Portugal's Galp Energia (GALP.LS) will sharpen its focus on renewable energy and limit fossil fuel spending to already approved developments, resulting in a 20% cut in five-year capital expenditure, the company said on Wednesday.
Norway's sovereign wealth fund missed out on $125.8 billion in potential returns over a three year period by investing in oil and gas rather than green stocks, according to research from Global SWF, an industry data specialist.
Reuters
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A view shows windmills of several wind farms at the so-called HelWin-Cluster , located 35 kilometres (22 miles) north of the German island of Heligoland November 5, 2014. REUTERS/Fabian Bimmer/Files
The German government plans to speed up the expansion of wind and solar energy by 2030 as part of its climate protection programme, a draft law seen by Reuters showed on Wednesday.
The new plan aims to expand installed production capacity of onshore wind energy to 95 gigawatts by 2030 from a previous target of 71 GW, and of solar energy to 150 GW from 100 GW, the draft showed.
Germany s installed capacity of onshore wind power stood at of 54.4 GW and of solar energy at 52 GW in 2020.
The European Union and an energy investment programme founded by Bill Gates plan to raise up to $1 billion to roll out the low-carbon technologies Europe is betting on to meet its climate change goals, the European Commission said on Wednesday.