Tag: energy transition

U.S. energy transition powered forward in 2022

Renewable power made significant gains in the U.S. in 2022, new data from the Energy Information Administration’s Hourly Grid Monitor shows. After two years of disruptions from the COVID-19 pandemic, and turmoil in energy markets after Russia’s invasion of Ukraine in February, the rapid progress of the renewable transition came into focus in 2022. The growing market share of utility-scale solar, wind, and hydro generation is clearly seen at a daily level.

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The Energy Transition in 2022

After two centuries of growth, 2022 was the turning point for the fossil fuel system as we forecast in our analysis in March and reiterated at the end of the year. Putin’s War led to spiking fossil fuel prices and major new policy moves as the result of the security crisis. This led to a surge in supply of renewable energy, a major increase in efficiency, and a new focus on building renewable supply chains. Fossil fuel demand has therefore peaked, squeezed between efficiency and the growth of renewables. Here we look back at how the energy system changed over the past year.

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Could the Energy Transition Benefit Africa’s Economies?

As the world’s youngest continent, IRENA’s report Renewable Energy Market Analysis: Africa and its Regions, reveals a global reduction in carbon dioxide emissions in line with the Paris agreement could have a significant, positive impact on gross domestic product (GDP), job creation, and welfare across Africa, through ways such as reduced climate impacts, improved public health, and the creation of new industries that support the Energy Transition in and outside of Africa.

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Making Good on California’s Clean Transportation Promises

As the dust settles on the 2022 elections across California, we can take stock of where we’ve made progress on tackling the state’s most stubborn source of climate pollution—transportation; namely, the cars and trucks that drive through our communities. The state has made bold and necessary commitments to zero out gas-burning vehicles by committing to 100 percent zero-emission vehicle sales by 2035.

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Unpacking COP27: finance, fossils, climate impacts

After two-and-bit weeks of negotiations, the outcome of COP27 includes some firm steps forward on climate action. A historic loss and damage fund for responding to escalating climate impacts, renewable energy singled out as the route to addressing the energy crisis, and strong calls to reform international finance institutions to unlock more finance and fiscal space for climate action – along the lines of Barbadian PM Mottley’s Bridgetown Initiative – demonstrate climate collaboration in the face of turbulent geopolitics.

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Time to Fast-Track Africa’s Clean & Equitable Energy Future

The ongoing global energy crisis is a relatively short-term interruption affecting the global clean energy transition pace. Currently, several African nations are net exporters of oil and gas (O&G), largely to European markets. The current export volumes provide revenue streams for countries like Algeria and Nigeria, but in other countries like Tanzania and Uganda  multinational O&G majors are promoting new development opportunities.

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Clean Energy Transitions in the Greater Horn of Africa

IEA’s new report focuses on the eight countries in the greater Horn of Africa region. It recommends pathways to accelerate clean energy transitions and analyses energy trends across the region. It also highlights policy-relevant best practices for accelerating energy access, energy sector development and transition to cleaner energy sources.

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Closer to home: Governing the pivot from national net zero ambition to local delivery in UK

The UK government must address one key gap to successfully deliver on net zero targets – the need for a local delivery policy framework. The detailed decisions on planning, investment, local growth strategies and the built environment  – necessary in every part of the country to reach net zero – cannot be taken in Whitehall. And the behaviour changes that individuals and communities will need to adopt must be developed collaboratively, not imposed from above. 

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Here’s how Bangladesh can speed up its solar energy transition

Hikes in fuel prices globally have destabilised energy policy in Bangladesh, which imports about a quarter of its natural gas supply, sparking calls for a more diversified energy mix including a greater focus on renewables, especially solar. The country has little more than 900 megawatts (MW) of renewables capacity, out of total power capacity of 25,700 MW, falling far short of a target to achieve 10% of generation from clean energy sources by 2020.

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Cleaning Up: Oil majors adapt to the new renewables’ reality

With cost economics and international pr­e­ssure on climate mitigation driving clean energy growth, companies in the oil and gas sector are also redefining their expansion strategies and aligning them with the new reality. These companies have massive infrastructure in the areas of offshore and onshore exploration, refineries, pipe­lines and transport systems, and have en­ergy-intensive operations. Thus, they are ideal sites for clean energy integrati­on.

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Transition Finance is Critical to Address Climate Change

Asia and the Pacific should consider launching its own transition funds. Transition funds can be launched by either governments or international organizations, such as multilateral development banks and other international financial institutions, or through international collaboration among different countries to reduce the funding costs and risks for these transactions, and help attract private sector investment.

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Coal prices and Indonesia’s energy transition: IEEFA Report

A lack of new coal supply may mean coal prices continue to stay elevated, putting the onus of energy transition on potential buyers. In the event that there is conflict resolution, coupled with the EU’s commitment to decarbonize, coal prices are likely to normalize from current levels longer term. Coal companies should not miss the opportunity now to diversify away from coal before the cost to transition gets higher.

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Net Zero Australia Study

The project seeks to answer critical contemporary questions, such as, what physical plant infrastructure and societal changes are needed to decarbonize the Australian economy, including exports, by mid-century and how will these changes impact natural environments, the economy, incumbent infrastructure, and communities.

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Energy Price Surge in Europe: Paper

An IMF paper estimates that the recent surge in international fossil fuel prices will raise European households’ cost of living in 2022 by close to 7 percent of consumption on average. Household burdens vary significantly across and within countries, but in most cases they are regressive. Policymakers have mostly responded to the shock with broad-based price-suppressing measures, including subsidies, tax reductions, and price controls.

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International Collaboration for Net Zero in ASEAN

The brief emphasises the need for international and regional cooperation. International collaboration, combined with financial and technical assistance, is critical in addressing both the challenges and opportunities to support the low carbon energy transition and net zero goals. It can help bridge gaps and strengthen capacities, both financial and human capital, and assist the ASEAN Member States (AMS) in achieving their energy and climate objectives.

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South Africa: Hydrogen Roadmap – A Crucial Step in the Energy Transition Journey

In February this year, the South African Hydrogen Society Roadmap (HSRM) was published by the South African government. As the country navigates its energy transition, the Roadmap is considered to be an important marker on its path towards implementing hydrogen development, which is envisaged to be at the centre of South Africa’s strategy for economic growth and mitigating climate change.

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Making net-zero happen: How China can finance its transition

To achieve its ambitious carbon peak and carbon neutrality goals, China needs to close an annual funding gap of about RMB1.1 trillion ($170 billion). It can only do so if it manages to develop far more sophisticated green financing schemes. In China, bank lending is the backbone of corporate finance. Due to their risk-averse nature, banks tend to target large state-owned and private enterprises, meaning SMEs (small, medium enterprises) miss out on the funding — despite accounting for 65% of the country’s CO2 emissions.

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How the “just transition” is unfolding across Europe

The energy crisis caused by the invasion of Ukraine has focused the attention of EU Member States and European institutions, forcing them to reevaluate energy security and the clean energy transition in the region. Where Europe gets its energy from and how much it pays for it is an increasingly pressing concern. Prioritizing a ‘just transition’ has been voiced by politicians at the highest level, including the European Commission’s Vice President Frans Timmermans.

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Renewables are the key to green, secure, affordable energy

Fortunately, there has been increasing interest in building modern, large-scale infrastructure. In 2020 alone, the public and private sectors invested over $300 billion in renewable energy, although annual investments in clean energy need to more than triple by 2030 to reach net-zero emissions by 2050. To attract vitally needed private financing, developing countries must deploy a pipeline of large-scale renewable infrastructure projects that ensure a return on investment, while also keeping costs affordable for consumers, even for the poorest.

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