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UK Government halves offshore wind cost forecasts
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UK Government halves offshore wind cost forecasts 27 August 2020, source edie newsroom The Department for Business, Energy and Industrial Strategy (BEIS) has slashed its forecasts for offshore wind energy costs through to 2030 by more than half, in the first update to predictions since 2016. While the steepest decline is for offshore wind, large-scale solar is forecast to be the cheapest generation method by 2030 According to the Department’s latest electricity generation cost report, offshore wind projects which come online between now and 2030 will produce power at an average cost of £47 per megawatt-hour over the course of their lifetime. BEIS’s previous forecast had placed the figure at £103 per megawatt-hour. From both being forecast at £64/MWh in 2016, the equivalent figures for onshore wind and large-scale solar have also fallen, to £45/MWh and £39/MWh respectively. In comparison, BEIS is forecasting that the levelised cost of energy (LCOE) for new gas will reach £82 p..
Renewable and technology associations team up to drive corporate demand for clean energy
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Renewable and technology associations team up to drive corporate demand for clean energy 10 September 2020, source edie newsroom UK trade associations, techUK, the Solar Trade Association (STA) and RenewableUK are forming a new partnership to encourage companies to purchase more renewable energy in a bid to spur the net-zero transition. There is more than 10GW of large-scale solar being planned in the next few years The three associations will team up to encourage member companies to enrol into long-term power purchase agreements (PPAs) and explore the role of technology and data in the renewables sector. It is hoped that the corporate sphere can stimulate the UK’s renewables market, which has enjoyed record levels of growth over the last few years. The STA’s chief executive Chris Hewett said: “Private sector leadership is vital to deliver a net-zero economy. We are proud to strengthen our commitment to working with the UK’s technology sector to accelerate decarbonisation and ..
BP: The world may have already passed peak oil
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BP: The world may have already passed peak oil 14 September 2020, source edie newsroom BP has become the first oil major to predict that global oil demand may not rebound to pre-Covid-19 levels if national governments collectively align their recovery strategies with net-zero. In its latest energy outlook report, unveiled this afternoon (14 September), BP predicts that the global demand for oil will slump between 50% and 80% by 2050 if governments increase their climate targets and actuate to bring about “green” recoveries from the pandemic. The most dramatic drop would be recorded in a “net-zero” scenario, in which governments collectively covering the majority of GDP set legally binding net-zero targets by 2050 and acted fully in line with these ambitions. Even in a business-as-usual scenario, the report states, oil demand will remain “broadly flat” on 2019 levels until a slight peak in 2030, followed by a decline of 10% between the early 2030s and 2050. Such a scenario assume..
PepsiCo targets 100% renewable electricity globally
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PepsiCo targets 100% renewable electricity globally 22 September 2020, source edie newsroom PepsiCo has confirmed it has joined the Climate Group's RE100 initiative, pledging to source 100% renewable electricity across its operations by 2030, a move that could reduce the manufacturing giant's carbon footprint by 2.5 million tonnes. PepsiCo currently powers facilities using a mix of renewable electricity of 18 countries, of which 9 are accounted for by 100% renewable electricity By joining the RE100, PepsiCo will target 100% renewable electricity use across its company-owned and controlled operations by 2030 and across its third-party operations by 2040. PepsiCo estimates that reaching the target by 2040 will reduce around 2.5 million metric tonnes of greenhouse gas emissions – the equivalent of taking more than 500,000 cars off the road for a year. “With the devastating effects of climate change being felt around the world, and the global food system under significa..
Half a million renewable energy jobs were created in 2019, IRENA reveals
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Half a million renewable energy jobs were created in 2019, IRENA reveals 29 September 2020, source edie newsroom Some 498,000 full-time equivalent roles were created in the global renewable energy sector during 2019, new analysis from the International Renewable Energy Agency (IRENA) has revealed - with particular growth recorded in the biofuels industry. Job growth in the wind and solar sectors was found to be slower than for bioenergy The Agency’s latest annual review of renewable energy and jobs found that 11.5 million people globally were employed in this space at the end of 2019, up from 11 million at the end of 2018. This figure accounts for those employed both directly and indirectly, for example in supply chains. Of these workers, 63% were based in Asia, largely due to the continent’s booming solar market. Indeed, solar accounted for one-third of the total global renewable energy workforce. The biggest increase in jobs was recorded in the bioenergy space, as demand gr..
