The Abu Dhabi Fund for Development and Masdar have committed to supporting the International Renewable Energy Agency (Irena)’s $1 billion Energy Transition Accelerator Financing platform, which aims to support new renewable energy projects in developing countries.
BP’s acquisition of a stake and lead role in a $36 billion green hydrogen development in Western Australia is casting a spotlight on a slew of ambitious projects around the world that are promising to deliver massive amounts of the clean fuel. Here are some of the projects being proposed. The capacity figures for the two Australian and the Oman hubs are from the International Renewable Energy Agency, while the others are from the company’s themselves.
Fuel-cell maker will invest roughly $315 million in a plant in Belgium as it steps up production of fuel made using renewable energy. Fossil fuels power most manufacturing of hydrogen today, which in turn is often used in oil-and-gas production and refining. Around 95% of the world’s hydrogen came from fossil fuels in 2019, according to the International Renewable Energy Agency. But if hydrogen comes from renewable energy, it produces zero greenhouse-gas emissions.
“International public financing for renewable energy needs to accelerate, especially in the poorest, most vulnerable countries,” said Francesco La Camera with the International Renewable Energy Agency. “We have failed to support those most in need. With only eight years left to achieve universal access to affordable and sustainable energy, we need radical actions to accelerate the increase of international public financial flows and distribute them in a more equitable manner.”
India's focus on decarbonising its steel sector and developing offshore wind power will help it become carbon neutral ahead of its promised goal of 2070, the director-general of the International Renewable Energy Agency said. IRENA's Francesco La Camera told the Reuters Global Markets Forum late on Monday that India was "very serious" about meeting the challenges and was very interested in developing offshore wind power.
The sudden speed of the shift to clean power is forcing Australia, a global champion of coal and gas, to confront one of the energy industry's biggest challenges — how to transition millions of fossil fuel workers to new roles in wind and solar. Fossil fuel veterans are well positioned to prosper, according to the International Renewable Energy Agency. Staff on gas platforms typically have expertise suitable for offshore wind, while coal workers have been recruited into solar and oil reservoir engineers can use their knowhow for geothermal power.
Geopolitical tensions in Ukraine have had a massive impact on global energy supply chains and prices this year, reminding the world how reliant we are on fossil fuels and how far we are from a true shift toward clean energy. That shift will require $131 trillion in energy transition investments by 2050, according to the International Renewable Energy Agency. To find out how all this capital will be deployed, Leslie Picker sat down with Apollo Global Management’s Olivia Wassenaar.
Solar power has overtaken wind for the first time, in the race to develop renewable energy capacity around the globe. According to the International Renewable Energy Agency (IRENA), solar energy now accounts for 28% of the world’s renewable electricity generation capacity, just ahead of wind with 27%. This time last year, the two were evenly matched at 26% each.
This week, the panel of climate experts convened by the United Nations delivered a clear message: To stand a chance of curbing dangerous climate change, we can’t afford to build more fossil fuel infrastructure. We must also rapidly phase out the fossil fuels we’re using. Research presented by the International Renewable Energy Agency found that sub-Saharan Africa can meet almost 70 percent of its electricity needs from local renewable energy by 2030, which would provide up to two million additional green jobs in the region by 2050.
This week's United Nations climate report painted an ominous picture. If humanity doesn't act now to stop greenhouse gas emissions, the Earth could warm as much as 3 degrees Celsius. At those temperatures, major cities will be underwater, unprecedented heatwaves will define summers, terrifying storms will become more frequent and millions of plant and animal species will go extinct, UN leadership warned. Utility-scale solar arrays are now cheaper than the most competitive fossil fuel options and on the way to significantly undercutting them, according to the inter-governmental International Renewable Energy Agency.
The German government said Tuesday it has resolved a long-running spat that will allow the construction of more than 1,000 onshore wind turbines, boosting efforts to expand the use of renewable energy. The economy and transport ministries said in a joint statement that a deal has been struck to amend safety rules for weather radars and ground-based radio beacons for aircraft navigation.Wind turbines produce power during sundown in Emlichheim, Germany, Friday, March 18, 2022. The head of the International Renewable Energy Agency says "radical action" is needed to ensure global warming doesn't pass dangerous thresholds, warning that greenhouse gas emissions are heading in the wrong direction.
During economic distress or high inflation, there’s always pressure to develop new energy sources — typically coal, natural gas, or oil. But this weight is countered by the need to curb greenhouse gases and limit temperature increases. But the two forces are not necessarily contradictory. The International Renewable Energy Agency (IRENA) says that the window is quickly closing, and the aims of the Paris climate talks are vanishing. Irena Director General Francesco La Camera told a press gathering on Friday that investing in new fossil fuel infrastructure is expensive and a strategy that commits countries and companies to keep producing dirty fuels. Therefore, renewable energy should be scaled up to 40% across all economic sectors by 2030. That will require an investment of $5.7 trillion a year. Right now, green energy makes up 14% of the global energy portfolio.
The world must take "radical action" by investing $5.7 trillion in private and public money each year through 2030 to shift away from fossil fuels and ensure the planetary warming they cause doesn't pass dangerous thresholds, the International Renewable Energy Agency (IRENA) says.
Solar, wind, hydro, nuclear and bioenergy produced more electricity than coal in 2021 with Europe leading the way. Separately, a report from the International Renewable Energy Agency estimated that $5.7tn in annual investment was needed every year until 2030 for solar, wind and other forms of clean power to ensure that global warming does not exceed “dangerous thresholds”.
The head of the International Renewable Energy Agency says “radical action” is needed to shift away from fossil fuels and ensure global warming doesn’t pass dangerous thresholds.
Sometime this year a worker will plug in an historic solar panel. Whether on a small rooftop or in a sprawling desert array, that panel will put the world over the edge of the first terawatt of capacity to produce electricity from the sun. That means that the interest rate on upfront payment has a huge impact on the cost of renewable energy, accounting for up to half of the price the electricity needs to be sold for to make economic sense, according to the International Energy Agency. Emerging markets are at a disadvantage compared to developed economies, paying up to seven times more in financing costs, the IEA found in a report last year.
With EU policymakers looking to quadruple investment in green hydrogen as they turn off the tap on Russian energy supplies, companies like Fortescue Future Industries will be looking to help fill the gap. However, in January, before the conflict began, the International Renewable Energy Agency suggested green hydrogen would be cheaper in most key markets by the end of the decade.
Cryptocurrency now uses nearly as much electricity as Argentina but analysts claim technology will soon be mostly powered by renewable energy. Last year, the University of Cambridge's third Global Cryptoasset Benchmarking Study found that 76 per cent of cryptocurrency miners use electricity from renewable sources in their operations. This figure was up from 60 per cent from the same benchmarking study in 2018. This trend is expected to continue, according to projections from the International Renewable Energy Agency, which reported last year that renewable energy sources are increasingly more cost-efficient than fossil fuels.
MiniTransitioning to cleaner energy from highly polluting power generation system will cost the world $1-2 trillion a year. “Renewable energy’s ability to create jobs and meet climate goals is beyond doubt. With COP26 in front of us, governments must raise their ambition to reach net zero,” said Francesco la Camera, IRENA Director-General, last year ahead of the COP26 summit.
As horrible as the pandemic has been, it has managed to do two things that can be considered positive; it brought about a rapid drop in national carbon emission levels in the U.S. and sped up the renewable energy adoption rate. According to The International Renewable Energy Agency (IRENA), transforming energy systems based on renewables could boost global GDP by $98 trillion by 2050 and create 63 million new jobs globally in renewables and energy efficiency. If America needs anything now, it needs jobs that people actually want to do.