EU preparing CO2 tax for products from other countries
The European Commission launched public consultations on taxation rules that would help its climate agenda. It expressed the intention to revise the internal Energy Tax Directive and to introduce a carbon border adjustment mechanism in line with the European Green Deal. The latter, effectively a CO2 tax, could be applied for imported and domestic goods […]
Western Balkans could attract EUR 2.5 billion in investments to boost energy efficiency
The Western Balkan countries are slow in using their potential in energy efficiency improvement, despite the fact that energy-saving measures could lead to additional investments worth EUR 2.5 billion and lower energy consumption in buildings by 40%, according to the Energy Transition Tracker. The slow pace translates to energy productivity in the range of 20% […]
Norway sets aside EUR 2.1 billion to develop carbon capture, storage
Equinor is working with Shell and Total on transferring liquefied CO2 through a pipeline to below the seabed so that it isn’t released into the atmosphere. Norway approved EUR 2.1 billion in state aid for the carbon capture and storage (CCS) project for a cement factory and a waste incinerator. Regulators have agreed with the […]
GGF provides EUR 25 million in green finance to DenizBank in Turkey
A senior loan of EUR 25 million to the new partner in Turkey will increase the uptake of renewable energy, energy efficiency and resource efficiency measures, GGF said. The deal with DenizBank is seen resulting in annual primary energy savings of 58.4 GWh and a CO2 emission reduction of 13,000 tons. The Green for Growth […]
Renewables share in WB6 is still only at around 6% of installed electricity generation capacity
Western Balkans contracting parties failed to utilize the decline in the price of renewable energy technologies and increase the use of green energy, but auctions held in Albania, Montenegro, and North Macedonia are sending some encouraging signals, according to the Energy Transition Tracker. The missed opportunity could be illustrated by the fact that the cost […]
EU cuts Just Transition Fund to EUR 10 billion in COVID-19 recovery deal
The European Council reached an agreement on the seven-year budget through 2027 including a mechanism for the recovery from the effects of the coronavirus pandemic worth EUR 750 billion. The EU heads of state and government gave the green light for EUR 10 billion for the Just Transition Fund from the COVID-19 war chest, slashing […]
Ten units of Western Balkan thermal power plants must be shut down by 2023
Ten units of coal-fired power plants in total will be shut down by the end of 2023 in BiH, Montenegro and Serbia, according to the Energy Transition Tracker
Galascope completes solar power plants of 7.5 MW in Cyprus
RCB Bank financed the construction of two solar power plants in Cyprus with the help of the European Investment Bank. Galascope connected the facilities with an overall capacity of 7.5 MW to the grid and it will sell electricity in the open market. Galascope connected two photovoltaic parks of 7.5 MW in total to the […]