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ENERGY

Spain is leading global push towards renewable energy: report

Spain, Germany, China and the UK are leading the world’s richest nations in the push towards renewable energy, a new report said Tuesday.

Spain is leading global push towards renewable energy: report
Wind turbines in a wind farm in Villar de los Navarros, Zaragoza province in Spain. Buoyed by a surge in investment and new projects, wind power has become Spain's main source of electricity generation just as Europe seeks to curb its energy imports from Russia. (Photo by CESAR MANSO / AFP)

International non-profit Climate Group compiled the rankings of G20 countries based on both ambition and progress.

Modest climbers included Australia, India, the United States and Japan – while Canada and Brazil score poorly, despite existing high renewable electricity use.

“What we’ve recognised at the Climate Group over a number of years is the importance of the policy environment to enable rapid action on renewables,” Mike Peirce, the organisation’s executive director of systems change, told AFP.

The report – published during New York’s annual Climate Week on the sidelines of the UN General Assembly – is designed with a group of 380 leading businesses in mind, called the RE100 companies, that have committed to go 100 percent renewable.

Twenty countries, including Spain as a permanent guest of the G20, were given grades from A to E.

Areas examined included net zero targets, renewable power target ambition, share of renewables in total installed capacity in 2021, and renewable capacity additions in 2021.

Spain, which got an A, was lauded for setting out to deliver “one of the most ambitious renewable power policies in the European Union,” with all new power capacity additions over the last decade coming from green energy.

Renewables accounted for 21 percent of Spain’s total final energy consumption in 2020, surpassing its goal of 20 percent, with plans to increase this to 43 percent by 2030 and 97 percent by 2050 when it is due to reach its climate neutrality goal.

India, which got a C, ranks fourth in the world for installed renewable power capacity with 158 gigawatts – but while there are key signs of ambition from the central government, the report cited high capital costs and grid connection challenges as significant headwinds.

Brazil and Canada were termed “stragglers,” both receiving Ds despite having an abundance of hydropower, with the report urging more diversification as severe droughts have put future energy generation at risk.

The percentage of renewables in Canada’s total final energy consumption slipped slightly from 25.8 percent in 2009 to under 25 percent by the end of 2019. While Canada is targeting net zero by 2050, it lacks any interim dates for checkpoints along the way.

To do better, countries must lay out strong roadmaps with key interim targets, implement financing solutions to drive investor confidence.

“As Europe buckles under the weight of the energy crisis, its leaders are regretting that they didn’t transition from fossil fuels faster. They mustn’t lock themselves in to further damaging emissions,” Peirce said.

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ECONOMY

Madrid approves sale of Vodafone’s Spanish unit

Spain's government has approved the sale of British mobile phone giant Vodafone's Spanish division to investment fund Zegona for up to €5.0 billion.

Madrid approves sale of Vodafone's Spanish unit

Digital Transformation Minister José Luis Escrivá said Madrid had given the green light because the London-based fund has committed to “a very substantial investment plan in the telecommunications sector over the medium term, in both fixed and mobile telephony”.

Vodafone announced in October that it had reached a deal to sell its Spanish business to Zegona, which was founded by two former Virgin Media executives, as part of its efforts to streamline its European operations under pressure from shareholders.

Under the terms of the deal the investment fund will pay Vodafone €4.1 billion ($4.4 billion) in cash, and up to 900 million shares in Zegona, which is listed in London.

The deal is expected to be completed at the end of May, Vodafone said in a statement.

The company said it now plants to start a €500-million share buyback programme on May 15th as part of its plans to return €2.0 billion to shareholders over 12 months.

In a further streamlining, Vodafone in June agreed to merge its British operations with Three UK, owned by Hong Kong-based CK Hutchison, to create Britain’s biggest operator with 27 million customers and accelerate rollout of faster 5G connectivity.

The group, which has more than 300 million mobile customers in Europe and Africa, is heavily focused on accelerating rollout of 5G in the UK.

At the end of 2022, Vodafone unveiled a huge deal with investment firms GIP and KKR to form a joint venture that would maintain its majority stake in European masts division Vantage Towers.

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