Acceleration of the energy transition is essential for long-term energy security, price stability and national resilience.

Tim Holt highlighted the Middle East's role in providing fuels like green hydrogen to countries like Germany, where it would be an important step in its energy diversification, as it would benefit from taking hydrogen from countries in the world that have the right conditions at lower cost to produce it.

The committee said geothermal energy and nuclear energy have the potential to play a part in Singapore's future energy supply mix.

Renewable facilities added 23,639 megawatts (MW) of new generating capacity last year with solar and wind providing 12,804-MW and 10,754-MW respectively.

"With IRENA forecasting that energy transition investments will have to increase by 30% over planned investment to a total of $131 trillion between now and 2050, the UAE is committed to supporting this transition through domestic and foreign investment. To achieve our ambition, we plan to invest $163 billion to diversify our energy mix."

The state government of Karnataka (India) has proposed the construction of a 2 GW underground electricity storage project in the Sharavathi basin for an investment of INR53.9bn (US$700m).

Combined, solar and wind grew by 15.96% and accounted for more than one-eighth (13.05%) of U.S. electrical generation (wind - 9.12%, solar - 3.93%).

Kuwait also plans to develop a 2 GW wind and solar project, which will be tendered by the Kuwait Authority for Partnership Projects. Meanwhile, Iraq is also considering the strategic adoption of renewable energy as a way to wean itself off of Iranian imports of gas and power, its oil minister Ihsan Ismail told IPTC.

India also plans to simplify the authorisation process for green hydrogen production (including a single portal for all clearances and land provision) and to provide federal financial support to develop electrolysers.

Switzerland plans to build two to three gas-fired plants with a total capacity of 1 GW as part of a gas reserve.

In the situation that has obtained in recent months on energy markets, it has become clear that one of the foundations of stability of the modern global world is, in the first instance, reliable energy supply, which cannot be provided without observing a reasonable balance of energy sources and an absence of discrimination against traditional sectors of the fuel and energy complex.

Russia and Brazil already have ties in the nuclear energy field with a memorandum of understanding signed in 2017 by Rosatom and Brazil’s Electrobras and Electonuclear to promote cooperation in nuclear power.

“Clean hydrogen is key to cleaning up American manufacturing and slashing emissions from carbon-intensive materials like steel and cement while creating good-paying jobs for American workers,” said U.S. Secretary of Energy Jennifer M. Granholm. “We're seeking feedback from the American public on how to make scaling up this clean, affordable energy source a reality for the United States.”

The lodged offers represent over AUD 100 billion (USD 71.7bn/EUR 63bn) of potential investment in 24 solar parks, 13 onshore and seven offshore wind farms, 35 large-scale batteries and eight pumped hydro plants. It is estimated that these projects have the potential to deliver more than 100,000 GWh of total electricity per year.

Projects for the creation of new nuclear power facilities will receive about RUB56 billion from the National Wealth Fund (NWF), another RUB40 billion will be allocated from the budget.