IRENA: Global renewable energy capacity still falls short of target despite record growth in last year
The International Renewable Energy Agency's (IRENA) report on Wednesday showed that the global renewable energy capacity grew at a record rate in 2024, but still fell short of the 2030 target. Renewables will account for 92.5% (or 585 GW) of the new energy capacity in 2024, a record growth rate of 15.1%. This brings total renewables to 4,448 gigawatts. The progress is still below the 11,2 terawatts required to meet the Paris Climate Agreement and the global goal that renewable energy installations will triple by 2030. This requires an annual growth rate 16.6%.
Vingroup Vietnam plans LNG and renewable energy ventures
Vingroup, Vietnam's largest conglomerate, announced on Tuesday that it is looking to develop renewable energy sources and liquefied gas power plants. This would be the company's first ventures in the energy sector. The state-run newspaper VietnamNet reported, citing documents the company had submitted to the Government, that the company wanted to be added to a revised national power development plan. Vingroup responded to the request for comment by saying it was "interested and studying this issue" and that more information would be provided at a future date.
Russell: Renewables and gas are gaining ground on coal and oil
The latest review of the International Energy Agency shows that renewables and gas are the most popular energy sources. In its Global Energy Review published on Monday, the IEA described this growth rate as "faster-than-average". Electricity, the fastest growing sector, grew 4.3% by 2024 or almost twice the average annual growth rate of the last decade. In 2024, the IEA reported that renewable power capacity increased by 700 gigawatts. This was a record-breaking annual increase for a 22nd consecutive time.
Indian firms look to Dutch Royal IHC in order to explore deep sea mineral deposits
Two sources have confirmed that Indian mining and cement firms approached Dutch shipbuilder Royal IHC to ask for assistance in preparing bids for deep sea mineral blocks. India held its first auction of 13 deep-sea offshore mineral blocks in November. These included three construction sand and lime mud blocks as well as seven polymetallic blocks. The blocks are rich in minerals such as cobalt and copper. They also contain manganese and nickel which is vital for solar panels and electric vehicles. The first auction tranche is expected to end by the end March.
FT reports that UK Treasury is considering cutting funding for GB Energy
The Financial Times reported that Britain's Treasury Department is considering cutting funding plans for the state-backed energy company GB Energy during a review of spending scheduled for June. The British government created GB Energy last year with a budget of 8.3 billion pounds (10.73 billion dollars) and envisioned it as its main tool for driving investment in renewable energies. The Crown Estate, which manages the public holdings of the British monarchy, was to be partnered with the company to lease seabeds for 20-30 gigawatts by 2030.
China reduces carbon intensity by 2024, but still falls short of key targets
China's economy has become less carbon-intensive last year, thanks to a record increase in renewable energy capacity. However, the country is still far short of its 2025 goal. In its annual bulletin, the National Bureau of Statistics reported that by 2024, China's largest producer of greenhouse gases (which warm up the climate) will have reduced its carbon intensity from 3.4% to 3.4%. This was lower than the 3.9% target. Carbon intensity is the amount of carbon dioxide produced per unit economic growth.
Report: India must double its renewable energy capacity to achieve 2030 clean-energy goals
Global Energy Monitor's (GEM) report released on Wednesday said that India needs to double its annual additions of solar and wind power over the next five year in order to reach its 2030 clean energy targets. This is despite 2024 adding record numbers. According to India's renewable energy minister, solar power will account for 70% of the total additions in 2024. The country's goal is to increase its non-fossil energy capacity from 165 GW today to at least 500 GW by 2030. India still falls short of the 175 GW target it set for 2022.
Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp. The average contract lasts 12 years.
German wind volume to rise - a warning
The European spot price for Wednesday dropped on Tuesday, as German wind production volumes are expected to double. France is also set for a significant fall in consumption. The LSEG analyst Naser Hahemi wrote that "residual loads are down in Germany due to the increase in wind energy production." This is an indicator which shows how much conventional power plants can supply after variable renewable volumes have been fed into grids. LSEG data shows that German day-ahead electricity was 16.1% lower at 112.8 Euros ($117.98 per megawatt hour (MWh) as of 0930 GMT.
China will roll back clean energy subsidies after boom
China's top economic planner said on Sunday that it is taking steps to reduce subsidies for renewable energy after an explosion in solar and wind installations. China has surpassed its own record for solar installations by 45% in 2024. China has installed more than 6 times as much solar power in China today, according to the International Renewable Energy Agency. China's rapid installation of clean energy has allowed it to reach its 2030 goal six years earlier than expected.
