Europe needs $134bn for 65m EV chargers; EU injects $1.82bn in Morocco’s transition

The energy sector has numerous green projects, investments, and strategies that are mainly concentrated in Europe. Elsewhere, Japan is helping with Europe’s energy crisis.

Looking at the bigger picture:

Europe will need to have 65 million electric vehicle chargers by 2030 to cater to the 130 million electric cars expected to be on the streets of the continent by 2035, Bloomberg reported, citing data from a report by UK’s Ernst & Young and electricity association Eurelectric.

The report also revealed that in order for the continent to achieve this, it will require a total investment worth $134 billion.

The EU will back Morocco’s energy and digital transition attempts with a 1.6 billion euros ($1.82 billion) investment, Reuters reported, citing European Commission President Ursula von der Leyen.

This comes as part of a bigger EU scheme to activate as much as 300 billion euros from 2021 up until 2027 in green projects.

Japan has announced that it will send liquified natural gas, or LNG, supplies to Europe in an attempt to ease the distress of the possibility of distorted supplies in the continent if conflicts between Russia and Ukraine progress, the Financial Times reported.

Multiple cargos with as much as 700,000 tonnes of LNG each are currently making their way to Europe and are set to arrive within this month.

Through a micro lens:

Dutch multinational banking and financial services company Rabobank has announced a strategy shift amid efforts to cut emissions, Bloomberg reported.

As part of the strategy, the firm aims to raise financing for green energy up to 30 percent per year to 2025.