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The Home Depot Charges Ahead with 100 MW of Solar Energy

Article Republished By Javier Troconis

The Home Depot has pledged to produce or procure 100% renewable electricity equivalent to the electricity needs for all Home Depot facilities by 2030, expanding the company’s previous commitment to produce or procure 335 megawatts of renewable or alternative energy by 2025.

The Home Depot announced that 100 MW of solar energy purchased from National Grid Renewables at its solar and storage project in Denton County, Texas (known as Noble) will generate the approximate equivalent of nearly eight percent of The Home Depot’s total electricity usage. The solar farm is National Grid Renewables’ largest solar energy project to date, and its first utility-scale energy storage project.

The Home Depot has pledged to produce or procure 100% renewable electricity equivalent to the electricity needs for all Home Depot facilities by 2030, expanding the company’s previous commitment to produce or procure 335 megawatts of renewable or alternative energy by 2025.

“Solar energy is the most abundant energy resource on earth,” said Ron Jarvis, chief sustainability officer for The Home Depot. “With this purchase, we are getting a step closer to our goal to produce or procure 100% renewable electricity equivalent to the needs of our facilities. We anticipate about three-quarters of our alternative and renewable energy capacity will come from solar energy by the end of 2023.”

Noble is a 275 megawatt (MW) solar and 125 megawatt hour (MWh) energy storage project located in the Electric Reliability Council of Texas (ERCOT). Noble is projected to avoid 450,000 metric tons of carbon dioxide emissions annually during operation.

The Home Depot is reducing its carbon footprint by improving the efficiency of the company’s operations and investing in alternative energy solutions. Since 2010, The Home Depot has reduced electricity consumption in its U.S. stores by 50 percent and currently operates rooftop solar farms on more than 80 stores and electricity-generating fuel cells in more than 200 stores.

The Home Depot currently purchases solar power from a 75 MW facility and is under contract for another 50 MW of solar capacity. The company also purchases energy from a 50 MW wind facility. The Home Depot expects the combined annual renewable energy generation from these agreements would be enough to power more than 500 stores.

For more information about how The Home Depot is doing its part to operate sustainably, visit corporate.homedepot.com.

About The Home Depot

The Home Depot is the world’s largest home improvement specialty retailer. At the end of the third quarter of fiscal year 2022, the company operated a total of 2,319 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs approximately 500,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index. The Home Depot is #17 on the 2022 Fortune 500.

About National Grid Renewables

National Grid Renewables develops and operates large-scale renewable energy assets across the United States, including solar, wind, and energy storage. As a farmer-friendly and community-focused business, National Grid Renewables repowers America’s electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future. National Grid Renewables supports National Grid’s vision of being at the heart of a clean, fair, and affordable energy future for all. To learn more about National Grid Renewables, visit www.nationalgridrenewables.com or follow the company on Twitter or LinkedIn.

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AIM Capital Ltd. Continues Regaining Legitimate Control Over Its Fertilizer Assets Worldwide

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Grant Shapps attacked over ‘nonsense’ claim wind turbines too big to build onshore

Article Republished By Javier Troconis

Environmental groups condemned business secretary Grant Shapps for claiming wind turbines are “so big” they cannot be built on land.

Mr Shapps defended Rishi Sunak’s de facto ban on new onshore wind development – claiming turbines are “so large they can’t even be constructed onshore”.

The minister said: “They are so big, the turbines wouldn’t be able to be carried by roads. They have to be put offshore. These single turbines are seven football pitches in scope as they turn. They’re not buildable onshore.”

Friends of the Earth said the cabinet minister’s claim was “nonsense”, while Greenpeace said Mr Shapps’ comments were “nonsensical”.

Mike Childs, policy chief at Friends of the Earth, pointed out that onshore wind farms were currently being constructed onshore Scotland. He said the biggest barrier “isn’t the size of the turbines – it’s government policy”.

Greenpeace UK’s policy director Doug Parr said: “Grant Shapps claims that turbines can’t be carried by roads, but hasn’t seemed to notice how this already happens all over the world.”

The environmentalist added: “It may seem very obvious, but the point about onshore wind is that it is built onshore. On land. There is a thriving onshore wind market in many places. He enjoys a football analogy but can’t seem to notice his own goal.”

