Tag: Renewables

Wales aims to meet 100% of its electricity needs from renewable sources by 2035

Stuart Mitchell

Climate Change Minister Julie James has published a consultation on ‘ambitious but credible’ targets for Wales to meet 100% of its electricity needs from renewable sources by 2035. Wales is already making good progress on previous targets set in 2017 and, already, generates 55% of their electricity from renewables. The Minister proposed Wales sets a target for at least 1.5 GigaWatt of renewable energy capacity to be locally owned by 2035, excluding heat pumps. There is also a target for 5.5 GigaWatt of renewable energy capacity to be produced by…

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Just 7% of global banks’ energy financing goes to renewables, new data shows

Stuart Mitchell

Major global banks are standing in the way of climate targets with new data showing just 7% of their financing for energy companies went to renewables between 2016 and 2022.  The data, produced for Sierra Club, Fair Finance International, BankTrack and Rainforest Action Network, indicates major failings by financial institutions to help meet global commitments on net zero emissions by 2050 since it shows shockingly low financial support through loans and bond underwriting for clean energy. It calls into question pledges from the industry-led Glasgow Financial Alliance for Net Zero…

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Total Has Successfully Issued Hybrid Bonds To Finance Its Development Strategy in Renewables

Stuart Mitchell

Total SE has successfully issued perpetual subordinated bonds in the amount of €3 billion: €1.5 billion at 1.625% coupon for the tranche with a 7 year first call date €1.5 billion at 2.125% coupon for the tranche with a 12 year first call date The proceeds from the bonds will be used to finance its development strategy, mainly acquisitions, in renewables, in particular €1.7 billion for the acquisition of a 20% interest in Adani Green Energy Limited. With a weighted average coupon of 1.875%, this issuance that was very well…

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Renewable power is defying the Covid crisis with record growth this year and next

Stuart Mitchell

Renewable power is growing robustly around the world this year, contrasting with the sharp declines triggered by the Covid-19 crisis in many other parts of the energy sector such as oil, gas and coal, according to a report from the International Energy Agency. Driven by China and the United States, new additions of renewable power capacity worldwide will increase to a record level of almost 200 gigawatts this year, the IEA’s Renewables 2020 report forecasts. This rise – representing almost 90% of the total expansion in overall power capacity globally…

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100% of Hackney Council electricity now supplied by renewables

Stuart Mitchell

Hackney Council has announced it will source 100% of the electricity it uses from renewable sources – as part of its decisive action to reduce carbon emissions and fight global warming.  The increase – which will see all of the Council’s electricity sourced from wind and solar power – is being introduced alongside a range of other radical decarbonisation measures.  These include large rooftop solar panel schemes across Council buildings, and the recently-announced Green Homes programme, which will provide free insulation and trial renewable heating upgrades to help residents save…

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