Vestas Wind Systems A/S said scaling back Australia’s renewable energy target would cut the value of more than A$10 billion ($9.4 billion) in large projects across the industry and discourage international investors.

Ohio is debating the sharpest break from a three-decade campaign by 29 U.S. states to reduce reliance on fossil fuels by promoting power from renewable sources.

Indian Prime Minister Narendra Modi appointed a former banker to oversee coal, power and clean-energy reforms in a move aimed at resolving fuel bottlenecks and chronic blackouts hampering economic growth.

U.S. President Barack Obama says natural gas can be a bridge from coal to a cleaner energy future. Investors are showing it’s more likely a bridge to nowhere.

Renewable energy may reap as much as two-thirds of the $7.7 trillion in investment forecast for building new power plants by 2030 as declining costs make it more competitive with fossil fuels.

The European Commission approved the U.K. government’s renewable energy contracts and so-called capacity payments, saying the program that benefits power plants complies with state-aid rules.

The U.K. said renewable-power projects will compete for guaranteed payments worth more than 200 million pounds ($340 million) a year as part of its first auction of contracts to spur low-carbon electricity.

France’s planned energy law will mobilize about €10 billion (US $13.4 billion) in investment through tax credits and low-interest loans to spur efficiency and renewable power, Environment Minister Segolene Royal said.

India will begin construction this year on an $8 billion project backed by Germany’s development bank to upgrade its grid to handle a more than doubling of renewable power capacity by 2022.

South African Energy Minister Tina Joemat-Pettersson said her department wants to address weaknesses in the process of commissioning renewable-power projects.

A government-appointed panel gave Australian Prime Minister Tony Abbott two options to cut emissions more cheaply: either scrap or weaken its main clean energy program.

Kyushu Electric Power Co. will suspend responding to applications from renewable-energy producers applying to access its grid while it reviews how much more clean energy it’s capable of handling.

Japan has added 11,090 megawatts of clean energy capacity since July 2012, when it began an incentive program to encourage investment in renewables, according to the Ministry of Economy, Trade and Industry.

Extracting energy from “processed poo” to help power homes in the Birmingham area is what Severn Trent Plc, Britain’s second-largest publicly traded water company, is now doing to generate a cost-saving renewable gas.

The European Union is seeking to speed up the creation of a common energy market to help its shift to a low-carbon economy and boost security of energy supplies amid a natural-gas dispute between Russia and Ukraine.

The U.K. government didn’t get the best deal for consumers when it awarded 16.6 billion pounds ($26.8 billion) worth of clean-energy contracts, according to a parliamentary committee.

Prime Minister Tony Abbott’s government will negotiate with the opposition to cut Australia’s renewable energy target and exempt industries such as aluminum and copper smelting.

Fossil fuels are reaping $550 billion a year in subsidies and holding back investment in cleaner forms of energy, the International Energy Agency said.

Peru’s government is set to announce plans for a renewable-energy auction during a global climate conference to be held next month in Lima.

EON SE’s plan to spin off its fossil fuel plants marks a watershed moment in Germany’s renewables effort that will likely bolster the country’s already leading position in clean energy.

India, the world’s third-largest polluter, will spend at least $100 billion on climate-related projects but isn’t ready to follow China and the U.S., the top two emitters, in promising to limit its fossil-fuel emissions.

South Africa plans to triple electricity production from renewable-energy sources to help alleviate power shortages that caused rolling blackouts throughout the country in recent weeks.

Japan’s trade ministry is setting stricter rules for production and sales of renewable energy in what it says is a drive to speed up development of projects and ensure stable power supply.

Statkraft AS, Norway’s state-owned power company, said it plans to plow as much as 60 billion kroner ($8.1 billion) into renewable energy around the world in the coming years after the government boosted its funding.

California Governor Jerry Brown proposed spending $59 billion to fix crumbling roads and raising the state’s renewable energy mandate to 50 percent.

GDF Suez SA plans to double renewable power production capacity in Europe over the next decade as the utility shifts its focus away from developing more historic natural gas and nuclear energy sources in the region.

The Brazilian bank Itau Unibanco Holding SA raised 1.05 billion reais ($408 million) to finance renewable energy and water treatment projects.

Enel SpA is putting the final touches on a yieldco that would hold its U.S. renewable energy assets, making it the latest power-plant owner to opt for a structure that frees up capital.

