Net zero target needs $3.5 trillion in annual green energy investment, Wood Mackenzie says
Wood Mackenzie's report on Tuesday said that the investment in green energy must double every year to $3.5 trillion if we are to reach the Paris Agreement goal of net zero emissions by the year 2050. The consultancy's report said that, in addition to the investment gap, global efforts to switch to cleaner energy are under pressure due to concerns about energy security and tariffs and barriers to trade, which are stunting the electrification of growth globally.
Spanish renewables warns against threats to investment
Renewables lobby APPA warned that the mismatch between an increasing supply of renewable energy and electricity demand, which is struggling to grow in tandem with low wholesale power prices threatens future investment in the sector. He said that, in terms of pricing, "By 2024 we expect to have about 10% of our hours at zero, or even negative, power prices." April was the lowest month of the entire historical series. The warning…
Saudi Aramco CEO calls on a reset in energy policies for developing countries
The head of Saudi Aramco, who called for a reset to policies in developing countries, said that progress in Asia's energy transition is slower, less equitable, and more complex than many had expected. Aramco CEO Amin Nasser said that even with the transition as economies expand and standards of living rise, the Global South will likely see significant growth in the oil demand for a very long time. While this growth will eventually stop, it is likely that a plateau is to follow.
Egypt reduces renewable energy targets to 40% by 2040, but keeps natural gas as the main focus
The Egyptian government has revised the renewable energy goal for 2040 from 58% to 40%, said Petroleum Minister Karim Badayi on Sunday. He also stressed that natural gas would remain an important part of Egypt's energy mix in years to come. Egypt committed to increasing renewable energy production by 42% to its energy mix before hosting the COP27 summit in 2022. Later, this target was advanced to 2030. Then-Electricity minister Mohamed Shaker announced in June 2024 an ambitious plan for this to reach 58% by the year 2040.
China's rapid electricification is hurting oil producers, says Russell
O Ver-estimating China's desire for crude oil has played a role in the oil markets, particularly by OPEC. This theme is likely to continue into future years. China is the leader in the transition to electric cars, having already reached 50% of new sales. The rest of the globe is expected to reach this level by 2030. According to this forecast (which is what the IEA calls the Stated Policies Scenario, or STEPS), the growth of EVs will displace around 6,000,000 barrels of crude oil per day.
Chugoku's nuclear reactor restart plan shows Japan's commitment to the sector
Chugoku Electric Power Company, Japan, said Tuesday that it plans to restart the 820 megawatt (MW), No.2 nuclear reactor at Shimane Nuclear Power Plant in December and resume its commercial operations in January. The restart shows that Japan is committed to bringing more nuclear power plants back into operation. Shigeru Shiba, the new prime minister, has changed his initial opposition due to energy security concerns. Japan currently has 11 reactors in operation with a combined capacity of almost 11 gigawatts.
Official: Uganda wants to increase hydropower capacity by 1,600 MW
An energy official announced on Wednesday that Uganda was seeking funding to build three hydropower stations, which would increase the country's power capacity by over 1,600 Megawatts (MW). Wamala Julius Nmusanga is a junior official in the Ministry of Energy and Mineral Development. He said that the East African nation has identified three possible sites along the Nile River, with the largest being the 840MW Ayago Hydropower Plan.
New Industry Minister: Japan will keep nuclear but boost renewables as part of its energy mix
Japan will continue to restart nuclear power plants safely and use as much renewable electricity as possible, said Industry Minister Yojimuto on Wednesday. This indicates that the policy of newly appointed Prime Minister ShigeruIshiba is not likely to change significantly. Ishiba had promised to eliminate nuclear power before he was elected leader of the Liberal Democratic Party. He was sworn into office on Tuesday. He was the sole candidate who opposed nuclear power in Japan.
Austrian election puts Russian gas habits and a sputtering economic in focus
After the general elections on Sunday, the government in Austria that comes to power will be under increasing pressure to diversify their energy supply and move away from dependence upon Russian gas. This is happening at a time when Austria's economy is in reverse. A majority is not expected from any party. Opinion polls show that the far-right Freedom Party (FPO), which is friendly to Russia, has a slight lead. This could affect the speed of energy transition.
Oil Minister: India will continue to buy cheap Russian oil
Hardeep Singh puri, the oil minister, said that India was willing to continue buying oil from Russian companies who are permitted to sell oil at such low prices. Puri said in an interview given at the GasTech Conference in Houston that Western sanctions against Russia for its war in Ukraine have limited the price Russia could charge for its crude. India, he added, is willing to buy oil and natural gas from anyone at the lowest prices possible. He said that European countries as well as Japanese companies buy from Russia.
