UK to fund renewable energy projects
The United Kingdom is one of those countries that care about the future of Planet Earth. For that reason, it allocates generous sums of money to various large-scale environmental projects. This time, the UK government decided to support the developers of renewable energy projects by means of the Contracts for Difference (CFD) scheme. It has already announced an increase of a few hundred million pounds to the budget to support eligible companies. Notably, London has funded transitions to clean energy before. However, it has never been as generous as this time. The proposed Contracts for Difference scheme guarantees the energy sector protection against fluctuations in electricity prices in the wholesale market. The government is supposed to enter into a private law contract with successful developers of renewable projects through the Low Carbon Contracts Company (LCCC) and agree on a certain electricity price over a 15-year period. According to the UK authorities, consumers will not have to pay higher bills for energy when the price is high as well.
Companies will compete for annual grants worth £265 million ($366 million). A substantial part of these funds, some £200 million, will be allocated to offshore wind energy projects. The funding is meant to boost energy production capacity to provide 8 million households with electricity. The world’s largest countries are also actively shifting to alternative energy sources. For instance, the United States is planning to build more solar power plants. Meanwhile, China intends to achieve zero emissions by 2060, including through pumped storage hydropower plants.
SEC not intend to ban cryptocurrencies
After recent harsh statements made by Gary Gensler, Chairman of the SEC, market participants were worried that the US could follow China’s warpath on the crypto market. Gary Gensler rushed to dispel fears saying that the US would not take such tough measures and prohibit digital assets.Notably, such fears were quite reasonable. Gary Gensler is widely known as a vocal opponent of virtual assets.
14:54 2021-10-15 UTC+00
ETH may outperform BTC in near future
In a complicated and unpredictable battle between bitcoin and ether, the latter one has taken the lead. Evaluating prospects of ETH growth, more and more analysts admit that it may outperform bitcoin in just several years. The fact is that ether’s outlook looks more convincing.
14:51 2021-10-15 UTC+00
India to become one of world’s fastest-growing crypto markets
India may well become the world’s biggest cryptocurrency market. It has already made some serious steps, while the ban on virtual assets in other countries, China in particular, only makes things easier. India’s crypto market capitalization soared by 641% in 12 months. This makes the country the fastest-growing crypto market in Central and South Asia and Oceania as well as in the world.
14:50 2021-10-15 UTC+00
Pandora Papers unmask UK’s tax haven
The Pandora Papers, the largest investigation in journalism history on corruption and offshores, exposed world leaders, influential businessmen, and celebrities using offshore schemes estimated at billions of dollars. The reputation of several people and countries has suffered.The British public is urging the government to protect the country from dirty money.
11:53 2021-10-15 UTC+00
UK and EU may enter “Cold mistrust” era
Since the UK’s withdrawal from the European Union, relations between the two parties have been souring. British authorities threaten their former partner with an even poorer relationship.Such unexpected announcements were caused by the dispute over trading arrangements governing Northern Ireland.
11:51 2021-10-15 UTC+00
Biden's spending bill called harmful to US values
Representatives of the US Republican Party have criticized President Joe Biden's grandiose economic plan. According to them, the idea of a "welfare state", on which the plan is based, contradicts American values.Opponents of Build Back Better believe that subsidies to low-income groups undermine the national idea that work and welfare are inextricably linked.
11:49 2021-10-15 UTC+00