Daily News Wrap-Up: €17.5 Billion EU Fund to Help Shift to Low-Carbon Economy

Malta teams up with Duke Energy to study benefits of converting retiring coal plants into zero-emissions energy storage systems


Here are some noteworthy cleantech announcements of the day from around the world:

Members of the European Parliament have approved the Just Transition Fund of €17.5 billion (~$21.37 billion) to help regions relying mostly on fossil fuels and carbon-intensive industries smoothly transition to a low-carbon economy. For this, €7.5 billion (~$9.16 billion) comes from the European Union’s (EU) budget for 2021-2027 and €10 billion (~$12.21 billlion) from the EU Recovery Instrument. All EU countries can access funding, but resources will be concentrated on regions facing the biggest challenges, with the country’s wealth being taken into account. The project will finance job-seeking assistance and support smaller enterprises in new energy technologies, energy efficiency, and sustainable local mobility.

Utility provider National Grid and renewable energy company RWE Renewables have partnered to jointly develop offshore wind projects in the coastal region of the Northeast U.S. The entities will work together to explore opportunities in the Northeast U.S. offshore wind market. The partners hinted at jointly bidding in the upcoming New York Bight seabed lease auction.

Energy storage solution provider Malta has teamed up with Duke Energy to study the socioeconomic, environmental, and operational benefits of converting retiring coal units into long-duration, zero-emissions energy storage systems. The project will integrate Malta’s 100 MW, 10-hour pumped heat energy storage system into existing infrastructure at a Duke Energy coal plant in North Carolina. Though the study will focus on the energy industry’s current need for 10-12 hours of energy storage, the Malta system can be configured to store up to 200 hours of energy storage. A U.S. Department of Energy grant is funding the year-long study of the emerging technology.

International Finance Corporation, a member of the World Bank Group, in a new investment program, will finance climate-friendly projects in Brazil, with a focus on the energy sector. The financial institution will provide a loan of up to $120 million to Sicredi to help diversify the country’s energy matrix, promote sustainability, and support the nation’s climate goals. International Finance Corporation’s green loan will strengthen Sicredi’s climate finance program, especially photovoltaic energy projects in Brazil.

Srinwanti is a copy editor at Mercom India, where she writes and edits news stories across the clean energy spectrum. Prior to Mercom, she has worked in book publishing at Macmillan Publishing House and Integra and honed her editorial and writing skills in both online and print media such as Reuters, Times Group Books, The Times of India, and Pune Mirror, covering local to international stories. More articles from Srinwanti Das.