Daily-News Wrap-Up: Iberdrola Announces €47 Billion For Energy Transition

Indonesia’s PT Pertamina sets target of 30% emission reduction by 2030


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

Spain-based electric utility company Iberdrola announced a record investment plan of €47 billion ($47.2 billion) for energy transition between 2023-2025. Out of the total investment, 57% will be invested in electricity networks to increase the asset base and provide predictable frameworks and protection from macroeconomic uncertainties. An additional €17billion ($17.08 billion) investment in renewables will be made to deliver 52 GW of renewable installed capacity by 2025 based on projects with the best risk and reward profile. More than 80% of investments are allocated to A-rated countries with stable regulatory frameworks and ambitious electrification targets, thereby improving geographical diversification through an additional focus on countries like Germany, France, and Australia.

Indonesia’s state-owned energy company PT Pertamina has set a 30% emission reduction target by 2030 to achieve net zero emissions by 2060. The country has increased its greenhouse gas (GHG) emission reduction target to 31.89% with its efforts and 43.20% with international assistance. To reach net-zero aspirations, Pertamina has developed a holistic strategy to decarbonize its business activities and develop new green businesses. The company’s long-term investment strategy supports the goal, and the company’s cumulative CAPEX up to 2060 for green business initiatives is estimated to be $40 billion. Last year, the company succeeded in reducing GHG emissions by 7.4 million metric tons of carbon dioxide equivalents or 29.09% compared to their 2010 baseline.

Scatec and partners commissioned “Egypt Green,” Africa’s first integrated green hydrogen plant, during the UN Climate summit. The facility is the first integrated green hydrogen plant in Africa, and once fully developed, it will consist of 100 MW of electrolyzers powered by 260 MW of solar and wind. It is expected to deliver up to approximately 15,000 tons of green hydrogen as feedstock for the production of up to 90,000 tons of green ammonia per year. Currently, tests for the first and largest PEM electrolyzer in Africa are ongoing for the project’s first phase. The consortium is finalizing engineering and technology choices for the full-scale plant, and the partners aim to reach a final investment decision on the facility in 2023.

Prontoblock, a blockchain company, will partner with EPIC ESG to utilize smart contracts in the form of non-fungible tokens and introduce utility tokens to support the structure of on-chain green bonds for large-scale projects. Powered by Prontoblock’s platform, this partnership will generate secured tokenized green bonds to open market access for a broad spectrum of investors with increased efficiencies and fractionalized ownership. This will help increase liquidity and decrease the cost of capital. To fund and manage these solutions, Prontoblock will launch a Decentralized Autonomous Organization, an emerging corporate model that democratizes and automates governance utilizing logic embedded within smart contracts.

The Asian Infrastructure Investment Bank (AIIB) and the Global Energy Alliance for People and Planet (GEAPP) announced a strategic investment partnership mobilizing up to $1 billion to finance green energy transition and renewable energy projects. Capital will be directed to countries eligible for AIIB’s financing activities and meet its strategies and policies. The partnership will see AIIB and GEAPP’s cooperation through a shared vision to address the energy transition challenges by identifying co-financing opportunities for projects and programs of common interest in grid-based renewables, distributed renewables, and energy transitioning areas. This is expected to enhance assistance in co-financing operations and private capital mobilization.