Under the terms of the deal announced on Friday, Eni will acquire Neptune for $2.6bn, while Vår Energi — Eni’s Norwegian listed subsidiary — will acquire the company’s operations in Norway for $2.3bn.

China had also previously offered a subsidy for EV purchases for more than a decade but the programme ended last year.

"Investment from China in this project to the tune of $4.8 billion sends a message loud and clear that Pakistan is a place where Chinese companies and investors continue to show their trust and faith," Sharif said.

The two players intend to invest up to 4 billion euros or almost $4.4 billion for the development phase of the project to be spent mostly during 2024-2026, which will enable about 100 bcm of natural gas to be brought on stream, turning Romania into – what OMV Petrom deems to be – the largest gas producer in the EU and a net natural gas exporter.

These incentives represent the largest climate investment in U.S. history and aim to reduce emissions by approximately 40% by 2030.

The U.S. Department of Energy (DOE) today $46 million in funding to eight companies advancing designs and research and development for fusion power plants,

"For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one," Birol said.

Hydropower currently provides 6% of all electricity in the United States and accounts for 32% of renewable-electricity generation, as well as 93% of all utility-scale energy storage.

Over $8 Billion Available Through Prizes, Private Capital, and a Conditional Loan Commitment Will Expand Access to Cheaper, Cleaner Energy for American Families and Deploy Solar Power to Underrepresented Communities

Power Grid Corporation of India Limited (PGCIL) recently obtained approval to invest Rs.803 crore for electricity transmission projects in India.