Sumimoto to invest USD 1.3 bn in batteries: Japanese trading house Sumitomo Corp is set to invest JPY 200 bn (USD 1.29 bn) to construct battery facilities for storing surplus power from wind and solar farms, Reuters reports. The initiative aims to establish a renewable power storage network with a capacity of 40 MWh, starting with additional facilities in the Kyushu region. The company aims for its renewable power storage network to generate JPY bns annually by 2030.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • UNHCR aims to acquire USD 100 mn for climate refugee fund: The United Nations High Commissioner for Refugees (UNHCR) is looking to raise USD 100 mn by 2025 to establish a Climate Resilience Fund. The fund will aid refugees and displaced communities that are vulnerable to climate change. (Statement)

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