Weekend Roundup: Oil India's clean energy spends, PetroChina buys EV charging company, and more
The Summit Group of Bangladesh announced it would invest $3 billion in solar, wind and hydroelectricity generation projects across the subcontinent as part of its clean energy push. Chairman Aziz Khan told reporters that group's power generation arm will build 1,000 MW of battery-storage-backed solar and wind energy projects in India. The group is also looking to add 700 MW of hydropower capacity across Bhutan and Nepal, Khan said.
Oil India Ltd plans to invest ₹16,500 crore in clean energy projects. Media reports said the company will invest ₹9,000 crore for 1,800 MW solar and onshore wind projects and another ₹3,000 crore for green hydrogen, as well as another ₹1,000 crore on carbon capture, utilization and storage. OIL also said it would reach Net Zero by 2040. Earlier, ONGC Chairman Arun Kumar Singh said the company would invest ₹1 lakh crore on clean energy projects by 2030 and another ₹1 lakh crore in subsequent years, and reach Net Zero by 2038.
PetroChina parent CNPC announced the oil company has acquired full ownership of Potevio New Energy Co Ltd for an undisclosed amount. PetroChina, which last year tied up with automaker SAIC Motor and battery company CATL to supply swappable batteries for EVs, last month set up a company to focus on investing and operating EV charging facilities. PNEC, set up in 2010, is a pioneer in EV charging in China. The company said that as of 2021, it ran 50,000 charging points in more than 50 Chinese cities.
Britain said it will provide $2 billion to the United Nations-backed Green Climate Fund (GCF), marking the single biggest funding commitment from the UK in the war against climate change. The South Korea headquartered fund, launched in 2010, aims to help poor nations meet emission-reduction targets and develop cleaner energy sources. The UK has already committed to provide $14.5 billion in international climate funding between 2021 and 2026.