Shri Manohar Lal addresses Brainstorming Session on the Indian Power Sector Scenario 2047 All Power Sector Stakeholders to collaborate to achieve 2,100GW by 2047: Shri Manohar Lal
Need to quickly shift towards a more diverse and cleaner energy mix: Shri Shripad Yesso Naik
National Electricity Plan (Transmission) launched; targets achieving 500GW of renewable energy installed capacity by 2030 and over 600 GW by 2032
Posted On: 14 OCT 2024 5:18PM by PIB Delhi
Union Minister Shri Manohar Lal addressed Brainstorming Session on the Indian Power Sector Scenario 2047 in New Delhi today.
At the two-day Brainstorming Session on the Indian Power Sector Scenario 2047 Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal, outlined the government’s strategy to meet the country’s burgeoning energy needs while transitioning to cleaner sources of power.
“By 2047, we anticipate our power demand to reach 708 gigawatts. To meet this, we need to increase our capacity by four times, i.e. 2,100 gigawatts,” Union Minister Manohar Lal stated, highlighting the scale of the challenge ahead. “This is not just about increasing capacity; it’s about reimagining our entire energy landscape.”
The Union Minister emphasised the critical role of renewable energy in India’s future power mix. “We have set an ambitious target of 500 GW of non-fossil energy capacity by 2030, effectively doubling our current capacity,” he said. This push towards green energy aligns with India’s commitment to reducing carbon emissions by one billion tonnes by 2030 and achieving net-zero emissions by 2070.
Shri Manohar Lal praised the CEA for its pivotal role in shaping the sector’s future, citing the National Electricity Plan, which was launched at the session. “This plan will provide crucial guidance to state governments and investors, fostering a collaborative approach to sector development,” he noted.
The National Electricity Plan (Transmission), developed in consultation with various stakeholders, outlines a comprehensive strategy to achieve the government’s energy transition goals. It details the transmission infrastructure required to support 500 gigawatts of renewable energy capacity by 2030, increasing to over 600 gigawatts by 2032. The plan incorporates innovative elements such as the integration of 10 gigawatts of offshore wind farms, 47 gigawatts of battery energy storage systems, and 30 GW of pumped storage plants. It also addresses the power needs of green hydrogen and green ammonia manufacturing hubs, and includes cross-border interconnections. With a planned addition of 190,000 circuit kilometres of transmission lines and 1,270 GPA of transformation capacity over the next decade, the plan presents an investment opportunity of over 9 lakh crore rupees in the transmission sector.
The minister also addressed the challenges of integrating variable renewable energy sources into the grid, emphasising the need for advanced storage solutions. “We are exploring innovative technologies in pump storage facilities and battery storage to ensure 24/7 power availability to our citizens,” the Union Minster explained.
Recognising the transformative impact of rapid urbanisation and industrialisation on power demand, the government is focusing on grid infrastructure expansion and upgradation. The Union Minister stressed the importance of creating a skilled workforce to support this modernisation, stating, “We must develop a workforce capable of meeting the demands of a 21st-century energy system.”
On occasion, Minister of State for Power and New & Renewable Energy, Shri Shripad Yesso Naik, emphasised the need for meticulous planning to align the power sector with emerging priorities. He called for a swift transition towards a diverse and cleaner energy mix, driven by ambitious sustainability targets. “Significant investment will be needed in renewable technologies, energy storage solutions and grid modernisation,” Shri Naik stated. He highlighted the pivotal role of the Central Electricity Authority in shaping the sector’s transformation, noting its wide-ranging responsibilities from formulating national electricity plans to setting technical standards. MoS stressed the importance of developing new skills, regulatory frameworks, and market structures to manage the evolving energy landscape, asserting that “electricity is not just a commodity, but a catalyst for growth, development and a sustainable future.”
Among other speakers at the inaugural session, Shri Pankaj Agarwal, Secretary, Ministry of Power, outlined India’s roadmap for a modern, energy-efficient power sector, emphasizing India’s critical role in the vision of ONE SUN, ONE WORLD, ONE GRID for a sustainable future.
He underscored the multifaceted nature of energy security, stating that it encompasses three critical elements: affordability, adequacy coupled with reliability, and sustainability. He further alluded to the recent G20 New Delhi Leaders’ Declaration, highlighting the ambitious targets set for the sector. “The G20 members have resolved to triple renewable energy capacity and double the rate of improvement in energy efficiency,” he noted. Looking ahead to COP29, the Secretary added, “We anticipate a requirement for a sixfold increase in storage capacity.” He also underlined the need for a comprehensive planning framework to meet demand optimally and securely while calling for the flexibilisation of Power Purchase Agreements and reduced power costs for consumers.
Ms. Debashree Mukherjee, Secretary, Department of Water Resources, River Development & Ganga Rejuvenation, highlighted the critical link between water and power in driving India’s economic growth. She emphasized the need for sustainable energy solutions and the close collaboration between CEA and Central Water Commission in hydropower development for 2047.
Shri Prashant Kumar Singh, Secretary, Ministry of New and Renewable Energy, highlighted India’s ambitious strides in renewable energy, focusing on solar, wind, and innovative green initiatives to power Viksit Bharat.
Shri R.V. Shahi, Former Secretary, Ministry of Power highlighted the crucial role of financial planning and policy-making in India’s power sector growth and the steps needed for Viksit Bharat by 2047”.
Shri Ghanshyam Prasad, Chairperson, CEA, presented a comprehensive roadmap for the power sector’s evolution, tracing its growth from a mere 1 GW peak demand at independence to now targeting to four times the capacity to 2053 GW by 2047. This ambitious plan includes a significant shift towards renewable energy, with targets of 1,200 gigawatts of solar and over 400 gigawatts of wind power by 2047. A key focus is on hydro pump storage plants, with capacity expected to surge from the current 4.7 gigawatts to 116 gigawatts. The plan addresses critical areas such as flexible operation of thermal and nuclear plants, skill development, research and development, financing for energy transition, and innovative solutions in transmission and distribution. He emphasised the need for a collaborative approach among all stakeholders to achieve the vision of a world-class Indian power sector by 2047, coinciding with the country’s centenary of independence.
Shri Subhrakant Panda, Immediate Past President, FICCI and and Managing Director, Indian Metals & Ferro Alloys, said, “India’s power sector, now surplus with 450+ GW capacity, presents vast opportunities in the transition to clean energy by 2070. The expanding renewable energy sector offers promising growth prospects. Enhancing local manufacturing and R&D investment will open new avenues for innovation and industry development; while improving ease of business, extending ISTS waivers, and strengthening the transmission and power evacuation system will further boost sector growth, creating numerous opportunities for investors and businesses.”
The conclave is being organised in collaboration with a broad range of stakeholders, including FICCI and CBIP, who serve as the programme partners, among a host of other organisations, reflecting its industry-wide significance.
The CEA has unveiled its vision for the power sector’s development through 2047, emphasising sustainable growth, technological innovation, and meeting the challenges of a rapidly expanding economy.
CEA with the aim of transmitting of 500 GW of Renewable Energy installed capacity by the year 2030 and over 600 GW of Renewable Energy installed capacity by the year 2032, prepared the detailed Nation Electricity Plan (Transmission) in consultation with various Stakeholders. The same was launched by the Union Minster Shri Manohar Lal in presence of various dignitaries during the two days Brainstorming conclave being organized by CEA during 14-15th October 2024 in New Delhi.
The Plan has also taken into consideration the requirement of storage systems viz 47 GW of Battery Energy Storage Systems and 31 GW of Pumped Storage Plants to be developed along with Renewable Energy. Transmission system has also been planned for delivery of power to the Green Hydrogen/Green Ammonia Manufacturing hubs at coastal locations like Mundra, Kandla, Gopalpur, Paradeep, Tuticorin, Vizag, Mangalore etc.
As per the National Electricity Plan, over 1,91,000 ckm of transmission lines and 1270 GVA of transformation capacity is planned to be added during the ten year period from 2022-23 to 2031-32 (at 220 kV and above voltage level). In addition, 33 GW of HVDC bi-pole links are also planned. The inter-regional transmission capacity is planned to increase to 143 GW by the year 2027 and further to 168 GW by the year 2032, from the present level of 119 GW.
The Transmission Plan also covers Cross border interconnections with Nepal, Bhutan, Myanmar, Bangladesh, Sri Lanka as well as probable interconnections with Saudi Arabia, UAE etc.
The transmission plan highlights new technology options in transmission sector like Hybrid Substations, Monopole Structures, Insulated Cross Arms, Dynamic Line Rating, High Performance Conductors, Upgradation of maximum operating voltage to 1200 kV AC as well as skill development in Transmission Sector.
With several transmission schemes under construction, several transmission schemes under bidding and several other transmission schemes in pipeline, the transmission Plan provides visibility to the investors of the massive investment opportunity of over INR 9,15,000 Crores in Transmission Sector till the year 2032.
Union Minister Nitin Gadkari Addresses 12th CII Bioenergy Summit in Delhi Sh. Gadkari Highlights Ethanol Advancements: Ethanol Blending Reaches 15% in 2024
Union Minister Sh. Gadkari Urges Swift Action to Reduce ₹22 Lakh Crore Fossil Fuel Import Cost
Biofuel is key to India’s energy self-reliance, boosting the agricultural economy, and ensuring prosperity for our farmers: Sh. Nitin Gadkari
Posted On: 14 OCT 2024 6:33PM by PIB Delhi
Union Minister for Road Transport and Highways Shri Nitin Gadkari, today reaffirmed the government’s commitment to advancing ethanol blending and biofuel initiatives at the 12th CII Bioenergy Summit 2024, themed “Fuelling the Future – Securing India’s Green Growth Goals”. The event took place in New Delhi.
Highlighting the success of ethanol blending in India, Shri Gadkari noted that ethanol blending in petrol has surged from 1.53% in 2014 to 15% in 2024, with a target to reach 20% by 2025. Research is underway to explore blending 15% ethanol in diesel as well, as part of the government’s strategy to reduce fossil fuel dependency.
Speaking on the occasion, Union Minister emphasized the creation of an ethanol ecosystem, which includes the establishment of 400 ethanol pumps by Indian Oil Corporation in four states—Karnataka, Tamil Nadu, Uttar Pradesh, and Maharashtra. Discussions with leading automakers ongoing, with plans to launch flex-engine cars that run on ethanol. Similarly prominent manufacturers of two-wheelers are preparing to launch ethanol-powered bikes once the infrastructure is ready, he added.
“We are fast-tracking efforts to increase ethanol production and distribution in these four key states,” said Shri Gadkari. He further added that these initiatives align with India’s broader biofuel goals, positioning the country as a leader in sustainable energy solutions.
Shri Gadkari also discussed the importance of leveraging waste-to-energy technologies, especially in the production of bio-CNG from rice straw, which has proven viable across 475 projects, with over 40 already operational in states like Punjab, Haryana, Western Uttar Pradesh, and Karnataka. The conversion ratio of rice straw to CNG stands at approximately 5:1 in tonnes. Union Minister called for further research into efficient biomass sources and cost-effective transportation of biomass.
Addressing the environmental challenge of stubble burning in Punjab and Haryana, Shri Gadkari praised Indian Oil’s Panipat plant, which is converting agricultural waste (parali) into biomass. “At present, we are able to process one-fifth of the parali, but with proper planning, we can significantly reduce the seasonal air pollution caused by stubble burning,” he said.
Research by the Central Road Research Institute (CRRI) on bio-bitumen production also promises to reduce India’s dependence on imported bitumen, further contributing to the country’s green growth agenda.
Shri Nitin Gadkari stressed the urgency of reducing India’s annual fossil fuel import worth ₹22 lakh crore, particularly amidst global geopolitical uncertainties. “Biofuel is key to India’s energy self-reliance, boosting the agricultural economy, and ensuring prosperity for our farmers,” he said.
He concluded by emphasizing the transformative potential of the biofuel sector in expanding the role of farmers from “Annadata” (food-giver) to “Urjadata” (energy-giver), “Indhandata” (fuel-giver), and ultimately, “Hydrogen-Data” (Hydrogen-giver). The Minister congratulated CII on organising the summit.
The renewable energy sector is set to dominate the Indian power industry in the coming years, stated Shri Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy. He was speaking at the Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 in New Delhi. He mentioned that RE capacity, which was 76 GW in 2014, is now almost 210 GW, and achieving 500 GW by 2030 is within reach.
Shri Prashant Kumar Singh highlighted that a major part of this growth in RE will come from the solar sector. Solar capacity has surged from a mere 2.6 GW in 2014 to an impressive 91 GW today, with projections indicating it could reach close to 300 GW by 2030. Initiatives such as PM Surya Ghar and PM KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities. Solar power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW and is expected to surpass 100 GW by 2030.
He also highlighted the excellent growth of the solar cell manufacturing sector from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a target of over 70 GW by 2030. Between 2014 and 2023, investments in the RE sector have totalled ₹8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged ₹25 lakh crore in support of RE projects through 2030.
Secretary Shri P.K. Singh also emphasized the importance of initiatives such as the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in the RE sector. He urged the industry to collaborate on advancing the Green Hydrogen sector in the country. India has set a target of 7.7 metric tonnes of green hydrogen by 2030, alongside establishing 15 GW of electrolyser capacity. Shri Singh also noted advancements in research and development, highlighting the National Physical Laboratory’s development of a reference solar cell—a significant milestone for the sector.
The Brainstorming Conclave by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 was inaugurated today by Union Minister of Power Shri Manohar Lal Khattar in New Delhi. Union Minister of State for Power & New and Renewable Energy Shri Shripad Y. Naik also addressed the event. The conclave involves policymakers, government leaders, ministers, senior officials from Central and State Governments, industry experts, distinguished guests, and other stakeholders. The event aims to provide a unique platform for knowledge exchange, networking, and collaboration towards a sustainable and resilient power sector.
Scientists have found a green and efficient chemical process for preparing amides directly from alcohol using a Covalent Organic Framework (COF) based photocatalyst that can revolutionize industrial manufacturing of pharmaceuticals and synthetic materials.
