World Bank: Bosnia must invest $6.8 billion to combat climate change impacts
Bosnia and Herzegovina faces risks of flooding, wildfires, and severe air pollution. A World Bank report released on Wednesday said that the country needs to invest 6,8 billion dollars over the next 10 years to offset the effects of climate change. The report stated that climate-related damages…
The pledge of financing by the Development Bank gives COP29 an early boost
COP29 negotiators have welcomed a commitment by major development bank to increase funding for poor and middle-income nations struggling to combat global warming. This is a positive start to the two week summit. The World Bank and a group of lenders announced on Tuesday that they would increase the finance amount to $120 billion in 2030.
The pledge of financing by the Development Bank gives COP29 an early boost
COP29 negotiators said that the pledge of major development banks, to increase funding for poor and middle income countries who are struggling to combat global warming was a positive start to the two week summit. Tuesday, a group of lenders including the World Bank announced that they would increase this financing to $120 billion…
IMF and World Bank leaders promise to work with Trump at UN climate summit
The World Bank and International Monetary Fund chiefs said on Tuesday that they would continue to work with Donald Trump's incoming administration in the United States to provide funding to countries affected by climate change. Kristalina Georgeieva, IMF's chief, told a panel at the U.N.
Lagos, Nigeria seeks investors to build a 4,000-MW gas-fired electricity plant
Lagos, Nigeria's commercial hub, invited bids on Thursday for the construction of gas-fired power stations of up to 4,050 megawatts (MW) to fill a shortfall in the national grid. The city is hoping to put an end to years of blackouts which have affected businesses and homes. According to the World Bank…
Climate Investment Funds Board backs $1 billion Turkey grid upgrade project
Climate Investment Funds, a multilateral lender, has announced that it will provide an initial investment of $1 billion to support a plan to upgrade Turkey’s electricity grid to handle more renewable energy. The CIF board approved a $70million investment from its Renewable Energy Integration Investment Platform (REI)…
Sources say that Brazil is aiming to attract foreign investment through a green development platform.
Brazil will launch a new platform on Wednesday to attract more foreign investment into sustainable development. The platform will highlight $8 billion worth of promising private sector projects, and look to triple this portfolio within a year. Four Brazilian officials who spoke anonymously about the program before a Washington launch event…
Haiti Power Firm shuts down main hydroelectric plant after protest
Electricite d'Haiti, the state-owned electricity company in Haiti, said that the output of Peligre hydroelectric plant was zero on Tuesday after protests about the distribution of the country's ailing power supplies. EDH reported that output at Peligre had been reduced since Monday after…
Equinor to close Hanoi office after halting Vietnam offshore wind plans
A company spokesperson revealed that Norway's state controlled energy giant Equinor had cancelled plans to invest into Vietnam's offshore sector. This is a blow for Vietnam's green power aspirations. According to the World Bank Group's report, Vietnam has drawn international attention…
Oil Consumption Tracking is All About Asia
Oil market analysts must make sense of a bewildering array of statistics about production, consumption and inventories, compiled and published with varying definitions and degrees of accuracy and timeliness.The challenge is to form an accurate and nuanced picture of the whole market capable of generating useful forecasts…
Saudi Aramco Targets Zero Flaring
Saudi Aramco said on Wednesday it was joining the World Bank's initiative to reduce gas flaring to zero by 2030 and said its flaring was already less than 1% of its total raw gas production in the first half of 2019.Aramco kick-started its initial public offering (IPO) this week, announcing its intention to float on the domestic bourse in what could be
Angola Hopes Reforms Will Aid Oil Assets Sales
Angola is hoping sweeping economic reforms will smooth an ambitious plan to sell key state assets, including stakes in oil company Sonangol, a share of Puma Energy and more than 100 other enterprises.Africa's second biggest oil exporter is in a rush for cash as it struggles to cope with moribund crude prices…
Mozambique LNG Project Moves Ahead
With a second Final Investment Decision (FID) in just 2 years, Mozambique has officially positioned itself as a key player in the global gas and LNG market for years to come.The latest FID on the US$20 billion Mozambique LNG project, makes it the largest sanction ever in sub-Saharan Africa…
African LNG to Attract $103Bln in 2019
With greenfield investments in Nigeria, Egypt, Mozambique and elsewhere reaching nearly $103 billion this year, it is clear that liquefaction is viewed as the most profitable strategy for realizing Africa’s gas potential, said Gas Exporting Countries Forum (GECF).Africa is an exciting frontier in the global natural gas sector.
Mexico to Offer Pemex One Year Lifeline
Mexico will offer its ailing state oil company Pemex a lifeline for only one year by dipping into its budget stabilization fund, Finance Minister Carlos Urzua said on Friday, ruling out that the government will absorb the debt.With $106 billion in financial debt, Pemex is the world's…
World Bank Targets Offshore Wind Markets
The World Bank Group announced a new program to advance the adoption of offshore wind energy in developing countries and emerging markets.The World Bank and International Finance Corporation (IFC) will help these markets evaluate their offshore wind potential and provide technical assistance…
Oil Rises On U.S.-China Trade Talk Optimism
Oil prices climbed around 3 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff.U.S. West Texas Intermediate (WTI) crude oil futures were at $51.36 per barrel at 1500 GMT, up $1.58…
Russian OPEC Coordinator Marshavin Leaving Energy Ministry
Roman Marshavin, one of the Russian Energy Ministry officials who orchestrated the 2016 landmark deal with OPEC, is leaving his job, four government sources told Reuters on Friday.Alexei Gospodarev from the ministry of industry and trade may take over as head of the Department for International Cooperation…
Cambodia to Boost Clean Energy Use
Cambodia will push ahead with plans to use hydropower and coal to electrify the entire country by 2020, but solar energy will play some role, especially in remote areas, an energy ministry official said on Wednesday.The Southeast Asian nation has electrified rapidly since 2000, when only 16 percent of the population had access to power…
Conoco Gets $345 mln from Venezuela's PDVSA
U.S. oil producer ConocoPhillips on Thursday said it received $345 million in cash and commodities last quarter from Venezuelan state oil firm PDVSA under a settlement that came after Conoco seized some of PDVSA's assets in the Caribbean.The proceeds were part of a first installment under…
