Finance

Earlier this year, Singapore surpassed its 2020 target for 350 MW of installed PV, and has set itself a more ambitious goal of 2 GW for the coming decade. pv magazine recently spoke with Thomas Reindl, deputy CEO of the Solar Energy Research Institute of Singapore (SERIS) – and also the lead author of a 2020 update to the institute’s PV Roadmap for Singapore report – to catch up on the latest developments in the city-state’s PV market.

As Green Finance begins to be seen more and more as global best practice the energy transition can only accelerate. This week, two stories attest to the growing acceptance of green finance by major financial institutions – ANZ Bank has pledged to extricate itself from thermal coal by 2030 and pursue more sustainable policies and Mike Cannon-Brookes supported startup Brighte announces Australia’s first 100% green asset-backed securitisation, $190 million in debt financing for Australians looking to uptake solar and battery storage in their home.

A report by Finnish company Wärtsilä has estimated the potential impact if every dollar committed to a non-renewables energy sector recovery was instead funnelled to clean power.

The 460 MW Western Downs Green Power Hub is set to commence construction imminently, after Neoen achieved financial close on the project. The solar farm is set to be Australia’s largest, and indeed the largest in Neoen’s global portfolio, generating enough solar energy to power every home on the Sunshine Coast.

The Clean Energy Finance Corporation (CEFC) has published its annual report this week, a report glowing with the hue of ‘prudent investment’ according to the CEFC Chair. The report emphasises the prudence and efficacy of the green bank’s mandate despite attempts by the Morrison Government to siphon off funds for fossil-fuel investments.

This week will see the official launch of a global taskforce that aims to support worldwide uptake and integration of renewables and achieve at least 50% reduction in emissions over the coming decade.

The advance of PV has been lauded by the International Energy Agency as it launched the latest edition of a flagship World Energy Outlook 2020 report overshadowed by the Covid-19 crisis and uncertainty over how long the economic recovery could take.

Sustainable intentions come together in the signing of a green loan to fund ongoing development of FRV’s Sebastopol Solar Farm, which lender ING says contributes towards its “ambition to align our lending portfolio with the Paris Agreement goals”.

Australia needs more transmission and network capacity to efficiently use its vast, distributed renewable-energy resources, and to enable transition to a low-cost, zero-carbon electricity supply. In the Australian Opposition’s Budget in Reply it aims to make Australia’s inherent wealth work better for the nation, and puts transmission infrastructure upgrade at the centre of the country’s recovery from Covid-19.

BlackRock, the $7.3 trillion asset manager and one of AGL Energy’s largest shareholders, broke ranks at AGL’s recent annual shareholder meeting to side with the Australasian Centre for Corporate Responsibility’s resolution to accelerate the closure of the energy giant’s coal-fired power stations. The move is significant for BlackRock who had so far only talked the talk, but now seems to be walking the walk.