The West must seek broader sources of energy; Saudi minister says fossil fuels still needed for economic recovery: NRG matters

Geopolitical instability continues to dominate the sector as well as risks to economic recovery as supply and price constraints remain. Developments such as those in Ethiopia suggest progress in the sector.

Additionally, at the micro level, companies like those in France and the UK continue to raise funds and take action that supports the global green push.

Looking at the big picture:

Saudi Arabia’s energy minister warns that focusing only on renewable energy could negatively affect the post-pandemic economic recovery process, Reuters reported.

It comes as projections indicate the world may not be able to produce all the energy needed for full recovery.

The West is advised to seek alternative energy sources other than Russia in case political tensions between Russia and Ukraine escalate, CNBC reported, citing German Chancellor Olaf Scholz.

The situation remains tense as Western officials have pointed to the possibility of potential sanctions against Russia’s energy industry if it invades Ukraine.

The $4.2 billion Ethiopian Mega Dam, also known as the Grand Ethiopian Renaissance Dam or GERD, has started generating power, the Financial Times newspaper reported.

Being the largest African dam on the Blue Nile, the GERD is expected to generate a total of 5,000 MW by its completion in 2024 to meet the needs of 65 million Ethiopians who still do not have access to electricity.

Through a micro lens:

GreenYellow, the renewable energy arm of French retail group Casino Guichard-Perrachon SA, has raised a total of 200 million euros ($226 million), Bloomberg reported.

The amount will be used to propel the company’s plans ahead of its IPO, details of which have yet to be disclosed.

Major British commercial and retail bank NatWest has announced that it will stop doing business with several coal companies and stop lending to major oil and gas companies due to their lack of credible decarbonisation programmes, according to the Financial Times.

The bank plans to implement the decision as soon as possible as it ceases business with polluting companies in line with its net zero commitments, the Financial Times reported, citing the bank.
Source: Arab News

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