Renewables helped power sector save $520 bn globally in 2022: Report
1 year, 3 months ago

Renewables helped power sector save $520 bn globally in 2022: Report

Live Mint  

New Delhi: Power sectors worldwide saved an astounding $520 billion in fuel costs last year, thanks to the rapid expansion of renewable energy sources, according to a report released today by the International Renewable Energy Agency. The report, titled "Renewable Power Generation Costs in 2022," underscores how the escalating crisis in fossil fuel prices has significantly bolstered the competitiveness of renewable power. The introduction of renewable energy capacity since the year 2000 has collectively slashed the global electricity sector's fuel expenses by no less than $520 billion in 2022, the report found. The most affected regions by the historic price shock were remarkably resilient, in large part thanks to the massive increase of solar and wind in the last decade.” “Today, the business case for renewables is compelling, but the world must add 1 000 GW of renewable power annually on average every year until 2030 to keep 1.5°C within reach, more than three times 2022 levels. In preparation of the COP28 in Dubai later this year, today’s report shows once again that with renewables, countries have the best climate solution at hand to raise ambition and take actions in a cost-competitive way.” The report also highlighted the impacts of commodity and equipment cost inflation in 2022, which led to different trends in costs across countries.

Wind Costs Power Cost Report Renewable Fossil Fossil Fuels Renewables Renewable Power 2022 Solar  costs  globally  report  wind  sector  renewables  520  cost  power  save  renewable  fossil  helped  2022  solar  bn

History of this topic

As 142 years of coal comes to an end, how close is the UK to 100% clean energy?
2 months, 2 weeks ago

As 142 years of coal comes to an end, how close is the UK to 100% clean energy?

The Independent  

When Scottish inventor James Watt came up with a new steam engine design in 1765 that required 75 per cent less coal to operate than its predecessor, many people logically presumed that coal consumption would plummet. By 1882, the world’s first coal power plant opened in London to launch a new era of electricity generation that continues to see coal …

Opinion: Desperate for good news about climate change? Consider the pace of clean energy growth
2 months, 3 weeks ago

Opinion: Desperate for good news about climate change? Consider the pace of clean energy growth

LA Times  

Climate change has been viewed almost universally as a burden, a hot potato to be passed from country to country at annual climate change conferences. Although it’s widely known that climate-friendly solar and wind energy have become cheaper and easier to produce, most don’t realize that they are very likely to get even less expensive and grow quickly. Applying these …

New energy targets realized ahead of deadline
3 months, 4 weeks ago

New energy targets realized ahead of deadline

China Daily  

A vast expanse of solar panels shadows the surface of a semi-desert in Northwest China's Qinghai province, turning it into a photovoltaic park. According to data from the Chinese National Energy Administration, by the end of July 2024, the total installed capacity of power generation nationwide reached 3.1 billion kilowatts. Of this, solar power had an installed capacity of about …

New energy targets realized ahead of deadline
3 months, 4 weeks ago

New energy targets realized ahead of deadline

China Daily  

A vast expanse of solar panels shadows the surface of a semi-desert in Northwest China's Qinghai province, turning it into a photovoltaic park. According to data from the Chinese National Energy Administration, by the end of July 2024, the total installed capacity of power generation nationwide reached 3.1 billion kilowatts. Of this, solar power had an installed capacity of about …

Non-fossil fuel use goal by 2030 within reach
4 months, 4 weeks ago

Non-fossil fuel use goal by 2030 within reach

China Daily  

The Mengxi Otog Front Banner Photovoltaic Base project is located near the Mu Us Desert. CHINA DAILY China's non-fossil energy share may need to keep an annual growth of 1 percentage point in the upcoming 15th Five-Year Plan period to achieve the country's goal of 25 percent non-fossil energy consumption by 2030, which opens opportunities for solar power companies amid …

India's solar output grows at slowest pace in six years in first half of 2024
5 months, 2 weeks ago

India's solar output grows at slowest pace in six years in first half of 2024

Hindustan Times  

By Sudarshan Varadhan and Cassandra Yap India's solar output grows at slowest pace in six years in first half of 2024 SINGORE, - India's solar power generation grew at the slowest pace in six years in the first half of 2024, an analysis of data from the federal grid regulator showed, as the country further stepped up reliance on coal …

China's renewables tech cuts costs
7 months, 4 weeks ago

China's renewables tech cuts costs

China Daily  

Employees work at a photovoltaic panel production facility in Hefei, Anhui province, in February. China's large-scale production of solar panels and electric vehicles has not only lowered costs but has also made green technology more accessible globally, industry insiders said. The IEA believes China was the major driving force behind the world's rapid expansion of renewable power generation capacity last …

