In Detail : Draft amendments to the Electricity Act 2003 (EA 2003) in the Electricity Amendment Bill 2014 (EA 2014) suggested, among other things, the separation of carriage and content, with the goal of increasing consumer choice in electricity procurement and promotion of renewable energy (RE) based electricity consumption. The separation of carriage and content meant separating the distribution and supply function that was expected to promote competition in electricity retail. RE-based electricity promotion in EA 2014 included a number of incentives at the supply end, along with complementary provisions at the demand end. Under EA 2014, RE-based electricity generation and supply would not require a licence, and cross-subsidy for open access would be eliminated.

Although EA 2014 is yet to become law, the provisions of EA 2003 that were prerequisites for introducing competition at the retail end have not yielded the expected results. Open access is faltering because of high cross-subsidies and a lack of infrastructure. The parallel distribution licensee model has also failed to pick up, as it requires distribution companies to distribute power “through their own distribution system within the same area.” This means duplication of capital-intensive infrastructure leading to higher costs. The distribution licensee model adopted in Mumbai stands as testimony to this outcome.

In this context, distributed production and consumption of RE by households and industries, primarily using solar photovoltaic (PV) systems, is projected as a potential driver of RE generation and consumption. In 2023, the cumulative capacity of roof top solar PV installation capacity was 10 GW (gigawatts) which was about 7.5 percent of total installed capacity of RE and 13.8 percent of the total solar installed capacity in November 2023. In India, over 75 percent of rooftop installations are by commercial and industrial entities. Those with solar rooftop installations are both producers and consumers of RE and can drive RE adoption with the support of the right infrastructure and financial incentives provided by distribution companies (discoms). However, caution is recommended as this option may impose costs on the economically challenged households in India.

Incentives for Prosumers

Prosumers are end-use consumers of electricity who also produce their own electricity at the point of consumption to meet their own electricity needs and export surplus electricity to the grid. Increasing the number of prosumers could boost RE consumption and also substantially reduce transmission and other system losses. These potential benefits are particularly important at the city level, where a large share of electricity is consumed, and where consumption is set to rise with rapid rates of urbanization. The major policies that enable the development of prosumers are capital subsidies for installation of solar PV systems, net-metering and feed-in tariffs (FiTs).

Capital subsidies allow middle-class households and small commercial and industrial entities to adopt solar roof-top systems. Net-metering which is the most lucrative billing system for prosumers, allows customers (residential, commercial and industrial) who generate their own electricity from solar power to feed electricity they do not utilise into the grid. Under net metering, the value of electricity the prosumer feeds into the grid is the same as the value of electricity the prosumer imports from the grid. The bill calculation is based on the net value. The net present value (NPV) of a net-metered system is high; a prosumer under net metering does not require investment in a storage system, and a solar PV system with net metering has a short payback period. In India, policy on net metering varies from state to state. Net billing is similar to net metering, except that the tariff for electricity exported to the grid is lower than the tariff charged for electricity used from the grid. In a gross metering system, the prosumer does not directly use electricity produced by solar panels. Instead, the electricity produced is exported to the grid, at a fixed rate (FiT), and the prosumer draws electricity at the tariff charged by the discom like most other consumers. Though gross metering reduces the prosumer’s savings, it offers an incentive to the discom to induct prosumers into the distribution system. From a purely economic perspective, net metering could overvalue the prosumer’s electricity supply, but from a climate action perspective, this valuation may be justified on the grounds that it promotes the decarbonisation of the electricity grid.

Challenges

There are many barriers to the expansion of solar PV prosumerism in India, including high initial costs, insufficient support mechanisms and legal frameworks, resistance by incumbent discoms to provide support, inadequate levels of training and skill of technology providers, poor information, and a host of administrative or financial barriers. Subsidies for the production and use of solar PV can overcome these barriers, but there are limits to subsidising RE adoption, as the case of Spain shows. In the late 2000s, Spain implemented generous support for RE adoption. Under this support mechanism, the prosumer was able to choose between selling electricity generated with solar PV under a FiT mechanism or selling it in the free market that offered market price plus a feed-in premium. This increased solar roof top adoption substantially. However, in 2012, this support scheme was suspended as payment to prosumers exceeded expectations. In 2016 and 2017, the government called for technology agonistic RE auctions. Wind power won as it sought no additional premium apart from the market price. In 2015, Spain imposed a “sun tax,” under which systems up to 100 kilowatt (kW) were not allowed to sell surplus electricity to the grid, and systems above 100 kW required registration to sell to the spot market.