Amides are essential in chemistry, serving as key components in a wide range of organic compounds, including proteins, pharmaceuticals, and synthetic materials. Traditional amide synthesis methods often require high temperatures and harsh conditions, leading to significant environmental impact and inefficiency. These conventional approaches typically involve transition metal catalysts and generate substantial waste, prompting the need for more sustainable alternatives.
Researchers from S. N. Bose National Centre for Basic Sciences, an autonomous Institute of the Department of Science and Technology (DST), have introduced a novel method for synthesizing amides from alcohols using a Covalent Organic Framework (COF) as a photocatalyst under red light irradiation. This catalytic method can be helpful in chemical processes across various industries, including pharmaceutical manufacturing, materials science, and green chemistry – offering a more sustainable, efficient, and recyclable approach to creating vital chemical structures.
The advantages of this method include mild reaction conditions, high efficiency, excellent recyclability, and the practicality of red-light activation, which is less harmful and penetrates more effectively, making it suitable for large-scale applications. Additionally, the tolerance of COFs to various functional groups broadens their applicability to challenging substrates, such as secondary amides, which are difficult to synthesize using traditional catalysts.
The newly developed method uses the redox-active TTT-DHTD COF, which has been designed with high-density organic moieties, namely dithiophenedione, which is crucial for trapping photogenerated electrons (Scheme 1). This feature enables the COF to efficiently facilitate hydrogen atom abstraction reactions. The ability of the COF to absorb light across the visible spectrum, coupled with its narrow band gap, makes it particularly effective for generating excitons, which are essential for dehydrogenative coupling reactions. Upon red light absorption, the COF undergoes a photochemical reaction that generates excited states capable of initiating the dehydrogenation of alcohols, resulting in amide formation through coupling with amines. The process benefits from the stability and recyclability of COFs, making it a robust catalyst for repeated use.
The implications of this research are significant. In the pharmaceutical industry, this method could streamline drug production, reduce costs, and eliminate metal contamination. In materials science, it could enable the development of new polymers and materials with amide linkages, expanding the range of materials for various applications. Further research may optimize the COF structure for even better performance and stability, and scaling up the process for industrial applications will be crucial to realizing its full potential.
Scheme 1.Scheme of synthesis of amides using covalent organic frameworks as heterogeneous photocatalysts.
The development of the TTT-DHTD COF-catalysed method for sustainable and green amide synthesis marks a significant advancement in chemical catalysis. By combining mild reaction conditions, efficient light activation, and excellent recyclability, this approach addresses many limitations of traditional methods and paves the way for more sustainable and efficient chemical processes. As research progresses, the impact of this breakthrough could extend across multiple industries, driving progress toward greener and more effective chemical synthesis.
NREL Empowers Next Generation of Globally Minded Scientists To Solve Global Energy Challenges
In the afterglow of the 2024 Olympic and Paralympic Games, it is worth remembering that athletic feats are not the only endeavors that resonate across international borders.
Shifting to clean energy means addressing some of the most difficult technical challenges the world has faced—making collaboration key. It means investing in our future leaders and providing them opportunities to encounter new ideas, develop new skills, and become globally aware scientists.
“Tackling the global threat of climate change will require a unified global effort, yet effective international collaboration remains as challenging as it is important,” said Steven Hayden, National Renewable Energy Laboratory (NREL) microscopist and postdoctoral-researcher liaison. “Diversity is a critical human strength. By exposing our postdocs—tomorrow’s leaders—to a variety of worldviews and collaborative methods, we foster the global community necessary to secure our collective future.”
At NREL, investing in postdocs and early-career researchers as global leaders starts by supporting them in attending international convenings, conferences, and summer schools. These are venues where they build professional networks, discover job opportunities, exchange ideas, and act as NREL ambassadors to the global energy research community.
This summer, NREL postdocs and early-career staff participated in multiple events around the globe, including in Italy, Indonesia, Singapore, and stateside in Golden, Colorado, just down the road from NREL’s South Table Mountain Campus. In some cases, postdocs were competitively selected to attend.
In Indonesia, RD20, an initiative among Group of 20 (G20) countries and regions to strengthen international collaborations among leading energy-research institutes, hosted its second annual summer school in summer 2024.
Jacob Cordell (left) and Alex Hill (right) pose in front of an Indonesian presidential palace, Bogor Palace, at the Bogor Botanical Gardens, which they visited during the 2024 RD20 summer school. Photo from Alex Hill, NREL
“This is an opportunity for graduate students, postdocs, and early-career researchers to get exposure to and even get involved with international research and development collaboration,” said NREL Associate Laboratory Director Bill Tumas, who sits on the RD20 action committee. “These events enable the next generation of our scientific workforce to gain an appreciation for the diversity of solutions and approaches for clean energy technologies.”
Four NREL postdocs and early-career researchers participated in the RD20 organization’s summer school in 2024. The next summer school will be held at NREL in 2025.
“We do world-class research, but going to the summer school made me realize that an integral piece of world-class research is interacting with the world,” said NREL postdoc Alex Hill, reflecting on his experience at the RD20 summer school. “I think that is something I want to try to take forward in my research: How can I engage community stakeholders more in the day-to-day operations of what I do?”
Postdoc Diego Soetrisno, another RD20 summer school participant, said that the opportunity reinforced the value of contextualizing one’s own fundamental research amid an ongoing global exchange of ideas.
“I did my Ph.D. doing really fundamental work, but there’s a gap between my fundamental work and context with the larger picture,” Soetrisno said. “This summer school experience has given me more understanding of the really large picture of decarbonization technology. But it is also trying to bring my work in context with other people’s work. Without that communication, my work would not be able to really influence other people.”
Below are short descriptions and lists of participants in international convenings this summer. Congrats to this year’s participants!
Barga, Italy—Electronic Processes in Organic Materials Gordon Research Conference
The Electronic Processes in Organic Materials Gordon Research Conference focused on advancing the frontiers of science by having participants present cutting-edge and unpublished research, prioritizing time for discussion after each talk, and fostering informal interactions among scientists of all career stages.
NREL participants:
Nick Hight-Huf, postdoctoral researcher
Bryon Larson, researcher
Max O’Connor, graduate student
Garry Rumbles, senior research fellow.
South Tangerang, Indonesia—RD20 Summer School
Photo from Alex Hill, NREL
The2024 RD20 summer schoolwas titled “Diversity of Knowledge on Decarbonization in Just Energy Transition Mechanism,” providing an opportunity for young researchers from G20 countries to deepen their knowledge and skills in the field of decarbonization. Event themes were broad, ranging from life-cycle assessments, circular economy, and smart grids to biomass resources, energy storage, and hydrogen production and utilization.
NREL participants:
Anthony Burrell, research advisor
Birdie Carpenter, researcher
Jacob Cordell, analyst
Randy Cortright, research advisor
Alex Hill, postdoctoral researcher
Prashant Saini, postdoctoral researcher
Diego Soetrisno, postdoctoral researcher
Bill Tumas, associate laboratory director.
Golden, Colorado, USA—International School for Materials for Energy and Sustainability 2024
Photo from Dave Ginley, NREL
The International School for Materials for Energy and Sustainability 2024—another annual event—brought together Ph.D. students and postdocs to review and actively discuss/debate state-of-the-art and future perspectives for materials as they can be applied to energy generation and storage for a sustainable global energy infrastructure.
NREL participants:
Zachary Binger, postdoctoral researcher
Sakshi Gautam, former NREL postdoctoral researcher
The story of famous applied linguist Li Pei has been adapted into a contemporary Kunqu Opera production, which, staged by the Northern Kunqu Opera Theatre, premiered at the University of Chinese Academy of Sciences in Beijing on Oct 13.
The production is a tribute to Li’s remarkable life and legacy, reflecting her resilience, groundbreaking achievements as an educator, and story with her husband Guo Yonghuai (1909-68), one of the founding fathers of China’s atomic and hydrogen bombs and satellite programs.
Award-winning Kunqu Opera actress Wei Chunrong plays the role of Li Pei in the production.
With a 19-member ensemble featuring traditional Chinese musical instrumentalists and a small symphony orchestra of 30 members, the Kunqu Opera production combines a contemporary storytelling approach with the Kunqu Opera.
Born in Jiangsu province in 1917, Li was accepted into Peking University to study economics in 1936. She continued her studies at Cornell University in the United States in 1947, where she married Guo in 1948. The couple returned to China with their only daughter in 1956.
Li began teaching English at the University of Science and Technology of China in 1961 and transferred to its graduate school in 1978. She remained at the graduate school until she retired in 1987. Li passed away in 2017.
Besides being an educator and linguist, Li is also credited with being one of the most important initiators and promoters of the development of Zhongguancun, a small village in Beijing, which later became the high-tech innovation hub dubbed “the Silicon Valley of China”. She also set up the Zhongguancun Forum and invited eminent scholars from many fields to give lectures, arranging more than 600 between 1998 and 2011.
The Kunqu Opera production also features a role based on Yang Jia, one of Li’s students, who studied under Li after being admitted to pursue her master’s degree at the University of Chinese Academy of Sciences at age 22. Two years later, she became a teacher at the university and at 29, lost her sight. With Li’s encouragement and a great deal of determination, Yang Jia became the first blind person from outside the US to obtain a master’s degree in public administration from Harvard University.
The sixth World Science and Technology Development Forum will be held in Beijing from Oct. 22 to 24, the organizer announced Thursday. This year’s session, themed “Science and Technology for the Future,” will focus on six key ideas: intelligence, interdisciplinary, infrastructures, innovation, interaction, and integration. Since its initiation in 2019 by the China Association for Science and Technology, the annual forum has addressed various sustainability challenges. Previous sessions have covered topics ranging from food security to disaster prevention. At the inaugural session, Vania G. Zuin Zeidler, professor of green chemistry and sustainable chemistry at the Federal University of São Carlos in Brazil and visiting professor at the Green Chemistry Center of Excellence at the University of York, U.K., said about 1.3 billion tons of food is wasted annually. She discussed how the farm-to-table model can prevent food waste and how São Paulo produces healthy food through sustainable agricultural systems. At a previous subforum on food security during the fourth session, Deng Xingwang, a member of the U.S. National Academy of Sciences and dean of the School of Advanced Agricultural Sciences of Peking University, discussed the advantages of third-generation hybrid rice breeding technology. He emphasized that this internationally leading technology is cost-effective and safe, making it easier to apply. It has already been successfully validated and commercialized in China. At a subforum on carbon reduction during the fourth session, Lei Xianzhang, a member of the German National Academy of Science and Engineering, introduced electric-hydrogen coupling technology. This technology supports carbon peaking and neutrality by enabling efficient conversion between hydrogen and electricity, using clean energy sources like wind, solar and hydropower to produce hydrogen or hydrogen-based energy. At the NexTus SDGs Youth Innovators’ Assembly during the fourth session, Yan Luhui, founder of Carbonstop, introduced a carbon management SaaS platform. Yan explained how big data and artificial intelligence can visualize carbon, analyze data and help companies improve carbon reduction efficiency. At a subforum on disaster prevention and mitigation at the fourth session, Ge Yonggang, director of the Science and Technology Division at the Institute of Mountain Hazards and Environment of the Chinese Academy of Sciences, detailed how Sichuan province combines weather monitoring with tracking mountain floods and debris flows. This innovative approach aims to create a more precise early warning system. The research, currently focused on Liangshan, is set to expand to Chengdu and Mianyang. Cui Peng, an academician of the Chinese Academy of Sciences, described a new platform for predicting mountain disasters. He explained how the platform includes a risk baseline database, physical parameter library and risk analysis system. With these tools, the platform can forecast mountain disasters every hour in real-time, pinpoint specific disaster locations and their features, and provide precise early warnings. Cui also suggested combining disaster management with efforts to restore nature and develop eco-friendly industries. The U.N. General Assembly adopted a resolution in August 2023 declaring 2024-2033 the “International Decade of Sciences for Sustainable Development.” The upcoming forum will be held during the first year of this decade. The organizer said the event will continue to gather global expertise to promote high-quality development and enhance international scientific and cultural exchanges.
Source: People’s Republic of China – State Council News
136th Canton Fair kicks off, bringing broader market opportunities to trade partners
GUANGZHOU, Oct. 15 — The 136th China Import and Export Fair, popularly known as the Canton Fair, kicked off in Guangzhou, the capital of south China’s Guangdong Province, on Tuesday.
Themed “Serving high-quality development, promoting high-level opening-up,” this edition of the fair features more than 30,000 exhibitors showcasing 1.15 million new products.
Many new companies, products, technologies and business models are making their debut, attracting 147,000 overseas buyers who have pre-registered for the fair.
According to Chu Shijia, head of the China Foreign Trade Center, over 8,000 exhibitors have been recognized as national high-tech enterprises, “little giants” specializing in niche industries, or manufacturing champions, representing a more than 40 percent increase from the previous edition of the Canton Fair.
Around 390,000 digital and smart products will be showcased, a 300 percent surge compared to the 135th Canton Fair, while the number of green and low-carbon products will rise by 130 percent to 1.04 million.
A survey conducted by the organizers ahead of the fair indicated that 94 percent of exhibitors would bring in new products, and 64.8 percent would showcase products with independent intellectual property rights. More than 1 million new items and products with intellectual property rights are on display, alongside a range of humanoid robots, smart devices and unmanned products making their debut at the fair.
The online platform for the 136th Canton Fair has been further optimized, featuring a virtual digital host and a dedicated Canton Fair app.
The scale of the online exhibition has expanded significantly, with around 48,000 companies uploading approximately 3.75 million products to the platform, an increase of 60 percent and 50 percent, respectively, compared to the previous fair, both of which are historic highs.
As of Monday, buyers from 209 countries and regions had pre-registered for the event. Additionally, 241 of the world’s top 250 retailers and leading multinational corporations are participating in the fair.
“Based on indicators such as pre-registrations, hotel bookings and flight reservations, improved attendance of overseas buyers at the 136th Canton Fair is expected,” Chu said.
The fair highlights the high-quality development of Chinese products and brands, and China is confident in its ability to offer more and better products — both “made in China” and “created in China” — to the world, Chu noted.
The fair will be held in three phases between Oct. 15 and Nov. 4 and is set to include 55 exhibition areas covering 1.55 million square meters. The first phase, running from Oct. 15 to 19, will introduce new topics such as hydrogen energy and feature a dedicated area for energy storage products, attracting over 110 new energy companies.
