RIYADH: On a macro level, countries like Italy and India continue to pave the way for a green and sustainable future. Nevertheless, there remains a level of instability due to cost pressure as well as political tensions between Russia and Ukraine.
Looking at the bigger picture:
.The Italian government approved 6 billion euros ($6.81 billion) worth of measures on Friday in an attempt to ease the pain of soaring energy costs and bills on consumers and businesses, Reuters reported.
This comes as part of a bigger 8 million euro package that is intended to elevate the European country’s economy.
.India has installed a total of 650 electric vehicle, or EV, chargers in major cities over the past four months, Bloomberg reported.
This is mainly attributed to the fact that the South Asian country aims to spur adoption of EVs to achieve net-zero carbon emissions by 2070.
Through a micro lens:
.Energy sanctions against Russian majority state-owned multinational energy corporation Gazprom is an option if the country pursues Ukraine invasion, CNBC reported, citing European Commission President Ursula von der Leyen.
Europe imports as much as 40 percent of its gas supply from Gazprom which is not considered a viable source in light of the current political tensions, she disclosed.
.Indian government-owned coal mining and refining corporation Coal India Ltd. cautioned about an output crunch if the firm’s prices do not rise, Bloomberg reported.
This is mainly attributed to cost pressures on the corporation as a result of soaring diesel prices — used to power the mining equipment — along with higher salaries.