RIYADH: Spain and Portugal are set to establish a gas pipeline to reduce the continent’s dependence on Russian supplies.
The African Development Bank is planning to raise a significant amount to back South Africa’s transition to clean energy.
On another note, India’s Attero Recycling Pvt is intending to invest up to $1 billion to build battery recycling plants across Europe, the US, and Indonesia.
Looking at the bigger picture:
- Spain and Portugal are set to develop a new gas pipeline connecting both countries in an attempt to regasify imported liquefied natural gas and channel it to central Europe. The EU is expected to finance the infrastructure, Reuters reported, citing Spain’s Prime Minister Pedro Sanchez.
- Spain’s gross domestic product has the potential to be hit by between 2.5 percent and 4.2 percent should energy imports from Russia stop flowing, Reuters reported, citing the country’s central bank. While the magnitude of the impact will be high during the first year, it is expected to lessen in the years to follow, reflecting Europe’s compliance to replacing Russian supplies.
Through a micro lens:
- Multilateral development finance institution African Development Bank has announced that it aims to secure as much as $40 billion to facilitate South Africa’s transition to clean energy, Bloomberg reported. The institution also stressed that this comes as a part of a scheme which will not add to the country’s debt, but rather will be used as a model for other countries moving forward.
- India’s largest electronic asset management company Attero Recycling Pvt has announced that it plans to inject $1 billion over the span of five years to construct lithium-ion battery recycling facilities across Europe, the US, and Indonesia, Bloomberg reported. This comes as a result of the rise in demand for the metal amid the global transition to electric vehicles. In addition, it is projected that 2.5 million tons of lithium-ion batteries will reach the end of their life by the year 2030. Currently, there is only capacity to recycle as much as 0.7 million tons of battery waste.
