RIYADH: Despite instability in terms of cost rises and unexpected divestments, the energy sector is full of promising projections and initiatives such as those from India, Germany, and US’s Goldman Sachs.
Looking at the bigger picture:
- India is projected to export an estimated $500 billion worth of green energy by 2042, Bloomberg reported, citing chairman of Reliance Industries, Mukesh Ambani. Accordingly, Ambani’s multinational conglomerate company plans to invest a total of $76 billion in clean energy projects over the upcoming years.
- German parties have approved a 13 billion euro ($14.7 billion) package of measures to alleviate the effect of soaring energy prices on households, Reuters reported. The measures include canceling a green power surcharge added to electricity bills.
- Hydrogen generation could turn into a $1 trillion market annually, CNBC reported, citing American multinational investment bank and financial services firm Goldman Sachs. This comes as hydrogen plays a vital role in the transition to net zero as it can replace natural gas.
Through a micro lens:
- Hong Kong-based electricity company CLP Holdings Ltd. is contemplating the sale of the wholly owned EnergyAustralia, valued at $2 billion. EnergyAustralia supplies electricity and gas to an estimated 2.44 million customers all over the country.
