Cheaper coal and cheaper gas will not derail the transformation and decarbonisation of the world’s power systems. By 2040, zero-emission energy sources will make up 60% of installed capacity. Wind and solar will account for 64% of the 8.6TW of new power generating capacity added worldwide over the next 25 years, and for almost 60% of the $11.4 trillion invested.
The Renewables 2016 Global Status Report by REN21 provides a comprehensive overview of the global renewable energy industry for 2015. Wind and solar were the big movers in 2015, installing 113 GW between them. Wind increased from its total cumulative capacity from 370 GW in 2014 to 433 GW in 2015, while solar added 50 GW, growing from 177 GW to 227 GW. In total, renewable energy’s share of the global electricity production sat at 23.7%, with hydropower responsible for the lion’s share of that.
In 2015, CDP collected information from 4,005 global suppliers, most of whom recognise the climate risks they face: 72% identified regulatory, physical, and/or a wide range of other climate-related risks, and most of those (64%) specifically highlighted their regulatory risks.
The 2016 edition of the world’s most comprehensive, up-to-date and accessible figures on renewable energy capacity was published in April 2016 by IRENA. 2015 saw the fastest growth yet in renewable energy, with an 8.3% increase.
The Future of Electricity in Fast-Growing Economies is the second Future of Electricity report from the World Economic Forum. Non-OECD economies are developing at an accelerating pace. But if development is to continue, they need to double their investment in electricity. To facilitate this investment, the roadmap highlights best practices and recommendations for policy-makers, regulators and businesses to attract investment to provide affordable, accessible and sustainable power. One of the recommended best practices is to structure power markets to recognise all costs.
Bloomberg has released its year-end report on clean energy investment. Clean energy investment grew to USD 328.9bn in 2015 – nearly six times its 2004 level. 2015 also saw the highest level of installation of renewable power capacity, with an increase of nearly 30% compared to 2014. This growth comes from declining costs of solar Photovoltaics, the strength of the US currency, the continued weakness of the European economy, and the plunge in fuel commodity prices. The biggest portion of the investment went to utility-scale projects such as wind farms, solar parks, biomass, and small hydroelectric schemes.
Wind power can meet a quarter of Europe’s electricity demand by 2030 if EU Member States deliver on climate and energy pledges, according to the latest forecasts by the European Wind Energy Association (EWEA). Over the next 15 years, EWEA expects wind power installations in Europe to reach 320 GW of capacity, which could serve 24.4% of electricity demand across the region. Today, the 128.8 GW generated by wind power in the EU meets over 10% of European power consumption in a normal wind year.
ECOHZ commissioned Østfold Research Institute to produce a report into the system for regulation of Guarantees of Origins (GO) in Norway. The main conclusion is that Norwegian authorities, through the Energy Law and other regulations, have established a system that ensures GOs are not double counted.