The speed and degree of prosumer growth may be influenced by several economic and non-economic factors. In India, the growth of prosumerism could be motivated purely by the economic self-interests of end-users to reduce their costs of energy and constrained only by defined limits to the logistic growth of technological expansion. Affluent urban households that imitate the lifestyle and ideologies of the West could initiate grassroots movements motivated by increasing urgency for climate action, facilitating neo-communal prosumerism. Other drivers for export-oriented services and industries to become prosumers could include compulsion to turn green to navigate trade barriers imposed by developed countries.

The increase in the number of prosumers in the electricity system brings a host of challenges to discoms, the most significant is loss of revenue while maintaining investment in grid security and stability. The impact of growing number of prosumers on reliability and resilience raise concerns. This means additional investment in monitoring, forecasting, aggregation, automation, and control. This is a challenge for financially challenged discoms.

A recent paper reviews the idea of a “death spiral” for discoms, where electricity consumers self-sort to become prosumers, thereby leaving consumers who are financially unable to convert to prosumers bear increasing energy costs pushing more consumers to become prosumers, which drives the price up further. In India, the poor without proper homes with roofs, home renters with no access to space for PV systems, and those who cannot afford PV systems would have to bear the cost of prosumerism. The irony to note here is that consumers who cannot afford to become prosumers pay prosumers to sustain the attraction of prosumerism. Another study on the Spanish case found that most prosumers will not disconnect from the grid, even when they have installed back-up systems and are able to meet their consumption needs comfortably when the incentive system for selling green electricity to the grid are attractive. Prosumersim is in a nascent stage in India. This provides an opportunity for India to weigh the costs and benefits of prosumerism and adopt a model that is relevant for Indian social and economic conditions. Given that residential PV generation is much more expensive than utility-scale PV generation, the subsidy cost per kWh (kilowatt hour) of residential PV generation is substantially higher than the per-kWh subsidy cost of utility-scale PV generation. There is no compensating difference in benefits and thus there is simply no good reason to continue to provide more generous subsidies for residential-scale PV generation than for utility-scale PV generation. Policies for supporting RE generation and consumption need not offer higher subsidies for rooftop residential PV systems than utility-scale PV generation. What is required is a system for recovering distribution costs of discoms that reflects network users’ particularly prosumers’ impacts on those costs.

In Detail : This can reduce Morocco’s high reliance on imported fuels, give it comparative advantage in neighbouring markets that are embracing green energy

Morocco possesses significant renewable energy potential that can serve as a strategic tool for climate mitigation, a recent report published by the International Monetary Fund (IMF) on October 27, 2023 highlighted.

The energy sector stands as the largest contributor to Morocco’s emissions, representing 65.1 per cent of total gross greenhouse gas (GHG) emissions in 2018, as reported by the World Bank.

According to the IMF staff country report, Morocco can capitalise on its abundant renewable energy resources to reduce its persistently high dependence on fossil fuels. Morocco has one of the world’s highest rates of solar insolation, with around 3,000 hours of sunshine annually. Furthermore, wind speeds average 5.3 metres per second across more than 90 per cent of the country’s territory.

Fully harnessing this renewable energy potential can decrease Morocco’s heavy reliance on imported fuels, enhance its competitive advantage in neighbouring markets that are embracing green energy transitions and generate employment opportunities.

The Morocco Country Climate and Development Report for 2022 forecasts that over 85 per cent of electricity could originate from renewable energy sources by 2050, a substantial increase from the 20 per cent reported in 2021. This transition could result in a net gain of at least 28,000 jobs annually, amounting to 140,000 jobs within five years, solely within the renewable energy and efficiency sectors.

This estimation does not account for potential job creation in areas such as green hydrogen, electric mobility, or other green industrial investments, which would further bolster employment prospects.

To seize these opportunities, substantial investments in renewable energy, primarily from the private sector, will be necessary. However, attracting private sector investments in renewable energy hinges on further progress in reforming Morocco’s electricity market. Despite recent efforts, substantial work remains to facilitate equitable and transparent access to transmission and distribution networks at regulated tariffs.

The energy sector holds a central role in Morocco’s climate change strategy, contributing significantly to its mitigation endeavours. One key measure involves expanding renewable electricity generation from 17.6 per cent in 2020 to 52 per cent by 2030, as outlined by the International Energy Agency.

To ensure a climate-resilient energy transition in Morocco, the initial step should involve the establishment of a dedicated sectoral plan for the energy sector.

