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					</table><p>Dubai-based renewable energy company <a href="https://ameapower.com/" target="_blank" rel="noopener">AMEA Power</a> will invest $1.1 billion in Egypt to develop wind and solar energy capacities of 500 MW each.</p>
<p>The investment will take the company’s cumulative clean energy portfolio to 2 GW in Egypt. AMEA Power has a clean energy pipeline of nearly 6 GW across 15 countries.</p>
<p>The firm will develop, own, and operate the 500 MW solar plant located in the Aswan Governorate of Egypt.</p>
<p>It will be financed by the International Finance Corporation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>), part of the World Bank Group, the Dutch Entrepreneurial Development Bank (<a href="https://www.fmo.nl/" target="_blank" rel="noopener">FMO</a>), and the Japan International Cooperation Agency (<a href="https://www.jica.go.jp/english/index.html?" target="_blank" rel="noopener">JICA</a>).</p>
<p>The 500 MW wind farm, located in the Red Sea Governorate, will be developed in partnership with <a href="https://www.sumitomocorp.com/en/jp" target="_blank" rel="noopener">Sumitomo Corporation</a>, which will own 40% equity in the project. A consortium of banks is providing financing.</p>
<p>Both projects have secured Power Purchase Agreements with the Egyptian Electricity Transmission Company (<a href="http://www.eetc.net.eg/" target="_blank" rel="noopener">EETC</a>) and usufruct agreements with the New and Renewable Energy Authority (<a href="http://nrea.gov.eg/test/en/Home" target="_blank" rel="noopener">NREA</a>).</p>
<p>“The Company is leading the development of renewable energy across Africa, which through its global and regional partnerships, will deliver clean energy to millions of people around the continent,” said Hussain Al Nowais, Chairman of AMEA Power.</p>
<p>Cheick-Oumar Sylla, IFC Regional Director for North Africa and Somali Peninsula, said, “Egypt has ambitious renewable energy goals, and we are proud to support AMEA’s expansion into Africa as well as its partnership with Egypt to accelerate the country’s renewable energy transition,” he added.</p>
<p>The Egyptian government is aiming at a 42% renewable share in electricity generation by 2035.</p>
<p>AMEA Power has recently made a pact with the Egyptian Government on the sidelines of COP27 in Sharm El Sheikh to develop a large-scale green hydrogen project.</p>
<p>This will serve as a feedstock to produce green ammonia, and once completed, the 1 GW plant is expected to produce 800,000 tons of green ammonia per year for export.</p>
<p>In 2020, the IFC <a href="https://mercomindia.com/ifc-help-egyptian-farmers-switch/" target="_blank" rel="noopener">announced</a> that it had joined hands with the Agriculture Bank of Egypt to help Egyptian farmers access funding to purchase solar irrigation systems.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2022 Solar Funding and M&amp;A Report</a>, total corporate funding, including venture capital funding, public market, and debt financing in 9M 2022 stood at $18.7 billion, 18% lower than $22.8 billion raised in 9M 2021.</p>