Brazil's fossil drive undermines Lula’s green ambitions
Brazil's government has invested heavily in fossil-fuels and plans to make the country the fourth largest oil producer by 2030. This month, President Luis Inacio Lula da Silva signed a law regulating the green hydrogen industry in the country. He will be hosting the United Nations COP30 Climate Summit next year. Which country can compete against us in energy transition? He asked this question at the signing ceremony. Lula said…
Officials in Indonesia have reduced the local content requirement of solar power plants from 50% to 20%.
Indonesia announced on Monday that it had reduced the local content requirement of solar power plants from 40% to around 20%. The country is looking to attract investment into projects which receive at least 50% of their funding through foreign multilateral and bilateral lenders.Jisman Hutajulu said at a press briefing that "we evaluated the rules so that renewable energy power stations, particularly hydro, wind, and solar, could be immediately installed in our system...
Indonesia relaxes rules on local content to allow foreign money for renewable energy projects
A government official revealed on Wednesday that Indonesia had relaxed the rules for electricity projects funded by foreign investors, which required them to use locally made parts. This was done to help unlock concessional loan offers from international development bank. Indonesia pledged to increase the percentage of renewables used in its energy mix, and that foreign lenders would provide financing. This includes more than 20 billion dollars under the Just Energy Transition Partnership led by Group of Seven Countries.
Blue Hydrogen: A Key Player in the Future of Energy Transition
The energy sector is undergoing a transformation, with a growing focus on cleaner energy sources and technologies that reduce greenhouse gas emissions and contribute to a more sustainable future. In this context, hydrogen is emerging as a key player in the energy transition, with a variety of clean production methods offering different advantages and competitiveness in the market.The recent results of the Accelerated Energy Decarbonization Scenario (AEDS)…
Greek Quest to Save on Energy Bills Spurs Island-owned Renewables
Even with his 35-room beach-front hotel on the Greek island of Tilos close to fully booked, owner Michalis Kipraios worries his business might not "survive" sky-rocketing electricity bills, as the war in Ukraine drives up energy prices around the world.Tilos, 360 km (224 miles) southeast of Athens, is affected even though in 2019 it became one of the Mediterranean’s first islands to generate enough wind and solar power to meet most of its needs…
BP Beefs Up Hydrogen Team in Bet on Fuel's Future
BP is beefing up its hydrogen management team as the energy company prepares to accelerate investments in the low-carbon fuel which it believes will play a key role in the world's shift away from fossil fuels.The revamp of the hydrogen team is the first clear sign of changes Anja-Isabel Dotzenrath, a former head of RWE Renewables, has made since becoming BP's head of natural gas and renewables in March.It also comes as BP announces…
CorPower Ocean Debuts "Commercial Scale" Wave Energy
CorPower Ocean unveiled the CorPower C4, its first commercial scale Wave Energy Converter (WEC) and CorPack clusters, which the company contends will provide the building blocks for utility scale wave farms.Ultimately, the new CorPower C4 device will form part of a four-system wave array, off the coast of Aguçadoura, Portugal, creating a grid-connected wave farms.“This has been a decade-long development, with significant strides in the last few years to industrialise and optimize our wave energy technology…
Hydrogen at Risk of Being Missed Opportunity, According to DNV Report
Hydrogen has a crucial role in decarbonizing the world’s energy system, but uptake will be too slow. Governments need to make urgent, significant policy interventions, according to a new report by DNV.In Hydrogen Forecast to 2050, DNV predicts the amount of hydrogen in the energy mix will be only 0.5% in 2030 and 5% in 2050. However, to meet the targets of the Paris Agreement, hydrogen uptake would need to triple to meet 15% of energy demand by mid-century.“Hydrogen is essential to decarbonize sectors that cannot be electrified…
Floating Offshore Wind: Attention Turns Subsea for Power Transport
From being an ugly duckling, floating offshore wind is now the Cinderella of the offshore renewables world. Attention is now being paid to floating and even subsea substation concepts to help bring this power to shore. Over the past year, expectations around the growth in the floating offshore wind development have grown, significantly. Many are piling into the market, seeing that it could give them a chance to ramp up renewables capacity quickly…
India's Top Oil Refiner Plans 10,000 Electric Car Charging Stations
Indian Oil Corp (IOC) will set up 10,000 electric vehicle charging stations in the next three years and is drawing up plans to cut greenhouse gas emissions from its operations to aid the country's net-zero carbon target by 2070, its chairman said on Wednesday.Prime Minister Narendra Modi on Monday announced 2070 as the target for India to reach net zero, saying that by 2030 the share of renewables in India's energy mix would rise to 50% from 38% and projected emissions would be cut by a billion tonnes.IOC…
