Big Moves
EDF and DP Energy partner for up to 1 GW floating offshore wind
EDF Renewables, the renewable energy subsidiary of the French energy company EDF, has formed a joint venture with DP Energy, an international renewable project developer, to produce up to 1 GW of low-carbon green energy in the Celtic Sea. This is expected to contribute significantly to the Crown Estate's 4 GW capacity plans in the Celtic Sea.
News
ScottishPower to acquire 800 MW solar portfolio in UK
ScottishPower, a subsidiary of Iberdrola, has inked two agreements to purchase 17 solar photovoltaic (PV) projects in Britain, totalling more than 800 MW. ScottishPower has acquired 12 solar PV projects from renewables developer Elgin Energy, with a total capacity of 519 MW and 70 MW of energy storage capacity, and the remaining solar projects from developer Lightsource BP. The sites will require a $687 million investment to commission.
Interviews
We have been stepping up our climate financing: ADB’s Masatsugu Asakawa
We must confront the uncomfortable truth that our region is a source of more than 50 per cent of annual global greenhouse gas emissions. It is clear that bold and urgent action is needed to combat the great challenges we face. For this, we must implement new and innovative policy solutions to ensure green, inclusive, and sustainable development. We have been stepping up our climate financing. We raised our ambition to provide 100 billion dollars in cumulative climate finance between 2019 and 2030.
Opinion & Perspective
UK electricity prices quadrupled in 2021 and fossil gas is to blame
The cap on UK energy bills is set for an unprecedented increase in April 2022, likely pushing millions more into energy poverty. Despite claims by a small group of Conservative MPs in the ‘Net Zero Scrutiny Group’, the energy crisis has almost nothing to do with green subsidies. The principal reason is the skyrocketing price of fossil gas. Previously Ember forecasted that the gas price spike will add £29 billion to UK electricity bills in 2022.
Mega Trends & Analysis
Kenya’s New Energy Auction System To Favour Wind And Solar Investments Ahead Of Geothermal
There are strong upside risks for growth in solar and wind power capacity in place of geothermal power in Kenya following the introduction of an auction-based mechanism for new power projects. Given the relatively lower costs associated with solar and wind power projects, we expect that this will make them ideally suited for the government's plans to develop new power capacity along with its plan to provide universal electricity access to its population.
Policy Watch
2022: Big Plans for Tackling Climate Change in New York!
Governor Kathy Hochul gave New York a lot to look forward to in 2022 in her State of the State address on January 5th. There are hundreds of pages covering her agenda for this year, including ambitious proposals to equitably decarbonize New York’s buildings sector and advance renewables and clean transportation. The outlined agenda is critical to improving New York’s environment and implementing the landmark Climate Leadership and Community Protection Act (CLCPA), New York’s nation-leading “carbon neutrality by 2050” law.
Tech Talk
Technology Advancements To Lower Solar Power Costs Over Long Term
The cost of solar power has declined significantly over the past decade, with the Levelised Cost of Energy (LCOE) for solar falling from a weighted average of USD378/MWh USD248/MWh in 2010 to USD68.4/MWh in 2019. According to financial advisory and asset management firm Lazard, the LCOE for utility-scale solar power reached USD36/MWh in 2021. The steep decline is the result of several factors including a rapid decline in module costs, increased competition, and economies of scale from significant growth globally.
Webinars & Videos
Key indicators for the clean energy transition
This webinar on "Benchmarking Scenario Comparisons: Key indicators for the clean energy transition" discussed the main findings from the recently-published collaborative report (of the same name) between IRENA and the European Commission’s Joint Research Centre (JRC), which highlights the motivation, focus and methods of 14 scenario comparison studies, synthesizing experts’ views on how to improve such studies to gain insights for the clean energy transition.
Knowledge Centre
Cost of electric vans and pickup trucks in the US through 2040
The International Council on Clean Transportation has published a working paper on the "Cost of electric commercial vans and pickup trucks in the United States through 2040." This paper presents a total cost of ownership assessment of battery-electric Class 2b and 3 commercial vehicles between 2020 and 2040 benchmarked against the corresponding costs of gasoline and diesel powertrains.
Finance
Finance for climate action is not on a par with the warming world
Overall, the majority of climate finance (61%, USD 384 billion) was raised as debt, of which 12% was low-cost or concessional. High shares of domestic flows dominated in Western Europe, US & Canada, and East Asia & Pacific, accounting for 76% of the global flows while, inversely, a higher share of international finance was observed in the developing regions of Sub-Saharan Africa and South Asia.
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