On September 28, 2023, the Executive Board of IMF approved an 18-month arrangement for Morocco under the Resilience and Sustainability Facility (RSF), amounting to the equivalent to $1.32 billion. The primary objective of this initiative is to assist Morocco in addressing its vulnerabilities to climate change, enhancing its climate resilience and capitalising on opportunities for decarbonisation.

Kenji Okamura, deputy managing director and acting chair, stated, “The RSF will help Morocco boost investment in renewable energy, increase energy efficiency, strengthen resilience against natural disasters, green its financial sector, and tackle water scarcity. It will also help bolster Morocco’s external stability by reducing its dependence on imported energy and attracting foreign direct investment. By achieving these objectives and with continued support from other development partners, the RSF is expected to contribute to mobilizing the private financing required to implement Morocco’s climate adaptation and mitigation efforts.“

The report underscored that steering Morocco towards a low-carbon trajectory by the 2050s will necessitate a significant increase in the installed capacity of the power sector, requiring an estimated investment of $46 billion in present value terms.

The stake is currently worth around $3.4 billion and a partial sale would be a quick way for the German maker of wind and gas turbines to strengthen its capital base as talks with Berlin and Siemens over guarantees for performance bonds continue.

Shares in Siemens Ltd were down around 4% at 0512 GMT on the news, their lowest level in more than six moths.

Siemens Energy and Siemens AG both declined to comment.

Siemens AG already owns 51% of Siemens Ltd and raising that stake would be a strategic move the group could justify to its shareholders more easily than issuing guarantees to Siemens Energy, one of the sources said.

The deliberations are one of the options under discussion and there is no guarantee that there will be a transaction, the person said.

Bloomberg, which first reported the possible stake sale, said Siemens Energy may announce the divestment of shares in Siemens Ltd as early as this week, citing people familiar with the matter.

News about the potential disposal comes as Siemens Energy is in talks with the German government, banks and Siemens about seeking 15 billion euros in guarantees to safeguard big industrial projects.

Siemens Energy’s shares hit a record low last week after the company disclosed the talks. On Monday, the shares closed 12.7% higher on hopes the talks will bear fruit.

Sources had told Reuters on Sunday that Siemens Energy was weighing measures to boost its balance sheet, including further asset sales, following a recent deal to sell its Trench high voltage component division to Triton.

Source : Reuters

The copper demand registered double-digit growth for consecutive years after a contraction in FY21 due to the COVID-19 pandemic. The current trend indicates sustained and robust growth opportunity for new investments in the Indian copper industry.

This growth is based on strong foundation of policy reforms, public & private investment and consumer spending in various end-use sectors such as building construction, renewable energy, electric-mobility, industrial, railways & metros, power transmission & distribution and white goods.

The transportation sector, including automotives, railways and metros, is one of the primary drivers of this growth, which has witnessed a 34 per cent increase in copper demand. This can be attributed to the electrification & modernisation of railways, addition of rapid transportation and 21% growth in sales of automobiles including rising adoption of electric vehicles (EVs).

In the construction sector, 11% growth in copper demand can be attributed to the increased use of copper per square foot, especially in premium, high and middle-income houses.

The Production-Linked Incentive (PLI) scheme has driven capex expansion in industrial sectors, with INR 1.7 lakh Crore of investments being announced, leading to an increase in copper demand.

The pent-up demand from FY21 and FY22, due to the COVID-19 pandemic, has resulted in remarkable growth in FY23 in the consumer durables sector, such as Room Air Conditioners (RACs) and electronic devices like laptops, PCs, and mobile phones. Rising disposable income has also contributed to this sectors growth.

Mr. Mayur Karmarkar, Managing Director, ICA India said, “Indian copper demand is driven by economic growth and infrastructure development. The copper demand will be further sustained in view of urbanization trend from current 36% to 43% by 2035. The government has officially classified the metal as a critical mineral as it is essential for advancement in many sectors including hi-tech electronics, telecommunication, transportation, defense and clean energy transition.”

“As copper is a versatile material used in various forms and across many applications in clean energy solutions, thereby enabling abetment of 2/3rd of global Greenhouse Gas Emissions (GHG). One tonne of copper used in clean energy technologies saves between 100 to 3,750 tonnes of GHG emissions making copper not only an energy efficient but also an economic metal.” he added.

This demand was met through increased production of refined copper (cathode) from 485 KT in FY22 to 563 KT in FY23. To fill the balance supply gap, the net imports of refined copper increased by 180% along with 22% increase in use of secondary copper (direct melt).

