Renewable energy

COP28 chief says reduction of fossil fuel use 'inevitable'

The head of the upcoming COP28 climate summit, who also is the chief executive of the UAE's national oil company, has acknowledged that a reduction in the use of fossil fuels is inescapable.

"The phase down of fossil fuels is inevitable," Sultan al-Jaber said on the sidelines of technical climate talks on June 8 six months ahead of the summit.

Cyprus’ lost electricity production

The Parliamentary Trade Committee of Cyprus' House of Representatives has examined the issue of the absence of renewable electricity storage systems, which results in the rejection of significant power generation. This discussion followed the Electricity Authority of Cyprus' recent decision to install remote-control ripple-control systems in buildings.

The RES expansion headache

For the first time ever, the Greek grid last Sunday recorded an electricity price of zero euros for six consecutive hours, being reminiscent of grids in northern European countries with a high penetration of renewable energy.

Solar power installed capacity tops 10,000 MW

Türkiye's installed solar power capacity has exceeded 10,000 MW, according to Energy and Natural Resources Minister Fatih Dönmez.

"This happened thanks to investments made in solar power in the recent years. The pace of investments suggest that installed capacity will rise further in the upcoming period," he said, speaking at an event in the province of Eskişehir.

Motor Oil buys into solar energy company

Motor Oil on Friday announced the acquisition of 75% of Unagi AE, which operates in the photovoltaic sector.

In particular, Unagi owns a 51% share in a portfolio of photovoltaic projects at various stages with a total nominal capacity of 1.9 gigawatts in Greece and the transaction was made through the subsidiary Motor Oil Renewable Energy (MORE).

Solar investment outshines oil: IEA

Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the International Energy Agency (IEA) said in a report yesterday. 

While that is a welcome development, warned the IEA that investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions by 2050.

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