2023 was a record year for wind installations as world ramps up clean energy, report says
8 months, 1 week ago

2023 was a record year for wind installations as world ramps up clean energy, report says

New Indian Express  

The world installed 117 gigawatts of new wind power capacity in 2023, a 50% increase from the year before, making it the best year for new wind projects on record, according to a new report by the industry’s trade association. But the authors warned that the wind industry must increase its annual growth to at least 320 gigawatts by 2030 …

India’s clean energy boom slows as new solar projects get delayed. Experts say it can pick back up
10 months, 2 weeks ago

India’s clean energy boom slows as new solar projects get delayed. Experts say it can pick back up

Associated Press  

BENGALURU, India — For years, renewable projects in India have been growing steadily, from small-town rooftop solar installations to large-scale projects across the desert and long stretches of wind turbines and solar panels on farmland all contributing to the country’s climate goal of transitioning to clean energy. It takes up to two years for solar projects to come online after …

Renewables grew rapidly in 2023, but must grow faster still to meet climate change target, IEA says
11 months, 1 week ago

Renewables grew rapidly in 2023, but must grow faster still to meet climate change target, IEA says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world's renewable energy grew …

The year in clean energy: Wind, solar and batteries grow despite economic challenges
11 months, 3 weeks ago

The year in clean energy: Wind, solar and batteries grow despite economic challenges

LA Times  

Led by new solar power, the world added renewable energy at breakneck speed in 2023, a trend that if amplified will help Earth turn away from fossil fuels and prevent severe warming and its effects. Another banner year for solar China, Europe and the U.S. each set solar installation records for a single year, according to the International Renewable Energy …

The year in clean energy: Wind, solar and batteries grow despite economic challenges
11 months, 3 weeks ago

The year in clean energy: Wind, solar and batteries grow despite economic challenges

Associated Press  

Led by new solar power, the world added renewable energy at breakneck speed in 2023, a trend that if amplified will help Earth turn away from fossil fuels and prevent severe warming and its effects. CHALLENGES FOR WIND ENERGY By the end of 2023, the world will have added enough wind energy to power nearly 80 million homes, making it …

Asian economies must ramp up wind and solar power to keep global warming under 1.5C, report says
1 year, 1 month ago

Asian economies must ramp up wind and solar power to keep global warming under 1.5C, report says

Associated Press  

HANOI, Vietnam — To meet the goal of limiting global warming to 1.5 degrees Celsius, nine major Asian economies must increase the share of electricity they get from renewable energy from the current 6% to at least 50% by 2030, according to a report by a German thinktank released Wednesday. Nearly a third of that renewable energy should come from …

India will see solar revolution by 2030, says IEA
1 year, 2 months ago

India will see solar revolution by 2030, says IEA

Firstpost  

India has set a target of achieving 500 GW of installed capacity from non-fossil fuels, including around 270 GW of solar capacity, by 2030 According to the International Energy Agency, solar energy will generate 18% of India’s electricity by 2030, up from its current 6% share. According to the IEA’s latest World Energy Outlook 2023, which was released on Tuesday, …

Boost in solar energy and electric vehicle sales gives hope for climate goals, report says
1 year, 2 months ago

Boost in solar energy and electric vehicle sales gives hope for climate goals, report says

Associated Press  

The window to limit human-caused warming to a globally agreed goal is narrowing but still open because of the huge growth of solar energy and electric vehicles sales worldwide, a report said Tuesday. For the last two years, the rate of the build up of solar energy and electric vehicle sales were in line with achieving emissions reductions targets that …

Renewable energy surges, driven by solar boom and high fuel prices, report finds
1 year, 6 months ago

Renewable energy surges, driven by solar boom and high fuel prices, report finds

Associated Press  

BERLIN — The world is set to add a record amount of renewable electricity capacity this year as governments and consumers seek to offset high energy prices and take advantage of a boom in solar power, according to a new report Thursday. The International Energy Agency said high fossil fuel prices — resulting from Russia’s attack on Ukraine — and …

Solar investment outshines oil as race for clean energy heats up
1 year, 6 months ago

Solar investment outshines oil as race for clean energy heats up

Al Jazeera  

High oil and gas prices and worries about supplies have seen spending on renewables leap ahead of fossil fuels. Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels. “Clean energy is moving fast – faster than many people realise,” IEA Executive Director Fatih Birol said …