About ICA India (International Copper Association)

The International Copper Association India (ICA India) is a member of Copper Alliance and the Indian arm of the International Copper Association Limited (ICA), the leading not for profit organization for the promotion of copper worldwide set up in 1959. ICA has been operating since 1998 in India and has built an active association with the growing number of copper users through its programs. ICA India Programs are committed to improving the quality of life through better Electrical Safety, Energy Efficiency, Clean Energy and Sustainability. ICA India’s efforts have been pivotal to advancing better standards, across various products, applications and industries, by leveraging upon the superior technical performance of copper.

Source : PTI

RCT Solutions’ ground-breaking manufacturing plant will be an industry-first, encompassing all production stages, including a glass factory, with a total annual output capacity of 10 GW (equivalent to 10,000 MW) of solar panel power once fully operational. Peter Fath, the Founder and CEO of RCT Solutions, expressed enthusiasm for the project’s potential and its contribution to renewable energy development.

Earlier this year, Hanwha Solutions announced its own plans for a significant ingot to module PV production complex with an 8.4 GW capacity, scheduled to come online in 2024. However, Manitoba’s project promises to surpass this capacity and become the largest of its kind in North America.

As part of a memorandum of understanding (MoU) with Manitoba, RCT Solutions will begin by designing the project, selecting a suitable site, and presenting a development plan for the solar panel fabrication facility within an undisclosed timeframe. Once fully operational, the manufacturing hub is projected to produce a staggering 2 million solar panels annually, making a substantial impact on the region’s renewable energy landscape.

In a transformative move for the North American PV market, the forthcoming solar manufacturing hub in Manitoba promises to significantly reduce the region’s reliance on imported modules, primarily sourced from China. With export advantages on the horizon, this ambitious project aims to bolster the region’s solar industry.

Highlighting the environmental benefits, Manitoba’s Economic Development, Investment, and Trade Minister, Jeff Wharton, proudly stated that the plant will boast one of the world’s lowest carbon footprints. The manufacturing and export of solar panels are expected to make substantial contributions to Manitoba’s Gross Domestic Product (GDP) and enhance the province’s overall economic outlook.

The Canadian government wholeheartedly supports this endeavor and will provide assistance through federal and provincial economic stimulus programs to RCT Solutions. Notably, the project is projected to create around 8,000 new jobs, providing a much-needed boost to the local economy.

Reports indicate that RCT Solutions, in collaboration with its local industry partner Sio Silica, had been advocating for the 10 GW fabrication facility to the government. Sio Silica proposed a silica extraction and processing facility in Winnipeg, Manitoba, further augmenting the region’s solar manufacturing potential.

Taking inspiration from the United States’ Inflation Reduction Act (IRA), which has attracted significant PV manufacturing investments from global investors, Canada is also leveraging investment tax credits under Budget 2023 to entice solar investors and support the advancement of clean technology in the country.

While Canada embraces solar manufacturing with incentives and regulatory backing, there have been recent reports of Canadian solar panel manufacturer Heliene’s plans to invest $145 million in a new facility in Minnesota, USA. This facility is slated to produce 1.5 GW of cells and 1 GW of modules annually.

As Canada and the US compete to attract solar investments, Manitoba’s ambitious solar manufacturing hub marks a significant step towards sustainable energy development and economic prosperity for the region.

Source : Energytrend

The DOE said it has identified about 70,000 acres (283.28 square kilometers) it owns that could eventually be home to the largest solar energy project in the country. There were no other immediate details on the place or timing of such a project.

US Energy Secretary Jennifer Granholm will present the Cleanup to Clean Energy plan to help achieve President Joe Biden’s clean electricity at event later on Friday in Washington.

The event will include developers of renewable power and nuclear power, involving participants with experience implementing successful clean electricity projects generating at least 200 megawatts, the department said.

Source : reuters

The UAE, one of the world’s biggest exporters of emissions-producing crude oil, also unveiled national strategies on hydrogen and electric cars.

Few details were revealed about the new policies, announced five months before the COP28 talks in Dubai where nearly 200 nations will wrestle with how to tackle global warming and its impacts.

Ministers approved an “updated national energy strategy” that aims to “triple the contribution of renewable energy over the next seven years”, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, Dubai’s ruler, said after a cabinet meeting.

Up to 200 billion dirhams ($54 billion) will be invested over the same period to meet growing electricity demand, he said in a statement.

Another initiative “aims to consolidate the country’s position as a producer and exporter of low-emission hydrogen over the next eight years” by developing supply chains and infrastructure, and setting up a research and development center, Sheikh Mohammed said.

The UAE, a desert nation of about 10 million people, most of them expatriates, will also build a national network of charging stations as part of a “national policy for electric vehicles”.