The Sunak government faces a growing revolt over the onshore wind ban from dozens of Conservative MPs – including his predecessors Liz Truss and Boris Johnson.

Around 30 Tory MPs have backed a pro-onshore wind amendment to Michael Gove’s Levelling Up Bill tabled by the former levelling-up minister Simon Clarke.

It comes very close to eroding Mr Sunak’s working majority of 69 votes if other opposition parties back the amendment.

Despite his criticism of onshore wind turbines, Mr Shapps appeared to suggest the government could listen to rebel MPs and U-turn on the policy.

Earlier on Tuesday he said there would be more onshore wind projects “where communities are in favour of it”, hinting at a compromise ahead.

He told Sky News: “You need local consent if you’re going to have wind power onshore, because it can be quite a big imposition on the local environment.”

In a blistering attack in the Commons, Labour’s Ed Miliband urged Mr Shapps to clarify his position on onshore wind farms “once and for all”.

The shadow climate secretary claimed the only reason the issue is being debated is not because “the public don’t support it”, but because “dinosaurs on the benches opposite oppose clean energy”.

He went on: “The problem is that [Mr Shapps] who prides himself on being a truly modern man is part of a fossilised tendency.”

Mr Shapps said turbines were “not buildable onshore”, adding: “The cheapest way to build them offshore, to produce energy offshore.”

On local consent, the business secretary said: “The energy white paper, the net-zero strategy, they have all said exactly the same thing, as we’ve been saying this week, onshore can happen where it has local consent.”

Meanwhile, Tory MP John Hayes says he had 19 colleagues backing his amendment seeking to ban onshore wind ban in England.

“The political response to this if the government gets it wrong will be horrendous for Conservative MPs and candidates because it will be immensely unpopular,” he told The Times.

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Grant Shapps attacked over ‘nonsense’ claim wind turbines too big to build onshore

Article Republished By Javier Troconis

Environmental groups condemned business secretary Grant Shapps for claiming wind turbines are “so big” they cannot be built on land.

Mr Shapps defended Rishi Sunak’s de facto ban on new onshore wind development – claiming turbines are “so large they can’t even be constructed onshore”.

The minister said: “They are so big, the turbines wouldn’t be able to be carried by roads. They have to be put offshore. These single turbines are seven football pitches in scope as they turn. They’re not buildable onshore.”

Friends of the Earth said the cabinet minister’s claim was “nonsense”, while Greenpeace said Mr Shapps’ comments were “nonsensical”.

Mike Childs, policy chief at Friends of the Earth, pointed out that onshore wind farms were currently being constructed onshore Scotland. He said the biggest barrier “isn’t the size of the turbines – it’s government policy”.

Greenpeace UK’s policy director Doug Parr said: “Grant Shapps claims that turbines can’t be carried by roads, but hasn’t seemed to notice how this already happens all over the world.”

The environmentalist added: “It may seem very obvious, but the point about onshore wind is that it is built onshore. On land. There is a thriving onshore wind market in many places. He enjoys a football analogy but can’t seem to notice his own goal.”

The Sunak government faces a growing revolt over the onshore wind ban from dozens of Conservative MPs – including his predecessors Liz Truss and Boris Johnson.

Around 30 Tory MPs have backed a pro-onshore wind amendment to Michael Gove’s Levelling Up Bill tabled by the former levelling-up minister Simon Clarke.

It comes very close to eroding Mr Sunak’s working majority of 69 votes if other opposition parties back the amendment.

Despite his criticism of onshore wind turbines, Mr Shapps appeared to suggest the government could listen to rebel MPs and U-turn on the policy.

Earlier on Tuesday he said there would be more onshore wind projects “where communities are in favour of it”, hinting at a compromise ahead.

He told Sky News: “You need local consent if you’re going to have wind power onshore, because it can be quite a big imposition on the local environment.”

In a blistering attack in the Commons, Labour’s Ed Miliband urged Mr Shapps to clarify his position on onshore wind farms “once and for all”.

The shadow climate secretary claimed the only reason the issue is being debated is not because “the public don’t support it”, but because “dinosaurs on the benches opposite oppose clean energy”.

He went on: “The problem is that [Mr Shapps] who prides himself on being a truly modern man is part of a fossilised tendency.”

Mr Shapps said turbines were “not buildable onshore”, adding: “The cheapest way to build them offshore, to produce energy offshore.”

