Global governments could divert massive amounts of public funds from cancelled, large-scale power generation projects, such as nuclear, towards solar and other renewables to deliver consumers more value for money.
Aided by falling production costs and policies encouraging a shift to green energy, renewables’ share of the global energy mix could soar from 5% in 2018 to almost 60% by 2050, BP has said in its latest energy outlook.
Solar will dominate the power generation alongside wind in the coming decades as electrification rapidly escalates, but the energy transition is occurring “nowhere near fast enough” to deliver change compliant with the Paris Agreement.
The US federal government must use every tool available, and do so at an unprecedented scale, if it is to sufficiently tackle the climate crisis and stimulate a clean economy.
The US Energy Storage Association (ESA) has adopted a target of 100GW of energy storage capacity in the country by 2030, a capacity it said would help facilitate greater penetration of renewables.
Oil and gas majors moving aggressively into renewables must build and not buy their way in, or their contribution to global carbon reduction efforts will be significantly limited, RWE’s CFO Markus Krebber has said.
A round-up of product launches and other news stories from the show floor at the SNEC 2020 exhibition in Shanghai, China, featuring 600W+ panels, integrated storage solutions and decarbonisation commitments.
