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According to the International Renewable Energy Agency (IRENA), two-thirds of all wind, solar and other renewable energy projects that came online in 2020 were cheaper than the cheapest new fossil-fuel power plants. This is more than double the equivalent share for 2019.

This trend will only continue in the future and the cost of renewables is expected to drop significantly.

“In 2021, the global weighted average cost of newly commissioned solar photovoltaic (PV), onshore and offshore wind projects has fallen. This is despite rising commodity and renewable equipment prices in 2021, given that there is a significant lag before these cost increases are reflected in the project’s total installed costs; and significant improvements in performance in 2021 have increased capacity factors, particularly for onshore wind,” the authors write in IRENA’s 2021 Renewable Energy Generation Costs report.

Compared to 2019, the cost of onshore wind decreased by 13%, offshore wind decreased by 9%, and solar photovoltaic projects decreased in cost by 7%. New utility-scale solar PV projects commissioned in 2021 fell another 13% year-over-year to $0.048/kW from $0.055/kW.

IRENA estimates that, given current high energy prices, renewable energy added in 2021 will save at least $55 billion in global energy production costs in 2022.

These findings are echoed in another report by the International Energy Agency (IEA), known as World Energy Outlook 2020, which concludes that “solar power is now the cheapest electricity in history.”

According to the IEA, PV technology is cheaper than coal and gas in most countries. In fact, the sunk cost of solar power surprised even the report’s authors, causing them to revise some of their original predictions.

The IEA presented four pathways, or scenarios, of what the world’s energy production could look like in 2040, all of which predict a massive increase in renewables. The current most likely scenario, which is not overly optimistic, has 43% more solar output by 2040 than the IEA predicted in early 2018.

These developments are good news, of course, but they still don’t go a long way toward averting humanity’s greatest existential threat: climate change.

Despite the decline in coal and other fossil fuels, the IEA and other research institutions are cautious about declaring that we have reached peak global oil use. In addition, gas demand is expected to increase by 30% by 2040, although the war in Ukraine has certainly changed this dynamic, at least in Europe.

We are not out of the woods yet when it comes to our reliance on fossil fuels and more ambitious action is required of us. Keeping global warming below 1.5°C by reaching global net-zero CO2 emissions by 2050 will involve, among other things, individual behavior change such as working from home at least three days a week and consuming less meat.

“Renewable energy is the cheapest form of energy today,” said IRENA CEO Francesco La Camera. “Renewable energy frees economies from volatile fossil fuel prices and imports, curbs energy costs, and improves market stability – even better if today’s energy crisis persists,” he added.

As world leaders prepare for COP27 in Egypt in November, governments will be urged to use increasingly affordable renewable energy and the vulnerabilities of the energy crisis to accelerate their commitments and translate their climate commitments into concrete action.

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Enmax installed 1,900 solar photovoltaic panels on top of the shopping center and commissioned them this May.

Enmax has installed 1,900 solar panels on top of the CF Chinook Center in Calgary, which will feed excess energy back into the grid.

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Enmax and CF Chinook Center have taken a major step in bringing solar power to commercial and industrial facilities to increase reliability on the state grid.

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Enmax installed 1,900 solar photovoltaic panels on top of the mall and commissioned them in May. A first for North America, the system allows for the export of excess energy to a secondary grid, such as residential properties with solar panels.

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“This pilot wasn’t really about volume, but it was about proving the technology that we could really enable the flow of energy,” said Jana Mosely, president of Enmax. “We will now continue to work with other customers who are interested in providing this for them as well.”

A secondary grid is used by many large municipalities to provide reliable and safe electricity.

Enmax modified the network’s hardware, software and communications to enable two-way flow without compromising network security and reliability.

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Mosley noted that other major centers such as Edmonton, Saskatoon, Toronto, San Francisco, Seattle and New York are closely watching the project as a potential blueprint for future infrastructure.

TC Energy spent $146 million to build a solar project in Alberta

Rooftop solar gains momentum in Spain as Europe revives renewable push

A developer is proposing a $340 million solar farm project for Sturgeon County

The Chinook Center’s panels, which cover the area of ​​three NHL ice surfaces, have provided 5,000 kilowatt-hours of power to the grid since commissioning. on solar energy.

Paige O’Neill, general manager of CF Chinook, said the array is expected to generate 900,000 kilowatt-hours of electricity for the mall during the year – about 10 percent of demand – and reduce 650 tons of carbon dioxide. .

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“This of course coincides with and complements the Cadillac Fairview initiative to reduce our carbon footprint and electricity consumption,” he said.

CF Chinook was approached about the project by Enmax, which received $1.4 million from Natural Resources Canada and $820,000 from Alberta Innovates. The size of the roof of Calgary’s largest mall was a big factor in its selection, as well as its high energy demand. The installation of solar panels started in April 2021.