AMEA Power to Invest $1.1 Billion in Egypt for 1 GW Wind and Solar Projects


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					</table><p>India has been ranked among the top five countries and the best among the G-20 nations under the global <a href="https://ccpi.org/" target="_blank" rel="noopener">Climate Change Performance Index</a><u> (CCPI)</u>.</p>
<p>The government said in a statement that India’s performance is mainly due to the aggressive policies directed towards the rapid deployment of renewables, and a robust framework for energy efficiency programs.</p>
<p>CCPI, which tracks the climate protection policy of 59 countries and the European Union, is published by German Watch, New Climate Institute, and Climate Action Network International based in Germany.</p>
<p>India improved its previous rank by two positions to eight in CCPI’s 2023 Index.</p>
<p>However, the Index didn’t assign the first three ranks to any country, placing India among the best five. The Index also placed India as the only G-20 country in the top 10.</p>
<p>The latest CCPI report released at COP27 shows Denmark, Sweden, Chile and Morocco ranked above India at fourth, fifth, sixth, and seventh place, respectively.</p>
<p>The index comprises four parameters with greenhouse gas emission having a weightage of 40%  to the overall score. The other three parameters include energy use, renewable energy, and climate policy, each accounting for 20% of the overall score.</p>
<p>India earned a high rating in the GHG Emissions and Energy Use categories, while a medium for Climate Policy and Renewable Energy.</p>
<p>Though India is on track to meet its 2030 emissions targets, which is compatible with the well below 2°C Paris Agreement goal, the country&#8217;s renewable energy pathway, according to the index, is not on track for the 2030 target.</p>
<p>India will now be assuming the G-20 Presidency and looks forward to working on climate mitigation policies, such as the deployment of renewable sources of energy and other energy transition programs.</p>
<p>According to Mercom India Research’s newly released <a href="https://mercomindia.com/product/q3-2022-india-solar-market-update" target="_blank" rel="noopener">Q3 2022 India Solar Market Update report</a>, India <a href="https://mercomindia.com/india-installs-a-record-10-gw-of-solar-in-9m-2022/" target="_blank" rel="noopener">installed</a> a record 10 GW of new solar capacity during the first nine months (9M) of 2022, an increase of 35% year-over-year (YoY).</p>
<p>India also <a href="https://mercomindia.com/indian-corporates-are-top-green-energy-asia-pacific-region/" target="_blank" rel="noopener">led</a> the corporate renewable procurement market in the Asia Pacific (APAC) region for the second consecutive year by procuring 8.1 GW of capacity, according to a Wood Mackenzie report released earlier this month.</p>


India Among the Top Five Performers on Climate Change Index


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					</table><p>The <a href="https://unfccc.int/" target="_blank" rel="noopener">United Nations Climate Change</a> Conference COP27 concluded with the decision to execute the Sharm el-Sheikh Implementation Plan, highlighting the need for global investments of $4 trillion per year in renewable energy until 2030 to achieve net zero emissions by 2050.</p>
<p>The plan notes that a global transformation to a low-carbon economy would require investments of up to $4 to $6 trillion annually.</p>
<p>The participating countries offered to deliver against their commitments to limit the global temperature rise to 1.5 degrees Celsius above the pre-industrial levels.</p>
<p>The plan also encourages the developed countries to cut greenhouse gas emissions further and adapt to the inevitable impacts of climate change, and boost finance, technology, and capacity building needed by the developing countries.</p>
<p>The global climate finance flows remain relatively small compared to the overall needs of developing countries, with an estimated $803 billion in 2019–2020, which is less than a third of the annual investment needed to keep the global temperature rise well below desired target levels.</p>
<p>The parties agreed that delivering such funding would require transforming the financial system and its structures and processes. The efforts will also need to engage governments, central banks, commercial banks, institutional investors, and other economic actors.</p>
<p>The plan noted that the developed countries had failed to meet the goal of mobilizing $100 billion per year by 2020 for mitigation action and transparency on implementation. It said developed countries must meet the set target.</p>
<p>The plan also reiterates its invitation to parties to consider further actions to reduce 2030 noncarbon dioxide greenhouse gas emissions, including methane. It says limiting global warming to 1.5 degrees Celsius requires rapid, deep, and sustained reductions in global greenhouse gas emissions of 43% by 2030 relative to the 2019 level.</p>
<p>The actions include scaling up the deployment of clean power generation rapidly and energy efficiency measures, including accelerating efforts towards the phasedown of unabated coal power and phase-out of inefficient fossil fuel subsidies.</p>
<p>The conference also saw parties agreeing to provide loss and damage funding for vulnerable countries hit hard by climate disasters. Governments also agreed to establish a transitional committee to make recommendations on operationalizing the new funding arrangements and the fund at COP28 next year.</p>
<p>During the two-week-long event, India also <a href="https://mercomindia.com/india-long-term-low-carbon-development-strategy-cop27/" target="_blank" rel="noopener">unveiled</a> its Long-term Low-Carbon Development Strategy, which includes expanding and stabilizing the renewable electricity grid, phasing down coal, increasing the adoption of electric vehicles, research and development into carbon removal and capture technologies, and the restoration and conservation of forests.</p>
<p>At the G20 Summit, which ran parallelly with the COP27, the European Commission and international partners <a href="https://mercomindia.com/eu-partner-countries-mobilize-indonesias-clean-energy-transition/" target="_blank" rel="noopener">launched</a> a Just Energy Transition Partnership with Indonesia to help deploy $20 billion for the country to move away from fossil fuels.</p>