Launched in 1957 and held twice yearly, the Canton Fair is considered a major gauge of China’s foreign trade.
The 136th China Import and Export Fair, popularly known as the Canton Fair, kicked off in Guangzhou, the capital of south China’s Guangdong Province, on Tuesday.
Themed “Serving high-quality development, promoting high-level opening-up,” this edition of the fair features more than 30,000 exhibitors showcasing 1.15 million new products.
Many new companies, products, technologies and business models are making their debut, attracting 147,000 overseas buyers who have pre-registered for the fair.
According to Chu Shijia, head of the China Foreign Trade Center, over 8,000 exhibitors have been recognized as national high-tech enterprises, “little giants” specializing in niche industries, or manufacturing champions, representing a more than 40 percent increase from the previous edition of the Canton Fair.
Around 390,000 digital and smart products will be showcased, a 300 percent surge compared to the 135th Canton Fair, while the number of green and low-carbon products will rise by 130 percent to 1.04 million.
A survey conducted by the organizers ahead of the fair indicated that 94 percent of exhibitors would bring in new products, and 64.8 percent would showcase products with independent intellectual property rights. More than 1 million new items and products with intellectual property rights are on display, alongside a range of humanoid robots, smart devices and unmanned products making their debut at the fair.
The online platform for the 136th Canton Fair has been further optimized, featuring a virtual digital host and a dedicated Canton Fair app.
The scale of the online exhibition has expanded significantly, with around 48,000 companies uploading approximately 3.75 million products to the platform, an increase of 60 percent and 50 percent, respectively, compared to the previous fair, both of which are historic highs.
As of Monday, buyers from 209 countries and regions had pre-registered for the event. Additionally, 241 of the world’s top 250 retailers and leading multinational corporations are participating in the fair.
“Based on indicators such as pre-registrations, hotel bookings and flight reservations, improved attendance of overseas buyers at the 136th Canton Fair is expected,” Chu said.
The fair highlights the high-quality development of Chinese products and brands, and China is confident in its ability to offer more and better products — both “made in China” and “created in China” — to the world, Chu noted.
The fair will be held in three phases between Oct. 15 and Nov. 4 and is set to include 55 exhibition areas covering 1.55 million square meters. The first phase, running from Oct. 15 to 19, will introduce new topics such as hydrogen energy and feature a dedicated area for energy storage products, attracting over 110 new energy companies.
Launched in 1957 and held twice yearly, the Canton Fair is considered a major gauge of China’s foreign trade.
Source: United Kingdom – Executive Government & Departments
A new report from the National Engineering Policy Centre, led by the Royal Academy of Engineering, examines how we can reduce our demand for critical materials and therefore our dependency on imports of scarce materials.
Critical minerals are used in a number of technologies that we will increasingly rely on in a low carbon future, such as:
larger wind turbines, which rely on neodymium magnets
solar panels
batteries e.g. in electric vehicles, often requiring lithium cobalt, manganese, nickel
nuclear power, which requires chromium as well as other critical materials
hydrogen electrolysers, which can use a variety of rare metals
The report presents a range of policy and engineering innovations that can reduce the UK’s dependency on critical materials and therefore its risk exposure.
Journalists came to this online briefing to hear from three of the authors of the report.
Speakers included:
Dr Colin Church,Chief Executive of the Institute of Materials, Minerals & Mining
Dr Charlotte Stamper,Strategic Partnerships Manager at EMR Renewables
Tim Chapman FREng,Partner and Director of Boston Consulting Group
Prof Joan Cordiner FREng,Chair of the National Engineering Policy Centre Working Group on materials and net zero
Further Strengthening Prime Minister Shri Narendra Modi’s vision of a cleaner and greener India, Union Minister for Coal and Mines, Shri G. Kishan Reddy, inaugurated the Rooftop Solar Power Plant at the Geological Survey of India Training Institute (GSITI) in Hyderabad today. This event, held at the M. S. Krishnan Auditorium, represents a significant step forward in the institute’s commitment to promoting sustainable energy.
The new solar power plant is a significant step towards reducing GSITI’s carbon footprint while promoting renewable energy use within government institutions. It is expected to generate a substantial portion of the institute’s energy needs, contributing to India’s larger goal of increasing renewable energy’s share in the overall energy mix.
Inaugurating the Rooftop Solar Power Plant at GSITI, Hyderabad, Union Minister Shri G. Kishan Reddy lauded the institute for its commitment to sustainable energy, stating, ‘This is a significant step towards environmental responsibility, energy efficiency, and sustainable development. Under the leadership of Prime Minister Shri Narendra Modi ji, India has emerged as a global leader in climate action, with initiatives like the Pradhan Mantri Surya Ghar Muft Bijli Yojana empowering households to harness solar energy. The 150-kilowatt rooftop solar plant at GSITI will meet 75% of the institute’s energy needs, saving Rs 30 lakh annually, and set a new standard for renewable energy use in public institutions.’
Shri S. D. Patbhaje, Additional Director General of the Geological Survey of India (Southern Region), addressed the gathering, emphasizing the importance of this project for sustainable development. Shri Eatala Rajender, Member of Parliament for Malkajgiri, also highlighted the critical role of renewable energy in national progress.
The event also featured a sapling plantation and the unveiling of an inaugural plaque for the solar plant, symbolizing GSITI’s commitment to environmental stewardship. Following the ceremony, the dignitaries toured the solar facility to learn about its technical features and benefits.
This solar power plant stands as a model for future government initiatives in renewable energy, showcasing GSITI’s role in supporting India’s sustainable energy future and advancing Prime Minister Modi’s vision of making India a global leader in clean energy.
Union Minister Shri @kishanreddybjp, in his inaugural address, highlighted the “PM Surya Ghar Muft Bijli Yojana” and the goal of achieving 100% solarization of government offices to reduce carbon emissions.
Under the Ek Ped Maa Ke Naam initiative, Hon’ble Union Minister Shri @kishanreddybjp, along with other dignitaries, planted saplings at the GSITI campus. This meaningful gesture reflects GSITI’s commitment to honoring nature and promoting a sustainable, eco-friendly future for… pic.twitter.com/wdhx5wTi3b
Union Minister Shri @kishanreddybjp unveiled the inaugural plaque for GSITI’s Rooftop Solar Power System, marking a major step towards reducing the institute’s energy consumption. This initiative sets a strong example for renewable energy adoption across the nation, positioning… pic.twitter.com/Z7k4Q7T49d
Hon’ble Union Minister for Coal & Mines Shri @kishanreddybjp activated the Rooftop Solar Power Plant at GSITI, marking a significant milestone in the institute’s journey towards clean energy. This operational plant will harness sustainable power to drive GSITI’s facilities,… pic.twitter.com/0iECyaAZeb
METRO MANILA, Philippines, Oct. 14, 2024 (GLOBE NEWSWIRE) — Nexif Ratch Energy, a leading independent power producer focused on renewable energy solutions, is thrilled to announce the financial close of its 145MWp Bacolod Solar Power Project, its second solar power project in the Philippines.
The Bacolod Solar Power Project, developed by Negros PH Solar Inc, is located across Bacolod City and Bago City in the Negros Occidental province. It is a 145 MWp ground-mounted solar photovoltaic project that will connect to NGCP’s Bacolod Substation and can potentially power to up to 52,600 households. Majority of its output will be sold through a 10-year Power Supply Agreement to a subsidiary of Aboitiz Power Corporation, with the remainder to the Wholesale Electricity Spot Market.
The project investment of more than US$100m is funded by equity from Nexif Ratch Energy and project finance facilities from Security Bank Corporation and Philippine National Bank on a limited recourse basis, with SB Capital Investment Corporation acting as the Mandated Lead Arranger and Bookrunner and PNB Capital and Investment Corporation acting as Arranger.
Construction is set to begin in October 2024, with the goal of achieving commercial operations by Q4 2025. Focus is now on an expansion on the existing site, through increased solar PV capacity of up to 20 MW and a Battery Energy Storage System.
Beyond its Calabanga and Bacolod solar projects, Nexif Ratch Energy is developing wind energy projects including the San Miguel Bay Project, a nearshore wind project with a capacity of up to 500 MW and the Lucena Project, an offshore wind project with a capacity of up to 475 MW.
Mr Surender Singh, Chairman of Nexif Ratch Energy, said “The successful financial close of our 145MWp Bacolod Solar Farm highlights the exceptional collaboration with our partners and the dedication of our local development team. We are excited to bring this project into construction. This Financial Close, in quick succession to start of commercial operations of Calabanga Solar project and rapid progress that more than 900 MW of the wind projects, showcase our commitment to Philippine renewable energy.”
Mr. Sakarin Tangkavachiranon, Director of Nexif Ratch Energy, added: “Reaching financial close for the 145 MWp NPSI solar project is a key milestone in our growth in the Philippines. This achievement, along with the start of commercial operations for our CARE solar project, lays a strong foundation for accelerating the development of our offshore wind projects in the country.”
Nexif Ratch Energy is a renewable energy company that originates, acquires, develops, constructs, and operates power projects in the Asia Pacific region. Headquartered in Singapore with regional offices across Southeast Asia, the Company has a 298 MW portfolio of operating and under construction hydro, solar and wind assets and a development pipeline of wind, solar, and energy storage projects totaling 3.5 GW.
Nexif Ratch Energy is owned 51% by Nexif Energy (Singapore) and 49% by RATCH Group (Thailand).
The Port of Newcastle and broader Hunter region are on track to become hydrogen-ready and contribute to Australia’s transformation to net zero.
Supported by $100 million funding from the Albanese Government, the Port of Newcastle’s Clean Energy Precinct has reached a major milestone signing agreements for key design work and environmental impact studies.
The precinct will renew a disused 220-hectare industrial site to facilitate clean energy production, storage, transmission, domestic distribution and international export.
The Government is supporting these latest studies along with the procurement and delivery of enabling works for the precinct. The project is being delivered in partnership with the NSW Government through a Federation Funding Agreement Schedule.
The Port of Newcastle plays an important economic role as a major deep-water global gateway.
The commencement of Front-End Engineering Design (FEED) and Environmental Impact Statement (EIS) studies follow previous work by the Port of Newcastle including public and industry engagement and feasibility studies. Formal community consultation and further industry engagement will now be undertaken by the Port.
Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:
“This Clean Energy Precinct demonstrates how legacy infrastructure can be repurposed towards making Australia a renewable energy superpower.
“Through our investment, we are supporting Australia’s transition to net zero while creating jobs and economic opportunities in the Hunter region.
“The project will help position Australia as a global leader in technologies and products that reduce carbon emissions including hydrogen and green ammonia.”
Quotes attributable to Climate Change and Energy Minister Chris Bowen:
“The Hunter has been industrial and economic powerhouse for decades, making the Port of Newcastle an ideal location for a clean energy precinct that can support decarbonisation of heavy industry and connect Australia’s renewable resources to the world.
“The Albanese Labor Government is supporting industrial regions like the Hunter to take advantage of the economic and job opportunities that come with more affordable and reliable renewable energy.”
Quotes attributable to Federal Member for Newcastle Sharon Claydon:
“The Clean Energy Precinct is a major economic boost for our region.”
“Newcastle and the Hunter have powered Australia for Generations. This project makes sure we will continue to do so for generations to come as we lead the transition to Net Zero.”
“Establishing the Port as a hydrogen exporter will ensure good local jobs are protected and created into the future.”
Quotes attributable to NSW Minster for the Hunter Yasmin Catley:
“The Hunter has powered our state for decades and we’re ensuring it continues to do so for many years to come.
“Our energy market is transforming and we’re playing a central role; this project will support almost 6,000 local jobs and add billions to the regional economy.
“Today’s announcement will help ensure a bright future for the Hunter.”
Quotes attributable to NSW Member for Newcastle Tim Crakanthorp:
“I’ve been working closely with the Port of Newcastle over the last ten years to support them in their diversification away from coal.
“With Newcastle’s existing infrastructure and skilled workforce, there is no better place in NSW for this precinct.”
Quotes attributable to Port of Newcastle CEO, Craig Carmody:
“The Port of Newcastle Clean Energy Precinct is expected to support around 5,800 jobs throughout construction and provide new business growth and expanded career pathways for the region, adding an estimated $4.2 billion to the Hunter regional economy.
“The FEED and EIS studies will cover electrical infrastructure, water services, general infrastructure, storage, berth infrastructure and pipelines to berth. The studies will be completed by successful tenderers Lumea (electrical), coNEXA (water) and GHD (general infrastructure, storage, berth and pipelines), informing future site enablement, site layout and land platform design, which will be used to prepare concept planning approvals.
“Pending planning and legislative requirements and timeframes, our production partners, KEPCO, are expected to begin construction of facilities in 2027, with the precinct to be operational from 2030.”
Heat can do amazing things to change your hairstyle. Whether you’re using a curling wand to get ringlets, a flat iron to straighten or a hair dryer to style, it’s primarily the heat from these tools that delivers results.
This comes with casualties. While your hair is surprisingly tolerant to heat compared with many other parts of your body, it can still only withstand so much. Heat treatment hair appliances frequently operate at over 150°C, with some reportedly reachingover 200°C. At these temperatures, your hair can end up fried.
Many people use heat protectants, often in the form of sprays, to minimise the damage. So how do these protectants work? To answer that, I first have to explain exactly what heat does to your tresses on the molecular level.
Heating tools can do amazing things – but this often comes at a price. Engin Akyurt/Pexels
What heat does to your hair
A large proportion of your hair is made up of proteins. There are attractive forces between these proteins, known as hydrogen bonds. These bonds play a big role in dictating the shape of your locks.
When you heat up your hair, the total attraction of these hydrogen bonds become weaker, allowing you to more easily re-shape your hair. Then, when it cools back down, these attractions between the proteins are re-established, helping your hair hold its new look until the proteins rediscover their normal structure.
The cuticle – the outermost protective layer of your hair – contains overlapping layers of cells that lose integrity when they’re heated, damaging this outer protective layer.
Inside that outer layer is the cortex, which is rich in a protein called keratin.
