Amazon will buy half of the energy produced by a huge offshore windfarm in the Netherlands to power its European operations, as the global tech giant looks to grow its renewables portfolio.
The Amazon-Shell HKN Offshore Wind Project is the company's largest single-site renewable energy project. The Seattle-based firm will buy its electricity from the Crosswind Consortium, which is operated by oil major Shell and Dutch firm Eneco. The project, which has an overall capacity of 759 megawatt is set for completion in 2024.
The deal will quicken Amazon's pledge to operate on 100 per cent renewables by 2025, five years earlier than the previous goal of reaching that target by 2030.
Amazon is making significant strides in clean energy and in December announced plans to add 26 utility-scale wind and solar energy projects with a collective capacity of 3.4 Gigawatts.
By the end of 2020, the company had 35 projects with 4GW of capacity in its portfolio. Amazon has invested in 6.5GW of wind and solar power plants that will supply clean energy to its corporate offices, fulfilment centres as well as to data centres operated by Amazon Web Services.
Amazon's investments in clean energy are in line with commitments made by other tech giants such as Facebook, which plans to reach net zero emissions by 2030.
US corporates have taken a strong stance on climate change, in the absence of policy directives by the previous administration of Donald Trump, which pulled the country out the Paris Agreement.
The companies made moves towards sustainability in the absence of government-led efforts to nudge corporates towards renewables.
US President Joe Biden is encouraging of such efforts, and plans to push for $2 trillion-worth of clean energy investments.
Anglo-Dutch oil major Shell has made its own commitments to energy transition by writing off $22 billion-worth of hydrocarbon assets and pledging net zero by 2050.
Its agreement with Amazon contributes to the company's pledge and progresses its momentum towards becoming "a net-zero emissions business by 2050 or sooner", said Elisabeth Brinton, executive vice president of new energies at Shell.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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