Equinor Q4 profit beats forecast, raises 2030 oil output target
Equinor reported slightly higher profits than expected for the final quarter in 2024. It also increased its oil and natural gas production forecast, and scaled back plans to expand renewable energy capacity. Equinor's poll of 24 analysts predicted that the Norwegian oil and gas company would earn $7.90 billion in adjusted earnings for October-December, down from $8.56 million a year ago. Equinor released a statement that said "the expected (oil-and-gas) production in 2030 is around 2.2 millions barrels of oil equal per day.
Minister: Greece will launch gas exploration bid on Friday
The Greek energy minister announced that Greece will hold a tender on Friday for new rights to explore gas in its southwest waters after a U.S. oil company, Chevron, expressed interest. Chevron has submitted its non-binding expression of interest in exploring for energy on a deep sea block located south of the Peloponnese Peninsula in the Mediterranean Sea. Theodore Skylakakis, Energy Minister of Greece, told Greek Radio that the tender process would begin today. He added that the winner would be announced by the end the year.
BOEM Advances Offshore Wind Leasing in Guam
In support of the current administration’s goals to deploy 30 gigawatts (GW) of offshore wind energy capacity by 2030 and 15 GW of floating offshore wind energy capacity by 2035, the Bureau of Ocean Energy Management (BOEM) today announced the publication of a Call for Information and Nominations (Call) for possible wind energy leasing off the coast of the U.S. Pacific Territory of Guam.This Call will gather public comments to inform potential leasing areas…
India's JSW Energy will buy O2 Power units from Temasek for $1.47 billion
JSW Energy, the Indian company led by billionaire Sajjan Jindal, announced on Friday that its JSW Neo Energy division will purchase renewable energy platform O2 Power subsidiaries for $1.47 billion. The acquisition is in line with JSW Energy’s goal of achieving 20GW of renewable-led energy capacity by fiscal 2030, amid a strong push from the government to increase clean energy capacity. JSW Energy has acquired a portfolio of renewable energy worth 4.7 GW, backed by Singapore's state-owned Temasek as well as EQT Infrastructure.
Britain announces plan to encourage the development of clean energy projects
The UK launched on Friday a plan that will make it easier for developers and investors to build clean energy project, which they hope will help them meet their climate targets as well as create jobs. The UK has set a goal to decarbonise the power sector largely by 2030. This will reduce its dependence on gas-fired plants and increase its renewable energy capacity rapidly. Last month, the National Energy System Operator said that a new system of connecting projects to the grid and a restructured planning process would be required to meet the target.
Low wind and cold weather prompts prices to be at their highest level in two years
The European power market saw a new high of two years on Wednesday, amid cold temperatures and low wind supplies. LSEG's analysis showed that the demand for electricity in the region was increasing, while wind and gas generation declined. However, solar and coal production was on the rise. At 0850 GMT the French baseload day-ahead was up 12.8% to 190 euros ($199.65). This is the highest since December 2022. The German contract equivalent was bid at 312, which is well above the previous closing of 245 Euros/MWh. This level was last seen December 2022.
India will mandate the use of solar cells made locally in all clean energy projects by June 2026
From June 2026, Indian clean energy companies will have to use solar photovoltaic modules made from local cells by a list of approved companies. This is a measure to reduce imports from China, the top supplier. India has already required the use of solar cells made in India for government projects. The government intends to increase the non-fossil energy capacity of its country to 500 GW from 156 GW currently. India currently has a capacity to produce solar PV modules of around 80 gigawatts, while its capacity to manufacture cells is slightly over 7 GW.
Continuum Green Energy Files for $430 mln India IPO
Continuum Green Energy, an Indian power company, filed a 430.26-million rupee ($36.5-billion) initial public offering on Monday to capitalize on the growing demand for clean energy in India. In India, the renewable energy sector is growing rapidly. However, most of India's power is still generated by coal. To reduce carbon dioxide emissions, the government aims to add 500 gigawatts of clean power by 2030. Large power producers have also pledged to increase their green energy capacity. Investors are increasingly betting on clean energy to be the future buzzword.
BOEM ID's Environmental Measures for NY Bight Wind
In support of the Biden-Harris administration’s goal of deploying 30 gigawatts (GW) of offshore wind energy capacity by 2030, the Bureau of Ocean Energy Management (BOEM) today issued a Record of Decision identifying environmental measures expected to be applied to future wind energy development of the six lease areas offshore New York and New Jersey in an area known as the New York Bight. BOEM estimates that full development of the six lease areas could generate up to 7 GW of offshore wind energy, enough to power up to two million homes.
Adani allegations bring India's clean-energy conundrum to the forefront
The allegations of bribery against Adani Group's founder Gautam Adani highlight the increasing difficulty that India's renewable energy developers have in finding buyers for their power. Officials say that while India's central governments wants to move away from coal-fired power generation and towards renewable energy sources, state-owned companies in charge of supplying electricity have been slow to strike deals. U.S. officials allege that Indian billionaire…