U.S. renewable electricity surpassed coal in 2022
1 year, 8 months ago

U.S. renewable electricity surpassed coal in 2022

Associated Press  

Electricity generated from renewables surpassed coal in the United States for the first time in 2022, the U.S. Energy Information Administration announced Monday. “Over the past decade, the levelized cost of wind energy declined by 70 percent, while the levelized cost of solar power has declined by an even more impressive 90 percent.” “Renewable energy is now the most affordable …

Report: Renewable energy growth falls short of climate goal
1 year, 8 months ago

Report: Renewable energy growth falls short of climate goal

Associated Press  

BERLIN — Deployment of new wind and solar power plants needs to be drastically ramped up by the end of the decade to meet the world’s climate goals, the International Renewable Energy Agency said Tuesday. In an advance preview of its annual report on the global shift from fossil fuels to clean energy, the agency said renewables accounted for 83% …

India misses RE capacity target due to low solar rooftop, wind energy project installations: Parliamentary panel
1 year, 9 months ago

India misses RE capacity target due to low solar rooftop, wind energy project installations: Parliamentary panel

The Hindu  

A parliamentary panel has attributed low installation of solar roof-top and wind energy projects as key reasons for the shortfall in achieving India’s renewable energy capacity target of 175 GW by 2022. However, it should also be mentioned that whatever shortfall has occurred in achievement of the target that is because of low installation of solar roof-tops and wind energy …

Australia adding green energy at less than half the required rate to keep grid stable: UNSW
1 year, 10 months ago

Australia adding green energy at less than half the required rate to keep grid stable: UNSW

ABC  

Australia is adding renewable energy at less than half the pace required to replace retiring coal-fired generation and meet its own 2030 climate targets, one of the country's top energy experts says. Key points: University of NSW research shows the growth rate of green energy needs to more than double A senior researcher says grid stability is at stake as …

India saved $4.2 billion in fuel costs through solar power: Report
2 years, 1 month ago

India saved $4.2 billion in fuel costs through solar power: Report

Live Mint  

An amount of USD 4.2 billion has been saved by India in fuel costs through solar power generation in the first half of 2022, and 19.4 million tonnes of coal which would have further stressed an already strained domestic supply, news agency PTI quoted a report released on Thursday. Seven key Asian countries, including China, India, Japan, South Korea, Vietnam, …

Why it makes economic sense to shift to renewable energy now
2 years, 2 months ago

Why it makes economic sense to shift to renewable energy now

Live Mint  

One of the commonest bogeys raised by those resisting the transition from fossil fuels to renewable energy, is that doing so will be too expensive. The International Monetary Fund stated earlier this month that steps to reduce greenhouse gas emissions by 25% by 2030 would lead to higher inflation and lower growth. In its World Economic Outlook 2022, the IMF …

Wind turbines set new record for power production
2 years, 8 months ago

Wind turbines set new record for power production

The Telegraph  

One of the newest developments, Orsted’s giant Hornsea Two wind farm 55 miles off the Yorkshire coast, generated its first power in December and will be fully operational this year. Over the past three months, EnAppSys said wind generated 23.3 terawatt hours, about 31pc of total demand and beating its previous record of 23 terawatt hours at the start of …

Report: Solar could power 40% of US electricity by 2035
3 years, 3 months ago

Report: Solar could power 40% of US electricity by 2035

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Solar energy has the potential …

Solar energy has the potential to power 40% of US electricity by 2035, new DOE report shows
3 years, 3 months ago

Solar energy has the potential to power 40% of US electricity by 2035, new DOE report shows

CNN  

CNN — A new blueprint from the Biden administration shows how solar energy could play a massive role in transitioning the United States’ power sector to clean energy, and achieve the President’s ambitious goals to decarbonize the US economy. The Solar Futures Study from the Department of Energy, released Wednesday, shows that by 2035, solar energy has the potential to …

Solar ‘boom’ times as Lebanon’s fossil fuels run dry
3 years, 3 months ago

Solar ‘boom’ times as Lebanon’s fossil fuels run dry

Al Jazeera  

Broummana, Lebanon – Blackouts have gripped Lebanon in recent weeks as an entire nation is forced to adjust to life without electricity. “From a residential perspective, this is definitely a boom,” said Carla Nassab, a programme officer at the United Nations Development Programme, who is working on several alternative energy initiatives across Lebanon. “Industries are looking into solar energy or …

