Employment

The private-sector arm of the World Bank, which claims to leverage $3 of its own capital and $8 from third parties for every dollar invested in its blended finance funds, has attempted to quantify what devoting Covid recovery funds to green investment would mean for emerging economies.

The European Commission has finalized its long-anticipated investment agreement with China. While some renewable energy businesses might benefit from improved investment security, IP protection and access to legal remedies in China, the Commission did not address the issue of Uyghur forced labor in China. As a majority block in the European Parliament had previously demanded from the Commisison to develop a firm policy to end forced labor in China, there is reason for doubt that the agreement as it stands will be adopted by the EU Parliament.

A new fund established by the African Development Bank could attract $650 million of private money into the sector, according to the lender.

Italy is in line for €11.4 billion if member states sign off an emergency funding package which will distribute funds based on the GDP and unemployment figures of their economies in June, July and August.

Solarpower Europe has called on member states to put solar and battery storage front and center when it comes to drawing up the Recovery and Resilience plans needed to secure a slice of the bloc’s proposed €672.5 billion post-Covid stimulus package.

It remains unclear why Chairman Jin Baofang was detained, but the company said its operations will not be affected. The Paper, a Chinese state-owned media outlet, reported that Jin’s detention might be connected to the fall of Liu Baohua, the formal deputy director of the National Energy Administration, which has also been under investigation by the anti-corruption authorities since mid-October.

The Norwegian polysilicon maker has been been frozen out of the Chinese solar market by political tensions between Beijing and the U.S. and mothballed its Washington State production line last year. However, two recent business agreements could change all that.

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

Re-elected South Korean president Moon Jae-in today declared he will follow-up on a campaign trail promise to eliminate carbon emissions by mid century. The announcement comes just two days after Japan’s new prime minister said he would accelerate his nation’s emissions target.

The latest edition of the Global Off-grid Solar Market Report by the World Bank and GOGLA has called for regulatory and financial support to help off-grid distributors create jobs lost to the Covid-19 pandemic.