Big Moves
Interior Department announces wind energy auction in New York
Secretary of the Interior Department announced that the Bureau of Ocean Energy Management (BOEM) will run a wind auction for more than 480,000 acres off the coasts of New York and New Jersey in the New York Bight in February 2022. This marks the first offshore wind lease sale under the Biden-Harris administration. According to the reports, the auction will take place on February 23, 2022 and allow offshore wind developers to bid on six lease areas
News
Meralco floats a tender of 850 MW renewable energy capacity
The Manila Electric Company (Meralco) has floated a tender to contract 850 MW of renewable energy-producing capacity. The power company is seeking proposals for approximately 600 MW of capacity to start providing power in February 2026, and another 250 MW to commence commercial operations in February 2027, as part of the procurement process.
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
Hydrogen – 10 Predictions for 2022
If 2021 was a defining year for clean hydrogen, hold on to your hats for 2022. Electrolyzer sales are projected to quadruple this year — driven by the Chinese, U.S. and European markets — and clean hydrogen demand from industry is set to exceed use in cars several times over. Meanwhile, capitalizing on investor enthusiasm, a flurry of hydrogen companies will go public this year, and more than 20 countries are expected to release a national hydrogen strategy.
Mega Trends & Analysis
Turkey should cover its large hydro reservoirs with floating solar: Ember
Renewable power production in 2021 was twice as much as it was ten years ago; however, the 57 TWh increase in renewables between 2011-2021 met barely half of the surge in power demand (+95 TWh). Turkey needs to at least double its renewable deployment rate and curb its thirst for power consumption in order to decarbonize its electricity sector and lower its import bills. Otherwise, an upward trend in demand together with hydropower volatility may even pose an energy security risk.
Policy Watch
Canada needs clear policy signals to help attract energy sector investments: IEA
Canada has made a series of international and domestic commitments, putting it on a path toward achieving an ambitious energy system transformation and climate transition. Most recently, Canada announced a target to cut greenhouse gas (GHG) emissions by 40-45% from 2005 levels by 2030 and legislated a commitment to reaching net zero emissions by 2050. As such, Canada needs clear policy signals to help attract energy sector investments that align supply capacity with demand trends.
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
Mapping European projects, Energy citizenship and energy poverty
Energy citizenship represents a way not only to address energy poverty and vulnerability, but also to promote energy justice. However, its potential is still under-researched. This mapping exercise by Joint Research Centre (European Commission) contributes to the recent emerging literature on energy citizenship by looking at the best practices offered by European projects.
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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