Chinese-based WeRide will receive the country’s first national license for self-driving cars, the statement added.

The UAE’s hosting of the November-December COP negotiations has been criticized by climate activists who question whether one of the world’s biggest oil producers should have such a key role in the fight against global warming.

The Gulf monarchy argues that oil remains indispensable to the global economy and is pushing the merits of carbon capture—the process of removing carbon dioxide, the main greenhouse gas, as fuel is burned, or from the air.

In 2021, ahead of COP26 in Glasgow, the UAE said it was targeting net zero domestic carbon emissions by 2050—a calculation that does not include pollution from exported oil.

Source: AFP

The benchmarked price shall take into account the business viability, impact on electricity tariff and efficient & faster pellet procurement by power utilities.

Price Benchmarking of pellets will enable the TPPs as well as Pellet Vendors to establish a sustainable supply mechanism for co-firing of pellets. The benchmarked price, as finalised by the committee under CEA, will be effective from 1st January, 2024.

Till the time the recommendations of the committee are implemented, the power utilities shall go for short term tenders for meeting the immediate requirement of biomass pellets for their TPPs.

Shri R.K. Singh, Union Power Minister said that co-firing of biomass in coal based power plants is a key policy of the Government towards energy security, reduced use of fossil fuels and at the same time to increase income of farmers. Revised policy shall help in achieving these goals faster.

Explaining the decision, Shri Alok Kumar, Secretary, Power said that the decision would encourage farmers, entrepreneurs as well as thermal power utilities to strive to establish a sustainable biomass ecosystem, achieve the targets for co-firing, reduce stubble burning and help to ensure a cleaner and greener future for the citizens of India.

In another modification of the policy, it has been directed that since the availability of torrefied biomass pellets is presently limited in the country, the torrefied pellets shall only be procured by utilities for which it is technically unavoidable and utilities which can use non-torrefied pellets should utilise the same only.

In line with the Biomass policy, which mandates cofiring of Biomass with coal in Thermal Power Plants, so far around 1.80 Lac MT of biomass fuel has been co-fired in 47 thermal power plants in the country totalling a capacity of 64,350 MW.

Out of this, more than 50000 MT has been cofired during the first two months of FY ’23-24, which has also surpassed the previous highest-ever annual quantity. Further, about 114 Million MT of biomass pellets are at various stages of the tendering.

A purchase order has been placed for approx. 69 Lakh MT of biomass pellets by thermal power plants. With the enabling policies in place and thrust from MoP through the SAMARTH mission, substantial growth of Biomass cofiring in TPPs across the country is envisaged.

Source : ET

The annual energy consumption in the state has increased by over 31% in the last six years – from 50,077 million units in 2017-18 to 65,830 MU in 2022-23. The power utilities met the all-time high per-day energy demand of 251 MU on May 18.

As part of meeting the future energy demand, the state government has taken measures to enhance power generation installation capacity in the state. The government has laid special emphasis on increasing the renewable energy generation capacity that would help the state ramp up its power generation capacity.
Special chief secretary (energy), K Vijayanand, said the government has already announced a renewable energy export policy 2020 to establish wind, solar, and hybrid projects to strengthen the energy sector. “Besides, pumped hydro storage projects with a capacity of around 33 GW have been planned both on river and off river sites. With the completion of these projects, AP will be number one in the power sector in the country and can export surplus power to other states. This will also ensure that the power becomes cheaper and cleaner which ultimately fulfils the objective of the state government to provide cost effective power to consumers in the state.,” said Vijayanand.

“Chief minister YS Jagan Mohan Reddy and energy minister Peddireddi Ramachandra Reddy are keen on providing reliable power supply to consumers and free power to agriculture. The government entered into an agreement with the Solar Energy Corporation of India to procure 7,000 MW of solar power to continue the 9-hour daytime free power to agriculture for the next 25 years,” added Vijayanand.

APGenco managing director KVN Chakradhar Babu said the Genco is supplying around 102 to 105 million units per day to the state grid. “This is around 40 to 45% of the total energy demand and is highest ever after bifurcation of the state. The Genco is making all-out efforts to improve coal stocks and is also ensuring cost effective and efficient generation of power at better heat rate and optimisation of fuel resources. APGenco will strive hard to be the best organisation at national level in power generation and maintaining the highest plant load factor,” said Chakradhar Babu.

Source : TNN

Huge amounts of electricity are needed to power the vast computer farms that mine for cryptocurrency, leading to heavy criticism of its effect on the climate and efforts to find greener mining options.

