RIYADH: The war between Russia and Ukraine continues to affect countries, firms, and industries worldwide with concerns focused on energy supplies and rising prices.
While solar and renewable stocks are gaining wider attention, chip supply chain issues are seen lingering as a result of the war.
Countries such as Italy are pursuing initiatives to back certain industries in the sector such as electric vehicles, while firms such as KKR & Co are looking to expand into clean energy.
Looking at the bigger picture:
· Solar and renewable stocks have jumped in trading as the US and UK are moving to sanction Russian oil, Bloomberg reported.#
This is on the back of soaring oil prices after Russia’s invasion of Ukraine to reach $100 per barrel.
· Italy will subsidize as much as 6,000 euros ($6,570) of the price of new electric cars in its attempt to back the country’s auto sector, Reuters reported.
The European country has also pledged a total of 8.7 billion euros until the year 2030 to boost its automotive industry. Of the total budget, an average of 700 million are set aside for 2022 alone.
· The UK plans to ramp up oil and gas production as it moves to ban Russian imports by the end of 2022.
“We don't buy proportionately very much Russian oil and gas and we do also produce our own so we'll step that up as well," Transport Minister Grant Shapps told Sky News.
Through a micro lens:
·German motor vehicle manufacturer Volkswagen has announced that it will stop taking orders for several plug-in hybrid models starting from Wednesday due to the chip supply crunch which was deepened by the military conflicts between Russia and Ukraine, Reuters reported.
The plug-in hybrid models include Golf, Tiguan, Passat, Arteon, and Touareg.
·American global investment company KKR & Co. is contemplating the acquisition of French independent renewable energy producer Albioma SA, Bloomberg reported.
This comes as the investment firm is seeking to expand into renewable energy.
