RIYADH: On a macro level, inconsistency remains rife in the energy sector as some countries such as the UK continue to pursue a green track while other countries like the US and Germany are lagging behind in some aspects. On a micro level, however, renewable bids and initiatives prevail signaling a promising future for the sector.
Looking at the bigger picture:
·US President Joe Biden aims to further prolong the tariffs on imported solar equipment for an additional four years, Bloomberg reported.
The decision is receiving backlash on a local and international level, especially from China, as it will cause disruptions in inattentional trade matters.
·Car sales in the UK surged 28 percent during the month of January to hit the highest it’s been in seven months, Bloomberg reported, citing data from the Society of Motor Manufacturers and Traders.
The surge in sales is mainly attributed to the rise in demand for electric vehicles as one in five customers chose battery powered vehicles.
·Germany’s economy minister, Robert Habeck, urges the country to be less reliant on Russian gas supplies to curb shortages if conflicts with Ukraine advance, Reuters reported.
Through a micro lens:
·African Infrastructure Investment Manager, or AIIM, put up a bid for a 60 percent stake in Lekela Power — provider of clean and reliable energy across Africa — Bloomberg reported, citing Reuters.
·Chief executives of UK energy firm SSE plc and UK arm of automation firm Siemens are urging their home country to heavily shift focus towards renewables to avoid the unstable natural gas market, Bloomberg reported.
The companies argue that being on track with the country’s carbon neutrality goals is the best approach to ease the pain of the energy crisis in the long term.
