Renewable energy

"The [provisions of the proposed Inflation Reduction Act of 2022, including] expansion of the wind and solar credits, the exciting expansion, or creation, of additional credits in green hydrogen, the inclusion of hydrogen cars in electric car credits, the extension of the electric car credits - all those things are good [but they're] not enough. The question now is, what do we do next?"

"The Inflation Reduction Act calls for spending less than $500 billion over a decade, compared with the American Rescue Plan’s $1.9 trillion in a single year . . . . But if the spending isn’t very large, how can it have such a big impact? The answer is that right now we’re sitting on a sort of cusp. Renewable energy technology has made revolutionary progress, and renewables are already cheaper in many areas than fossil fuels. A moderate push from public policy is all that it will take to transition to a much greener economy. And the Inflation Reduction Act will provide that push."

"[The Inflation Reduction Act] . . . doesn’t solve the climate challenge. This is the beginning . . . and the implementation is going to be everything. This is . . . like a starting gun for a race that's going to . . . hopefully define the coming decade of building something better."

"I’m about to sign the Inflation Reduction Act into law . . . . The [climate component of this legislation] invests $369 billion to take the most aggressive action ever . . . in confronting the climate crisis and strengthening . . . our energy security."

"{The US Inflation Reduction Act of 2022} is really good for a developing economy like Indonesia due to spillover effects because of lower costs {for technologies that help mitigate climate change}."

"[T]he analogy [regarding the three recent US climate laws] we’ve been thinking about is the backbone, the brain, and the lungs. So, the backbone being the Bipartisan Infrastructure Law {November 2021} . . . . That law [includes] investment in US infrastructure [such as] roads and bridges, but including significant energy infrastructure. Then there's the brain, the CHIPS and Science Act {August 2022}, and chips being the semiconductors that are in {electric vehicles, energy infrastructure, etc.} . . . and the science part authorizes additional investments from Congress in science {related to grid upgrades, zero emissions research, etc. by the} National Science Foundation and DOE {Department of Energy}. And then the third piece is the lungs. So, [taking a deep breath] breathing into that clean energy economy, the Inflation Reduction Act {August 2022} incentivizes deployment of clean technologies and really focuses on lowering costs for American families."

"Great, that is fantastic . . . . We want to be able to see energy - clean energy - produced in every pocket of the country. Blue states, red states, really it helps to save people money, so it’s all about green."

"[[w:Climate change policy of the United States#Federal policy|[I]f you think about how many times [US] politicians have tried and failed to pass climate legislation]], it's really notable that the Inflation Reduction Act went through. So in the past, basically legislators tried to have sticks: . . . there would be a cap and trade bill; people had debated a carbon tax. The Inflation Reduction Act includes no sticks, it's only carrots. . . . [T]his law is kind of a complicated way to try to go about decarbonizing America, but it proved to be the only politically viable option that American politicians had yet come up with. And so, I think, on those terms, it's absolutely a victory . . . for those who were trying to advance some kind of climate legislation through Washington."

"Climate security goes hand in hand with energy security. Putin’s abhorrent war in Ukraine and rising energy prices across the world are not a reason to go slow on climate change. They are a reason to act faster. Because diversifying our energy supplies by investing in renewables is precisely the way to insure ourselves against the risks of energy dependency. It is also a fantastic source of new jobs and growth."

"[COP27] ended on Sunday morning with researchers largely frustrated at the lack of any ambition to phase out fossil fuels. However, there was one silver lining: delegates from low and middle income countries (LMICs) came away with an agreement on a new 'loss and damage' fund to help them cover the costs of climate-change impacts. . . . Many blamed the energy crisis sparked by Russia’s invasion of Ukraine for a lack of progress on fossil fuels."

"[T]he change we need is to put innovation at the heart of everything we do. . . . [M]ajor challenges like energy security and net zero will be solved by innovation. The more we innovate, the more we grow."

"India has to do it for itself. . . . And India needs to do it for the world."

"Last year was a double milestone for decarbonizing the world’s energy system. It was the first year when investment in the energy transition equaled global investment in fossil fuels . . . . [And] 2022 was . . . the first year when investment in decarbonizing energy surpassed $1 trillion. The year-on-year increase of more than $250 billion from 2021 was the largest jump yet."

