Round-the-clock (RTC) renewable electricity will soon become competitive with fossil fuel-based power. This is expected to happen across all geographies between 2022 and 2030. However, going forward, this must become the default strategy or priority as far as energy supply is concerned – whether for political decision-making or, more importantly, financial decision-making.
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Hydrogen, and green hydrogen in particular, has become a topic for discussion and action across the United States, especially in the western state of California. It has also come up with initiatives to promote the uptake of hydrogen, which is a key piece of the puzzle for reaching net zero emissions. At the virtual conference on Green Hydrogen US hosted by Global Transmission Report with support from REGlobal, the Honorable J. Andrew McAllister, Commissioner, California Energy Commission, shared his insights on green hydrogen related developments in the state.
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As a financial hub, Singapore can help the global push for sustainability through green finance, fintech and capability building. We have launched a USD2 billion Green Investments Programme. This will support the development of carbon trading and services, sustainability consultancies and environmental risk management. One promising area is emissions verification, including using new technology to measure the carbon footprints and monitor abatement commitments of businesses.
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With governments in Asia Pacific increasing their focus on developing low-carbon economies, offshore wind is being included as a key component of their energy transition strategies. Countries such as Taiwan have set ambitious targets. However, several challenges still need to be addressed – one of them relates to the development of the corresponding transmission infrastructure, both offshore and onshore.
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The future of energy transition is going to be more complex than the past. Urban regions will play a crucial role in this energy transition. In these regions, various kinds of technologies will be used – photovoltaics, wind energy, hydrogen blending in gas (depending on commercial conditions). In addition, storage technologies will also be utilized.
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In the APAC region, offshore wind will act as an accelerator of the energy transition. Taiwan has fast emerged as a key offshore wind market in the region. Japan is clearly the next upcoming market. South Korea could be a very big market for floating offshore wind owing to very conducive conditions for this type of offshore wind installations. Vietnam is another potential market owing to tremendous fundamentals.
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Electrification of transport has gained significant momentum in the United States, especially in the state of California. The state, reputed for its commitment to clean and renewable energy has taken several initiatives over the past decade to move towards carbon neutrality. Clifford Rechtschaffen, Commissioner, California Public Utilities Commission talks about the key initiatives undertaken by California in this space and the way forward.
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Ocean Winds began operations with fixed projects in France with 500 MW capacity each in the locations of Treport and Noirmoutier. The company also has operations in the US where it partnered with Shell in developing the Mayflower project, off the east coast. It had also developed a new technology for floating wind which was used to execute an upcoming project off California. Further, Ocean Winds has collaborated with Ignitis for projects in Lithuania and also proposed wind projects in Poland and the Mediterranean.
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The Baltic sea is surrounded by countries with ambitious carbon neutrality targets and climate action goals. Estonia is not far behind, with a target of 70 per cent carbon dioxide reduction by the year 2030. The country also targets to achieve climate neutrality by 2050. To achieve climate neutrality and renewable energy targets, we have to focus on offshore development in addition to onshore projects.
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If we look at the initiatives so far in the country, there are 10 different wind farm projects of which seven already have grid connectivity. This would amount to 11 GW of renewable capacity. We are currently working on the Offshore Wind Act and we aim to have the act adopted as soon as possible and brought in to force by 2021.
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The world has about 160 GW of pumped storage installed capacity at the moment – storing at least 9,000 GWh of electricity. Indeed over 94 per cent of the world’s entire energy storage is pumped hydro. We need to double this capacity: that’s another 160 GW. But if the market structures are ill defined, investors won’t fund these projects.
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Offshore wind is slowly gaining traction in the US especially on the east coast where state policies and favourable conditions are driving the industry. The drastic drop in offshore wind technology costs combined with its potential to address some pressing concerns for the country’s power sector, is expected to create interest in other parts of the country as well.
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Geographically, the US renewable energy sector is an important growth market for us. This market allows us to deploy capital at scale and develop large capacities with shorter lead times. It has proved to be a very compelling market for us.
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To illustrate the transition from conventional power to renewable power generation in Africa: in the time period from 2008 to 2012, the share of renewables in power generation investments was at about 15 per cent, which increased to over 80 per cent for the period between 2013 to 2019.
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A game changer for solar energy, I think, is the incorporation of storage into solar PV projects. We are actively building our technological capabilities in the solar plus energy storage space, to gear up for these new growth opportunities.
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Fatih Birol, executive director of the International Energy Agency (IEA), spoke to REGlobal about the changing energy market dynamics considering growth in renewable installations and recent oil shock, challenges brought upon by Covid-19 crisis, role of hydrogen and future energy outlook.
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Offshore energy is slated to play an instrumental role in building a power system largely based on renewables to reach the 2030 and 2050 energy and climate objectives. This net-zero objective is ambitious and will require an array of policy changes in sectors beyond energy as well. Offshore wind has the potential to contribute to a sustainable and inclusive post-Covid-19 recovery.
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Current projections suggest that by 2030-35, generation costs for utility solar will reduce even further to 1 to 2 USD cents per kWh in sunny locations. This means that building new solar power plants will not only be cheaper than operating already-built coal plants, but cheaper than fossil fuel plants in general. The uptake of solar power will certainly accelerate the phasing out of coal and other fossil fuels.
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The Enel Group’s goal is to fully decarbonize its generation mix by 2050. Towards this aim, the Group is working towards a full coal phase-out by 2030. Furthermore, on the road to full decarbonization, Enel committed to a 70% reduction in its direct greenhouse gas emissions per kWh by 2030, from a 2017 base-year.
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We are not experiencing too much from the crisis in terms of slow down on deal signing, product deployment and overall construction. In the long run, the COVID-19 pandemic just presents an opportunity to adopt smart, green policies that favor solar investments, clean energy and green job creation.
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