Soaring energy costs have also squeezed crypto firms, leading to the birth of several initiatives to find cheaper and more sustainable ways to power their operations in a notoriously risky and volatile industry.

The initiative announced on Wednesday by the Bhutan government’s investment arm Druk Holding & Investments Ltd and NASDAQ-listed crypto-mining firm Bitdeer includes the construction of data centers and investment in renewable energy such as hydropower and hydrogen.

“The partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy,” Druk CEO Ujjwal Deep Dahal said in a joint statement with Bitdeer.

Bhutan, sandwiched between India and China, is carbon-negative and its constitution mandates that 60 percent of the country remains forested.

It has an abundant supply of hydropower and exports electricity to India, but has ramped up efforts to expand revenue sources and diversify its economy.

Druk and Bitdeer, which already runs data centers in Norway and the US, said they expect to begin raising funds for the initiative by the end of this month.

Bitdeer is owned by Chinese crypto billionaire Jihan Wu (吳忌寒), and began trading on the NASDAQ last month.

Dozens of companies last year united under the umbrella of the Crypto Climate Accord, pledging to achieve carbon neutrality by 2030.

Two US firms — Block Inc and Blockstream Corp — are preparing to launch a fully solar-powered bitcoin mine next month.

Source : AFP

The officials issued a 36-page communique laying out their commitments ahead of a G-7 summit in Hiroshima in May.

Japan won endorsements from fellow G-7 countries for its own national strategy emphasizing so-called clean coal, hydrogen and nuclear energy to help ensure its energy security.

“Recognizing the current global energy crisis and economic disruptions, we reaffirm our commitment to accelerating the clean energy transition to net-zero greenhouse gas (GHG) emissions by 2050 at the latest,” the communique says.

“We call on and will work with other countries to end new unabated coal-fired power generation projects globally as soon as possible to accelerate the clean energy transition in a just manner,” the document says.

The leaders reiterated the need to urgently reduce carbon emissions and achieve a “predominantly decarbonized power sector” by 2035. They also stressed the importance of ensuring supplies of critical minerals, used in many high-tech products, are stable and conform to high social and environmental standards.

“I believe that we were able to demonstrate to the international community that our commitment to climate change and environmental issues is unwavering, even in the context of the situation in Ukraine,” Akihiro Nishimura, Japan’s environment minister, said after the talks ended.

The stipulation that countries rely on “predominantly” clean energy by 2035 leaves room for continuation of fossil-fuel fired power. But the ministers agreed to prioritize steps toward phasing out “unabated” coal power generation — plants that do not employ mechanisms to capture emissions and prevent them from escaping into the atmosphere.

U.S. Special Presidential Envoy for Climate John Kerry said the meetings were “really constructive.”

“I think the unity for the goal that was expressed of phasing out unabated fossil fuels is a very important statement,” Kerry said in an interview with The Associated Press.

The call to action comes as China and other developing countries step up demands for more help in phasing out fossil fuels and stabilizing energy prices and supplies amid disruptions from Russia’s war on Ukraine.

The issue of setting a timeline for phasing out coal-fired power plants is a longstanding sticking point. Japan relies on coal for nearly one-third of its power generation and is also promoting the use of so-called clean coal, using technology to capture carbon emissions, to produce hydrogen — which produces only water when used as fuel.

The G-7 nations account for 40% of the world’s economic activity and a quarter of global carbon emissions. Their actions are critical, but so is their support for less wealthy nations often suffering the worst effects of climate change while having the fewest resources for mitigating such impacts.

Emissions in advanced economies are falling, though historically they have been higher — the United States alone accounts for about a quarter of historic global carbon emissions — while emerging markets and developing economies now account for more than two-thirds of global carbon emissions.

The communique highlighted the need to cut carbon emission by around 43% by 2030, and 60% by 2035, relative to the 2019 level. It also reaffirmed the G-7 commitment to ending fossil fuel subsidies by 2025.

The president-designate for the next United Nations climate talks, the COP28, who was also attending the talks in Sapporo, issued a statement urging G-7 nations to increase financial support for developing countries’ transitions to clean energy.

“We must make a fairer deal for the Global South,” said Sultan Al Jaber of the United Arab Emirates “Not enough is getting to the people and places that need it most.”

He said developed countries must follow through on a $100 billion pledge they made at the 2009 COP15 meeting. The next talks are to be held in Dubai in late November.

Chinese President Xi Jinping and Brazilian President Luiz Inácio Lula da Silva, who met in Beijing on Friday, issued a joint statement expressing concern that such funding “continues to fall short of the commitment of $100 billion per year.”