COP27 Says $4 Trillion Renewable Funding Needed Annually for Net Zero by 2050


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					</table><p>As the adoption of zero-emission vehicles (ZEV) accelerated this year across markets and vehicles, it is estimated that 60% more electric passenger vehicles, totaling 10.6 million, will be sold globally in 2022, <a href="https://about.bnef.com/" target="_blank" rel="noopener">BNEF</a>’s 2022 Zero-Emission Vehicles Factbook published at the COP27 said.</p>
<p>The report, however, also notes that countries and automakers globally have much work at hand to phase out all polluting vehicles eventually.</p>
<p>Globally, over 13% of new car sales in the first half of 2022 were electric, an increase of 4.3% from last year’s sales.</p>
<p>The lithium-ion battery manufacturing capacity has increased by 38% since 2021, and the cumulative spending on clean road transport worldwide is set to exceed $450 billion this year.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-45015 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/Picture1-8.png" alt="" width="903" height="568" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-8.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-8-300x189.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-8-768x483.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-8-650x409.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-8-624x393.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Picture1-8-600x377.png 600w" sizes="(max-width: 903px) 100vw, 903px" /></p>
<p>The rapid global adoption has resulted in a significant reduction in oil consumption and carbon dioxide emissions. Electric Vehicles (EVs) this year are expected to cut down on the use of nearly 1.7 million of oil per day, up from 1.5 million barrels per day in 2021.</p>
<p>EVs are currently eliminating 152 million metric tons of CO2 annually, with the biggest contribution coming from electric two-and-three wheelers in Asia.</p>
<p>“The BNEF factbook shows that, despite the global energy crisis, the zero-emission vehicle transition has continued to accelerate since we launched the ZEV declaration at COP26. It also highlights that the ZEV transition is key to permanently ending our dependence on oil,” said COP26 President Alok Sharma.</p>
<p><strong>Slow Progress in 2022 </strong></p>
<p>The report cautions that progress on new commitments to ZEVs from automakers and governments has slowed over the past year.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-45016 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/BNEF-Figure-2-Government-targets-to-phase-out-sales-of-ICE-vehicles-in-2035-automaker-commitments.png" alt="" width="934" height="795" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/BNEF-Figure-2-Government-targets-to-phase-out-sales-of-ICE-vehicles-in-2035-automaker-commitments.png 934w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/BNEF-Figure-2-Government-targets-to-phase-out-sales-of-ICE-vehicles-in-2035-automaker-commitments-300x255.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/BNEF-Figure-2-Government-targets-to-phase-out-sales-of-ICE-vehicles-in-2035-automaker-commitments-768x654.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/BNEF-Figure-2-Government-targets-to-phase-out-sales-of-ICE-vehicles-in-2035-automaker-commitments-650x553.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/BNEF-Figure-2-Government-targets-to-phase-out-sales-of-ICE-vehicles-in-2035-automaker-commitments-624x531.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/BNEF-Figure-2-Government-targets-to-phase-out-sales-of-ICE-vehicles-in-2035-automaker-commitments-600x511.png 600w" sizes="(max-width: 934px) 100vw, 934px" /></p>
<p>The lead author of the report and head of BNEF’s electric vehicle research team, Aleksandra O’Donovan, noted a growing gap between wealthy and emerging economies on ZEV adoption. “While many of the indicators in this report are pointing in the right direction, most countries still have a long way to go before we can be confident that we are on track for a net-zero emission transport sector by mid-century,” stated O’Donovan.</p>
<p>Nigel Topping, U.N. Climate Change High-Level Champion for the UK, COP26, called upon more actors to come forth next year to make and implement ambitious commitments toward the transition to zero-emission vehicles and reap the benefits of cleaner air, jobs, economic growth, and keep up with the Paris Agreement goals.</p>
<p>In India, EV retail sales <a href="https://mercomindia.com/electric-vehicle-sales-up-1h-2022/" target="_blank" rel="noopener">clocked</a> 390,399 units in the first half (1H) of the calendar year 2022, a 333% year-over-year (YoY) growth compared to the 90,102 units sold in the same period last year.</p>