Many proteins don’t hold up structurally after intense heating. Think of cooking an egg – the change you see is a result of the heat altering the proteins in that egg, unravelling them into different shapes and sizes.
It’s a similar story when it comes to heating your hair. The proteins in your hair are also susceptible to heat damage, reducing the overall strength and integrity of the hair.
Heat can also affect substances called melanin and tryptophan in your hair, resulting in a change in pigmentation. Heat-damaged hair is harder to brush.
The damage is even more devastating if you use heat styling tools such as curling irons or straighteners to heat wet hair, as at the high treatment temperatures, the water soaked up by the fibres can violently evaporate.
The result of this is succinctly described by science educator and cosmetic chemist Michelle Wong, also known as Lab Muffin. She notes if you heat wet hair this way, “steam will blast through your hair’s structure”.
It’s worth noting hair dryers don’t concentrate heat in the same way as styling tools such as flat irons or curling wands, but you still need to move the hair dryer around constantly to avoid heat building up in one spot and causing damage.
Once heat damage is done, regardless of whether it is severe or mild, the best remaining options are symptom management or a haircut.
For all of these reasons, when you’re planning to heat treat your hair, protection is a good idea.
When you spray on a hair protectant, many possible key ingredients can go to work.
They can have daunting-looking names like polyvinyl pyrrolidone, methacrylates, polyquaterniums, silicones and more.
These materials are chosen because they readily stick onto your hair, creating a coating, a bit like this:
Hair protectant applies a coating to your hair. Author provided
This coating is a protective layer; it’s like putting an oven mitt on your hands before you handle a hot tray from the oven.
To demonstrate, I created these by examining hair under a microscope before and after heat protectant was applied:
These high magnification images of untreated hair, and hair sprayed with a heat treatment spray, show how the product coats your hair strands. Author provided
Just like an oven mitt, a hair protectant delays the heat penetration, results in less heat getting through, and helps spread out the effect of the heat, a bit like in this image:
Hair protectant can help spread out the effects of the heat. Author provided
This helps prevent moisture loss and damage to both the protective surface cell layer (the cuticle) and the protein structure of the hair cortex.
For these barriers to work at their best, these heat-protecting layers need to remain bound to your hair. In other words, they stick on really well.
For this reason, continued use can sometimes cause a buildup which can change the feel and weight of your hair.
This buildup is not permanent and can be removed with washing.
One final and important note: just like when you use a mitt for the oven, heat does still get through. The only way to prevent heat damage to your hair altogether is to not use heated styling tools.
Daniel Eldridge does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Thank you all for your valuable insights and suggestions. We are committed to strengthening the Comprehensive Strategic Partnership between India and ASEAN. I am confident that together we will continue to strive for human welfare, regional peace, stability, and prosperity.
We will continue to take steps to enhance not only physical connectivity but also economic, digital, cultural, and spiritual ties.
Friends,
In the context of this year’s ASEAN Summit theme, “Enhancing Connectivity and Resilience,” I would like to share a few thoughts.
Today is the tenth day of the tenth month, so I would like to share ten suggestions.
First, to promote tourism between us, we could declare 2025 as the “ASEAN-India Year of Tourism.” For this initiative, India will commit USD 5 million.
Second, to commemorate a decade of India’s Act East Policy, we could organise a variety of events between India and ASEAN countries. By connecting our artists, youth, entrepreneurs, and think tanks etc., we can include initiatives such as a Music Festival, Youth Summit, Hackathon, and Start-up Festival as part of this celebration.
Third, under the “India-ASEAN Science and Technology Fund,” we could hold an annual Women Scientists’ Conclave.
Fourth, the number of Masters scholarships for students from ASEAN countries at the newly established Nalanda University will be increased twofold. Additionally, a new scholarship scheme for ASEAN students at India’s agricultural universities will also be launched starting this year.
Fifth, the review of the “ASEAN-India Trade in Goods Agreement” should be completed by 2025. This will strengthen our economic relations and will help in creating a secure, resilient and reliable supply chain.
Sixth, for disaster resilience, USD 5 million will be allocated from the “ASEAN-India Fund.” India’s National Disaster Management Authority and the ASEAN Humanitarian Assistance Centre can work together in this area.
Seventh, to ensure Health Resilience, the ASEAN-India Health Ministers Meeting can be institutionalised. Furthermore, we invite two experts from each ASEAN country to attend India’s Annual National Cancer Grid ‘Vishwam Conference.’
Eighth, for digital and cyber resilience, a cyber policy dialogue between India and ASEAN can be institutionalised.
Ninth, to promote a Green Future, I propose organising workshops on green hydrogen involving experts from India and ASEAN countries.
And tenth, for climate resilience, I urge all of you to join our campaign, ” Ek Ped Maa Ke Naam” (Plant for Mother).
I am confident that my ten ideas will gain your support. And our teams will collaborate to implement them.
Thank you very much.
DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered
The 21st ASEAN-India Summit was held in Vientiane, Lao PDR, on 10 October 2024. Marking a decade of India’s Act East Policy, Prime Minister Shri Narendra Modi joined ASEAN leaders to review the progress of ASEAN-India Comprehensive Strategic Partnership and chart the future direction of cooperation. This was Prime Minister’s 11th participation in the Summit.
2. In his address, PM reiterated India’s support for ASEAN Unity, ASEAN Centrality and ASEAN Outlook on the Indo-Pacific. Calling the 21st century as the Asian century, he noted that India-ASEAN ties were critical to guiding Asia’s future. Emphasizing the vibrancy of India’s Act East Policy, PM noted that in the last ten years India-ASEAN trade had doubled to over USD 130 billion; ASEAN is today one of India’s largest trade and investment partners; direct flight connectivity established with seven ASEAN countries; promising beginning made with Fin-tech collaboration with the region; and significant progress made in restoration of shared cultural heritage in five ASEAN countries. PM underlined the need to complete the review of ASEAN-India FTA (AITIGA) in a time bound manner towards harnessing greater economic potential for the benefit of the ASEAN-India community. PM also spoke about the progress in India-ASEAN knowledge partnership through the scholarships provided to ASEAN youth at the Nalanda University.
3. In keeping with the Chair’s theme of “Enhancing Connectivity and Resilience”, PM announced a 10-point plan which includes:
i) Celebrating the year 2025 as ASEAN-India Year of Tourism for which India would make available USD 5 million towards joint activities;
ii) To celebrate a decade of Act East Policy through several people centric activities including Youth Summit, Start-up Festival, Hackathon, Music Festival, ASEAN-India Network of Think Tanks and Delhi Dialogue;
iii) To organise ASEAN-India Women Scientists Conclave under ASEAN-India Science and Technology Development Fund;
iv) Doubling the number of scholarships at Nalanda University and provision of new scholarships for ASEAN students at Agricultural Universities in India;
v) Review of ASEAN-India Trade in Goods Agreement by 2025;
vi) Enhancing Disaster Resilience for which India would make available USD 5 million;
vii) Initiate a new Health Ministers’ track towards building Health Resilience;
viii) Initiate a regular mechanism of ASEAN-India Cyber Policy Dialogue towards strengthening Digital and Cyber Resilience;
ix) Workshop on Green Hydrogen; and
x) Invited ASEAN Leaders to join ‘Plant a Tree for Mother’ campaign towards building climate resilience.
4. In the meeting, Leaders agreed to create a new ASEAN-India Plan of Action (2026-2030) that will guide both sides in realizing the full potential of the ASEAN-India partnership and adopted Two Joint Statements:
i) Joint Statement on Strengthening ASEAN-India Comprehensive Strategic Partnership for Peace, Stability and Prosperity in the Region in the context of the ASEAN Outlook on the Indo-Pacific (AOIP) with the Support of India’s Act East Policy (AEP) – Leaders recognized the contribution of India’s Act East Policy in advancing the partnership between ASEAN and India. Full text of the Joint Statement can be accessed here.
ii) ASEAN-India Joint Statement on Advancing Digital Transformation Leaders appreciated India’s leadership in the field of digital transformation and welcomed partnership with India in digital public infrastructure. Full text of the joint statement can be accessed here.
5. Prime Minister thanked Prime Minister of Laos for successfully hosting the 21st ASEAN-India Summit and for his warmth and hospitality. Prime Minister also thanked Singapore for its constructive role as Country Coordinator over the last three years and looked forward to working with the Philippines, the new Country Coordinator for India.
Source: People’s Republic of China – State Council News
China captured over 70 percent of global orders for green vessels and achieved full coverage across all mainstream ship types during the first three quarters of 2024, according to statistics released by the Ministry of Industry and Information Technology on Thursday.
Propelled by advancements in green technologies and innovation, Chinese shipyards saw new orders surge 51.9 percent year-on-year to 87.11 million deadweight tons between January and September, accounting for 74.7 percent of the global total, the MIIT data showed.
Meanwhile, the country’s shipbuilding output reached 36.34 million dwt, up 18.2 percent on a yearly basis, making up 55.1 percent of the world’s total.
Hu Tieniu, a researcher at the Marine Design & Research Institute of Shanghai Jiao Tong University, said that the notable growth underscores China’s commitment to advancing sustainable shipbuilding practices, catering to an increasing global demand for eco-friendly vessels.
Chinese shipbuilders have made significant strides in incorporating green technologies, enhancing the industry’s competitiveness and solidifying the nation’s position as a leading shipbuilding powerhouse on the world stage, said Yu Mengsa, a researcher at China Ship Scientific Research Center in Wuxi, East China’s Jiangsu province.
The latest data also revealed that among 18 major ship types, such as container ships and oil tankers, China ranked first in new orders with 14 of them during the nine-month period. Shipyards across the country have already surpassed their business targets for the year, driven by a surge in market demand.
For example, Shanghai-based Hudong-Zhonghua Shipbuilding (Group) Co Ltd, a subsidiary of China State Shipbuilding Corp, or CSSC, delivered 17 commercial vessels from January to September, with a record-breaking delivery of eight liquefied natural gas carriers anticipated by the end of this year.
“With 34 new ship orders secured, we have reached 200 percent of the annual target for this year, and our production schedules are now projected to extend through to around 2030,” said Weng Hongbing, the group’s president.
Cao Bo, deputy director at the statistics and information department of the Beijing-based China Association of the National Shipbuilding Industry, said that in response to changes in the new supply and demand environment, green transformation has become a core trend in the global shipbuilding industry.
“Confronted with new requirements for emission reductions, shipping companies, leading shipyards and major energy companies have begun to lead, provide, or invest in a variety of solutions,” said Cao.
Energy-efficient, environmentally friendly vessel designs and a range of power options, including methanol, ammonia and hybrid systems, are gradually maturing or rapidly progressing toward commercialization, he added.
China’s shipbuilding industry accelerated its green transformation in 2023. Orders for LNG- and methanol-powered green vessels have grown rapidly, with breakthroughs also achieved in zero-carbon vessel orders, including ships equipped with electric and hybrid systems or powered by hydrogen fuel. New orders for green-powered ships accounted for 57 percent of the global market share, data from the MIIT showed.
Fueled by green technologies and high value-added vessels, Jiangsu province exported a diverse range of vessels valued at 69.27 billion yuan ($9.78 billion) in the first eight months of this year, achieving a 75.1 percent year-on-year increase, data from Nanjing Customs shows.
Early this week, models of five 40,000-metric ton self-unloading bulk carriers were unveiled at the research and development unit of CSSC Chengxi Shipyard Co Ltd in Jiangyin, Jiangsu province, providing a design and manufacturing foundation for upcoming new builds.
Huang Gang, a manager of the company’s sales unit, said that self-unloading bulk carriers differ from conventional bulk carriers as they are high-value, customized vessels that offer exceptional unloading efficiency and adaptability to various ports and sea conditions. Equipped with built-in unloading arms, these ships can extend and unload autonomously.
For instance, a single unloading system can achieve a discharge rate of over 5,500 tons per hour, meaning a 26,000-ton self-unloading bulk carrier can be unloaded within five hours, while a standard bulk carrier would typically require two to three days to complete the same task.
Canada is investing in progress, prosperity, and fairness for every generation. At home, we are attracting billions of dollars in manufacturing to our communities and putting Canadians at the forefront of opportunity. But in the global economy, shared challenges require shared solutions. That’s where Canada’s partnership with the Association of Southeast Asian Nations (ASEAN) comes in.
For over half a century, ASEAN has worked with Dialogue Partners, like Canada, to make life better for people on both sides of the Pacific. Our relationship is built on shared priorities – from climate action to peace and security to good-paying jobs. Since 2015, Canada’s trade with ASEAN has nearly doubled. Last year, ASEAN Member States represented Canada’s fourth largest merchandise trading partner, with increased partnerships in agriculture, agrifood, and digital trade. With Canada’s Indo-Pacific Strategy, we are building on this partnership with closer ties and shared prosperity.
The Prime Minister, Justin Trudeau, today concluded his participation at the ASEAN Summit in Vientiane, Laos. As the first Canadian Prime Minister to visit Laos, the Prime Minister strengthened ties with ASEAN partners and expanded Canada’s footprint in one of the world’s fastest growing economic regions.
In Vientiane, Prime Minister Trudeau announced that Canada will be upgrading its offices in Phnom Penh, Cambodia, and Vientiane, Laos, to embassies with resident ambassadors, meaning that Canada will be represented by full embassies in all 10 ASEAN Member States. He also noted the upcoming Team Canada Trade Mission to Indonesia and the Philippines later this year and announced new missions to Thailand and Cambodia in 2025. Building on our Indo-Pacific Strategy, these efforts will help forge even stronger ties between Canada and ASEAN, create good jobs for Canadians and peoples of ASEAN countries, and expand Canada’s presence in the Indo-Pacific.
In a joint statement, Canada and ASEAN partners reaffirmed their commitment to enhancing dialogue on global challenges, advancing efforts on shared priorities, and building a people-centred ASEAN region that is connected, inclusive, and resilient. The Prime Minister emphasized that Canada will continue to be a partner in promoting peace, security, and prosperity in the region.
In support of these efforts, the Prime Minister, Justin Trudeau, highlighted an over $128 million package of measures to deepen ties with ASEAN.
