategy Director Hager Group said: “To reach the global targets of carbon neutrality and to realise a sustainable renewable energy supply, we need to integrate energy storage systems and management to control devices.
Our partnership with Sharjah Sustainable City will allow us to demonstrate together new innovative solutions, which will shape the future of sustainable buildings.”
Sharjah Sustainable City aims to be a leader in shaping the way towards a cleaner and greener world. Partnerships and knowledge sharing are key components towards this goal as well as piloting prototypes and testing new ideas. The MoU with Hager Group is only one example of the many ways The Sustainable City projects are building ties all over the world, therefore creating a ripple effect of climate actions, leading the way towards sustainable living.
The summit will host exhibitions and forums across clean energy and sustainability: Energy, Water, Solar, EcoWASTE, Smart Cities and Climate & Environment….reports Asian Lite News
World Future Energy Summit, part of Abu Dhabi Sustainability Week, has signed key stakeholder agreements with the Ministry of Energy and Infrastructure, Bee’ah and EDF Renewables.
The event, which provides a platform to showcase clean energy and sustainable projects, initiatives and developments for the Middle East – will be held in Abu Dhabi’s National Exhibition Centre (ADNEC) as part of Abu Dhabi Sustainability Week, hosted by Masdar, from 17th-19th January 2022.
The summit will host exhibitions and forums across clean energy and sustainability: Energy, Water, Solar, EcoWASTE, Smart Cities and Climate & Environment.
It will also host Climate Innovations Exchange which connects global start-ups to investors, and a dedicated Sustainability Business Connect programme to help connect exhibitors to qualified buyers from the Middle East and North Africa looking for technology and services for their projects.
@WFES
“The UAE has set itself some seriously ambitious medium- and long-term environmental targets and put in motion a strategic plan which will facilitate clean power generation and increased energy efficiency while catering for our fast economic growth,” said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.
“Despite the challenges, we are already making significant progress as we work to achieve the goals outlined in the UAE National Energy Strategy 2050. The enormous investments we are now witnessing in clean energy, energy efficiency, carbon reduction and sustainable, secure water supplies provide a clear path for the UAE’s future development as a global force for driving sustainability.”
@WFES
According to the International Renewable Energy Agency (IRENA), by the year 2050, sustainably produced electricity will have become the world’s most important energy carrier.
Electricity’s share of final energy use is forecast to increase from 21 percent today to 60 percent in 2050, a three-fold rise achievable through significant efforts to electrify our economies.
Current government plans call for $98 trillion of energy system investment in the coming three decades, yet IRENA’s ‘1.5oC scenario’ requires an additional $33 trillion related to energy transition over the planned investments and a significant redirection of money from fossil fuels into green assets.
Khaled Al Huraimel, Group CEO of Bee’ah, said that exhibiting at the World Future Energy Summit will provide a timely platform to highlight initiatives that drive progress towards a circular economy.
“We have been developing clean energy projects In the Middle East for over 25 years, actively strengthening our leading ambition,” commented Laurent Clement, CEO and Managing Director of EDF Middle East.
“Building a net-zero energy future with electricity and innovative solutions and services is EDF’s purpose, its “raison d’être”. It is a privilege for us to bring our vast experience and technologies to this world-leading event in the UAE’s capital.
