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Canada will spend $7.3 billion to reduce emissions; New Zealand to inject $1.75 billion into offshore wind farm: NRG counts

RIYADH: Countries are slowly turning away from geopolitical tensions and starting to pay attention to their own goals and targets related to the energy sector.

Canada, New Zealand, the United States and the European Union are making investments either to meet emissions targets, meet energy demand, or to help countries like Tunisia when needed.

Through a micro lens, electric vehicle or electric vehicle, manufacturers continue to pursue investment to drive the adoption of electric vehicles.

Other companies such as Germany’s E.ON and Australia’s Fortescue Metals are forming partnerships to help Europe reduce its dependence on Russia.

Looking at the big picture:

Canada plans to spend a total of C$9.1 billion ($7.3 billion) in new spending to reduce emissions, Bloomberg reported.

It comes as the Canadian government seeks to cut oil and gas emissions by 42% in a bid to meet its 2030 emissions reduction target.

·The European Union will lend Tunisia a cumulative amount of 450 million euros (500 million dollars) to support its budget, and undertakes to inject 4 billion dollars in the next few years; Reuters reported.

It comes as the North African country seeks international assistance to cushion potential public finance crises.

The New Zealand pension fund plans to invest NZ$2.5 billion ($1.75 billion) in an offshore wind farm that will supply up to 11% of the island nation’s overall energy demand, reported Bloomberg.

The United States is set to hold an auction for floating wind farms off the California coast, Bloomberg reported, citing Interior Department officials.

It comes as the country plans to install enough wind turbines to produce up to 30 GW of electricity by 2030.

Through a micro lens:

Vietnamese electric vehicle startup VinFast plans to build a $2 billion factory in North Carolina, Bloomberg reported.

The plant, which is expected to start operations in the second half of 2024, will have the capacity to produce around 150,000 electric cars per year, as well as electric buses and batteries.

Germany’s largest energy company E.ON has signed a memorandum of understanding with the green energy arm of Australian iron ore company Fortescue Metals, known as Fortescue Future Industries, which aims to ship hydrogen green in Europe amid geopolitical tensions, Reuters reported.

As part of the agreement, the two entities will explore ways to ship up to five million tonnes per year of hydrogen generated from renewable energy to Europe by 2030.