Total to increase annual renewables investments to $3bn by 2030
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Total to increase annual renewables investments to $3bn by 2030 5 October 2020, source edie newsroom French oil & gas major Total has pledged to increase its annual investments in renewables by 50% by 2030, against the $2bn allocated in 2019, as it strives to meet a 2050 net-zero target. Since Covid-19 was declared a pandemic, several oil and gas majors have changed their climate and investment plans The company made the commitment late last week as it publicly outlined its plans for diversifying away from fossil fuels and becoming a “low-carbon power producer” for the first time. By increasing its annual investment in the coming years, the company said, it will bring 35GW of new renewable energy production capacity online by 2025. This is up from the previous target of 25GW. Total said in a statement that it is hoping to become one of the world’s top five renewable energy companies within a decade, adding that it already has 24.5GW of renewable generation projects under cons..
‘Build Back Greener’: Boris Johnson vows that UK will host 40GW of offshore wind by 2030
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'Build Back Greener': Boris Johnson vows that UK will host 40GW of offshore wind by 2030 6 October 2020, source edie newsroom Prime Minister Boris Johnson has plans for every home in the UK to be powered with electricity from offshore wind farms within the decade and has unveiled a £160m pot to support the sector. Pictured: The Walney Extension offshore wind farm The Conservative Party conference is being held virtually this week, with Johnson expected to address attendees around his plans for a “green” recovery from the economic fallout of Covid-19 later today (6 October). He will confirm that the Government has increased its 2030 target for installed offshore wind capacity from 30GW to 40GW, in a drive to help meet the UK’s long-term climate targets and to create “thousands of jobs” in the energy sector. A £160m package for companies manufacturing the “next generation” of offshore wind turbines will be unveiled as a first step. Manufacturers in Teeside, Humber, S..
Report: One-third of energy majors have paused low-carbon investments amid Covid-19
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Report: One-third of energy majors have paused low-carbon investments amid Covid-19 6 October 2020, source edie newsroom A survey of 300 large energy and utilities companies has revealed that more than one-third (37%) are planning to slow or postpone investments in low-carbon infrastructure or offers because of Covid-19 - despite seeing clean power as a key driver of revenue. While global investment in fossil fuels has decreased rapidly, the pandemic has also impacted clean energy Conducted by Capgemini’s in-house think-tank, Capgemini Research Institute, the analysis tracked how corporates in the sector across Europe are preparing for stricter climate legislation and are weathering the financial fall-out of the pandemic. In total, 600 professionals collectively representing 300 firms were polled – one C-suite member and one senior sustainability professional from each company. Almost two-thirds (64%) of the respondents said their business has driven an increase in revenues th..
World Energy Outlook: IEA forecasts boom for solar in wake of Covid-19
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World Energy Outlook: IEA forecasts boom for solar in wake of Covid-19 13 October 2020, source edie newsroom Even if nations do not bolster their climate targets, renewables will meet 80% of the global growth in electricity demand by 2030, with solar leading the way, according to the International Energy Agency's (IEA) new World Energy Outlook. In the locations with the best infrastructure and policy, solar can generate electricity at costs below $20 per MWh, the report states The Outlook forecasts that, in a scenario in which national governments deliver on climate and clean energy policies already enshrined in law, solar capacity installations will return to pre-pandemic levels more rapidly than any other renewable energy sub-sector. Record levels of deployment will be recorded in 2023 and then every subsequent year through to the end of the decade. Highlighted in the document is the way in which solar prices have fallen in recent years. The IEA admits that solar power ..
UK Export Finance could support 42,000 green jobs by reallocating funds from oil and gas
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UK Export Finance could support 42,000 green jobs by reallocating funds from oil and gas 15 October 2020, source edie newsroom The UK Government's direct lending facility could support more than 40,000 jobs in the renewables sector annually by 2035, if it were to assume liabilities for renewable exports like it currently does for oil and gas, new research has found. The Chancellor announced in March the UKEF would receive an additional £2bn to finance clean energy projects overseas Research carried out by Vivid Economics, on behalf of the European Climate Foundation, has found that the UK Export Finance (UKEF) could support 42,000 jobs in the renewables sector each year by 2035, up from 2,000 today. It could do so by matching the same support it provides to the oil and gas sector. The research report notes that the Government currently underwrites each job in the oil and gas sector at a sum of around £250,000. However, this finance could be better used to support small re..