The effects of climate change are being felt more than ever, and this is having a devastating impact on countries around the world, including ASEAN Member States. That’s why the federal government is investing over $84 million in the region to fight climate change, support innovation, and protect the environment. Our investments aim to:
Advance clean growth and conservation initiatives, such as Laos’ Monsoon Wind Power Project, the Lao Landscapes and Livelihoods Project, and the Mekong River Commission.
Reduce greenhouse gas emissions in some of the world’s highest-emitting developing countries.
Improve resilience to natural disasters through enhanced disaster preparation and management.
The challenges posed by transnational organized crime and international terrorism affect citizens of ASEAN Members States and Canadians alike. The federal government is investing $21.3 million in initiatives to:
Strengthen partnerships between Canadian and Indo-Pacific law enforcement agencies.
Crack down on human and drug trafficking, including synthetic drugs, smuggling, and money laundering.
Counter international terrorist threats, including terrorist financing and terrorist fighter travel, and address the impacts on children.
Help local governments prevent illegal logging and deforestation.
Address online cyber scams.
Bolster aviation and border security.
Stability in the Indo-Pacific is a key priority for Canada. We are bolstering peace and security efforts in the region, including by investing $11.9 million in various initiatives to:
Build up critical nuclear regulatory infrastructure.
Fight malicious cyber actors and strengthen cyber resilience.
Support demining and arms control efforts.
In support of the rights of women and children in ASEAN countries, Canada is investing over $9 million to:
Uphold women’s labour rights and improve their participation in underrepresented sectors.
Help eliminate forced and child labour.
Increase access to prosthetic, orthotic, and rehabilitation services for women and girls with physical disabilities.
At the ASEAN Summit, the Prime Minister announced an additional $2 million for scholarships and educational exchanges with ASEAN countries, as well as Canada’s intention to seek participation in the ASEAN Digital Track, which will help ensure that Canada has a seat at the table on regional matters ranging from artificial intelligence and cybersecurity to democratic and online rights.
As work toward a Canada-ASEAN free trade agreement continues, the Prime Minister noted progress on last year’s ASEAN-Canada Strategic Partnership and emphasized his commitment to further strengthen Canada-ASEAN trade and investment.
The ASEAN region offers unparalleled economic opportunity for Canada. Together, the 10 ASEAN member states represent the fifth largest economy in the world and the third largest population in the world. With the measures announced today, Canadians and Canadian businesses can capitalize on the rapid industrialization and growth of this region. Greater Canadian investment in the region and greater investment from the region into Canada will mean more jobs, more innovation, and more growth. As we create good-paying jobs, fight climate change, and grow our economies, Canada and ASEAN stand united to make life better for people in the Indo-Pacific region and beyond.
Prime Minister Trudeau thanked the Prime Minister of Laos, Sonexay Siphandone, for hosting a very productive ASEAN Summit. He reaffirmed Canada’s commitment to further strengthening ties between our countries – and with all ASEAN partners. As Canada hosts the G7 Presidency in 2025, ASEAN will be a central part of our work ahead.
Quote
“Canada is a proud Indo-Pacific nation. During my visit to this year’s ASEAN Summit, we increased our footprint in this dynamic region – securing trade, investment, and good-paying jobs. As we fight climate change, defend peace and security, and grow our economies, we are putting Canadians at the forefront of global opportunity.”
Quick Facts
ASEAN is a regional intergovernmental organization comprising 10 member states. The objectives of ASEAN are to:
Speed up economic growth, social progress, and cultural development.
Promote regional peace and stability and respect for justice and the rule of law.
Increase collaboration across a range of economic, social, cultural, technical, scientific, and administrative spheres.
Together, ASEAN as a regional bloc represents Canada’s fourth-largest trading partner, with over $38.8 billion in bilateral trade in 2023.
Last year, Canada and ASEAN launched a strategic partnership to further advance collaboration in strategic areas of mutual interest, including peace and security and economic and socio-cultural co-operation.
Canada became an ASEAN dialogue partner in 1977 and is one of 11 partners with this designation.
ASEAN Dialogue Partners co-operate on political and security issues, regional integration, economic interests, inter-faith dialogue, transnational crime and counterterrorism, disaster risk reduction, and other areas. Other Dialogue Partners include: Australia, China, the European Union, India, Japan, New Zealand, the Republic of Korea, Russia, the United Kingdom, and the United States of America.
Canada’s Indo-Pacific Strategy advances and defends Canada’s interests by supporting a more secure, prosperous, inclusive, and sustainable Indo-Pacific region while protecting Canada’s national and economic security at home and abroad.
The existence of a moon located outside our solar system has never been confirmed but a new NASA-led study may provide indirect evidence for one. New research done at NASA’s Jet Propulsion Laboratory reveals potential signs of a rocky, volcanic moon orbiting an exoplanet 635 light-years from Earth. The biggest clue is a sodium cloud that the findings suggest is close to but slightly out of sync with the exoplanet, a Saturn-size gas giant named WASP-49 b, although additional research is needed to confirm the cloud’s behavior. Within our solar system, gas emissions from Jupiter’s volcanic moon Io create a similar phenomenon. Although no exomoons (moons of planets outside our solar system) have been confirmed, multiple candidates have been identified. It’s likely these planetary companions have gone undetected because they are too small and dim for current telescopes to detect. The sodium cloud around WASP-49 b was first detected in 2017, catching the attention of Apurva Oza, formerly a postdoctoral researcher at NASA’s Jet Propulsion Laboratory and now a staff scientist at Caltech, which manages JPL. Oza has spent years investigating how exomoons might be detected via their volcanic activity. For example, Io, the most volcanic body in our solar system, constantly spews sulfur dioxide, sodium, potassium, and other gases that can form vast clouds around Jupiter up to 1,000 times the giant planet’s radius. It’s possible that astronomers looking at another star system could detect a gas cloud like Io’s even if the moon itself were too small to see.
[embedded content] Exomoons — moons around planets outside our solar system — are most likely too small to observe directly with current technology. In this video, learn how scientists tracked the motion of a sodium cloud 635 light-years away and found that it could be created by volcanos on a potential exomoon. NASA/JPL-Caltech
Both WASP-49 b and its star are composed mostly of hydrogen and helium, with trace amounts of sodium. Neither contains enough sodium to account for the cloud, which appears to be coming from a source that is producing roughly 220,000 pounds (100,000 kilograms) of sodium per second. Even if the star or planet could produce that much sodium, it’s unclear what mechanism could eject it into space. Could the source be a volcanic exomoon? Oza and his colleagues set out to try to answer that question. The work immediately proved challenging because from such a great distance, the star, planet, and cloud often overlap and occupy the same tiny, faraway point in space. So the team had to watch the system over time. A Cloud on the Move As detailed in a new study published in the Astrophysical Journal Letters, they found several pieces of evidence that suggest the cloud is created by a separate body orbiting the planet, though additional research is needed to confirm the cloud’s behavior. For example, twice their observations indicated the cloud suddenly increased in size, as if being refueled, when it was not next to the planet.
They also observed the cloud moving faster than the planet in a way that would seem impossible unless it was being generated by another body moving independent of, and faster, than the planet. “We think this is a really critical piece of evidence,” said Oza. “The cloud is moving in the opposite direction that physics tells us it should be going if it were part of the planet’s atmosphere.” While these observations have intrigued the research team, they say they would need to observe the system for longer to be sure of the cloud’s orbit and structure. A Chance of Volcanic Clouds For part of their sleuthing, the researchers used the European Southern Observatory’s Very Large Telescope in Chile. Oza’s co-author Julia Seidel, a research fellow at the observatory, established that the cloud is located high above the planet’s atmosphere, much like the cloud of gas Io produces around Jupiter. They also used a computer model to illustrate the exomoon scenario and compare it to the data. The exoplanet WASP-49 b orbits the star every 2.8 days with clocklike regularity, but the cloud appeared and disappeared behind the star or behind the planet at seemingly irregular intervals. Using their model, Oza and team showed that a moon with an eight-hour orbit around the planet could explain the cloud’s motion and activity, including the way it sometimes seemed to move in front of the planet and did not seem to be associated with a particular region of the planet. “The evidence is very compelling that something other than the planet and star are producing this cloud,” said Rosaly Lopes, a planetary geologist at JPL who co-authored the study with Oza. “Detecting an exomoon would be quite extraordinary, and because of Io, we know that a volcanic exomoon is possible.” A Violent End On Earth, volcanoes are driven by heat in its core left over from the planet’s formation. Io’s volcanoes, on the other hand, are driven by Jupiter’s gravity, which squeezes the moon as it gets closer to the planet then reduces its “grip” as the moon moves away. This flexing heats the small moon’s interior, leading to a process called tidal volcanism. If WASP-49 b has a moon similar in size to Earth’s, Oza and team estimate that the rapid loss of mass combined with the squeezing from the planet’s gravity will eventually cause it to disintegrate. “If there really is a moon there, it will have a very destructive ending,” said Oza. News Media Contact Calla CofieldJet Propulsion Laboratory, Pasadena, Calif.626-808-2469calla.e.cofield@jpl.nasa.gov 2024-135
Headline: DDG Ellard: Effective trade policies essential for clean energy transition
DDG Ellard noted that trade policies can help lower clean energy costs, decarbonize supply chains, harmonize standards, redirect subsidies toward sustainability, and create new economic opportunities in emerging low-carbon markets, ultimately fostering sustainable development.
Highlighting key challenges, DDG Ellard pointed to significant tariff disparities that currently favour high-carbon goods over renewable energy equipment. For instance, while crude oil and coal face minimal tariffs, renewable technologies can incur duties as high as 12%. Reassessing these tariffs could enhance the competitiveness of renewable energy and accelerate its adoption.
DDG Ellard also highlighted the challenges arising from the 73 different carbon pricing schemes globally, which inflate compliance costs and threaten climate objectives. Trade policies can facilitate greater interoperability and collaboration on carbon pricing frameworks, helping to alleviate trade tensions and expedite the transition to sustainability, she added.
Furthermore, DDG Ellard emphasized the importance of redirecting harmful subsidies toward more beneficial objectives, highlighting that government support for fossil fuels exceeded USD 1.4 trillion in 2022. “By reallocating these funds to nature-positive initiatives, we can stimulate innovation and significantly reduce emissions,” she said. She noted that the Agreement on Fisheries Subsidies, adopted by WTO members in 2022, is a valuable blueprint for future efforts on environmental sustainability. The Agreement demonstrates how economies can collaborate across geopolitical divides and eliminate environmentally harmful subsidies while redirecting resources toward more beneficial initiatives. DDG Ellard urged members that have yet to deposit their instruments of acceptance for this groundbreaking Agreement to do so promptly.
DDG Ellard noted that the clean energy transition presents immense opportunities for developing economies rich in renewable energy resources and critical minerals. However, to fully harness this potential, targeted and effective trade policy actions are essential. These actions include aligning standards and implementing green procurement practices to establish stable frameworks that can reduce capital costs for large-scale renewable projects. WTO members are actively engaged in discussions aimed at supporting this process, exploring concrete pathways for trade-related climate actions, including promoting renewable technologies and addressing market distortions caused by fossil fuel subsidies.
DDG Ellard also noted the importance of a solid investment climate in developing economies to build investor confidence and attract financing in ways to encourage environmental sustainability. She highlighted that more than two-thirds of WTO members, including 89 developing members, of which 27 are least-developed countries (LDCs), concluded the Investment Facilitation for Development Agreement, designed to streamline investment procedures and encourage foreign direct investment in sustainable projects.
Looking ahead to the 29th United Nations Climate Change Conference (COP29), DDG Ellard emphasized the significant opportunity for global leaders to integrate climate finance, investment, and trade, adding that the WTO Secretariat plans to co-host a Trade Day for the second year to highlight this intersection. She explained that in preparation for the last conference, the WTO Secretariat issued a 10-point set of “Trade Policy Tools for Climate Action “, launched at COP28. This publication explores how integrating trade policy options, such as reviewing import tariffs on low-carbon solutions, can help mitigate climate change impacts. The WTO Secretariat also presented a joint report with the International Renewable Energy Agency (IRENA) on “International Trade in Green Hydrogen ,” providing insights into global hydrogen trade and scaling up production.
Additionally, DDG Ellard said, the WTO Secretariat’s support for collaboration in the steel sector has led to the establishment of Steel Standards Principles, endorsed by over 40 organizations, aimed at promoting common methodologies for measuring greenhouse gas emissions. The WTO is also examining the role of trade in addressing the high demand for energy-related critical minerals to alleviate supply chain pressures. These initiatives reflect the diverse perspectives of WTO members, all sharing the common goal of harnessing trade to combat climate change while promoting sustainable development.
DDG Ellard concluded by emphasizing that a sustainable clean energy transition is both an environmental necessity and an economic opportunity, achievable only through collaboration. “The WTO Secretariat remains committed to supporting WTO members in creating a global trade environment that leverages trade tools to achieve sustainable environmental goals and bolster the resilience of renewable energy supply chains, all while ensuring that such efforts do not create barriers to trade”, she said.
The operation includes a €500 million EIB counter-guarantee enabling Intesa Sanpaolo to create a portfolio of bank guarantees of up to €1 billion, helping to unlock €8 billion of investment in the real economy.
The agreement is part of the EIB’s €5 billion wind power package to accelerate Europe’s green energy transition.
The operation is backed by InvestEU, the EU programme aiming to mobilise investment of more than €372 billion by 2027.
The EIB has signed agreements totalling almost €5 billion with Intesa Sanpaolo over the last five years.
The European Investment Bank (EIB) and Intesa Sanpaolo (IMI CIB Division) have announced a new initiative helping to unlock investment of up to €8 billion for the European wind industry. It is the first agreement supported by InvestEU and the second overall under the EIB’s €5 billion wind power package, an investment plan announced by the EU bank at COP28 in Dubai. This programme aims to support the production of 32 GW of the 117 GW of wind capacity needed to enable the European Union to meet its goal of generating at least 45% of its energy from renewable sources by 2030.
“Wind energy is central to European energy independence,” said EIB Vice-President Gelsomina Vigliotti. “Producers are facing challenges such as high costs, uncertain demand, slow permitting, supply chain bottlenecks and strong international competition. This agreement shows how the EIB’s risk-sharing instruments help overcome these difficulties and finance key projects for the green transition and the decarbonisation of the European economy.”