On local consent, the business secretary said: “The energy white paper, the net-zero strategy, they have all said exactly the same thing, as we’ve been saying this week, onshore can happen where it has local consent.”

Meanwhile, Tory MP John Hayes says he had 19 colleagues backing his amendment seeking to ban onshore wind ban in England.

“The political response to this if the government gets it wrong will be horrendous for Conservative MPs and candidates because it will be immensely unpopular,” he told The Times.

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Uncategorized

Grant Shapps attacked over ‘nonsense’ claim wind turbines too big to build onshore

Article Republished By Javier Troconis

Environmental groups condemned business secretary Grant Shapps for claiming wind turbines are “so big” they cannot be built on land.

Mr Shapps defended Rishi Sunak’s de facto ban on new onshore wind development – claiming turbines are “so large they can’t even be constructed onshore”.

The minister said: “They are so big, the turbines wouldn’t be able to be carried by roads. They have to be put offshore. These single turbines are seven football pitches in scope as they turn. They’re not buildable onshore.”

Friends of the Earth said the cabinet minister’s claim was “nonsense”, while Greenpeace said Mr Shapps’ comments were “nonsensical”.

Mike Childs, policy chief at Friends of the Earth, pointed out that onshore wind farms were currently being constructed onshore Scotland. He said the biggest barrier “isn’t the size of the turbines – it’s government policy”.

Greenpeace UK’s policy director Doug Parr said: “Grant Shapps claims that turbines can’t be carried by roads, but hasn’t seemed to notice how this already happens all over the world.”

The environmentalist added: “It may seem very obvious, but the point about onshore wind is that it is built onshore. On land. There is a thriving onshore wind market in many places. He enjoys a football analogy but can’t seem to notice his own goal.”

The Sunak government faces a growing revolt over the onshore wind ban from dozens of Conservative MPs – including his predecessors Liz Truss and Boris Johnson.

Around 30 Tory MPs have backed a pro-onshore wind amendment to Michael Gove’s Levelling Up Bill tabled by the former levelling-up minister Simon Clarke.

It comes very close to eroding Mr Sunak’s working majority of 69 votes if other opposition parties back the amendment.

Despite his criticism of onshore wind turbines, Mr Shapps appeared to suggest the government could listen to rebel MPs and U-turn on the policy.

Earlier on Tuesday he said there would be more onshore wind projects “where communities are in favour of it”, hinting at a compromise ahead.

He told Sky News: “You need local consent if you’re going to have wind power onshore, because it can be quite a big imposition on the local environment.”

In a blistering attack in the Commons, Labour’s Ed Miliband urged Mr Shapps to clarify his position on onshore wind farms “once and for all”.

The shadow climate secretary claimed the only reason the issue is being debated is not because “the public don’t support it”, but because “dinosaurs on the benches opposite oppose clean energy”.

He went on: “The problem is that [Mr Shapps] who prides himself on being a truly modern man is part of a fossilised tendency.”

Mr Shapps said turbines were “not buildable onshore”, adding: “The cheapest way to build them offshore, to produce energy offshore.”

On local consent, the business secretary said: “The energy white paper, the net-zero strategy, they have all said exactly the same thing, as we’ve been saying this week, onshore can happen where it has local consent.”

Meanwhile, Tory MP John Hayes says he had 19 colleagues backing his amendment seeking to ban onshore wind ban in England.

“The political response to this if the government gets it wrong will be horrendous for Conservative MPs and candidates because it will be immensely unpopular,” he told The Times.

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Daily News Wrap-Up: Black & Veatch to Help Develop 2 GW of Solar and Battery Storage

Article Republished By Javier Troconis

Listen to this article

Here are some noteworthy cleantech announcements of the day from around the world:

U.S.-based engineering, procurement, and construction firm Black & Veatch has been awarded a lead role in developing 2 GW solar and battery storage projects by UK-based developer Amberside Energy. Black & Veatch will deliver technical advisory and support services for Amberside’s solar and storage portfolio framework agreement. The framework covers standalone solar projects, standalone battery projects, and co-located solar and battery sites across the United Kingdom. Besides planning and designing solar and battery storage systems, Black & Veatch will also plan and design the electricity distribution and transmission assets and manage the interface with the national grid and distribution network operators.