"[T]he process for the permitting of renewable energy generation and electric transmission projects in the United States is multi-layered and often extremely long. If the U.S. is to achieve its climate ambitions and fully implement transformative legislation like the Inflation Reduction Act, Congress will also have to enable a massively accelerated build-out of clean energy infrastructure. At the same time, valuable environmental safeguards, and the established public participatory and related administrative processes used to adopt and implement them, cannot simply be sidestepped. Congress should approach federal permitting reform in a way that maximizes efficiency in government decisionmaking through shorter timelines for regulatory approvals without sacrificing the value of the current process in protecting the environment and local stakeholders. Further, it is essential that reforms are evidence-based in targeting the major sources of current delays."

"Because Australia has {aggressively incentivized adoption of} rooftop solar, the economics are extraordinary. . . . So if we use our cheap sunshine to drive our cars and heat our homes, we're going to save money sooner."

"In the last several months all the key associations looked across the table and realised we were arguing for the same thing. . . . This is Big Wind and Big Solar coming to the table and saying we want to get things done. . . . It will not be possible to achieve anything close to a climate solution with the current {permitting} system in place."

"{H}ydrogen is seen as a way to substitute large amounts of energy that we’re buying now at extremely high costs from countries that we shouldn’t buy this from."

"And it's just the beginning. You know, we also protected the most significant breakthrough ever—ever—in dealing with the existential threat of climate change. Today, new wind and solar power is cheaper than fossil fuel. Since I've been in office, clean energy and advanced manufacturing have brought in $470 billion in private investments. That's going to create thousands of jobs—good-paying jobs—all across this country and help the environment at the same time. And remember, at the beginning of this debate, some of my Republican colleagues were determined to gut the clean energy investments. And I said no, and we kept them all."

"We have a tremendous sense of pride in our history . . . But we also understand that energy is energy, whether it is generated by wind, steam or whatever it might be."

"Solar energy is the most widely available energy resource on Earth, and its economic attractiveness is improving fast in a cycle of increasing investments. . . . [D]ue to technological trajectories set in motion by past policy, a global irreversible solar tipping point may have passed where solar energy gradually comes to dominate global electricity markets, without any further climate policies. Uncertainties arise, however, over grid stability in a renewables-dominated power system, the availability of sufficient finance in underdeveloped economies, the capacity of supply chains and political resistance from regions that lose employment."

"{T}he challenges are great but we have the conviction that by working together - the {European} Commission, the ITER Organization and F4E {Fusion for Energy} - we can overcome them and slowly but steadily bring the ITER project back on its rails."

"Electricity generation. We expect that the 23 gigawatts (GW) in 2023 and 37 GW in 2024 of new solar capacity scheduled to come online will help U.S. solar generation grow by 15% in 2023 and by 39% in 2024. We expect solar and wind generation together in 2024 to overtake electric power generation from coal for the first year ever, exceeding coal by nearly 90 billion kilowatthours."

"We're not interested in a pilot [climate project] just for experimentation. . . . We're interested in proving that they work and that then we can scale them. . . . Utilities [can't afford to] move fast and break things [but they] can be great mechanisms for scaling up innovation."

"I think [it’s] to be determined {whether the post-pandemic, low-interest-rate-fueled investment spike which flowed to non-governmental fusion companies will actually result in commercially viable fusion power}. . . . When interest rates were low, people were willing to make long-term bets. [However, the] level of investment was substantial, and it should yield technological progress."

"If the world is to decarbonise, then more clean energy is needed, fast. [To meet current UNFCCC pledges, countries must] raise global renewable-energy capacity to 11,000 gigawatts (GW) by 2030. [However, supply chain problems and rising interest rates cloud the industry's future. Another obstacle is slow permitting] approval, which delays projects for years and can needlessly tie up capital, lowering returns. [And,] too little development is happening in the global south [because investors require a premium when venturing money in emerging markets]. A last obstacle is protectionism, which raises costs and threatens shortages. . . . Rather than micromanaging production, governments should unleash investment, by acting boldly to strip back permitting rules and ease the risk of projects in the global south [which can come from blending in government money in southern projects that assumes some risk]. They also need to face up to the fact that protectionism frustrates their climate goals. It leads to lower returns, higher prices for power and more broken promises over decarbonisation."