India said cheaper credit along with foreign investment will help the world’s third-largest polluter fund an ambitious renewable energy program that would build green power plants faster than China.

Apple Inc. plans to spend 1.7 billion euros ($1.9 billion) building data centers in Ireland and Denmark in its biggest European investment, with the facilities set to run services such as iTunes and maps for users of its devices.

Policies favoring clean energy and increased competition would normally dim prospects for existing producers. Not in Chile, where foreign investors are driving a renewable boom at a time of surging returns by local utilities.

Sweden and Norway agreed to boost their target for renewable energy production amid concerns the additional capacity will exacerbate a power glut and strain the region’s electricity grid.

Investors have spent more than $2 trillion on clean-energy plants in the past decade and last year added more renewable capacity than ever before.

Sweden and Norway will probably exceed a joint target for renewable energy production by the end of the decade, industry consultant Nena AS said.

Bonds backing clean energy and other sustainable initiatives are booming. Investors are snapping up green bonds at the fastest pace on record, as big banks like Morgan Stanley and Bank of America Corp. pile in with new issuance to feed the growing appetite for socially responsible investments.

The European Commission raised concern that the U.K. and France may not meet their 2020 renewable energy targets, saying the two countries should examine whether they’re doing enough to reach the goals.

RWE AG, the German utility whose coal-fired plants make it Europe’s largest carbon emitter, officially started the company’s largest renewables project on Thursday: a wind farm in Liverpool Bay off Britain’s coast.

Renewable energy will draw almost two-thirds of the spending on new power plants over the next 25 years, dwarfing spending on fossil fuels, as plunging costs make solar the first choice for consumers and the poorest nations.

Long-frustrated wind and solar developers in Australia can now get to work on more than A$14 billion ($11 billion) in projects after a new renewable energy target passed parliament.

Executives from 13 major U.S. corporations are announcing at least $140 billion in new investments to decrease their carbon footprints as part of a White House initiative to recruit private commitments ahead of a United Nations climate-change summit later this year in Paris.

Companies including Apple Inc., Berkshire Hathaway Energy Co., and Goldman Sachs Group Inc. will join Secretary of State John Kerry and top administration officials at the White House for the announcement. In addition to pledges to cut emissions, provide financing to environmentally-focused companies, and reduce water consumption, the companies have said they will procure at least 1,600 MW of new, renewable energy. The White House said in a statement that it expects to announce a second round of similar pledges later this fall from additional companies.

The commitments are being announced as President Barack Obama is looking to build momentum toward a legacy-defining global climate accord in Paris. In addition to company-specific commitments, the corporate leaders on Monday will signal their support for a strong climate agreement out of the United Nations talks. They administration is using the pledges to set an example for companies to find ways to eliminate their carbon emissions.

Climate Talks

“As the world looks toward global climate negotiations in Paris this December, American leadership at all levels will be essential,” the White House said in a fact sheet detailing the announcement.

The administration’s actions are pushing the issue into the 2016 presidential debate. Hillary Clinton, the front-runner for the Democratic nomination, released an energy strategy saying she would both defend and go beyond Obama’s efforts. Republican candidates have criticized the administration’s initiatives as costly to the economy and unnecessary.

Among the pledges, aluminum manufacturer Alcoa Inc. has agreed to reduce emissions by 50 percent from its 2005 levels, while agricultural giant Cargill Inc. says 18 percent of its total energy use will come from renewable sources.

Coca-Cola Co. said it would drive down the carbon footprint of its beverage production by 25 percent over the next five years, while Google says it plans to triple its purchases of renewable energy over the next decade. Berkshire Hathaway says it plans to invest up to an additional $15 billion in the construction and operation of renewable energy generators, while Bank of America Corp says it will increase its environmental business initiative by $75 billion over the next decade, according to the White House

Other participating firms include Wal-Mart, United Parcel Service Inc., PepsiCo Inc., Microsoft Corp., General Motors Inc.

The corporate commitments won’t be the administration’s only major climate announcement in the next few weeks. The Environmental Protection Agency is set to present final regulations that aim to reduce carbon emissions from power plants by 30 percent from 2005 levels by 2030 later this week.

While visiting Kenya over the weekend, Obama repeatedly praised the country for its efforts to address climate change, saying its efforts tor educe emissions “has put it in the position of being a leader on the continent.” And next month, the president will travel to Alaska for an international summit on Arctic climate issues.

©2015 Bloomberg News

For more, see Big Companies, Big Renewable Investments.

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