In concrete terms, the EIB will provide a €500 million counter-guarantee to Intesa Sanpaolo, enabling the Italian bank to create a portfolio of bank guarantees of up to €1 billion. These will back the supply chain and power grid interconnection for new wind farms projects across the European Union. The high leverage effect of the EIB counter-guarantee will free up additional funding to support increasing production and accelerating wind energy development, helping to support an estimated €8 billion of investment in the real economy.
European Commissioner for the Economy PaoloGentiloni said: “This agreement marks another important step in Europe’s efforts to support the wind power manufacturing sector. Amid global uncertainty, the InvestEU programme is mobilising crucial investments where they are most needed. With €8 billion in investments flowing into the real economy, we are reinforcing our commitment to achieving the climate neutrality and energy independence, while contributing to economic growth and job creation.”
Intesa Sanpaolo’s IMI Corporate and Investment Banking Division will use the EIB funds to provide bank guarantees on advances received and plant performance to wind energy producers.
Mauro Micillo, Chief of Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, commented: “The energy transition requires huge investments and virtuous collaboration between public and private sectors. In this context, the development of renewable energy is one of the fundamental objectives of strategies at national and European level. Thanks to its many years of collaboration with the EIB, the IMI CIB Division has developed an innovative tool aimed at supporting large international groups active in interconnection infrastructures with electricity grids, allowing the start of strategic works at a European level. The recently concluded transactions confirm our support for the entire wind energy supply chain and for ESG goals, in collaboration with our clients and European institutions. The Intesa Sanpaolo Group thus confirms its dual role as a driver of innovation and support of the productive and entrepreneurial companies for sustainable economic development”.
Commissioner for Energy Kadri Simson said: “Ensuring that the European wind manufacturing sector remains a strong power player is key to achieve our clean energy and climate goals and keep our industry competitive. I welcome this further initiative of the EIB with Intesa Sanpaolo. It will help deliver our European Wind Power Package by unlocking investments in this crucial sector for the green transition.”
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2023, the EIB Group provided €58 billion in financing for projects in Italy.
The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps to crowd in private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
Intesa Sanpaolo, with over €422 billion in loans and €1.35 trillion in customer financial assets at the end of June 2024, is the largest banking group in Italy, with a significant international presence. It is a European leader in wealth management, with a strong focus on digital and fintech. In the environmental, social and governance domain, it plans to make €115 billion in impact contributions to the community and green transition by 2025. Its programme to support people in need totals €1.5 billion (2023-2027). Intesa Sanpaolo’s Gallerie d’Italia museum network is an exhibition venue for its artistic heritage collection and cultural projects of recognised value.
The operation includes a €500 million EIB counter-guarantee enabling Intesa Sanpaolo to create a portfolio of bank guarantees of up to €1 billion, expected to unlock €8 billion of investment in the real economy.
The agreement is part of the EIB’s €5 billion wind power package to boost Europe’s wind power manufacturing sector.
The operation is backed by InvestEU, the EU programme aiming to mobilise investment of more than €372 billion by 2027.
The European Investment Bank (EIB) and Intesa Sanpaolo have agreed on a new initiative with the potential to unlock investment of up to €8 billion for the European wind industry. It forms part of the EIB’s €5 billion wind power package, an investment plan announced by the EU bank at COP28 in Dubai and activated in July, and it is the first agreement under this package supported by InvestEU. It follows a similar initiative between the EIB and Germany-based Deutsche Bank AG. The EIB wind-focused programme aims to support the production of 32 GW of the 117 GW of wind capacity needed to enable the European Union to meet its goal of generating at least 45% of its energy from renewable sources by 2030. It is a key element of the European Wind Power Package, in particular its Action Plan, presented by the European Commission in October 2023.
In concrete terms, the EIB will provide a €500 million counter-guarantee to Intesa Sanpaolo, enabling the Italian bank to create a portfolio of bank guarantees of up to €1 billion. These will back the supply chain and power grid interconnection for new wind farms projects across the European Union. The leverage effect of the EIB counter-guarantee is expected to mobilise additional funding from other investors to support increasing production and accelerating wind energy development, helping to stimulate an estimated €8 billion of investment in the real economy.
“Wind energy is central to European energy independence,” said EIB Vice-President Gelsomina Vigliotti. “Producers are facing challenges such as high costs, uncertain demand, slow permitting, supply chain bottlenecks and strong international competition. This agreement shows how the EIB’s risk-sharing instruments help overcome these difficulties and finance key projects for the green transition and the decarbonisation of the European economy, while enhancing industrial competitiveness.”
Mauro Micillo, Chief of Intesa Sanpaolo’s IMI Corporate & Investment Banking Division, commented: “The energy transition requires significant investments and a virtuous collaboration between public and private stakeholders. In this context, the development of renewable energies is one of the key objectives of the green strategies at national and European level. Thanks to many years of collaboration with the EIB, the IMI CIB Division of Intesa Sanpaolo has developed innovative instruments aimed at supporting large international groups’ infrastructure investments, including interconnections and electricity grids, enabling strategic sustainable projects in Europe. The recent transactions enhance our support for the entire wind energy supply chain, with a focus on ESG goals, in collaboration with our clients and the European institutions. The Intesa Sanpaolo Group thus confirms its role as a driver of innovation and its support to corporates and institutions for a sustainable economic development.”
European Commissioner for the Economy PaoloGentiloni said: “This agreement marks another important step in Europe’s efforts to support the wind power manufacturing sector. Amid global uncertainty, the InvestEU programme is mobilising crucial investments where they are most needed. With €8 billion in investments flowing into the real economy, we are reinforcing our commitment to achieving the climate neutrality and energy independence, while contributing to economic growth and job creation.”
Commissioner for Energy Kadri Simson said: “Ensuring that the European wind manufacturing sector remains a strong power player is key to achieve our clean energy and climate goals and keep our industry competitive. I welcome this further initiative of the EIB with Intesa Sanpaolo. It will help deliver our European Wind Power Package by unlocking investments in this crucial sector for the green transition.”
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2023, the EIB Group provided €58 billion in financing for projects in Italy.
The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps to crowd in private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
The European Commission presented the European Wind Power Package in October 2023 to tackle the unique set of challenges faced by the wind sector, including insufficient and uncertain demand, slow and complex permitting, lack of access to raw materials and high inflation and commodity prices, among others. In a specific Action Plan, the Commission set out a set of initiatives concerning permitting, auction design, skills and access to finance to ensure that the clean energy transition goes hand-in-hand with industrial competitiveness and that wind power continues to be a European success story. As part of this plan, in July 2024, the European Investment Bank (EIB) activated a €5 billion initiative to support manufacturers of wind-energy equipment in Europe.
Intesa Sanpaolo, with over €422 billion in loans and €1.35 trillion in customer financial assets at the end of June 2024, is the largest banking group in Italy, with a significant international presence. It is a European leader in wealth management, with a strong focus on digital and fintech. In the environmental, social and governance domain, it plans to make €115 billion in impact contributions to the community and green transition by 2025. Its programme to support people in need totals €1.5 billion (2023-2027). Intesa Sanpaolo’s Gallerie d’Italia museum network is an exhibition venue for its artistic heritage collection and cultural projects of recognised value. Intesa Sanpaolo’s IMI Corporate and Investment Banking Division will use the EIB funds to provide bank guarantees on advances received and plant performance to wind energy producers. The EIB has signed agreements totalling almost €5 billion with Intesa Sanpaolo over the last five years.
TORONTO, Oct. 10, 2024 (GLOBE NEWSWIRE) — Abraxas Power Corp. (“Abraxas”), a leading energy transition developer, and its subsidiary Exploits Valley Renewable Energy Corporation (“EVREC”), are pleased to announce the signing of a Master Lease Option Agreement (the “Agreement”) with Exploits Marine and Logistics Inc. and Exploits Valley Port Corporation for use of the Port of Botwood in EVREC’s green hydrogen and ammonia project in central Newfoundland.
The Agreement, which spans a term of thirty years, will facilitate EVREC’s green hydrogen and ammonia production and operations related to the transmission and loading of green ammonia onto marine transport vessels for shipment to Europe and other global markets. The Agreement includes extension terms that allow EVREC to extend the lease for additional five-year terms.
“This Agreement marks another major milestone in the development of our project and is a pivotal step towards building out the key infrastructure as the project continues through the development phase,” said Dean Comand, President and COO of Abraxas Power. “We are excited to collaborate with Exploits Marine and the Port Corporation to create a state-of-the-art facility that will not only enhance our operational capacity but also contribute to global sustainable energy goals.”
The parties have also signed a five-year Construction Lease Option Agreement to facilitate the necessary activities that will lead up to commercial operation of the project.
Scott Sceviour, Chair of the Exploits Valley Port Corporation added “Our partnership with EVREC is a testament to our shared vision of fostering innovation in the renewable energy sector and re-energizing our community’s economic outlook by providing shared infrastructure for other developments expected within the region. We are dedicated to collaborating on the infrastructure necessary for their success and to promoting environmentally responsible practices in our community.”
Botwood Mayor James Sceviour added “We are pleased to continue working with EVREC on such an important and significant project for central Newfoundland. Investments at the local level not only fuel the global transition to sustainable energy but also ignites economic growth for other developments, creates jobs, and fosters resilience in our communities.”
About Abraxas Power:
Abraxas Power is a pioneering energy transition developer focused on decarbonizing hard-to-abate sectors and creating value by solving the current and future challenges of the energy transition. Abraxas Power’s broad mandate allows it to see opportunities across technologies and geographies to transform the global energy industry. Our team has extensive experience in leading, financing, and solving the challenges associated with energy transition, and a proven track record of delivering complex, large-scale development projects across various disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale. The team possesses strong project finance and capital markets experience and has a history of creating value for shareholders, stakeholders, and the communities they live in. Abraxas has signed strategic partnerships with various global strategics and technology providers.
Abraxas has secured over US$9 billion in capital projects through competitive government awards over the past year in furtherance of the energy transition, including our marquis Exploits Valley Renewable Energy Corporation (“EVREC”) project.
Capgemini’s World Energy Markets Observatory annual report 2024: The Paris Agreement’s goals are no longer achievable, but net zero is still in sight with accelerated efforts
Despite impressive strides in 2023 and positive projections for 2024, the pace of renewable development isn’t fast enough
The critical role of nuclear energy to addressing increased clean energy demands is now recognized, but construction of new large power plants takes time and industrialization of Small Modular Reactors (SMRs) is proving complex
Addressing the complexity of energy transition challengeswill requirenew market mechanisms encouraging further innovation, choosing appropriate measures, and accelerated public and private investment in low carbon technologies and the power grid
Paris, October 10, 2024 –Capgeminihas published the 26thedition of its annualWorld Energy Markets Observatory(WEMO), created in partnership withHogan Lovells,Vaasa ETTandEnerdata. The report takes stock of the current state of the energy transition. Despite progress being made, greenhouse gas (GHG) emissions are continuing to increase, reaching a new record high of 37.4 billion tonnes (Gt) in 20231, confirming that the path to the reach Paris Agreement’s objectives is not on track. The report provides insights on what the key focus areas would need to be, moving forward, to address the complex energy transition challenges, including a change in the measurement of clean energy progress, as well as accelerated investment in the power grid and clean technologies.
James Forrest, Global Energy Transition & Utilities Industry Leader at Capgemini says: “Despite an historical spike in renewable penetration, the pace of development isn’t fast enough to close the gap. There is still much to do in the next decade to get closer to net zero by 2050 and achieve a successful energy transition: whether it be in the field of low carbon technologies, R&D efforts, nuclear or grid flexibility and storage. In addition, beyond the necessary adoption of new market mechanisms, a shift away from measuring energy based on primary consumption is needed. This measurement was relevant during past energy crises, but it is now time to adopt a more holistic approach. Moving to a final energy demand measurement would better assess clean energy progress and ensure more accurate projections.”
Key observations from the 2024 report include:
There is a need to hasten the deployment of renewable energy globally, and to accelerate in developing countries, to deliver the 2030 and 2050 decarbonization goals. The total amount of final energy provided by renewable energy is likely to be limited to about 40% of global needs. In 2023, total renewable energy capacity increased by 14% year on year with a larger capacity expansion of solar (32%) than wind (13%). But, whilst 2024 is promising to hit another record, as this was the case for the 22nd previous years, this growth is far below what is needed to achieve net zero carbon in 2050. Moreover, while the renewable penetration rate increases, they are impacting grid stability and association with stationary batteries will become compulsory. According to the report, storable renewable energies development, such as biomass or geothermal energy, should be accelerated.
Hydrogen is now a strategic lever in the decarbonizationpath. The number of projects reaching final investment decision has quadrupled over the last two years. However, a refocus of applications has been observed due to the increasing costs of low-carbon hydrogen production, competition between uses, and regulations. Only certain uses in ‘Hard to Abate’ industries, such as heavy industry and maritime mobility, have strong potential.
Global nuclear capacity needs to triple to ensure stable, low-carbon power. COP28 has recognized the critical role of nuclear energy for reducing the effects of climate change. While there is some promising progress in nuclear renaissance, including Small Modular Reactors (SMRs), development of new nuclear power plants is still difficult. In 2023, 440 nuclear reactors (390 GW) provided 9% of the world’s electricity, 25% of the world’s low-carbon electricity. SMRs are in the planning or early construction stages with many years before they are deployed at scale as their industrialization can prove to be complex. According to the report, more focus needs to be placed on extending the life of existing nuclear plants.
The power grid plays a fundamental role to accelerate clean energy transitions. Grid investment is starting to pick up and is expected to reach USD 400 billion in 20242, with Europe, the United Sates, China and parts of Latin America leading the way. According to the report, better forecasting electricity consumption and finer optimization scenarios thanks to technologies such as AI will help to improve grid balancing.
Whilst AI has the potential to significantly accelerate decarbonization, a lack of skills and a focus on short-term proof of concepts is hampering adoption to date. However, AI coupled with GenAI in agentic LLM (Large Language Model) workflows3 has a clear role to play as a catalyst to improve grids efficiency, e-fuel discovery; new battery or wind turbine design; synthetic biology; and augmented insights from many data sources for better informed decision making.