"[D]ata from the World Meteorological Agency show that, as the U.N. Secretary-General, António Guterres, told the {COP28} global climate talks in Dubai last week, we can safely say, even with weeks to go, that 2023 will take the title {as the world's hottest year on record}. . . . And yet . . . [a]lmost simultaneous with the breakout in temperature, there was a breakout in the installation of renewable energy, especially solar power, around the world. . . . {T}he cost of clean energy has dropped so far that it is now possible that saving the planet might be a corollary of saving cash. This ongoing drop in price is more than a decade old, but sometime in the past few years it crossed an invisible line, making it cheaper than hydrocarbons, and this was the year when that reality finally translated into dramatic action on the ground. . . . There are plenty of other technologies we’re [currently] spending money on, including small nuclear reactors and giant carbon-sucking machines, that may or may not someday play a role in the climate fight, but, for all the furor they produce, they seem unlikely to make much difference anytime soon. In the next few years, while the planet’s climate system teeters on the edge of breaking, it’s sun, wind, and batteries that matter. They’re cheap, and they’re ready."

"{In 2023 it was the clean economy expansion efforts of} China that blew everyone away. In what may be the single biggest sustainability headline of the year, China’s national oil company, Sinopec, said the country had reached peak gasoline demand (in part by radically increasing sales of EVs). Some analysts believe China may have peaked in total carbon emissions already. The country was on track to add 150 gigawatts of solar this year (versus adding 87 gigawatts in 2022), more than the total capacity in the U.S. And in a rare positive moment in U.S.-China relations, the countries agreed to ramp up renewables. If all the estimates are true, it’s a monumental and fundamental shift in global energy and transportation systems . . . . On the other hand . . . As critics point out, China is permitting more coal plants, but this can get misconstrued. (People say to me that China is building two plants per week when, in reality, many don’t get built.) The new plants are much cleaner, it’s generally backup power, and China is also cancelling and shelving plants rapidly as well."

"It is often heard . . . that efforts to mitigate climate change by reducing the use of fossil fuels and developing cleaner energy sources will lead to a reduction in the number of jobs. What is happening is that millions of people are losing their jobs due to different effects of climate change: rising sea levels, droughts and other phenomena affecting the planet have left many people adrift. Conversely, the transition to renewable forms of energy, properly managed, as well as efforts to adapt to the damage caused by climate change, are capable of generating countless jobs in different sectors. This demands that politicians and business leaders should even now be concerning themselves with it."

"We are edging ever-closer to a fusion-powered reality. And at the same time, yes, significant scientific and engineering challenges exist. . . . Careful thought and thoughtful policy is going to be critical to navigate this."

"{UNFCCC participant countries should transition} away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science[; they should also accelerate] efforts towards the phase-down of unabated coal power[; and triple] renewable energy capacity globally."

"{UNFCCC participant countries should accelerate} zero- and low-emission technologies, including, inter alia, renewables, nuclear, abatement and removal technologies such as carbon capture and utilization and storage."

"No, the Cop28 agreement will not enable the world to hold the 1.5C limit, but yes, the result is a pivotal landmark. This agreement delivers on making it clear to all financial institutions, businesses and societies that we are now finally – eight years behind the Paris schedule – at the true "beginning of the end" of the fossil fuel-driven world economy."

"Tripling {global renewable energy capacity} is a monumental change. . . . We don't have any structures that fit 100% with the new system that is coming."

"This is not a transition that will happen from one day to the other . . . . Whole economies and societies are dependent on fossil fuels. Fossil capital will not disappear just because we made a decision here. [But the COP28 final agreement sends] a strong political message that this is the pathway."

