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During the UN Secretary-General’s Climate Action Summit, nine multilateral development banks (MDBs) have promised to increase their investment in global climate action to US$65bn/year by 2025, including US$50bn for low- and middle-income economies (+50% compared to current level). In addition, US$18bn/year will be allocated to adaptation finance by 2025 (+100% compared to current level). Private sectors investors are expected to provide US$ 40bn/year to finance climate investment by 2025, including through the increased provision of technical assistance, use of guarantees, and other de-risking instruments.

The nine multilateral development banks are the Asian Development Bank, African Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank and World Bank Group.

As part of the Angola government’s privatisation programme, which lists 195 state-owned enterprises to be fully or partially privatised within 3 years, national oil corporation Sonangol has announced that it will sell 50 non-core assets by 2022 to make the company financially more robust.

The government of Pakistan has added Islamabad Electric Supply Company (IESCO) and part of the Lahore Electric Supply Company (Lesco) to the Active List of its Privatisation Programme.  …

The Indian Prime Minister has announced that India will seek to increase the share of non-fossil fuels in its power generation capacity and that it plans to raise the share of renewables beyond the targeted 175 GW by 2022, to reach 400-450 GW later. India already planned to revise its 175 GW renewable target to 227 GW by 2022 (April 2019).

South Korea’s gas company KOGAS has signed a 15-year LNG import agreement with BP. The contract includes 1.58 Mt/year (2.1 bcm/year) of LNG starting in 2025 and includes an option for an additional 3 years. The total contract is estimated at US$9.6bn over an 18-year period.

According to a new Market Outlook released by the Global Wind Energy Council (GWEC), most of the future growth in offshore wind capacity will come from Asia, with 100 GW of offshore capacity to be installed in Asia until 2030.

Vietnam’s national power utility Electricity of Vietnam (EVN) has inaugurated the 1,200 MW (2x600MW) Vinh Tan 4 supercritical coal-fired power plant located in the Binh Thuan province. The power plant required an investment of VND 36,000bn (US$1.55bn) with a 26% degree of localization (share of local developers and/or investors).

Taiwan Power Company (TPC) announced it shut down the 604 MW Chinshan-2 nuclear power unit (Shimen, New Taipei, Taiwan) as its 40-years operating license expired.

Exelon has announced the retirement of the 819 MW (net capacity) Three Mile Island-1 nuclear power unit in Dauphin County, Pennsylvania (US). Over the next few weeks, workers will remove the reactor’s fuel supply and store it safely in the station’s used fuel pool.