Protectionist approaches to increasing energy sovereignty may have undesirable implications. Ongoing geopolitical uncertainties are affecting energy markets and systems. To ensure security of supply, the use of embargoes, tariffs and subsidies in almost all jurisdictions is distorting energy markets and threatens efficient allocation of capital. According to the report, embargoes are proving ineffective, and decreasing the transparency and traceability of energy supplies, which is essential to tracking decarbonization efforts. Denying access to the cheapest sources of energy equipment and energy supplies drives up prices for consumers and reduces funding available for the energy transition.
According to the report, ‘Primary Energy Demand’ is an outdated concept for energy transition. There is a need to move from primary to final energy consumption measurement (in kWh) to ensure accurate projections, and clean energy progress. Measuring energy based on primary consumption ignores that: for the same end-energy services, new electric services are generally more efficient; a lot of fossil fuels are wasted in the generation of electricity; energy is also wasted on finding and processing fossil fuels.
The World Energy Markets Observatory (WEMO) is Capgemini’s annual thought leadership and research report created in partnership with Hogan Lovells, Vaasa ETT and Enerdata, that tracks the transformation of global energy markets, including Europe, North America, Australia, Southeast Asia, India, and China. Now in its 26th edition, the report has been prepared by a global team of over 100 experts, and includes 15 articles, all backed with rigorous analysis. The report begins with a global outlook, then covers the topics pivotal to the energy transition including geopolitical impacts, demand side energy transition, batteries, renewables, SMRs, Hydrogen, Industrial Heat, GenAI and the Inflation Reduction Act (IRA). For more information and to get access to the report, clickhere
About Capgemini Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion. Get The Future You Want | http://www.capgemini.com
3 GenAI in agentic LLM (Large Language Model): iterative and collaborative model that transforms the interaction with LLMs into a series of manageable, refinable steps.
Source: United Kingdom – Prime Minister’s Office 10 Downing Street
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.
Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.
In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.
Prime Minister Keir Starmer said:
Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.
Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.
Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.
Iberdrola Executive Chairman Ignacio Galán said:
After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.
This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.
The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.
It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.
The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.
Today’s investments include:
Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.
Mads Nipper, CEO of Ørsted A/S said:
The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.
Lord Nicol Stephen, Chief Executive of Flotation Energy said:
Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.
Chris Sohn, Chief Executive of SeAH Wind, said:
With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.
Andreas Sohmen-Pao, Chairman of BW Group, said:
BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.
I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.
Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:
We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.
Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:
Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.
Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.
The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.
This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.
Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.
And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.
Source: United Kingdom – Executive Government & Departments
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.
Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.
The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.
Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.
In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.
Prime Minister Keir Starmer said:
Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.
Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.
Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.
Iberdrola Executive Chairman Ignacio Galán said:
After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.
This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.
The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.
It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.
The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.
Today’s investments include:
Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.
Mads Nipper, CEO of Ørsted A/S said:
The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.
Lord Nicol Stephen, Chief Executive of Flotation Energy said:
Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.
Chris Sohn, Chief Executive of SeAH Wind, said:
With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.
Andreas Sohmen-Pao, Chairman of BW Group, said:
BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.
I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.
Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:
We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.
Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:
Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.
Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.
The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.
This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.
Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.
And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.
The federal government is leading the world with a bold climate plan to grow our economy and reach net-zero emissions by 2050. Achieving this goal will require between $125 billion and $140 billion in investment into Canada every year. As a cornerstone of Canada’s net-zero economic plan, the federal government’s $93 billion suite of major economic tax credits are already available to help attract this investment.
October 9, 2024 – Toronto, Ontario – Department of Finance Canada
The federal government is leading the world with a bold climate plan to grow our economy and reach net-zero emissions by 2050. Achieving this goal will require between $125 billion and $140 billion in investment into Canada every year. As a cornerstone of Canada’s net-zero economic plan, the federal government’s $93 billion suite of major economic tax credits are already available to help attract this investment.
Beyond incentives to attract investment to Canada, investors need robust and transparent guidelines to credibly classify their investments into the clean economy on the path to net-zero. That is why in the 2023 Fall Economic Statement and Budget 2024, the government committed to develop a sustainable finance taxonomy identifying “green” and “transition” investments and to expand the coverage of mandatory climate disclosure requirements to private companies. Moving forward with these commitments is essential for market certainty, for Canada to unlock net-zero investments, and to uphold the Paris climate target of limiting global warming to 1.5°C above pre-industrial levels.
Today in Toronto at the Principles for Responsible Investment conference, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced:
A plan to deliver Made-in-Canada sustainable investment guidelines; and,
Mandatory climate-related financial disclosures for large, federally incorporated private companies.
The Made-in-Canada sustainable investment guidelines will become an important, voluntary tool for investors, lenders, and other stakeholders navigating the global race to net-zero by credibly identifying “green” and “transition” economic activities. These guidelines will provide the certainty needed to accelerate the flow of private capital into sustainable activities across the Canadian economy. From building electric vehicle batteries, to generating clean energy, to decarbonizing emissions-intensive heavy industries, these guidelines will identify job-creating activities in a way that is scientifically credible and aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. The Canadian taxonomy will be developed and governed by an external, third-party organization(s).
To attract more private capital into Canada’s largest corporations and ensure Canadian businesses can continue to effectively compete as the world races towards net-zero, the government is also moving forward with mandating climate-related financial disclosures for large, federally incorporated private companies. These disclosures will help investors better understand how large businesses are thinking about and managing risks related to climate change, ensuring that capital allocation aligns with the realities of a net-zero economy. Specifically, the government intends to bring forward amendments to the Canada Business Corporations Act that will require these disclosures. The government will launch a regulatory process to determine the substance of these disclosure requirements and the size of private federal corporations that would be subject to them. As small- and medium-sized businesses will not be subject to the requirements, the government is considering ways to encourage those businesses to voluntarily release climate disclosures, if they wish.
The federal government is ready to work with provincial and territorial partners to ensure broad disclosure coverage across the Canadian economy. The government will seek to harmonize its regulations with those that will be required from public companies by securities regulators. More details will be released in due course.
These two sustainable finance initiatives will mobilize further private sector capital towards activities essential to building a net-zero economy. More private sector capital will enable businesses to grow the economy, create more good-paying jobs for Canadians, and boost their resiliency against the risks posed by climate change.
In addition to these announcements, today, the federal government successfully issued an additional $2 billion in green bonds, through a re-opening of Canada’s second green bond issued in February.
Together, today’s progress is about building a flourishing Canadian sustainable finance industry and sending a clear signal to corporate boards and shareholders, at home and around the world, that Canada is their trusted partner for putting private capital to work in the race to net-zero.
Quotes
“In the 21st century, a competitive economy is a net-zero economy. We are seizing Canada’s economic advantages to attract investment and ensure Canadian workers benefit their fair share in the global race to net-zero. Today’s release of a path for Made-in-Canada sustainable investment guidelines and climate disclosures from large companies will accelerate the flow of private capital into Canada, in turn growing our economy, creating good jobs, and advancing our progress to net-zero emissions by 2050.”
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Building a cleaner economy is not only an environmental imperative, it is a major economic opportunity. The development of a sustainable investment taxonomy, paired with heightened transparency on climate disclosures, amounts to an important stepping stone for Canada on the path towards that cleaner economy. These initiatives will help mobilize needed private sector financial flows to build a cleaner economy and give investors who are looking for the sustainable option the clear direction they seek.”
The Honourable Steven Guilbeault, Minister of Environment and Climate Change
“Canadian workers and businesses are already attracting historic investment in areas such as clean energy, critical minerals, and electric vehicles, and seeing the associated benefits for job creation and economic growth. With changes announced today, investors will have more certainty that companies are taking real and serious action to address the climate crisis and drive down emissions, while building a strong economy.”
The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources
“Fighting climate change as well as protecting the economy and Canadians from the costs of climate inaction is a priority for our government. It’s important to send a clear signal to Canadian companies and organizations that climate risks and opportunities are critical to integrate into corporate culture and decision making, and that’s what we’re doing.”
The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“Creating a financial system that is sustainable and globally competitive is essential for Canada’s economic future. In order to compete both at home and abroad, we are moving forward with sustainable investment guidelines and mandatory climate disclosures to help provide credibility, accountability, and transparency in the marketplace. These are essential conditions for investors and companies to fill the investment gap necessary to meet the climate challenge while seizing generational opportunities for clean prosperity.”
Ryan Turnbull, Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance and to the Minister of Innovation, Science and Industry
Quick facts
In Budget 2024, the federal government committed to provide an update by the end of 2024 on the development of Made-in-Canada sustainable investment guidelines, in recognition that promoting credible climate investment and combatting greenwashing are critical to fostering investor confidence and mobilizing the private investment Canada needs to achieve net-zero by 2050.
In the 2023 Fall Economic Statement, the federal government committed to develop options for making climate disclosures mandatory, as part of expanding mandatory climate disclosures across the Canadian economy. It also first announced the government’s commitment to developing a Made-in-Canada taxonomy.
The development of a Made-in-Canada sustainable finance taxonomy and regulations to require climate disclosures from large companies builds on the important work done by the Sustainable Finance Action Council.
The federal government is investing over $160 billion in its net-zero economic plan, including through a $93 billion suite of tax credits for major economic investments in:
Carbon capture, utilization, and storage;
Clean technology;
Clean hydrogen;
Clean technology manufacturing;
Clean electricity; and,
Electric vehicle (EV) supply chains.
In addition to tax credits for major economic investments, the federal government is attracting net-zero private sector investment by:
Catalyzing private investment in low-carbon projects, technologies, businesses, and supply chains through the $15 billion Canada Growth Fund, which has already invested over $2 billion across eight deals, including three novel Carbon Contracts for Difference;
Leveraging at least $20 billion from the Canada Infrastructure Bank to build major clean electricity and clean growth infrastructure projects;
Securing Canada’s advantage as the world’s supplier of choice for critical minerals and the clean technologies they enable, by further developing supply chains through a $3.8 billion Critical Minerals Strategy; and,
Building more clean, affordable, and reliable power, and supporting innovation in electricity grids, including offshore wind, through the $3 billion recapitalization of the Smart Renewables and Electrification Pathways Program.
The third-party, arm’s-length organization(s) will further develop and implement the taxonomy.
The Department of Finance, Environment and Climate Change Canada, and Innovation, Science and Economic Development Canada will work together to make the required legislative and regulatory changes for mandatory climate disclosures.
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Contacts
Media may contact:
Katherine Cuplinskas Deputy Director of Communications Office of the Deputy Prime Minister and Minister of Finance Katherine.Cuplinskas@fin.gc.ca
Media Relations Department of Finance Canada mediare@fin.gc.ca 613-369-4000
The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.
October 9, 2024
The Government of Canada supports the development of voluntary Made-in-Canada sustainable investment guidelines (otherwise known as a taxonomy) that would categorize investments based on scientifically determined eligibility criteria that are consistent with the goal of reaching net-zero emissions by 2050 and limiting global temperature rise to 1.5°C above pre-industrial levels.
This is a high standard that will be important for building and maintaining the credibility of a Canadian taxonomy, which will mobilize private capital for low- or non-emitting activities with a “green” category.
Importantly, the Canadian taxonomy would also establish a “transition” category to identify, and boost funding for, scientifically credible pathways to rapidly decarbonize Canada’s emissions-intensive sectors. Canada’s leadership in the transition aspect of taxonomy will be a notable and valuable contribution to the international dialogue on transition finance.
The development of the metrics-based Canadian taxonomy would first focus on the following sectors for the Canadian economy: electricity, transportation, buildings, agriculture and forestry, manufacturing, and extractives, including mineral extraction and processing, and natural gas. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work.
Once finalized, the Canadian taxonomy would be available for entities such as financial institutions, lenders, and companies to use on a voluntary basis. It would not be mandatory.
Details of the Canadian Taxonomy
This backgrounder outlines the government’s expectations for the development and implementation of the Canadian taxonomy, including:
Guiding Principles
Defining green and transition investments
Priority Sectors
Company-level expectations
Governance and Funding
Background on Taxonomy
To close the climate financing gap, financial market participants, including banks, insurers, pension plans and asset managers, have indicated that they need clarity about what economic activities are considered “green” or “transition.” A taxonomy is a tool that can provide this clarity by promoting a shared understanding or classification system that defines or categorizes these activities.
Like the proposed Canadian taxonomy, many international taxonomies also use detailed eligibility criteria, anchored in climate science, to support the taxonomy’s credibility among international investors. These eligibility criteria often involve the use of performance-based metrics and thresholds to demonstrate what economic activities are aligned with pathways to limiting global temperature rise to 1.5°C above pre-industrial levels, in line with the Paris Agreement. These taxonomies likewise aim to preserve interoperability with other jurisdictions to reflect the global nature of financial and capital markets.
A taxonomy supports a wide range of use cases. For example, taxonomies can be used to set standards for classifying climate-related financial instruments (e.g., bonds or loans), and/or to evaluate the green or transition credentials of financial instruments and issuers. The aim of the Canadian taxonomy would be to mobilize investment in support of Canada’s net-zero transition by enabling investors to understand and communicate which key activities and investments will deliver a Canadian net-zero economy.
Over 40 jurisdictions worldwide are developing or have implemented taxonomies, which generally are calibrated to a particular country’s domestic economic reality and priorities. This is an opportunity to develop a Made-in-Canada taxonomy that aligns with Canada’s net-zero pathways and drives transformational investments within Canada’s economy that will also create good-paying, sustainable jobs.
The Sustainable Finance Action Council (SFAC), which was composed of 25 of Canada’s leading deposit-taking institutions, insurance companies, and pension funds, was launched by the Government of Canada in May 2021 to help lead the Canadian financial sector towards integrating sustainable finance into standard industry practice. The SFAC’s recommendations on taxonomy, including its Taxonomy Roadmap Report, have been important inputs for informing the Government of Canada’s next steps on taxonomy. The Government of Canada thanks the SFAC for its advice on taxonomy and its valuable contribution to building a sustainable finance market in Canada throughout its mandate, which concluded on March 31, 2024.
i. Guiding Principles
The Canadian taxonomy would be developed and maintained in accordance with the following principles (Guiding Principles), which draw from the recommendations of the SFAC and international organizations, as well as from international taxonomy precedents.
