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Six more countries joined the declaration to triple nuclear energy by 2050 during the World Climate Action Summit at COP29. The endorsement from El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria and Türkiye brings the total number of signatory nations to 31.   

Last year, France led the initial group of 20 countries to sign the pledge at COP28 in Dubai. This commitment was a major milestone for the nuclear industry, marking the first time nuclear energy was recognised in a COP decision as vital to limiting global warming to 1.5°C, as outlined in the Paris Agreement. 

In addition, the US announced its own plans at COP29 on 12 November, revealing a road map to deploy 200GW of nuclear capacity by 2050 to help reach the global objective to triple nuclear power. The deployment plan includes an interim target of 35GW by 2035, with a sustained pace of 15GW per year by 2040, the US Department of Energy detailed.  

Following Donald Trump’s US presidential election victory, hedge funds betting against renewable energy stocks have amassed profits exceeding $1.2bn due to a significant sell-off in the sector. 

Shares of renewable energy companies declined sharply as concerns emerged that the president-elect could cut subsidy rollouts for renewable projects, which were a hallmark of President Joe Biden’s Inflation Reduction Act.

Following the election results, solar stocks tumbled, with First Solar dropping 10% while Sunrun and Sunnova plunged more than 29% and 51%, respectively. Wind companies Ørsted and Nordex also plummeted in share value by 13% and 8%, respectively, and green hydrogen producer Plug Power saw a 22% drop. 

The clean energy sector has become a prime target for short sellers, as high inflation and rising interest rates have exerted pressure on businesses that had previously seen their share values surge during the early stages of the Covid-19 pandemic.  

Russia has launched a series of strikes on Ukraine’s energy infrastructure, exacerbating the power crisis across the country. The offensive – the second in November and 11th since March 2024, according to officials – has left more than a million people without power.

The Ukrainian Air Force reported that Russia deployed 91 missiles and 97 drones, with 12 hitting their intended targets, primarily energy and fuel facilities. Ukrainian President Volodymyr Zelenskiy condemned Russia’s actions as a “despicable escalation,” highlighting the use of Cruise missiles with cluster munitions.

All nuclear power units had been disconnected from the grid as a precaution before the attacks. 

The attacks have raised concerns over prolonged power outages during the winter, as temperatures reach zero degrees. Officials across Ukraine are now relying on generators to provide emergency heat and water to critical facilities such as hospitals and schools during the harsh winter conditions. 

Norway’s Equinor is reducing its renewables division workforce by 20% amid challenges in the offshore wind sector. Equinor will now compete for fewer new projects as it streamlines operations. The move mirrors similar actions by its rivals such as Shell and BP, which have scaled back renewables to focus on more profitable ventures. 

The company plays a significant role in the global offshore wind sector but has recently faced setbacks due to cost inflation, high interest rates and supply bottlenecks. In early 2024, Equinor abandoned offshore wind activities in Vietnam, Spain, Portugal and France, and scaled back plans in Australia.  

Offshore wind accounts for most of Equinor’s renewable activities, though staffing reductions will also affect its onshore wind and solar business. Subsidiaries Polish Wento and Danish BeGreen are not impacted. The number of cutbacks has not been revealed, but the company said those that had been directly employed by the parent company will be offered alternative roles in other business areas. 

Enbridge has announced the sanctioning of the Sequoia solar project in Texas, one of North America’s largest solar projects. The $1.1bn development, 150 miles west of Dallas, has secured long-term power purchase agreements with AT&T and Toyota to cover most of its production. 

The solar park will come online in two stages, in 2025 and 2026. The preliminary equipment and procurement contracts for the construction of the project are already in place, and key permits and purchase orders have been executed.

Enbridge’s third quarter of 2024 report also highlighted the commissioning of the second phase of the Fox Squirrel Solar project, delivering 250MW to the Pennsylvania, New Jersey and Maryland grid. Following this phase’s success, Enbridge is partnering with EDF Renewables to develop the project’s third and final phase, contributing $168m. The last phase will be operational by late 2024 and will produce 177MW of renewable power, supported by 20-year fixed-price power purchase agreements with Amazon.