If the project is successful, Enmax will look at more buildings in the secondary network, including the installation of roof coverings in downtown offices and other commercial centers.

As the price of electricity increases and the load on the grid increases, alternative energy sources become more important.

Last week, the Alberta Electric System Operator issued two separate Grid Alerts requiring backup systems and recalling Albertans back to service.

AESO also reported that the average pool price for electricity from September 22 to 28 was $308/MWh, more than double the annual average pool price of $145/MWh.

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While no silver bullet, Mosley says it could be part of a long-term solution to decarbonisation.

“We as a community will need every tool in our toolkit to achieve our clean energy goals in our state, our country and globally,” he said. “We also need to look at ways in which we can better use distributed energy sources directly at the source, taking less from the grid, and a project like this allows people to do that. “

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The “Global Solar Battery Market Research and Forecast, 2022-2028” report has been added to ResearchAndMarkets.com’s offering.

The global solar cell market is expected to grow at a CAGR of around 15.5% during the forecast period. Increasing demand for sustainable energy storage solutions is a major factor driving the growth of the market. The government is promoting sustainable energy sources, which is forecasting demand for solar cells globally. Some of the major solar cell applications include power plants, solar charging stations, off-grid storage systems, and others.

Therefore, these widespread applications of solar cells effectively reduce the need for imported oil, coal and other fossil fuel resources. In addition, increasing electricity costs and decreasing contribution of solar cells to environmental pollution are also driving the growth of the solar cells market. However, the high cost of solar energy system installation acts as a restraining factor for the market growth.

Segmental View

The global solar cell market is segmented by type and end user. Based on type, the market is segmented into lead-acid battery, lithium-ion battery, and others. Furthermore, on the basis of end-user, the market is classified as telecom industry, home and residential, automotive applications.

The lithium-ion battery segment is estimated to dominate the global solar battery market significantly.

Among the types, the lithium-ion battery segment is projected to hold a significant share of the global Solar battery market. Compared to its competitors such as nickel-cadmium batteries, the lithium-ion battery has a higher energy density, requires less maintenance and has a lower self-discharge rate. It also has a high open-circuit voltage and a good power-to-weight ratio. A major factor driving the growth of the segment is the significant increase in the global adoption of consumer electronics.

The increasing use of these electronics has resulted in an unstoppable demand for high-quality rechargeable batteries, which will drive the growth of the market. In addition, increasing focus on sustainable development as well as increasing awareness about the adverse effects of using conventional vehicles are also contributing to the growth of the market. In addition, stringent government emission regulations to protect the environment and reduce degradation-based capabilities may have a significant impact on the lithium-ion battery market.

Regional perspectives

The global solar cell market is further segmented on the basis of geography, including North America, Europe, Asia-Pacific, and Rest of the World. North America is projected to hold a significant share of the global Solar Cell market due to falling solar cell prices, growth in the renewable sector, accelerating adoption of electric vehicles, and increasing sales of consumer electronics. In addition, the US government is promoting both the EV and renewable sectors, therefore increasing the demand for battery-based energy storage systems driven primarily by solar cells. In addition, the US is the leading economy in global EV sales, followed by Canada. Therefore, increasing adoption rates of electric vehicles will also drive the market growth in the region.

The Asia-Pacific region is projected to grow significantly in the global Solar Cell market during the forecast period

The Asia-Pacific market is projected to witness significant growth during the forecast period. The growth is attributed to increased government initiatives to promote renewable energy sources. China is estimated to be the dominant region as it is the world’s largest producer of electric vehicles. For example, China’s Ministry of Industry and Information Technology (MIIT) announced in December 2019 that new energy vehicles, primarily electric vehicles, will account for 25% of total vehicle sales by 2025. Due to the increasing demand, this market for electric vehicles is expected to grow at a rapid pace in the coming years

Key topics covered:

1. Summary of the report

2. Market Overview and Insights

3. Competitive landscape

4. Market determinants

5. Market Segmentation

6. Regional Analysis

7. Company Profiles

Companies mentioned

Duracell Inc. East Penn Manufacturing Co . Inc.Exide Industries Ltd.Fusion Power SystemsGS Yuasa Corp.Iron Edison Battery Company, LLCLG Corp.Kokam Co.MaxPower, Inc.Okaya Power Pvt. Ltd.PAE Ltd.Panasonic Corp.Samsung SDI Co., Ltd.Schneider Electric SESseed Energy SystemsSMA Solar Technology AGSullivan Solar PowerTesla, Inc.Toshiba Corp.Trojan Battery CO LLC

For more information on this report, visit https://www.researchandmarkets.com/r/ensb4s

See source version at businesswire.com: https://www.businesswire.com/news/home/20221005005833/en/

CONTACT: ResearchAndMarkets.com

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KEY WORD:

INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY GREEN TECHNOLOGY ENVIRONMENT

SOURCE: Research and Markets

Copyright Business Wire 2022.

