2019-09-30 14:55:00
SAUDI ARABIA RENEWABLE DEVELOPMENT
BLOOMBERG - Saudi Arabia will start offering loans for renewable energy projects and manufacturers of renewable-energy components as the kingdom seeks to diversify its economy away from crude oil.
The 105 billion-riyal ($28 billion) Saudi Industrial Development Fund opened applications for the program, called Mutjadeda, on Sunday. The program will give loans of as much as 1.2 billion riyals, depending on a company’s ownership, targeting renewable-energy component manufacturers as well as independent production projects. The fund will also offer financing for firms in other sectors that want to start using such energy.
“Whether you’re in manufacturing, agriculture or retail, if you want to deploy renewable energy, we will finance it,” said Ibrahim Almojel, the fund’s director general. "For renewables to be adopted in the kingdom, we need to support it."
The world's largest oil exporter is working to develop new industries to wean itself off of crude. The country's sovereign wealth fund plans to invest in renewable-energy facilities and factories to make components for solar and wind farms. Saudi Arabia also wants to use more natural gas and other alternatives to free up crude that it currently burns to generate power.
Fund's Role
"Our objective is really to find new sources of energy to be less dependent on oil and to enable the manufacturing sector to continue its progress," said Ahmed AlGwaiz, the industrial fund's vice president of risk management, adding that the loans will be available for Saudi or foreign-owned companies. "We treat all clients, as long as they’re in Saudi Arabia, the same.
” The fund has already had discussions with “large retailers and large agriculture producers” interested in using renewable energy, according to Almojel.
Created in the 1970s, the fund is being revamped to take on a bigger role under Crown Prince Mohammed bin Salman’s plan for life after oil, dubbed Vision 2030. In January, the government raised the fund’s capital by about 60%. Its mandate was also recently expanded to allow the financing of energy, logistics and mining projects in addition to manufacturing ones.
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Earlier:
2019, September, 24, 18:10:00
GLOBAL WARMING ACTIONS
Speaking at the beginning of the UN’s Climate Action Summit on Monday, the 16-year-old acclaimed climate activist Greta Thunberg, was unsparing in her criticism of world leaders, telling them that they are still “not mature enough to tell it like it is”.
2019, September, 23, 14:20:00
CLIMATE INVESTMENT WILL UP TO $175 BLN
In a statement today at the UN Secretary-General’s Climate Action Summit in New York, nine multilateral development banks (MDBs) announced plans to increase the global climate action investments they support each year to US$ 175 billion by 2025.
2019, September, 19, 14:00:00
NUCLEAR, RENEWABLE ENERGY
Nuclear and renewable generation should be used in combination to make the most of their synergies in integrated systems to help the world meet carbon reduction goals and limit temperature rise, leaders from governmental and non-governmental organisations and industry said yesterday. Innovative nuclear technologies will play their part in integrated systems alongside renewables, with combined uses of heat and power, hydrogen production, desalination and industrial decarbonisation.
2019, September, 16, 15:15:00
РОСТ СПРОСА НА ЭНЕРГИЮ
Для исполнения подобных планов потребуются немалые инвестиции в выработку электроэнергии, которые, как отметил Александр Новак, уже на сегодня фактически превысили суммарные инвестиции в добычу углеводородов.
2019, September, 16, 14:20:00
RENEWABLE INVESTMENT DOWN
However, over the past two years, global investment in renewable energy has been on the decline. Global investment in renewable energy peaked in 2017 at $326.3 billion, and in 2018 fell by 11.5% to $288.9 billion,
2019, September, 10, 17:45:00
ENERGY NEED INVESTMENT $11 TLN
The chief executive of the Abu Dhabi National Oil Company (ADNOC) said that the long-term outlook for global energy demand was “robust” and that investment of $11 trillion in oil and gas was needed to keep up with projected demand.
2019, September, 10, 17:30:00
SOLUTION: NUCLEAR ENERGY
"Energy is essential for promoting human development and global demand is projected to increase significantly in the coming decades," Rising said. "Securing access to modern and affordable energy is essential for all, lifting people out of poverty and promoting energy independence and economic growth. Nuclear energy is a proven solution with a long established track record.