"China's status as the colossus of renewable energy is set to be cemented in the next five years, with the world's second-biggest economy adding more capacity than the rest of globe combined. The International Energy Agency said in its Renewables 2023 report . . . that China will account for 56% of renewable energy capacity additions in the 2023-28 period. . . . There is also a caveat to China's rapid build-out of renewable capacity because at the same time it is still adding substantial coal-fired generation. China is the world's biggest coal producer and importer and has more coal-fired capacity under construction than the rest of the world combined. China is building 136.24 GW of coal-fired generation, and has another 255.5 GW at the announced, pre-permit or permitted stage, according to data compiled by the Global Energy Monitor. . . . It's clear that renewables are increasing their share of China's power generation, but it's equally clear coal-fired power is going to be around for decades to come, and that if China does meet its goal of net-zero emissions by 2060, it will largely be achieved in the final years prior to the deadline."

"A virtual power plant is a system of distributed energy resources - like rooftop solar panels, electric vehicle chargers, and smart water heaters - that work together to balance energy supply and demand on a large scale. They are usually run by local utility companies who oversee this balancing act. . . . VPPs can . . . allow grid operators to control the demand from end users. For example, smart thermostats linked to air conditioning units can [stagger] cooling times [to] help prevent abrupt demand hikes that might overwhelm the grid and cause outages. Similarly, electric vehicle chargers can adapt to the grid’s requirements by either supplying or utilizing electricity. These distributed energy sources connect to the grid through communication technologies like Wi-Fi, Bluetooth, and cellular services."

"[Batteries are] able to very effectively manage that evening ramp where solar is going down and customer demand is increasing. [Batteries also] made some differences last summer. We were able to meet high load days and wildfire days when we might lose some power lines."

"We have to be able to integrate all {the new} low-cost, renewable energy {flowing into the North American electrical grid} fast . . . . {With reconductoring, you’re} not acquiring a new right of way; you’re not building new towers. So it can be done much faster. . . . In the longer run, newer lines will play an important role{, but reconductoring is an inexpensive, quick way of keeping up with the increasing stresses placed on the electrical grid by changes in both supply and demand.}"

"Solar cells will in all likelihood be the single biggest source of electrical power on the planet by the mid 2030s. By the 2040s they may be the largest source not just of electricity but of all energy. On current trends, the all-in cost of the electricity they produce promises to be less than half as expensive as the cheapest available today. This will not stop climate change, but could slow it a lot faster. . . . The benefits [of cheaper energy] start with a boost to productivity. Anything that people use energy for today will cost less - and that includes pretty much everything. . . . Cheap energy can purify water, and even desalinate it. It can drive the hungry machinery of artificial intelligence. It can make billions of homes and offices more bearable in summers . . . . But [the] most consequential [result will be that] cheaper energy will free the imagination, setting [the] wheels of the mind spinning with excitement and new possibilities."

"Something approaching a miracle has been taking place in California this spring. Beginning in early March, for some portion of almost every day, a combination of solar, wind, geothermal, and hydropower has been producing more than a hundred per cent of the state’s demand for electricity. Some afternoons, solar panels alone have produced more power than the state uses. And, at night, large utility-scale batteries that have been installed during the past few years are often the single largest source of supply to the grid—sending the excess power stored up during the afternoon back out to consumers across the state. It’s taken years of construction—and solid political leadership in Sacramento—to slowly build this wave, but all of a sudden it’s cresting into view. California has the fifth-largest economy in the world and, in the course of a few months, the state has proved that it’s possible to run a thriving modern economy on clean energy."

"Our nation has eight million jobs in clean energy! Can we double it, guys, before the sea levels rise And I'm roommates with a manatee?"

"As summer heat strikes, the US grid increasingly relies on a kind of invisible weapon - the "virtual power plant" - to prevent blackouts. . . . Energy consultancy Wood Mackenzie says the VPPs already deployed or under development in the US will be able to save as much juice as 33 nuclear reactors can produce. . . . The US Energy Department estimates that peak consumption will increase by as much as 200 gigawatts through 2030, and about 80% of that boost could be met through VPPs."

"The International Energy Agency (IEA) . . . reckons that the global installed capacity of battery storage will need to rise from less than 200 gigawatts (GW) last year to more than a terawatt (TW) by the end of the decade, and nearly 5TW by 2050 . . . . Fortunately, though, the business of storing energy on the grid is at last being turbocharged. . . . A plunge in the price of lithium batteries is fuelling their adoption on the grid. . . . Sodium-ion batteries are one promising alternative {and incumbents} are rushing to develop the technology for the grid."