PUB: 10/05/2022 16:25/DISC: 05/10/2022 16:26

http://www.businesswire.com/news/home/20221005005833/en

Copyright Business Wire 2022.

“The global transition to clean energy is now more urgent than ever.”

“We have huge potential for renewable energy and this abundant wind and solar energy can power Africa’s development,” Ruto wrote in a Guardian opinion piece. “Instead of following in the fossil fuel footsteps of those who have gone before, we can leapfrog this dirty energy and embrace the benefits of clean energy.”

“Kenya is home to the world’s largest wind farm and our electricity is now 92% renewable, with 74% of our total energy use coming from clean energy,” Ruto wrote. clean energy by 2030″ and called on “all African nations to join us on this journey”.

Ruto continued:

The sharp drop in costs makes clean energy the most cost-effective option. International Energy Agency report [IEA] A study published last month found that globally there are already more jobs in clean energy than in fossil fuels, and it predicts that the gap will widen as more countries decarbonize. The transition to clean energy is a no-brainer. This will create jobs, protect local economies and accelerate the sustainable industrialization of Africa.

As Africans, we will call for a swift and just transition, fulfilling the commitment of the Heads of State to double Africa’s installed energy capacity through renewable energy sources by 2030. yesterday’s dirty energy systems, rapidly transitioning to the clean energy systems of the future.

The Kenyan president’s essay focused on arguments long made by climate justice advocates in Africa and beyond.

In June, for example, African activists urged officials to reject the IEA’s call for nations across the continent to rapidly extract and export fossil gas reserves before accelerating the world’s transition to clean energy sources.

Instead of heeding the IEA’s recommendation, which comes a year after the Paris-based agency said global expansion of coal, gas and oil production is incompatible with reducing greenhouse gas pollution at the pace needed to maintain a livable climate, African policymakers should focus. They said to “implement sustainable renewable energy solutions” as soon as possible.

Looking ahead to the United Nations COP27 climate conference starting next month in Egypt, Ruto noted that delegates from the continent will demand that rich nations “provide the finance and technology that Africa needs to adapt to climate impacts, support those in need and manage. energy transition.”

“Among the outcomes of this global gathering should be a financial framework that ensures Africa’s planned and orderly transition from fossil fuels, supports our workers, communities and national economies and ensures our growth,” Ruto wrote. “Finance and technology must be provided to our developing countries, while enabling all African countries to accelerate our transition to clean energy.”

“The transition to clean energy is a no-brainer. It will create jobs, protect local economies and accelerate Africa’s sustainable industrialization.”

“The global transition to clean energy,” he added, “is more urgent now than ever.”

Ruto’s argument came a day after UN Secretary-General Antonio Guterres warned, as he has repeatedly done before, that the world is in a “life-and-death struggle for our security today and our survival tomorrow.”

“Climate action has stalled while climate chaos continues,” the UN chief said at a pre-COP meeting in Kinshasa, Congo. “Actions by the wealthiest developed and developing economies are simply out of sync. Taken together, current pledges and policies close the door on our chances of limiting global temperature increases to 2°C. [Paris agreement’s] Target 1.5°C”.

The fossil fuel industry’s plans to spend more than a trillion dollars on fossil fuel extraction in Africa over the next three decades will further fuel the planet’s warming emissions and lead to deadly extreme weather events worldwide, a recent report by a number of environmental groups makes clear. Create “unfunded cleanup, government revenue shortfalls and stranded assets leaving behind overnight job losses.”

On Monday, Guterres called for “meaningful progress” on two key issues at COP27. First, rich nations must step up to help low-income nations suffering loss and damage beyond their ability to adapt, he said, calling it a “moral imperative that cannot be overlooked” because “failure to act… causes more loss of trust and more climate damage.” “

Second, “the world needs clarity on where they are this year to meet their $100 billion annual pledge to support climate action in developing countries,” Guterres said. “We need to see evidence that they will double adaptation funding to at least $40 billion by 2025, as agreed in Glasgow.”

“On every climate front,” the UN chief added, “the only solution is decisive action in solidarity.”

As Ruto reminded readers: “The climate emergency is here and now. Today, communities in Kenya are suffering the consequences. Millions of Kenyans and millions more across the Horn of Africa are on the brink of starvation due to devastating drought.”

“It is not too late to respond,” the Kenyan president emphasized, “but to combat this threat, we must act urgently to keep global warming below 1.5°C, help those most in need, and end our addiction to fossil fuels. “.

“Wind turbines and solar panels are quick to install and can produce and deliver energy more quickly and easily than a new oil rig, and do less damage to our fragile climate,” he said. “There is a better way to power the world economy. It’s fairer, cheaper and less destructive to ourselves and our communities, the future of our families and the natural environment we all depend on.”