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.

A cumulative USD 150 trillion is required to realise the 1.5°C target by 2050, averaging over USD 5 trillion in annual terms.

The stricter guidelines come as the outlook darkens for limiting global temperature increases to around 1.5C, with a lack of financing for greener projects a key hurdle.

The U.S. Department of Energy (DOE) released application guidance for the second award cycle of the Civil Nuclear Credit (CNC) Program (BIL provision 40323), a $6 billion investment

The Indian conglomerate Essar has announced that it will invest US$3.6bn in the United Kingdom and in India over the next five years through a new entity, named Essar Energy Transition (EET), with the goal to drive decarbonisation.

The programme aims to support projects that will help to develop supply chains for SMR manufacturing and fuel supply and security to support Canada’s SMR industry, and to fund research on waste management solutions to ensure that SMRs, and the waste they generate, will be safe now and into the future.

India plans to spend US$4.3bn on energy transition through the Ministry of Petroleum and Gas, including programs for green fuel, green energy, green farming, green mobility, green buildings, and green equipment and policies for efficient use of energy across various economic sectors.

Out of the total, €9bn will go to gas infrastructure, including €6.3bn in gas transportation (including the upgrade of the 430 km Adriatic Line onshore pipeline), €1.4bn in LNG infrastructure (purchase of of two new FSRU-based LNG terminals and development of related infrastructure), and €1.3bn in the expansion of gas storage capacity.

The UAE government has also announced that it will invest US$30bn in South Korea’s nuclear power, defense, solar, and hydrogen industries. The investment will come from sovereign wealth funds, which include the UAE’s Mubadala Investment Company.