Bhupender Yadav, India’s environment minister, urged G-7 countries to hasten their emissions reductions to allow space for developing countries to grow their economies. That is “the best defense against the impacts of climate change, environmental degradation and pollution,” he said in a tweet.

The document crafted in Sapporo included significant amounts of nuance to allow for differences between the G-7 energy strategies, climate advocates said.

“They put out bold language on the urgency of addressing the climate crisis but the real test is what are they saying to the rest of the world about their commitments to scale up ambitions,” Alden Meyer, a senior associate at E3G, a climate change think tank, said in a Twitter spaces session just after the communique was released.

But while other G-7 countries prevented Japan from expanding loopholes to allow wider use of fossil fuels, the commitments “fall short of the clarion call to action that was needed,” Meyer said.

The Sapporo talks also yielded pledges to cooperate on wise and equitable environmental energy, water, farm and marine policies. The ministers committed to ending plastic pollution, aiming to take new plastic pollution to zero by 2040.

While the G-7 energy and environment ministers were wrapping up their meetings in Sapporo, farther south in the mountain city of Karuizawa G-7 foreign ministers were grappling with other shared concerns including regional security and the war in Ukraine.

The war, which Kerry called “insane and tragic,” has complicated the switch to renewable energy by disrupting trade in oil and gas and pushing prices sharply higher, but phasing out carbon emissions can and must continue.

“I think energy security is being exaggerated in some cases,” Kerry said, pointing to Germany’s progress in embracing renewable energy and even phasing out its nuclear power plants.

Source : pti

The Contracts for Difference (CfD) scheme is the government’s mechanism for supporting new British low-carbon electricity generation projects, such as offshore wind and solar projects.

Under CfD, generators are guaranteed a fixed, pre-agreed price for the electricity they provide over the term of the contract and sell their low-carbon energy into the market.

The scheme to-date has supported 26.1 gigawatts (GW) of low carbon projects, but the government said changes were needed “in face of the deployment challenges currently faced by the renewable energy industry”.

A potential reform of the scheme could see applicants also being rewarded for “non-price” factors, such as supply chain sustainability or addressing skills gaps and innovation, the department for business, energy and industrial strategy said in a statement.

This could help drive investment in the sector, expand the economy and boost Britain’s energy security, it added.

“Factors such as inflation, commodity price increases, and pressure from international competition mean that the UK will have to continue working hard to pull in the investment required to reach our Net Zero and energy security goals,” Adam Berman, deputy director for advocacy at Energy UK, an energy industry trade association, was quoted as saying in the government’s statement.

The government has set targets for big increases in wind power generation, for instance, as it seeks to meet a goal of net zero emissions by 2050 and become more independent of imported energy after supply disruption caused by Russia’s invasion of Ukraine.

Last month Britain set out more plans to boost energy security and tackle emissions, but critics said a lack of new investment and incentives meant it failed to provide any new boost for the country’s green energy sector.

Source : reuters

But G7 environment and energy ministers, meeting in Sapporo in northern Japan for climate and energy talks on Saturday and Sunday, could not reach agreement on a specific date to exit coal power, according to France’s energy transition minister.

Security, already tight around the event, was given greater immediacy after an explosion disrupted an outdoor speech by Prime Minister Fumio Kishida in the western part of the country.

The premier was unharmed and police subdued a man at the scene. Kishida’s foreign ministry said there would be no change to G7 security. The group’s foreign ministers are meeting from Sunday in the resort city of Karuizawa.

The G7 decided to endorse a goal to “drastically increase electricity generated by renewable energies,” the person with knowledge of the discussions told Reuters, asking not to be identified because the information is not public.

Ministers also appeared to be considering numerical targets for increasing solar power capacity to at least 1 terawatt and offshore wind power capacity to 150 gigawatts by 2030, the source said.

They could not come to agreement on a specific date to exit coal, although they agreed there should be no new coal-fired power plants, France’s Agnes Pannier-Runacher said.

The event has also put focus on the need to help emerging countries reduce emissions, including through financing

“We, the G7, need to not only reduce our own emissions but also take concrete actions to achieve emission reductions globally,” Japan’s Economy and Trade Minister Yasutoshi Nishimura said in his opening remarks, singling out countries in the “Global South”.

Nishimura said ministers would like to discuss ways to use finance to help reduce carbon in so-called “hard-to-abate” industries, which include chemicals, shipping and steel.

‘STRONGER LEADERSHIP’

The issue of emissions in emerging markets has long been a focus for developed countries. However, the world’s richest countries need to do more to help emerging nations reduce carbon, said Alden Meyer, a senior associate at E3G, a climate change think tank.

