Bernard Looney, BP’s new chief executive, wants to cut his company’s greenhouse gas emissions down to zero by 2050. To do that, the world’s sixth-largest energy company is committing itself to massive investment in renewable energy, including wind, solar and biofuels.
The U.K.-based energy provider may be more aggressive than its peers when it comes to plotting a carbon-free future, but it’s certainly not alone. Royal Dutch Shell, Total, Equinor and other traditional fossil fuel producers have also recently been diverting significant amounts of capital to renewable energy. Continue reading “The Case For Pivoting Into Renewable Energy”→
At the start of this new decade, American cities, states and businesses already have come a long way on the road to cutting greenhouse gas emissions to help tackle the climate crisis:
155 cities have committed to 100 percent community-wide renewable energy;
15 states plus Washington, D.C., and Puerto Rico have official targets to get over 50 percent of their electricity from clean resources;
Businesses are going beyond merely purchasing renewable energy to investing in battery storage, pairing electric vehicle charging with renewables and matching energy consumption to renewable resources (PDF) on an hourly basis, and
Many of the largest investor-owned utilities have set decarbonization goals and committed to a clean energy transition.
Germany’s offshore wind power production has surged by almost 25% this year, or 24TWh, up from 19.5TWh in 2018, helping to carry the share of renewables in Europe’s largest economy to 43% of its gross power consumption.
UK Government figures show that from July to September this year renewables generated a record quarterly amount of electricity, outperforming gas for the first quarter ever.
The latest Energy Trends report, published by the Department for Business, Energy and Industrial Strategy (BEIS) shows that in the third quarter of 2019 renewables provided a record 38.9% of the UK’s electricity requirement, just above gas at 38.8%.
More than £12 million of EU funds will be invested in the next stage of a major initiative to generate clean energy from ocean waves, The funding will support the next stage of Swansea-based Marine Power Systems’ project to create and launch an underwater device that can provide clean, affordable and reliable energy in Wales and around the world.
Twelve new renewable energy projects have won Contracts for Difference – enough to power over seven million homes at record low costs
Twelve new renewable energy projects will be powering over seven million homes at record low prices thanks to the latest round of the government’s flagship Contracts for Difference scheme.
The new projects will provide around 6GW of capacity – 2.4GW more than the last round. For the first time renewables are expected to come online below market prices and without additional subsidy on bills, meaning a better deal for consumers. The costs of offshore wind are now around 30% lower than the second auction held in 2017, with projects now being delivered for as low as £39.65/MWh. Continue reading “Clean energy to power over seven million UK homes by 2025 at record low prices”→
The Government of Canada has invested CAD$2.7 million (€1.8 million) in a sustainable forestry project run by the Indigenous Oujé-Bougoumou Cree Nation in Quebec, which will create jobs, support the economy and displace diesel use.
Announced by Diane Lebouthillier, Minister of National Revenue, on behalf of Amarjeet Sohi, Minister of Natural Resources, the funding will be used to upgrade and expand an existing biomass district heating system.
The renewable energy project, which will also provide a market for local sawmill waste, will encourage local economic development and support better waste management.
UK company ShipEco Marine Limited says old oil tankers can be repurposed to generate energy, amongst other renewable energy, natural gas and desalination solutions.
According to the company, around a hundred oil tankers are retired each year, and in most cases, they find a new home on the shores of Bangladesh, where they feed the parts salvage industry and scrap market.
China is seizing on an international opportunity that the Trump administration has forsaken — helping other countries expand their domestic infrastructures and potentially with green power plants. China’s most ambitious project is known as the Belt and Road Initiative that stretches across four continents and 76 countries
The economic undertaking sets out to create an expansive network of railways, pipelines and highways from Asia to Africa to the Middle East and Europe. For some, the move is indicative of an aggressive China and one that wants to exert its influences around the globe by becoming bankers to the needy. Others, though, see it as a chance for China to expand the markets for its own goods and services — in much the same way that any capitalistic economy would.
“We’re seeing improved economics in Belt and Road countries, alongside supportive government policies in China,” says Robin Xing, Morgan Stanley’s Chief China Economist. “These factors reinforce our view that China’s investment in Belt and Road countries will increase by 14% annually over the next two years, and the total investment amount could double to $1.2-1.3 trillion by 2027.”