China’s 2060 net-zero climate targets will cost almost USD 19 tn, China's special envoy for climate change Xie Zhenhua said at a conference last week, according to the country’s National Business Daily. The country is planning to hit peak emissions by 2030 and then reach net-zero by 2060. “It is not easy to reach peak carbon emission within seven years and achieve carbon neutrality 30 years after that while ensuring economic safety,” he added.

China tried to walk back on the 1.5°C Paris climate agreement at last week’s G20 meeting of environment ministers.

Scatec, EDF, IFC to develop Malawi 350 MW hydropower project: Norwegian renewable energy company Scatec, French electric utility company EDF and the International Finance Corporation signed an agreement to develop Malawi’s Mpatamanga 350 MW hydropower project yesterday, according to a statement by Scatec. The project comprises a 309 MW plant to be used only during peak demand hours, and a 41 MW downstream facility. The project will provide electricity to nearly 2 mn people and reduce electricity shortages. Scatec and its venture partners British International Investment and Norfund are majority shareholders with 55%, while the Government of Malawi and IFC will own 30% and 15%, respectively.

India’s Reliance Industries is acquiring a 79.4% stake worth USD 32 mn in solar energy software developer SenseHawk. The acquisition of SenseHawk, which develops automation software in planning and developing solar projects, comes as part of Reliance’s major push into renewables that would see it generate 100 GW of solar energy by 2030, Reliance Chairman and Managing Director Mukesh Ambani said in a statement. The acquisition is expected to be completed by the end of the year.