Denmark-based wind turbine manufacturer Vestas announced that MunmuBaram, a joint venture between Shell and HEXICON AB, has named Vestas as the preferred turbine supplier for the 1.3 GW MunmuBaram floating offshore wind project in South Korea. Vestas will supply and install 84 units of the V236-15.0 MW turbine for the project, located off the southeast coast of South Korea. The turbines will be installed on floating foundations in the project area of approximately 240 square kilometers, with water depths ranging between 120 and 150 meters. Once installed, Vestas will also deliver 20-year service and maintenance for the wind farm.

Tata Motors has joined hands with IndusInd Bank to offer exclusive EV dealer financing to its authorized passenger electric vehicle (EV) dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorized passenger EV dealers of Tata Motors. Repayment tenure will range from 60 to 75 days. IndusInd Bank will also offer additional limits to cater to high-demand phases, which will be available to dealers twice a year.

Madrid-based Renewable solutions provider ACCIONA Energía will develop the Herries Range Wind Farm (1,000 MW), an expansion of the MacIntyre Wind Precinct that will double its capacity to 2,000 MW. The MacIntyre Precinct is the largest wind project in Australia and the Southern Hemisphere. The MacIntyre Precinct (1,023 MW), currently under construction, will be equipped with 180 turbines of 5.7 MW capacity. At 2,000 MW capacity, the MacIntyre Precinct will supply enough clean energy to power 1.4 million homes annually. The Precinct currently consists of two wind farms-MacIntyre (923 MW), owned by ACCIONA Energía (70%) and Ark Energy (30%), and government-owned energy company CleanCo’s proposed Karara wind farm.

California-based Xponent Power, a renewable energy solutions provider, has engaged Clean Energy Associates (CEA) to enable the manufacturing of its Xpanse solar awning. This compact and retractable 1200W solar awning (canopy) deploys at the touch of a button. Xpanse solar is in discussions with recreational vehicle manufacturers for strategic partnerships. With this engagement, CEA will expand its manufacturing services offerings, helping clean energy and e-mobility companies grow and navigate the key manufacturing challenges critical for their success. Xponent Power plans to begin volume shipments of its products to its US customers in 2023.

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Daily News Wrap-Up: Black & Veatch to Help Develop 2 GW of Solar and Battery Storage

Article Republished By Javier Troconis

Listen to this article

Here are some noteworthy cleantech announcements of the day from around the world:

U.S.-based engineering, procurement, and construction firm Black & Veatch has been awarded a lead role in developing 2 GW solar and battery storage projects by UK-based developer Amberside Energy. Black & Veatch will deliver technical advisory and support services for Amberside’s solar and storage portfolio framework agreement. The framework covers standalone solar projects, standalone battery projects, and co-located solar and battery sites across the United Kingdom. Besides planning and designing solar and battery storage systems, Black & Veatch will also plan and design the electricity distribution and transmission assets and manage the interface with the national grid and distribution network operators.

Denmark-based wind turbine manufacturer Vestas announced that MunmuBaram, a joint venture between Shell and HEXICON AB, has named Vestas as the preferred turbine supplier for the 1.3 GW MunmuBaram floating offshore wind project in South Korea. Vestas will supply and install 84 units of the V236-15.0 MW turbine for the project, located off the southeast coast of South Korea. The turbines will be installed on floating foundations in the project area of approximately 240 square kilometers, with water depths ranging between 120 and 150 meters. Once installed, Vestas will also deliver 20-year service and maintenance for the wind farm.

Tata Motors has joined hands with IndusInd Bank to offer exclusive EV dealer financing to its authorized passenger electric vehicle (EV) dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorized passenger EV dealers of Tata Motors. Repayment tenure will range from 60 to 75 days. IndusInd Bank will also offer additional limits to cater to high-demand phases, which will be available to dealers twice a year.

Madrid-based Renewable solutions provider ACCIONA Energía will develop the Herries Range Wind Farm (1,000 MW), an expansion of the MacIntyre Wind Precinct that will double its capacity to 2,000 MW. The MacIntyre Precinct is the largest wind project in Australia and the Southern Hemisphere. The MacIntyre Precinct (1,023 MW), currently under construction, will be equipped with 180 turbines of 5.7 MW capacity. At 2,000 MW capacity, the MacIntyre Precinct will supply enough clean energy to power 1.4 million homes annually. The Precinct currently consists of two wind farms-MacIntyre (923 MW), owned by ACCIONA Energía (70%) and Ark Energy (30%), and government-owned energy company CleanCo’s proposed Karara wind farm.

