Green tech is at a tipping point where it could take off explosively – just like the smartphone did. And, just like the smartphone, it could bring a revolution in how we do much more than just create energy. After years of development, it is becoming much cheaper and more effective. The world’s best solar power schemes are now the “cheapest source of electricity in history”, the International Energy Agency (IEA), which analyses energy markets, said this month. “Renewable energy is likely to penetrate the energy system more quickly than any fuel ever seen in history,” predicts Spencer Dale, the chief economist at the oil giant BP. And BP is putting its money where Mr Dale’s mouth is. It’s pledged to cut its oil and gas production by 40% in the next 10 years, and to plough money into developing its low-carbon business instead. Meanwhile, Boris Johnson, the UK Prime Minister, announced a £160m investment that he said would see offshore wind producing more than half of current UK electricity demand by 2030. That’s right. An investment of just £160m in offshore wind when the new nuclear plant at Hinkley Point, in Somerset, is costing at least £22.5 billion.
BBC 31st Oct 2020 read more »
The latest edition of the, 30-year New Energy Outlook forecast produced by New York-based analyst Bloomberg has estimated the world is currently on track for a temperature rise of 3.3 degrees Celsius this century. There is still a ‘2C’ route open, according to the report, but it would come with a $78-130 trillion price tag. Numerous studies have attempted to quantify how much money would be required to mitigate the impacts of climate change in the absence of a clean energy transition. Under the business-as-usual scenario envisaged by the report, solar and wind generation would supply 56% of the world’s electricity by 2050 and, together with battery storage, would hog almost $12.1 trillion of the $15.1 trillion Bloomberg expects to be invested in new power capacity over the next three decades. The analyst expects an additional $14 trillion to be spent on grids during that time.
PV Magazine 29th Oct 2020 read more »