"At this point the {Texas} legislature can’t do anything to stop the growth of solar and wind and batteries . . . . The state desperately needs it."

"With global electricity demand set to grow strongly, new technologies {like enhanced geothermal systems and closed-loop geothermal systems} are opening up the massive potential of geothermal energy to provide around-the-clock clean power in almost all countries around the world, according to a new IEA report. The report, The Future of Geothermal Energy, finds that geothermal energy could meet 15% of global electricity demand growth between now and 2050 if project costs continue to decline. This would mean . . . delivering annual output equivalent to the current electricity demand of the United States and India combined. . . . Importantly, geothermal energy can draw upon the expertise of today’s oil and gas industries by using existing drilling techniques and equipment to go deeper under the earth’s surface . . . . Conventional geothermal remains a location-specific, niche technology today with most of the installed capacity in countries that have either volcanic activity or straddle tectonic fault lines . . . . But new technologies are . . . opening up the potential to benefit from it in nearly all countries. . . . [T]he report finds that costs could fall by 80% by 2035 to around $50 per megawatt hour (MWh). This would make geothermal the cheapest source of dispatchable low-emissions electricity on a par with existing hydropower and nuclear installations. . . . If next-generation geothermal grows strongly in the coming years, employment in the overall geothermal sector could increase sixfold to 1 million jobs by 2030 . . . . Up to 80% of the investment required in geothermal involves capacity and skills that are transferrable from existing oil and gas operations. The oil and gas industry can also benefit {because next-generation geothermal can} serve as a hedge against commercial risks related to projected future declines in oil and gas demand. At a time when the digital economy and artificial intelligence applications are growing strongly {and with} next-generation geothermal offering a stable and essentially inexhaustible power source, large technology companies are already signing power purchase agreements with new projects."

"[1] 2023 saw a step change in renewable capacity additions, driven by China’s solar PV market. Global annual renewable capacity additions increased by almost 50% to nearly 510 gigawatts (GW) in 2023, the fastest growth rate in the past two decades. . . . [2] Achieving the COP28 target of tripling global renewable capacity by 2030 hinges on policy implementation. . . . [C]hallenges [that could prevent reaching the tripling goal] fall into four main categories and differ by country: 1) policy uncertainties and delayed policy responses to the new macroeconomic environment; 2) insufficient investment in grid infrastructure preventing faster expansion of renewables; 3) cumbersome administrative barriers and permitting procedures and social acceptance issues; 4) insufficient financing in emerging and developing economies. . . . [3] The global power mix will be transformed by 2028. . . . In 2028, renewable energy sources [are expected to] account for over 42% of global electricity generation, with the share of wind and solar PV doubling to 25%. . . . [4] China is the world’s renewables powerhouse. . . . China’s role is critical in reaching the global goal of tripling renewables because the country is expected to install more than half of the new capacity required globally by 2030. . . . [5] The US, the EU, India and Brazil remain bright spots for onshore wind and solar PV growth. . . . Supportive policy environments and the improving economic attractiveness of solar PV and onshore wind are the primary drivers behind this acceleration. . . . [6] Solar PV prices plummet amid growing supply glut. . . . Despite unprecedented PV manufacturing expansion in the United States and India driven by policy support, China is expected to maintain its 80‑95% share of global supply chains . . . . [7] Onshore wind and solar PV are cheaper than both new and existing fossil fuel plants. . . . Despite the increasing contribution needs for flexibility and reliability to integrate variable renewables, the overall competitiveness of onshore wind and solar PV changes only slightly by 2028 in Europe, China, India and the United States. . . . [8] The new macroeconomic environment presents further challenges that policy makers need to address. . . . Since 2022, central bank base interest rates have increased from below 1% to almost 5%. . . . The implications . . . are manifold . . . . [I]nflation has increased equipment costs . . . [H]igher interest rates are increasing the financing costs of capital-intensive variable renewable technologies. . . . [And] policy has been relatively slow to adjust to the new macroeconomic environment due in part to expectations that cost reductions would continue . . . . [9] The forecast for wind capacity additions is less optimistic outside China, especially for offshore. . . .The wind industry, especially in Europe and North America, is facing challenges due to a combination of ongoing supply chain disruptions, higher costs and long permitting timelines. . . . [10] Faster deployment of variable renewables increases integration and infrastructure challenges. . . . Although European Union interconnections help integrate solar PV and wind generation, grid bottlenecks will pose significant challenges and lead to increased curtailment in many countries as grid expansion cannot keep pace with accelerated installation of variable renewables. . . . [11] Current hydrogen plans and implementation don’t match. . . . We have revised down our forecasts for all regions except China. The main reason is the slow pace of bringing planned projects to final investment decisions due to a lack of off‑takers and the impact of higher prices on production costs. . . . [12] Biofuel deployment is accelerating and diversifying more into renewable diesel and biojet fuel. . . . Emerging economies, led by Brazil, dominate global biofuel expansion . . . . Biofuels remain the dominant pathway for avoiding oil demand in the diesel and jet fuel segments. EVs outpace biofuels in the gasoline segment, especially in the United States, Europe and China. . . . [13] Aligning biofuels with a net zero pathway requires a huge increase in the pace of deployment. . . . Much faster biofuel deployment is possible through new policies and addressing supply chain challenges. [14] Renewable heat accelerates amid high energy prices and policy momentum – but not enough to curb emissions. . . . [The renewable heat acceleration comes] predominantly from the growing reliance on electricity for process heat – notably with the adoption of heat pumps in non‑energy‑intensive industries – and the deployment of electric heat pumps and boilers in buildings, increasingly powered by renewable electricity."

