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Hong Kong-listed tech stocks continued their decline, with SenseTime (00020.HK) falling over 10%, Baidu (09888.HK) falling over 5%, Alibaba (09988.HK) falling 4.9%, Meituan (03690.HK) falling 4.7%, and Kuaishou (01024.HK) and Bilibili (09626.HK) falling over 4%.On March 2nd, at the launch event for the second-generation XPeng VLA this afternoon, XPeng Motors Chairman He Xiaopeng revealed that large-scale global road testing of the second-generation XPeng VLA is about to begin. Overseas road conditions differ significantly from those in China, with roundabouts, cobblestone roads, irregular intersections, and complex right-of-way rules being key testing areas. Regarding the overseas launch timeline, He Xiaopeng clearly stated the goal: the second-generation XPeng VLA will officially begin global deliveries in 2027, and will be fully operational, directly competing with leading global intelligent driving technologies. He hopes the second-generation VLA will benefit users worldwide. Currently, vehicles equipped with the second-generation VLA are undergoing routine L4 public road testing in Guangzhou, capable of completing complete operation processes such as starting from a standstill, autonomous driving, temporary parking, picking up passengers, and restarting without a driver or map access in the park.Germanys real retail sales rose 1.2% year-on-year in January, down from 3.2% in the previous month.The UK Nationwide house price index rose 0.3% month-on-month in February, below the expected 0.2% and the previous reading of 0.30%.The UKs Nationwide house price index rose 1% year-on-year in February, below the expected 0.70% and the previous reading of 1.00%.

EU Plans to Issue One-year Renewable Energy Licenses to Accelerate Green Shift

Charlie Brooks

May 10, 2022 09:46

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A draft paper indicates that the European Union executive aims to accelerate the bloc's green transition and reduce its dependency on Russian fuels by allowing some renewable energy projects to acquire permits within a year.


Brussels will present next week a package of steps to decrease the European Union's dependence on Russia by promoting renewable energy, conserving energy, and expanding gas imports from other countries.


The draft legislative proposal indicates that the European Commission will propose rules forcing countries to designate "go-to zones" of land or water suitable for renewable energy projects, where such projects would have minimal environmental impact.


This could be extended by three months under "exceptional circumstances."


This is in contrast to the EU's present two-year deadline for permitting such schemes, which can be extended by an additional year. According to the plan, projects outside of go-to locations would adhere to this timeframe.


However, renewable projects frequently suffer even lengthier delays due to red tape, local opposition, or concerns about safeguarding endangered species, generating concerns that the bloc may struggle to increase wind and solar energy quickly enough to fulfill climate change objectives.


According to the Hellenic Wind Energy Association, it typically takes eight years to approve wind energy projects in Greece.


"Renewable energy sources are essential to combat climate change, cut energy prices, lessen the Union's reliance on fossil fuels, and safeguard the Union's supply security," the document stated.


The approval and construction of renewable energy projects would be deemed to be in the "overriding public interest," allowing for a streamlined evaluation. The proposal said that EU people will continue to have the ability to participate in project choices.


Avoiding protected regions and bird migration routes, priority would be given to constructed areas such as rooftops, roads and railways, industrial sites, and public land surrounding them.


The general areas would be subject to an environmental review, but individual projects would no longer require one unless they had a major impact on the environment in another EU country, according to the proposal.


Smaller projects with a capacity of less than 150 kW in go-to zones would experience a six-month approval process, or nine months if there are safety or power system impact concerns.


The expedited permission rules would not apply to facilities that generate energy by burning biomass.