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first_imgIRENA: Renewables can provide 50% of Egypt’s electricity by 2030 FacebookTwitterLinkedInEmailPrint分享Arabian Industry:Egypt has the potential to generate up to 53 per cent of its electricity from renewable sources by 2030, according to a new report by the International Renewable Energy Agency (IRENA).The Renewable Energy Outlook: Egypt report, released at a high-level conference in Cairo today in the presence of Egyptian government officials and regional decision makers, finds that pursuing higher shares of renewable energy could reduce the country’s energy bill by up to USD 900 million annually in 2030.Renewables could cost-effectively provide up to a quarter of Egypt’s total final energy supply in 2030, per the analysis. Achieving the higher targets would, however, require investment in renewables to grow from USD 2.5 billion per year based on today’s policies to USD 6.5 billion per year.Under current plans, Egypt aims to source 20 per cent of its electricity from renewables by 2022, rising to 42 per cent by 2035. Total installed capacity of renewables in the country today amounts to 3.7 gigawatts (GW).Egypt can draw on an abundance of renewable energy resources to achieve higher shares of hydropower, wind, solar and biomass. To capitalise on this, the report suggests that national policy makers may benefit from periodically re-evaluating the long-term energy strategy to reflect rapid advances in renewable energy technology and falling renewable power generation costs.“Remarkable cost reductions in renewable energy in recent years are encouraging governments all over the world to rethink energy strategies so as to better reflect the new economics of renewables,” said Mr. Adnan Z. Amin, IRENA Director-General.More: Egypt could meet more than 50% of its electricity demand with renewable energylast_img read more

first_imgThree London boroughs that currently jointly manage £2.3bn (€2.9bn) in local authority pension assets are to review their resource-sharing arrangement.The London borough of Hammersmith and Fulham (H&F), which in May’s local elections went from being run by the Conservative Party to being a Labour Party borough, said a review of all its joint services with two neighbouring councils would look to improve performance.The borough currently jointly administers a number of its services with Westminister and Kensington and Chelsea councils, which have local authority pension schemes (LGPS) worth £880m and £630m, respectively.Hammersmith and Fulham’s own £763m LGPS currently shares a treasury department with the two other councils, with the officers conducting the required due diligence for all asset management and other mandate awards. However, decisions on where each individual fund should invest remains with the local council, although all three have a number of providers in common.The review will be led by Andrew Adonis, a transport secretary under former Labour prime minister Gordon Brown.A spokesman for H&F confirmed that all areas of cooperation would be reviewed, including the tri-borough treasury set-up, but said it was too early to provide details.In a statement on the review, the council said it would examine the potential for widening its model of cooperation beyond the three local authorities.Adonis stressed the need for value-for-money arrangements due to the restricted budgets facing councils.“The tri-borough arrangements are innovative but it is right that, after more than two years of operation, there is an independent review,” he said.“I hope we will be able to compare and contrast with other effective organisations and offer some useful insights and proposed ways forward.”In a report presented at H&F’s most recent pensions committee, the council noted it was happy with the “benefits of resilience and sharing of ideas” since the tri-borough treasury team had been in place since 2012.“It is also leading to more competitive fees from external providers through joint procurement and common mandates where they are appropriate for each fund,” it said.In addition to cooperating on investment management matters, two of the boroughs are undertaking a joint tendering exercise to appoint a new custodian, while all three are advising London Councils on the proposed launch of a London-wide common investment vehicle (CIV) for the capital’s LGPS.A move away from the cooperative approach on pension matters is unlikely despite the review, as the three councils have often been championed as an example of how cooperation can lower costs for the LGPS.Additionally, the Department for Communities and Local Government recently concluded a consultation that looked at greater efficiencies within the LGPS, with one of the suggestions being the launch of a limited number of LGPS-wide CIVs.last_img read more