California-based Xponent Power, a renewable energy solutions provider, has engaged Clean Energy Associates (CEA) to enable the manufacturing of its Xpanse solar awning. This compact and retractable 1200W solar awning (canopy) deploys at the touch of a button. Xpanse solar is in discussions with recreational vehicle manufacturers for strategic partnerships. With this engagement, CEA will expand its manufacturing services offerings, helping clean energy and e-mobility companies grow and navigate the key manufacturing challenges critical for their success. Xponent Power plans to begin volume shipments of its products to its US customers in 2023.

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Uncategorized

Daily News Wrap-Up: Black & Veatch to Help Develop 2 GW of Solar and Battery Storage

Article Republished By Javier Troconis

Listen to this article

Here are some noteworthy cleantech announcements of the day from around the world:

U.S.-based engineering, procurement, and construction firm Black & Veatch has been awarded a lead role in developing 2 GW solar and battery storage projects by UK-based developer Amberside Energy. Black & Veatch will deliver technical advisory and support services for Amberside’s solar and storage portfolio framework agreement. The framework covers standalone solar projects, standalone battery projects, and co-located solar and battery sites across the United Kingdom. Besides planning and designing solar and battery storage systems, Black & Veatch will also plan and design the electricity distribution and transmission assets and manage the interface with the national grid and distribution network operators.

Denmark-based wind turbine manufacturer Vestas announced that MunmuBaram, a joint venture between Shell and HEXICON AB, has named Vestas as the preferred turbine supplier for the 1.3 GW MunmuBaram floating offshore wind project in South Korea. Vestas will supply and install 84 units of the V236-15.0 MW turbine for the project, located off the southeast coast of South Korea. The turbines will be installed on floating foundations in the project area of approximately 240 square kilometers, with water depths ranging between 120 and 150 meters. Once installed, Vestas will also deliver 20-year service and maintenance for the wind farm.

Tata Motors has joined hands with IndusInd Bank to offer exclusive EV dealer financing to its authorized passenger electric vehicle (EV) dealers. IndusInd Bank will provide additional inventory funding with attractive pricing to authorized passenger EV dealers of Tata Motors. Repayment tenure will range from 60 to 75 days. IndusInd Bank will also offer additional limits to cater to high-demand phases, which will be available to dealers twice a year.

Madrid-based Renewable solutions provider ACCIONA Energía will develop the Herries Range Wind Farm (1,000 MW), an expansion of the MacIntyre Wind Precinct that will double its capacity to 2,000 MW. The MacIntyre Precinct is the largest wind project in Australia and the Southern Hemisphere. The MacIntyre Precinct (1,023 MW), currently under construction, will be equipped with 180 turbines of 5.7 MW capacity. At 2,000 MW capacity, the MacIntyre Precinct will supply enough clean energy to power 1.4 million homes annually. The Precinct currently consists of two wind farms-MacIntyre (923 MW), owned by ACCIONA Energía (70%) and Ark Energy (30%), and government-owned energy company CleanCo’s proposed Karara wind farm.

California-based Xponent Power, a renewable energy solutions provider, has engaged Clean Energy Associates (CEA) to enable the manufacturing of its Xpanse solar awning. This compact and retractable 1200W solar awning (canopy) deploys at the touch of a button. Xpanse solar is in discussions with recreational vehicle manufacturers for strategic partnerships. With this engagement, CEA will expand its manufacturing services offerings, helping clean energy and e-mobility companies grow and navigate the key manufacturing challenges critical for their success. Xponent Power plans to begin volume shipments of its products to its US customers in 2023.

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Wind and solar only hope if world is to cap global warming at 1.77°C

Article Republished By Javier Troconis

Vestas construction wind farm sunset

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The latest major report on the energy transition and global climate targets says massive investment in wind and solar, supported by other technologies, is the only real hope of capping average global warming at around 1.77°C.

The latest New Energy Outlook, produced by Bloomberg New Energy Finance, suggests that the 1.5°C aspirational target from the Paris climate deal is probably already out of reach.

