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Its clean energy unit AGEL is building the sprawling solar and wind power plant in the western Indian state of Gujarat at a cost of about $20 billion. But the tycoon has since bounced back and the group is now pouring billions into the clean energy sector. It plans to invest $100 billion into energy transition over the next decade, with 70% of the investments ear-marked for clean energy. A worker walking past rows of solar panels at the Khavda Renewable Energy Park. “[Gautam] Adani continues to walk both sides of the street,” said Tim Buckley, director of Sydney-based think tank Climate Energy Finance.
Persons: can’t, ” Sagar Adani, Adani, He’s, Gautam Adani, Punit Paranjpe, AGEL, , haven’t, Hindenburg’s, Gautam, Narendra Modi, Modi, Tim Buckley, ” Buckley, Paranjpe, , that’s, ” Adani Organizations: New, New Delhi CNN —, CNN, Adani Green Energy, Adani, Khavda, Energy, Hindenburg, AGEL, Getty, International Energy Agency, Sydney, Climate Energy Finance Locations: New Delhi, Paris, Switzerland, India, Gujarat, Indian, Mundra, AFP, Pakistan, American, China, Europe, London, Africa, Australia
Every country needs an Inflation Reduction Act
  + stars: | 2023-11-23 | by ( Antony Currie | ) www.reuters.com   time to read: +9 min
REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 23 (Reuters Breakingviews) - Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal. Yet concerns about market distortion from the policy intended to stimulate investment in the energy transition and signed into law by President Joe Biden in August 2022 are easing. The Biden administration’s willingness to negotiate on its package of $370 billion of tax breaks and other measures has helped. Reuters GraphicsTrouble is, governments also need to show that they will be fiscally responsible stewards of the energy transition in the short term – especially with inflation still a threat and budgets under pressure. In a speech on Nov. 2 about enabling Australia’s energy transition, Treasurer Jim Chalmers said that “incentives like the type we’ve seen in the Inflation Reduction Act in the United States can be part of an answer but they’re not the whole answer”.
Persons: David Brockwell, David Gray, Australia’s Fortescue, FMG.AX, Joe Biden, Biden, , Goldman Sachs reckons, , Uncle Sam, Fumio, Jim Chalmers, they’re, Chalmers, Una Galani, Thomas Shum Organizations: REUTERS, Rights MELBOURNE, Reuters, Australia, Washington, European, of America, Labor Energy Partnership, U.S, Canberra, Climate Energy Finance, Climate Capital Forum, Deloitte, National Australia Bank, quicken, Thomson Locations: Lake George, Canberra, South Korea, United States, Seoul, European Union, U.S, Japan, Washington, EU, Australia
The proposed Sun Cable project would see a subsea cable stretch from Darwin to Singapore. A statement from Cannon-Brookes’ private investment arm, Grok Ventures, suggested all investors except Forrest’s investment arm Squadron Energy remain committed to the cable. Tim Buckley, director of Climate Energy Finance, says the export of green hydrogen (hydrogen generated from renewable energy) is at least a decade away. “The market for green hydrogen exports has sort of deflated quite dramatically when people realize there’ll be a decade or two before you can actually ship green hydrogen anywhere overseas,” he said. For example, Xlinks plans to run a cable almost as long and powerful from Morocco to the United Kingdom.
Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. Rupak De Chowdhuri/ReutersMuch of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. Most of the companies in the Adani empire are held closely by the billionaire, his family and associated firms, including nearly 75% stakes in AEL, Adani Power, and Adani Transmissions. Yet, the Adani Group has continued to raise billions from Indian and foreign banks. CreditSights, a research firm owned by Fitch Group, in August published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns.
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