Over 10 Million Electric Vehicles Likely to be Sold Globally in 2022, up 60% YoY: BNEF


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					</table><p>The collective effort to switch to renewables and make the energy transition is not enough despite the Glasglow Climate Pact, finds a new report by the International Renewable Energy Agency (<a href="https://www.irena.org/" target="_blank" rel="noopener">IRENA</a>) released at the ongoing U.N. Climate Change Conference COP27.</p>
<p>The analysis comes just weeks after the Climate Change <a href="https://mercomindia.com/climate-plans-limiting-global-temperature-rise-remain-insufficient/" target="_blank" rel="noopener">report</a> published by the United Nations Framework Convention on Climate Change, which said that even though climate plans are bending the curve of global greenhouse gas emissions downward, they remain insufficient to limit rising temperatures to 1.5°C as set out in the 2015 Paris Agreement.</p>
<p>IRENA’s new analysis finds that by 2030, countries are targeting to reach 5.4 TW of installed renewable power capacity, which accounts for only half of the 10.8 TW of installed capacity needed to achieve net zero. The targeted renewable power capacity by 2030 would have to double compared to the level of ambition in current targets.</p>
<p>The report finds that to achieve current targets by 2030, countries need to add 2.3 TW of capacity, equivalent to average yearly additions of 259 GW for the next nine years. This is below the average installed capacity added in the past two years – 2020 and 2021, during which the world added 261 GW each year, despite the complexities resulting from the pandemic and consequent supply chain disruptions.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-44383 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/irena.png" alt="" width="651" height="467" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/irena.png 651w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/irena-300x215.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/irena-624x448.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/irena-600x430.png 600w" sizes="(max-width: 651px) 100vw, 651px" /></p>
<p>Renewable power targeted by 2030 remains concentrated in a few regions globally. Asia makes up half of the global targeted capacity, followed by Europe and North America. The Middle East and North Africa account for just 3% of global deployment targets for 2030, despite the region’s high potential. Sub-Saharan Africa accounts for just over 2% of the total global for 2030.</p>
<p>The G20 countries are targeting most of the deployments, with almost 90% of the global aggregated target. Although they make up for a small share of past renewable deployment, aggregated targets by least developed countries (LDCs) and small island developing states (SIDS) could help double their current renewable capacity.</p>
<p>The agency’s report warns the international community that renewables offer a readily achievable climate solution but require immediate action. The climate pledges must show higher ambition to unlock renewable energy’s full and untapped potential.</p>
<p>IRENA’s Director-General Francesco La Camera urged world leaders to urgently work towards closing the renewable deployment gap in pursuit of resilience, energy security, and inclusive economies.</p>
<p>“There is a need for real urgency. Despite some progress, the energy transition is far from being on track. Any near-term shortfall in action will further reduce the chance of keeping 1.5°C within reach. Under the COP27 slogan ‘together for implementation’ we must move from promises to concrete solutions to benefit people and communities on the ground,” Camera added.</p>
<p>At the beginning of the year, the Ministry of New and Renewable Energy (MNRE) <a href="https://mercomindia.com/daily-news-wrap-up-mnre-irena-green-hydrogen/" target="_blank" rel="noopener">signed</a> a strategic partnership agreement with the International Renewable Energy Agency (IRENA), signaling its intent to strengthen its collaboration with IRENA in the field of renewable energy.</p>