But modelling for BNEF’s Net Zero Scenario indicates the world can stay on track for 1.77°C, and global net zero by 2050, with rapid deployments of clean power generation, mass electrification, and, to a lesser extent, carbon capture and storage and hydrogen.

All of that that will require a quadrupling of investment in wind and solar in coming years, and will cost around $US194 trillion over 30 years – half of it in electric vehicles, and around one quarter of it in new green energy.

BNEF says switching power generation from fossil fuels to green energy is the single biggest contributor to global emissions reduction, accounting for half of all emissions abated over 2022-50 (See graph above).

Most of this is wind and solar which will displaced unabated fossil fuels, supported by other renewables and nuclear.

By 2050, the BNEF report says, the global power system will be dominated by wind (48 per cent of generation) and solar (26 per cent), which together account for three quarters of production from a vastly expanded grid that accommodates the electrification of transport, buildings and industry.

Source: BNEF. Left graph shows “no transition” scenario based on current policies, and “net zero” scenario on the right.

The the rest of the power supply by 2050 is provided by other renewables (7 per cent), nuclear (9 per cent), and less than 10 per cent combined for hydrogen and coal or gas with carbon capture. (See graphs above).

BNEF says electrification of transport and industrial processes, buildings and heat – using steadily lower-carbon electricity – is the next biggest contributor to emissions reductions, abating about a quarter of total emissions over the period.

The technologies already exist, but are not yet being deployed fast enough. The remainder of the required emissions cuts come from demand-side efficiency gains and recycling, hydrogen, bioenergy and carbon capture and storage.

BNEF says the key is to move quickly while a small window of opportunity remains open. It says investment in green energy needs to at least treble that in fossil fuels, and the world’s big coal-dominated economies – China, India and Australia – need to switch quickly to renewables and electrify transport, industry and buildings.

Source: BNEF

The country by country breakdown highlights the importance of wind and solar in the abatement task, particularly of big emitters such as China, India and Australia where it accounts for more than half of all abatement in the net zero scenario.

Electrification also plays an important role, particularly in those countries which have already achieved a significant reduction in emissions in their respective grids.

The BNEF report says Australia, along with the US, Germany and Japan should achieve their stated UN climate targets, or at least come very close, as long as they take decisive action and raise their ambition for deep decarbonations.

It notes, however, that the UK and France will likely miss their UN targets.

Even in the Economic Transition Scenario, which has the world on track for 2.6°C of warming, and is based on current policies, wind and solar dominate new investment, accounting – along with battery storage – for an overwhelming 85% of the 23 terawatts of new power capacity additions installed over the next three decades.

In this scenario, however, power sector emissions fall by 57%, and emissions in the overall transportation sector fall by 22% to 2050, driven by the road segment’s transition to electric vehicles. It’s not enough to cap average global warming at 2.0°C warming.

The energy transition in the power sector is well under way, and our modeling shows global emissions in the power sector peak around 2023,” says Matthias Kimmel, team leader for energy economics at BNEF.

“Despite the recent inflationary pressures, renewables remain competitive and the gap between renewables and fossil fuels continues to widen. We’re on the right track, but there is still much more work needed to push for solutions we already know make economic sense.”

The net zero scenario does offer a one third chance of capping global warming at 1.5°C, although the most likely outcome is 1.77°C.

“Our Net Zero Scenario shows that a credible pathway to meet the goals of the Paris Agreement still exists, but getting there requires immediate action,”says David Hostert, global head of economics and modelling at BNEF and lead author of the report.

“Clean power deployment needs to quadruple by 2030, in addition to a major investment in carbon capture and storage, advanced nuclear technologies, and hydrogen.

“To get on track this decade, there needs to be $3 invested in low-carbon supply for every $1 in fossil-fuel supply. There are also critical enabling factors to consider: electrification and economic growth will quadruple the planet’s power demand by 2050.

“We need to see a massive acceleration in the build-out of power grids, manufacturing capacity for low carbon technologies, and supply of critical metals and materials. These could become painful bottlenecks tomorrow, if left unaddressed today.”

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Wind and solar only hope if world is to cap global warming at 1.77°C

Article Republished By Javier Troconis

Vestas construction wind farm sunset

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The latest major report on the energy transition and global climate targets says massive investment in wind and solar, supported by other technologies, is the only real hope of capping average global warming at around 1.77°C.

