RIYADH: Further steps towards greener policies from governments and eco-friendly products from corporations continue despite the current volatility in the energy sector.
Looking at the Bigger Picture:
?UK’s prime minister — Boris Johnson — pledges to opt for cheap and affordable energy to help mitigate the pain of surging prices, Reuters reported.
?Banks gained $3.4 billion from green-labeled bond sales and loans as opposed to $3.3 billion from their work with oil, gas and coal firms in 2021, Bloomberg reported.
This marks the first time since the release of the Paris agreement back in 2015 — which aims to limit global warming to below 2 degrees Celsius — that green debt fees exceed fossil fuel corporations funding.
Figures from 2020 show that green fees accumulated to $1.9 billion while fossil fuel financing was as much as $3.7 billion.
Through a micro lens:
?German multinational automotive corporation Daimler has released an electric vehicle concept, also known as Vision EQXX, that is projected to range up to one thousand kilometres (621 miles) per charge, CNBC reported.
The company revealed the vehicle is made up of 117 solar cells utilized on the roof and a green material — a leather alternative — called “Mylo” making up the interior of the vehicle.
?Electric services firm, Korea Zinc injects $50 million in Swiss based energy storage corporation, Energy Vault, Reuters reported.
This comes as Korea Zinc has acquired a wind and solar farm developer in Australia and plans to utilize Energy Vault’s resources and technology to decarbonize operations in its plant.
?Indian city Ghaziabad welcomes the first set of 15 electric buses in the city, according to Reuters.