These Guiding Principles are intended to ensure that the Canadian taxonomy fulfills its objective of being a credible and usable tool for financial market participants and others to identify green and transition investments.
Guiding Principles
Usable
Mobilize capital toward the net-zero transition.
Credible
Clear, rigorous, and credible science-based criteria that align with limiting global temperature rise to 1.5°C above pre-industrial levels, with no or low overshoot and all relevant emissions scopes considered. Any activity which receives the green or transition taxonomy label must be scientifically defensible as being aligned with this.
Comprehensive
Cover transition and green activities that make a material positive contribution to climate change mitigation, addressing high-emitting sectors.
Interoperable
Be interoperable and broadly compatible with other major science-based taxonomies and frameworks globally, while reflecting Canada’s own economic context.
Transparent
A governance structure that is transparent, efficient, adaptive, and results-oriented; safeguards scientific integrity; and engages with key stakeholders, including provincial and territorial governments, civil society, financial market participants, industry, and Indigenous partners.
Dynamic
A built-in review process to ensure the Canadian taxonomy is updated as the landscape evolves.
Holistic
Do-No-Significant-Harm criteria addressing environmental, social, and Indigenous objectives.
ii. Defining green and transition investments
At a high level, the Canadian taxonomy would define which economic activities are green or transition in line with SFAC recommendations, as follows:
Green: low-or zero-emitting activities, such as green hydrogen, solar, and wind energy generation, or those that enable them, such as electricity transmission lines and hydrogen pipelines; and,
Transition: decarbonizing emission-intensive activities that are critical for sectoral transformation and consistent with a net-zero, 1.5°C transition pathway, such as installing lower-emitting (electric) furnaces to produce steel.
Activities are expected to be classified according to a categorization framework to be confirmed and operationalized. The figure below shows an example of such a framework proposed by the SFAC.
Have low or zero downstream scope 3 emissions; and,
Sell into or benefit from markets that are expected to grow in the global net-zero transition.
Transition activities are expected to be those that:
Have material scope 1 and 2 emissions but make significant emission reductions;
Have low or zero scope 3 emissions; and,
Do not create carbon lock-in and path dependency.
As well as activities that:
Have material scope 3 emissions but significantly reduce their scope 1 and 2 emissions;
Do not face immediate demand-side risk (i.e., market contraction); and,
Have lifespans proportionate to when global demand for their products is expected to decline.
iii. Priority Sectors
The initial phase of taxonomy development would focus on developing eligibility criteria for the following priority sectors. A taxonomy for two to three priority sectors will be released within 12 months of the arm’s-length, third-party organization(s) beginning its work. The final determination of eligible activities would rest with the third-party organization(s) which will develop, implement, and maintain the Canadian taxonomy, and align with the guiding principles, including scientific credibility and alignment with limiting global warming to 1.5°C:
Electricity, which could include activities related to low- and zero-emitting electricity generation, electricity storage, and grid infrastructure improvements.
Transportation, which could include low- and zero-emitting passenger and freight transportation activities in a variety of transportation modes (e.g., road, rail, marine transport) as well as enabling infrastructure (e.g., electric vehicle charging).
Buildings, which could include the construction and operation of high-performance buildings, the retrofitting of buildings to improve their performance, and the installation of equipment to reduce the emissions of buildings and their occupants.
Agriculture and Forestry, which could include the sustainable production of crops and livestock, activities to decarbonize agricultural production, and the planting, sustainable management, and restoration of forests.
Heavy Industry:
These important sectors of the Canadian economy have been prioritized based on the following criteria:
Anticipated future levels of green and transition investment opportunity, including as assessed by market participants;
Importance of their decarbonization for decarbonizing the Canadian economy, based on current sectoral emissions and projections of future emission reductions; and
Economic significance to Canada, including current levels of investment and economic activity.
Further below is a list of examples of activities within these sectors that may be eligible for a green or transition taxonomy label, subject to the development of activity-specific performance criteria and Do-No-Significant-Harm requirements.
iv. Company-level expectations
The Government of Canada supports the adoption of net-zero targets, credible transition plans, and robust climate disclosures by Canadian companies. These are key infrastructure elements of a robust sustainable finance market and are essential to achieving net-zero goals, fostering transparency, and enabling informed decision-making.
The Government of Canada has committed to moving towards mandatory climate-related financial disclosures across a broad spectrum of the Canadian economy. Mandatory disclosure requirements are already in place for federal Crown corporations and federally regulated financial institutions. The Government of Canada intends to bring forward amendments to the Canada Business Corporations Act to enable climate-related financial disclosure requirements for large, federally incorporated private companies.
The Government of Canada encourages the developers of the taxonomy to consider including these company-level requirements as part of the eligibility criteria for green and transition labelling in the Canadian taxonomy, in line with SFAC’s recommendations.
Potential Company-Level Actions for Taxonomy Users
Net-Zero Targets
A commitment to reach net-zero emissions by 2050 or earlier, usually with interim targets.
Credible Transition Plans
A strategy that lays out the company’s targets, actions, and/or resources for its transition toward a lower-carbon economy, including actions such as reducing its greenhouse gas emissions.
Robust Climate Disclosure
The provision of information about a company’s climate-related governance, risk management, strategy, and metrics and targets.
v. Governance and Funding
Developing a taxonomy requires significant climate science and sectoral expertise and engagement with stakeholders, including financial market participants, industry, civil society, governments, regulators, and Indigenous partners. In addition, good governance practices are needed to oversee the development and implementation of a Canadian taxonomy that safeguards scientific integrity and meets market needs. The guiding principle of scientific credibility will ensure that the taxonomy’s green and transition labels are only applied to activities that are in line with the goal of limiting global warming to 1.5°C with no or limited overshoot.
The Canadian taxonomy would be developed, implemented, and maintained at arm’s length to the Government of Canada by an organization or organizations external-to-government.
The final determination of guiding principles, eligible activities, priority sectors and company-level expectations would rest with the external-to-government organization.
The Government of Canada would contribute funding to support the technical work to develop the eligibility criteria for the taxonomy.
Examples of Potential Taxonomy Eligible Activities
Under the Canadian taxonomy, a range of economic activities that contribute to Canada’s net-zero transition will be eligible for a “green” or “transition” label, which, for example, could be used in the context of labelled bond issuances. Not all economic activities will be eligible.
Through a survey of international taxonomies, the following examples of activities in priority sectors that may be eligible for a green and/or transition label were identified. These examples are in no way intended to direct the work of the arm’s length organization or organizations who will develop, implement, and maintain the Canadian taxonomy, who would make final determinations with respect to the inclusion of and criteria for these example activities, in line with the guiding principles, including alignment with limiting global warming to 1.5°C. As such, these examples should be considered indicative only, not prescriptive.
It is expected that activity-specific performance criteria would be developed for each activity included in the Canadian taxonomy along, with Do-No-Significant-Harm requirements, to define the circumstances under which that activity would be eligible for green or transition labelling. That is, only some forms of a given activity might be eligible while other forms of the same activity might be ineligible. Some forms of an eligible activity may be green-eligible while other forms would be transition-eligible. As such, the examples below show activities that may be eligible, subject to activity-specific criteria and Do-No-Significant-Harm requirements.
These examples are not intended to be exhaustive. The international taxonomies surveyed to identify these examples reflect the economic and net-zero transition needs of other jurisdictions, which may be different from those of Canada, so it is to be expected that the Canadian taxonomy could break new ground and include sub-sectors or activities not covered in these examples. For example, it could include green and transition activities in the agricultural sector such as certain forms of crop and livestock agriculture.
In consideration of Canada’s economic makeup, the taxonomy could potentially include activities that significantly reduce the emissions of existing natural gas production and/or the emissions associated with a limited buildout of existing production sites. The technical drafters may also consider a broad range of possible eligibility criteria for existing natural gas production, such as the displacement of more polluting fuels internationally, provided they are aligned with limiting global temperature rise to 1.5°C above pre-industrial levels. Based on the Guiding Principles, the Government does not anticipate new natural gas production to be eligible. The final determination of eligible activities across all sectors will be made by the arms length, external organization(s).
In the electricity sector, examples of potentially eligible green or transition activities include:
Co-generation of heating or cooling and electricity from solar energy;
Electricity generation from bioenergy;
Electricity generation using concentrated solar power (CSP) technology;
Electricity generation from geothermal energy;
Electricity generation from hydropower;
Electricity generation from ocean energy technologies;
Electricity generation using solar photovoltaic technology;
Electricity generation from wind power;
Storage of electricity; and,
Transmission and distribution of electricity.
In the transportation sector, examples of potentially eligible green or transition activities include:
Low carbon transport infrastructure, such as electric vehicle charging.
Zero-emission and low-emission operations of the following modes of transportation:
Air transport, including ground handling operations;
Freight transport by road;
Inland water transport;
Road passenger transport;
Sea and coastal water transport;
Railway transport; and,
Urban and suburban passenger land transport.
In the buildings sector, examples of potentially eligible green or transition activities include:
Acquisition and ownership of low-emitting and energy-efficient buildings;
Construction of low-emitting and energy-efficient new buildings;
Installation of energy efficiency equipment;
Installation of renewable energy technologies; and,
Renovation of existing buildings to reduce emissions and/or improve energy efficiency.
In the agriculture and forestry sectors, examples of potentially eligible green or transition activities include:Footnote 1
Afforestation;
Conservation, restoration, and maintenance of natural forests; and,
Sustainable forest management.
In the heavy industry sector, examples of potentially eligible green or transition activities include:
The low-emission or energy-efficient manufacturing of:
Aluminum;
Basic chemicals, such as ammonia, aromatics BTX, carbon black, chlorine, nitric acid, and soda ash;
Cement;
Hydrogen;
Iron and steel; and,
Plastics in primary form.
The manufacturing of:
Batteries;
Energy efficiency equipment for buildings, such as energy-efficient appliances and light sources, energy-efficient HVAC systems, heat pumps, and energy-efficient building automation and control systems;
Equipment for the production of hydrogen through electrolysis;
Low-carbon technologies for household sector;
Low-carbon technologies for transport, such as low-carbon vehicles that meet transportation sector criteria; and,
Funding will provide more parking for HGVs, better conditions for lorry drivers and support UK businesses to take advantage of the latest technology.
lorry drivers will enjoy better rest areas, more parking and improved security thanks to over £12 million in joint government and industry funding
funding comes as nearly £2 million also announced to drive innovation and decarbonise freight
investment will help strengthen the UK supply chain, support jobs, and get the UK back on track to growth
More green e-cargo bikes will deliver parcels to people’s doorsteps and better truckstops will help relieve local congestion, thanks to a £14 million boost from both government and industry to drive innovation in freight and improve working conditions.
Today (10 October 2024), Future of Roads Minister Lilian Greenwood revealed the 23 successful applicants of up to £4.5 million from the government to improve truckstops and working conditions for lorry drivers.
From Immingham Lorry Park in Lincolnshire to Embassy Truck Park in Kent, the upgrades include 430 new lorry parking spaces to relieve local congestion by helping reduce the number of large trucks parking in town centres or on the side of the road.
The investment will also help build better dining, changing and rest facilities, as well as new CCTV and secure fencing to boost welfare and security for lorry drivers.
The funding is from the third year of the HGV parking and driver welfare grant scheme, which will come in addition to £8 million from industry, for a total funding boost of £12.5 million to improve truckstops.
This investment comes on top of £1.8 million from the government for 10 small and medium enterprises (SMEs) to trial new groundbreaking technology for decarbonising freight and driving innovation in the sector.
Examples of groundbreaking ideas that will become reality include TUAL working with Wincanton to trial high performance powerbanks for electric lorries, and Innervated Vehicle Engineering working in partnership with Asda to retrofit hydrogen power to small delivery vans.
This funding is the third tranche of the department’s Freight Innovation Fund Accelerator Programme, a £7 million government investment across 3 years to support the freight sector in deploying AI and automation to improve the way trains, lorries, vans, and ships carry parcels and goods.
Today’s measures will help the government achieve its core mission of getting the country back on track for growth. They will improve working conditions for lorry drivers while pioneering innovation and sustainability across freight to strengthen the UK’s supply chain and support jobs across the country.
The announcement comes ahead of the International Investment Summit which will gather UK leaders, high-profile investors and businesses from across the world to discuss how we can deepen our partnership to drive investment and growth.
Future of Roads Minister, Lilian Greenwood, said:
Freight is a crucial engine of our economy and it is only right we do all we can to improve working conditions, pioneer innovation and drive sustainability across the industry.
Our funding, combined with investment from the industry, will ensure lorry drivers can enjoy safer parking, a proper rest and a warm meal, while supporting UK businesses to harvest the best of technology to move freight faster, decarbonise our supply chain, and grow the economy for all.
Today’s £12.5 million for truckstops follows £31 million in previous joint government and industry funding as part of earlier application windows.
The funding will be spread across England to ensure all lorry drivers in the country can benefit from better roadside facilities and better working conditions, while supporting local jobs and economic growth.
Director of Policy and Public Affairs at the Road Haulage Association, Declan Pang, said:
We are delighted to see funding allocated to drive improvements to standards and capacity at lorry parks and truck stops across England.
The grant scheme continues to be a very welcome commitment from government and the industry to bring about much-needed improvements for lorry drivers who are a vital workforce in keeping the country’s supply chains moving. We look forward to seeing the impact of these investments in improving conditions and driver welfare.
The Freight Innovation Fund is providing highly successful in fostering industry investment, as UK businesses from the first year of the fund have so far raised £97 million in additional capital to fund their innovative projects.
Delivered by Connected Places Catapult, the Freight Innovation Fund will give SMEs access to technical and business support from the organisation to develop new groundbreaking projects.
Chief Executive Officer at Connected Places Catapult, Erika Lewis, said:
Building on the success of the Freight Innovation Fund to date, I’m very pleased to welcome a third cohort of high potential innovators onto the Accelerator.
This programme gives bespoke support to SMEs, working hand-in-hand with industry as they trial their solutions in real-world environments. By supporting new ideas in freight, we are helping to unlock the sector’s potential to be greener and more efficient.
