Google has recently invested in a BlackRock-backed solar energy project in Taiwan to develop a 1-gigawatt solar pipeline in the wake of increasing energy demands brought on by the Artificial Intelligence (AI) boom.
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The new partnership will fund renewable energy projects to secure clean energy and provide a continuous power source for Google’s growing operations in Taiwan, a key tech hub in Asia.
Google boosts renewable energy in Taiwan
The partnership between Google and BlackRock’s solar project in Taiwan marks a huge push towards energy sustainability in the region as AI’s thirst for electricity rapidly rises. Furthermore, the investment by Google in solar energy is part of the company’s attempt to minimise its environmental footprint and ensure a reliable energy supply.
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Taiwan, widely recognized for its critical role in tech and semiconductor manufacturing, is a strategic location for this initiative. By developing solar energy projects in Taiwan, Google meets its energy needs and supports Taiwan’s expanding renewable energy sector. This investment is a key part of Google’s bigger plan to support global sustainability and cut down on carbon emissions.
BlackRock’s motivation for clean energy
Through its Climate Infrastructure fund, BlackRock continues to invest in renewable energy projects around the globe. Recently, the company committed 500 million dollars to Recurrent Energy, a subsidiary of Canadian Solar.
Recurrent Energy will use these funds to expand its projects and initiatives, moving from merely developing projects to owning and operating them long-term, particularly in the U.S. and Europe. This strategy is meant to create a diverse portfolio that ensures continuous, long-term revenue while advancing the worldwide shift to renewable energy.
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BlackRock’s Global Head of Climate Infrastructure, David Giordano, noted that the partnership with Google aligns well with their goal of investing in renewable power and infrastructure that supports global energy transition.
This collaboration is anticipated to improve Taiwan’s renewable energy sector, creating jobs and boosting green energy infrastructure, while supporting global efforts to reduce carbon emissions and transition to cleaner energy sources.
Cryptopolitan reporting by Chris Murithi.
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