IRENA Urges Global Leaders to Bridge Renewable Energy Deployment Gap


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					</table><p>The number of people living without electricity is set to rise by nearly 20 million in 2022, reaching nearly 775 million, finds International Energy Agency’s (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>) latest data. The agency estimates that achieving universal global access to electricity by 2030 would require annual investments of $30 billion from now to 2030, of which around two-thirds are needed in sub-Saharan Africa.</p>
<p>Leading causes for the lack of electricity infrastructure include the pandemic, inflation, and the energy crisis that have set back global progress. Around sub-Saharan Africa, the number of people without access to electricity is nearly back to its 2013 peak, the agency noted.</p>
<p>The progress in Mozambique, Senegal, and Kenya could decelerate. In Ethiopia, population growth is outpacing new connections, a sharp reversal from the rapid progress before the pandemic.</p>
<p>Bangladesh, home to almost 10% of those without access to stable electricity supply in Asia, is also set to see a slowdown in 2022, especially for new grid connections.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-44125 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/101.png" alt="" width="452" height="361" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/101.png 452w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/101-300x240.png 300w" sizes="(max-width: 452px) 100vw, 452px" /></p>
<p style="text-align: center;"><em>People without access to electricity worldwide, 2012-2022 | Source: IEA</em></p>
<p>&nbsp;</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-44128 size-full" src="https://mercomindia.com/wp-content/uploads/2022/11/102-1.png" alt="" width="497" height="405" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/102-1.png 497w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/102-1-300x244.png 300w" sizes="(max-width: 497px) 100vw, 497px" /></p>
<p style="text-align: center;"><em>Investment in electricity access in 2019 and Investment required to provide electricity to all by 2030| Source: IEA</em></p>
<p>The agency found that while grid connections proved resilient in the past two years, new procurement has slowed down, with many utilities lacking funds for energy access projects after they prioritized cushioning their consumers from rising prices. For instance, in Africa, utilities were already in a difficult financial situation heading into the pandemic, with operational losses climbing substantially since then.</p>
<p>Off-grid access solutions are facing stronger headwinds, with inflation hitting consumer demand. Prices of key components used to manufacture solar photovoltaic modules, batteries, and inverters are sharply rising, which has been further exacerbated by local currencies depreciating against the dollar. The cost of solar and hybrid mini grids has increased by at least 20% in 2022 from pre-pandemic levels.</p>
<p>The average market price for a new solar home system is up by 30% since 2020, causing households to opt for smaller or lower quality systems.</p>
<p>These setbacks put the world further behind in meeting targets for universal access by 2030, declared in the United Nation’s Sustainable Development Goal 7. As per IEA’s World Energy Outlook 2022, published earlier this month, 660 million people would still be without access to electricity in 2030, 85% of those living in sub-Saharan Africa.</p>
<p>Apart from the energy crisis, rising prices for fuel and food are disproportionately hurting, especially those in the developing world, and people facing chronic hunger are also rising. Countries witnessing growing populations without access will only see an acceleration with the trend, with the most significant increases set to occur in the Democratic Republic of Congo and Madagascar.</p>
<p>The current energy crisis will weigh heavily on negotiations at the ongoing COP27 Climate Change Conference in Egypt. The conference is expected to also focus on divesting resources to ensure universal access to secure affordable energy, especially in the developing world where populations without access to electricity are again rising. COP27 Egyptian Presidency has made it clear that accelerating efforts to reach universal access will be a crucial part of their agenda. The timely initiative aims to facilitate technical exchanges and help improve the investment environment for access solutions in Africa.</p>
<p>In its latest World Energy Outlook, IEA <a href="https://mercomindia.com/global-energy-crisis-expedite-to-sustainable-clean-sources-iea/" target="_blank" rel="noopener">said</a> the global crisis triggered by the war in Ukraine could ironically accelerate the transition to a more sustainable and secure energy system. Earlier in the year, IEA’s Renewable Energy Market Updates – Outlook for 2021 and 2022 revealed renewable energy is <a href="https://mercomindia.com/renewables-account-global-power-capacity-iea/" target="_blank" rel="noopener">expected</a> to account for 90% of the global power capacity increase in 2021 and 2022.</p>


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