50% cheaper to generate electricity from renewables compared with fossil fuel-powered plants, analysis finds
3 years, 4 months ago

50% cheaper to generate electricity from renewables compared with fossil fuel-powered plants, analysis finds

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Research by the energy think tank Ember said it is now around 50 per cent cheaper to create electricity …

Renewables overtake fossil fuels for first time in 2020
3 years, 10 months ago

Renewables overtake fossil fuels for first time in 2020

The Telegraph  

Renewables overtook fossil fuels as the main source of electricity in the UK for the first time in 2020, according to new analysis. A record 42 per cent of electricity was generated by renewables in 2020, compared to 41 per cent by fossil fuels, driven by a rise in wind power and a drop in demand because of Covid-19. In …

Greening of renewable sector
3 years, 11 months ago

Greening of renewable sector

China Daily  

LI MIN/CHINA DAILY Structural reform and institutional restructuring are key to renewable energy development Since the implementation of the Renewable Energy Law in 2003 and subsequent strengthening of policy support, China's renewable energy sector has seen rapid development and made remarkable achievements. China's energy transition is in the initial stage, and wind power and PV power generation do not account …

10 ways renewable energy’s boom year will shape 2021
3 years, 11 months ago

10 ways renewable energy’s boom year will shape 2021

Live Mint  

Despite the pandemic, the new year begins with surging growth for renewable energy. America’s solar broke good and bad records Residential installations in the US dropped nearly 20% in the second quarter of 2020 from the first—the most ever—as the pandemic prompted stay-at-home orders, according to Wood Mackenzie and the Solar Energy Industries Association. On the plus side, though, bids …

India Could be Largest Contributor for the Renewable Energy Sector in 2021
4 years ago

India Could be Largest Contributor for the Renewable Energy Sector in 2021

News 18  

Renewable Energy has established itself as the technology of choice for new power generation capacity globally. India is now the 5th largest market for renewable energy in the world, 4th largest market for wind and 3rd largest market for solar in the world only behind China and US. Today, India is one of the countries with the largest contribution of …

Solar power is the ‘new king’ and offers the ‘cheapest electricity in history’
4 years, 2 months ago

Solar power is the ‘new king’ and offers the ‘cheapest electricity in history’

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Solar PV is now consistently cheaper than new coal- or gas-fired power plants in most countries, and solar projects …

Solar power could be ‘the new king’ as global electricity demand grows
4 years, 2 months ago

Solar power could be ‘the new king’ as global electricity demand grows

CNN  

London CNN Business — Renewable energy, led by solar power, could make up 80% of the growth in electricity generation over the next decade, according to a report published Tuesday. Solar performs even more strongly in the IEA’s“Sustainable Development Scenario,” in which a surge in clean energy policies and investment puts the world on track to reach the goals of …

Those who invested in clean energy early must now be given the benefits
4 years, 2 months ago

Those who invested in clean energy early must now be given the benefits

Hindustan Times  

Clean and renewable energy sources have moved up on the agenda of most nations today. The conventional and RE power segments are linked through the renewable power purchase obligation which binds obligators to either buy electricity-generated by specified ‘green’ sources, or buy renewable energy certificates from the market. Government and the regulator-introduced RECs is a market-based instrument to promote renewable …

Coal continues to be a key in India’s growth says, Coal India Limited
4 years, 3 months ago

Coal continues to be a key in India’s growth says, Coal India Limited

Live Mint  

Coal continues to be a key in India's growth story as solar power is not as economical as coal-fired electricity till affordable storage of power comes in a major way, CIL has said. It can be seen from a typical load curve in India that peak demand is post-5 pm and coal-based power caters to that load, Coal India Limited …

Possible to Shift to Renewable Energy: Experts Welcome UN Secy Gen's Advice to India on Combatting Climate Change
4 years, 3 months ago

Possible to Shift to Renewable Energy: Experts Welcome UN Secy Gen's Advice to India on Combatting Climate Change

News 18  

Experts on Saturday welcomed UN secretary general’s advice to India to phase out fossil fuel to combat climate change, saying it’s possible to shift to renewable energy but the government needs an inclusive and comprehensive action plan to ensure a just energy transition and livelihood of workers. The UN SG had on Friday called on India to be at the …

Climate crisis: Wind and solar produce record 10% of world’s electricity, but scientists warn faster change is needed
4 years, 4 months ago

Climate crisis: Wind and solar produce record 10% of world’s electricity, but scientists warn faster change is needed

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Over the first half of 2020, wind turbines and solar panels together produced a record 10 per cent of …

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