Thanks to Renewable Energy

Thanks to Renewable Energy, Since Russia’s invasion of Ukraine sparked an unprecedented global energy crisis, the globe has turned to non-oil and non-gas sources of electricity to fulfill demand.

Renewable energy has experienced a hopeful rise in recent years, increasing by more than 10% by 2022, according to the IEA, resulting in a slight reduction in global CO2 emissions from the electrical sector overall.

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Last year, the world added a record 295 gigatons of new Renewable energy capacity last year. According to the International Renewable Energy Agency (IRENA), renewable energy sources may provide 90% of the world’s electricity by 2050. The graph below indicates which renewables are expected to expand the quickest in the next few years.

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Thanks to Renewable Energy

The International Renewable energy Agency (IRENA) estimates-Milao Haath

According to the UN, to limit global warming to 1.5°C, emissions must be cut by 45% by 2030 and reach net zero by 2050.

So, in the race to achieve this, how can we improve the uptake of clean-energy technology? “Cutting red tape, accelerating permitting, and providing the right incentives for faster deployment of renewables are some of the most important actions governments can take to address today’s energy security and market challenges while keeping alive the possibility of meeting our international climate goals,” says IEA Executive Director Fatih Birol.

Thanks to Renewable Energy, Milao Haath

Renewables’ lowering costs contribute to their expansion while also assisting the globe in meeting environmental objectives. Renewable energy was the world’s cheapest energy source in 2020. Global solar and wind costs have decreased over the previous decade, and onshore wind is currently 68% less expensive than it was ten years ago, according to IRENA. Meanwhile, the cost of power generated by utility-scale solar photovoltaics (PV) has dropped by 85%. The graphic below depicts the extent of reducing costs per kWh throughout this period.

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Global solar and wind costs have fallen during the last decade-Milao Haath

Industrial decarbonization will require novel technologies such as carbon capture and storage, green hydrogen, sustainable aviation fuels, and green ammonia to accelerate further.

Thanks to Renewable Energy

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The World Economic Forum and knowledge partner Oliver Wyman announced the Financing the Transition to a Net-Zero Future project in June 2020 to expedite capital mobilisation for these breakthrough technologies.

While IRENA claims that cheaper renewables and new technology would allow developed and developing nations to phase out coal by 2022, the war in Ukraine and the ensuing energy crisis will increase its usage.

According to the International Energy Agency, coal extraction presently accounts for around one-fifth of worldwide greenhouse gas emissions. According to the Financial Times, the average daily consumption at coal-fired power plants in China was 15% more than a year earlier in the first two weeks of August, totaling 8.16 million tones.

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Some European nations have also postponed coal phase-out plans due to supply concerns resulting from the Ukraine conflict, and emissions in the area are expected to rise by 3% as a result, according to the IEA.

However, big economies such as China and India, which have historically relied heavily on coal, have grown their solar energy capacity. This is due to large-scale projects such as India’s Bhadla Solar Park, the world’s largest solar farm, and China’s Huaneng Power International, the world’s largest floating PV project.

Thanks to Renewable Energy

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According to the IEA, China will surpass Europe by the end of 2022 to become the world’s market with the most overall offshore wind capacity.

Meanwhile, Europe has increased the number of rooftop solar systems. Ursula von der Leyen, the president of the European Commission, announced earlier this year a mandate for rooftop solar on commercial and public buildings by 2027 and residential structures by 2029.

While the conflict in Ukraine complicates the green energy transition, “energy market developments in recent months – particularly in Europe – have demonstrated once again the critical role of renewables in improving energy security, in addition to their well-established effectiveness at reducing emissions,” according to Birol.

CO2 emissions from the worldwide electricity industry have marginally decreased, owing in part to an increase in renewables.

The falling prices of Renewable energy technology have also contributed to this expansion.

The fighting in Ukraine has also increased the demand for coal.
Experts believe that cheaper renewables and new technology will allow developed and emerging countries to phase out coal.

Thanks to Renewable Energy

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While the conflict in Ukraine complicates the green energy transition, “energy market developments in recent months – particularly in Europe – have demonstrated once again the critical role of renewables in improving energy security, in addition to their well-established effectiveness at reducing emissions,” according to IEA Executive Director Fatih Birol.