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US greenlights another offshore wind farm: The US government has given the greenlight for the development of Iberdrola’s 2.6 GW offshore wind farm in Massachusetts, Bloomberg writes. The New England Wind project, located south of Martha’s Vineyard, will be managed by Avangrid. This follows the recent approval for Orsted’s 1 GW Sunrise Wind farm, which brings the total number of offshore wind projects authorized by the Biden administration to around 10 GW. Companies including Equinor, Shell, BP, and others have been grappling with supply chain challenges and rising material costs, leading them to either cancel or renegotiate power contracts for large-scale US wind farms, Reuters writes.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- World Bank approves USD 750 mn loan to Columbia: The World Bank has approved a USD 750 mn climate resilience loan to Colombia. The loan — the second climate-focused loan granted by the bank to the country — will support solar, offshore wind, and green hydrogen developments as well as boost electric transport. (Reuters)
- Ikea backs EVs with USD 100 mn grant: The Ikea Foundation is backing the Drive Electric Campaign — a global electric vehicle uptake initiative targeting developing countries — with a USD 100 mn grant. The grant will be put towards infrastructure and policy to improve market conditions and boost the EV transition in Africa, Latin America, and Southeast Asia. (Reuters)
- Petronas + Jera partner on CCS: Malaysian state-run energy firm Petronas and Japan’s Jera have signed a joint study agreement to explore the feasibility of establishing a carbon capture and storage (CCS) value chain. The study will evaluate carbon sequestration and capture, cross-border transportation, and storage in Malaysia. Petronas has also partnered with Shell to explore CCS projects in Malaysia. (Reuters)
