France sees fourfold jump in rooftop solar installations: NRG matters
Updated 19 January 2022
Arab News
RIYADH: As Europe continues to fight soaring energy costs and pursue transition to cleaner fuel sources, countries such as China are either curbing electricity shortages or investing in green energy.
Looking at the bigger picture:
European power costs for February are forecast to decline as favorable weather conditions are set to boost renewable energy output via wind power generation, Bloomberg reported. This fall in power prices is expected to ease the pain of rallying energy prices on households and small businesses across the continent.
France recorded a fourfold increase in new rooftop solar installations last year as demand for solar panels and extra insulation in Europe surged. The drive has been sparked by people attempting to curb soaring energy bills, Bloomberg reported, citing Rystad, an energy research and business intelligence firm.
Additionally, governments of EU members such as Italy and Spain dedicated $13.7 billion and $3.9 billion respectively to enhance energy efficiency in households up until 2026, Bloomberg reported, citing figures from the Bruegel think tank.
China’s record coal spree, which pushed annual production in 2021 to over four billion tons, is capable of averting energy supply crisis and electricity shortages, according to Bloomberg. This comes as the country has secured enough fuel supply to cater to local needs.
Through a micro lens:
Chinese state-owned power firm China Three Gorges Corporation is set to spend $6.5 billion on three off-shore wind farms in the Guangdong province amid a scheme to diversify its portfolio, the Financial Times reported. While the hydropower giant has a current capacity to generate up to 26 gigawatts of electricity from solar panels and wind turbines, it aims to push this figure to 70 or 80 gigawatts by 2025, according to Bloomberg.
Belgium based metal supplier Eurometaux has turned to EU policymakers for help as it seeks the support of member states in boosting local productions of aluminium, zinc, and silicon amid energy transition efforts, Reuters reported. This comes in line with the Union’s 2050 net zero plans which include electric vehicles requiring aluminum as well as renewable energy that call for zinc and silicon.
GCC chambers plan Gulf Guarantee project to boost intra-regional trade
Updated 14 sec ago
Abdulaziz Al-Faki - ALEQTISADIAH
DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.
Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.
Saleh Al-Sharqi, Secretary-General of the Federation of GCC Chambers. Al-Eqtisadiah
He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.
He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.
In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.
Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.
On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.
In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.
Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.
He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.
During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.
The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.
