Coronavirus company news summary – DNV-GL encourages governments to support new technologies – Victoria allocates $399m to renewables

1 December 2020 (Last Updated December 1st, 2020 10:32)

1 December

A report from risk management firm DNV-GL says world governments must use renewable generation to meet their Paris Agreement targets. It adds that governments should provide support for new and emerging renewable energy technologies to meet the goals. With the report, DNV-GL analysts called for greater cross-sector collaboration, and for businesses to encourage skills that could be used in the energy transition.

The government of Victoria, Australia, has set aside $399m (A$540m) for the establishment of six renewable energy zones across the state. The state government earmarked $1.18 (A$1.6bn) in funding as part of its 2020/21 budget for renewables, energy efficiency and decarbonisation projects. Victoria aims to source 50% of its electricity from renewable generation by the end of the decade.

The power consumption in India is projected to grow substantially as the country’s population increases and its economy develops, according to analysts speaking to PowerMag. The country will consume 11% of total energy generated globally over the next two decades. Energy demand across the country is expected to grow over coming years, even as the global demand declines. Indian power consumption rose by 13.38% in October compared to the same period in 2019, as Covid-19-related lockdown restrictions eased.