ENERGY RELATED EU AND INTERNATIONAL NEWS
date: 08/03/2023
Brussels expected to target 40% of clean tech manufacturing in Europe by 2030
The European Commission (EC) is drafting a new target to have at least 40% of clean technologies manufactured in the EU by 2030 as part of a drive to meet its climate goals and strengthen energy independence. Eligible technologies include renewables, nuclear power and carbon capture and storage, among others. The draft law is expected to be published on 14 March 2023. It looks at increasing support for key technologies that will help Europe reduce its emissions and switch to carbon-free energy production.
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EU rewrites climate diplomacy deal to resolve nuclear sticking point
European Union countries intend to push for a global phasing out of fossil fuels among their climate diplomacy priorities this year, which the bloc hopes to approve this week after rewriting a contentious section on nuclear energy. The draft text aims to set out the EU’s diplomatic priorities ahead of this year’s UN climate summit, where nearly 200 countries will negotiate joint efforts to curb climate change.
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EU law to ban fossil fuel vehicles by 2035 wavers
The Commission president Von der Leyen met with the German government to allow movement on an EU law ending the sale of emitting cars and vans by 2035. Unfortunately, the meeting failed to steer a deal with Berlin. As a matter of fact, after the meeting, German Chancellor Olaf Scholz on Monday made clear that he is fully behind the effort to press the EC to amend its effort to ban the sale of new polluting combustion engine vehicles from 2035 by creating a loophole for so-called e-fuels.
EU negotiators agree on rules defining European green bonds
The European Parliament and member states reached an agreement to establish requirements for a European green bond standard, to prevent financial greenwashing. Under the proposed rules, issuers using the European green bond standard will be required to prove that the proceeds from their bond sale are in line with the EU taxonomy rulebook that defines which activities can be considered sustainable. At the same time, they will have a 15% flexibility pocket for economic activities which are not yet covered by the EU taxonomy.
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Electricity Market Report 2023
The International Energy Agency's Electricity Market Report 2023 focuses on the role of electricity in modern societies and its increasing importance in areas such as transportation and heating. Power generation is the largest source of global carbon dioxide emissions, but the sector is also leading the transition to net-zero emissions through the use of renewables like solar and wind power. The report is essential reading for anyone interested in the importance of energy in our economies and societies.
Environmental sustainability innovation: Leading companies in PCM thermal energy storage for the power industry
The power industry is experiencing a surge of innovation driven by the growing demand for energy storage solutions and the need to balance energy supply and demand. Inorganic, organic, hygroscopic materials, and solid-solid PCMs are some of the technologies playing a significant role in this innovation. However, not all innovations follow a linear trajectory, and their lifecycle takes the shape of an S-curve, with different stages of adoption. GlobalData's Technology Foresights identifies 90+ innovation areas that will shape the future of the power industry.
New IRENA report highlights hydropower’s evolving role
A new report by the International Renewable Energy Agency (IRENA) highlights the need to adjust the way hydropower assets are designed, operated and maintained in response to changes in the power sector. According to IRENA's 1.5°C Scenario, the world needs to more than double its hydropower installed capacity by 2050 to meet climate goals. However, the report notes that most of the hydropower potential lies in developing countries, and financing institutions need to work with governments to overcome local risks and limitations to invest in these regions.
Launch of IRENA and CPI publication on the Global landscape of renewable energy finance 2023
This third edition of the biannual joint report by the International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI) analyses investment trends by technology, sector, region, source of finance and financial instrument in the period 2013-2020. It identifies financing gaps to support informed policy making for the deployment of renewables at the scale needed to accelerate the energy transition.