"The world’s demand for electricity is rising at its fastest rate in years, driven by robust economic growth, intense heatwaves and increasing uptake of technologies that run on electricity such as EVs and heat pumps, according to a new report by the IEA. At the same time, renewables continue their rapid ascent, with solar PV on course to set new records. . . . Global electricity demand is forecast to grow by around 4% in 2024 and {will do so} into 2025, with growth around 4% again . . . . {The} share of global electricity supply {generated by renewables is} forecast to rise from 30% in 2023 to 35% in 2025. The amount of electricity generated by renewables worldwide in 2025 is forecast to eclipse the amount generated by coal for the first time. Solar PV alone is expected to meet roughly half of the growth in global electricity demand over 2024 and 2025 - with solar and wind combined meeting as much as three-quarters of the growth. Despite the sharp increases in renewables, global power generation from coal is unlikely to decline this year due to the strong growth in demand, especially in China and India . . . As a result, carbon dioxide (CO2) emissions from the global power sector are plateauing, with a slight increase in 2024 followed by a decline in 2025. …Some of the world’s major economies are registering particularly strong increases in electricity consumption. Demand in India is expected to surge by a massive 8% this year . . . . China is also set to see significant demand growth of more than 6% . . . . After declining in 2023 amid mild weather, electricity demand in the United States is forecast to rebound this year by 3% . . . . By contrast, the European Union will see . . . growth forecast at 1.7% . . . . In many parts of the world, increasing use of air-conditioning will remain a significant driver of electricity demand. Multiple regions faced intense heatwaves . . . . With the rise of artificial intelligence (AI), the electricity demand of data centres is drawing increased attention . . . ."

"{COP29 set} a new annual target for global climate finance {by} reaching a deal for $300 billion a year by 2035. {However,} many developing countries said {this} amount was far too low. They also warned that the deadline for a decade away in 2035 would hold back the world's transition to clean energy. . . . Though he has yet to take office, climate denier Donald Trump's . . . election meant the U.S. could offer little at {the conference. . . . Also, the parties} reached a deal to allow countries to begin establishing {carbon} credits to bring in funding and offset their emissions, or to trade them on a market exchange."

"The current level of climate finance ambition has broadly been preserved. There is no regression, which was a real risk given the current context. . . . While some have argued that no agreement would have been better than a bad one, I fail to see how waiting until next year — or even the year after — would have led to a more favorable outcome."