The latest New Energy Outlook, produced by Bloomberg New Energy Finance, suggests that the 1.5°C aspirational target from the Paris climate deal is probably already out of reach.

But modelling for BNEF’s Net Zero Scenario indicates the world can stay on track for 1.77°C, and global net zero by 2050, with rapid deployments of clean power generation, mass electrification, and, to a lesser extent, carbon capture and storage and hydrogen.

All of that that will require a quadrupling of investment in wind and solar in coming years, and will cost around $US194 trillion over 30 years – half of it in electric vehicles, and around one quarter of it in new green energy.

BNEF says switching power generation from fossil fuels to green energy is the single biggest contributor to global emissions reduction, accounting for half of all emissions abated over 2022-50 (See graph above).

Most of this is wind and solar which will displaced unabated fossil fuels, supported by other renewables and nuclear.

By 2050, the BNEF report says, the global power system will be dominated by wind (48 per cent of generation) and solar (26 per cent), which together account for three quarters of production from a vastly expanded grid that accommodates the electrification of transport, buildings and industry.

Source: BNEF. Left graph shows “no transition” scenario based on current policies, and “net zero” scenario on the right.

The the rest of the power supply by 2050 is provided by other renewables (7 per cent), nuclear (9 per cent), and less than 10 per cent combined for hydrogen and coal or gas with carbon capture. (See graphs above).

BNEF says electrification of transport and industrial processes, buildings and heat – using steadily lower-carbon electricity – is the next biggest contributor to emissions reductions, abating about a quarter of total emissions over the period.

The technologies already exist, but are not yet being deployed fast enough. The remainder of the required emissions cuts come from demand-side efficiency gains and recycling, hydrogen, bioenergy and carbon capture and storage.

BNEF says the key is to move quickly while a small window of opportunity remains open. It says investment in green energy needs to at least treble that in fossil fuels, and the world’s big coal-dominated economies – China, India and Australia – need to switch quickly to renewables and electrify transport, industry and buildings.

Source: BNEF

The country by country breakdown highlights the importance of wind and solar in the abatement task, particularly of big emitters such as China, India and Australia where it accounts for more than half of all abatement in the net zero scenario.

Electrification also plays an important role, particularly in those countries which have already achieved a significant reduction in emissions in their respective grids.

The BNEF report says Australia, along with the US, Germany and Japan should achieve their stated UN climate targets, or at least come very close, as long as they take decisive action and raise their ambition for deep decarbonations.

It notes, however, that the UK and France will likely miss their UN targets.

Even in the Economic Transition Scenario, which has the world on track for 2.6°C of warming, and is based on current policies, wind and solar dominate new investment, accounting – along with battery storage – for an overwhelming 85% of the 23 terawatts of new power capacity additions installed over the next three decades.

In this scenario, however, power sector emissions fall by 57%, and emissions in the overall transportation sector fall by 22% to 2050, driven by the road segment’s transition to electric vehicles. It’s not enough to cap average global warming at 2.0°C warming.

The energy transition in the power sector is well under way, and our modeling shows global emissions in the power sector peak around 2023,” says Matthias Kimmel, team leader for energy economics at BNEF.

“Despite the recent inflationary pressures, renewables remain competitive and the gap between renewables and fossil fuels continues to widen. We’re on the right track, but there is still much more work needed to push for solutions we already know make economic sense.”

The net zero scenario does offer a one third chance of capping global warming at 1.5°C, although the most likely outcome is 1.77°C.

“Our Net Zero Scenario shows that a credible pathway to meet the goals of the Paris Agreement still exists, but getting there requires immediate action,”says David Hostert, global head of economics and modelling at BNEF and lead author of the report.

“Clean power deployment needs to quadruple by 2030, in addition to a major investment in carbon capture and storage, advanced nuclear technologies, and hydrogen.

“To get on track this decade, there needs to be $3 invested in low-carbon supply for every $1 in fossil-fuel supply. There are also critical enabling factors to consider: electrification and economic growth will quadruple the planet’s power demand by 2050.

“We need to see a massive acceleration in the build-out of power grids, manufacturing capacity for low carbon technologies, and supply of critical metals and materials. These could become painful bottlenecks tomorrow, if left unaddressed today.”

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