“There’s a responsibility for the G7 and other developed countries to provide finance and to mobilise private finance as well to help the decarbonisation of the developing countries,” Meyer told a briefing ahead of the start of the G7 meeting.

G7 countries must exert “much stronger leadership” in leveraging financial and technology resources to help developing countries reduce emissions, Meyer said.

“Smart” government regulation was needed to help make hydrogen and carbon capture technologies more attractive and viable, said Sultan Al Jaber, the United Arab Emirates minister of industry and advanced technology, told a closed session, according to his remarks seen by Reuters.

He said nuclear investment needed to be expanded.

Source : reuters

Ukraine aims to increase the share of renewable energy in its power generation to 50 per cent to boost energy security, the country’s Energy Minister Herman Galushchenko has said.

“We must strengthen the development of renewable energy sources and accelerate the energy transition. This is a matter of national security and the safety of electricity transmission,” Galushchenko was quoted as saying by the Energy Ministry’s press service, Xinhua news agency reported.

Shifting to green energy will allow decentralising electricity generation, reducing the vulnerability of the power system, and increasing the security of energy supplies, Galushchenko said.

From 2011 to 2021, the share of renewable energy sources in Ukraine’s power generation increased from 4 per cent to almost 14 per cent.

Ukraine’s Energy Strategy set the target to increase the share of renewables in the energy mix to 25 per cent by 2035.

Source: PTI

Argentina, Colombia, Egypt, Indonesia and Morocco could add 3500MW of wind energy capacity in the next five years, according to a new Global Wind Energy Council (GWEC) report.

The five developing countries could generate an extra US$12.5bn for their economies and create 130,000 FTE work-years, GWEC said.

“Capturing economic opportunities from wind power in developing economies”, produced in collaboration with BVG Associates, focuses on the five countries with significant untapped wind energy resource that could unlock rapid economic growth under green recovery measures.

This report demonstrates the impact accelerated deployment of wind projects can have and provides an insight into how countries can tackle common barriers of clear policy, transmission and grids and permitting frameworks to deliver real action, GWEC argued.

Ben Backwell, GWEC chief executive (pictured) said: “The energy transition is an opportunity for countries in every region in the world to rebuild and grow their economies on a foundation of clean energy, green jobs and secure power.

“This report sets out how making clear policy commitments, developing infrastructure and streamlining permitting rules will unlock renewable potential and large amounts of investment in these five countries.

“Pro-active policy-making and working in coordination with the industry and investors can deliver accelerated deployment of wind and renewable energy, which means new jobs, new high tech manufacturing, and accelerated growth for developing economies.

“The time for action is now, and countries must set out policies that match their climate and energy ambitions.

“This report sets out how policymakers can overcome common hurdles to take that action.”

Associate director at BVG Associates Mike Blanch added: “This analysis shows the considerable ongoing benefits arising from accelerating wind project deployment in Argentina, Colombia, Egypt, Indonesia, and Morocco.

“On offer is a pathway for greater economic growth while simultaneously improving energy security and resilience.”

Source: renews

Under the aegis of the National Monetization Pipeline of Govt. of India, NTPC Limited (“NTPC”) completed the closing of the transactions in relation to consolidating its Renewable Energy (“RE”) portfolio under one umbrella entity i.e., NTPC Green Energy Limited (“NGEL”), on February 28, 2023. This is a transfer of RE assets/ entities owned by NTPC to NGEL, its wholly-owned subsidiary, incorporated on April 07, 2022.

The transactions comprised of transfer of 15 RE Assets, through a Business Transfer Agreement (BTA), and the transfer of 100% equity shareholding of NTPC Renewable Energy Limited (“NREL”), a wholly-owned subsidiary of NTPC, through a Share Purchase Agreement (SPA), executed on July 08, 2022.

This scheme has been implemented as a part of the corporate business plan of the group to provide an impetus to its focus on achieving the 60 GW RE capacity target by FY32.

U-Solar is present in the entire solar photovoltaic (PV) renewable energy value chain: planning, design, construction, operation, and maintenance of rooftop and ground-mounted solar PV power plants. Founded as a one-man start-up company in 2010, U-Solar has grown rapidly and to date has completed over 100 solar projects with a capacity of more than 130 MWp. Recently, U-Solar has been awarded its first large-scale project and has been appointed as the concessionaire to design, build, and operate a 20 MW floating solar plant in Karnataka, India.

“U-Solar contributes to a cleaner energy mix at the level of India’s power grid, to affordable electricity supply and CO2 emission savings, and creates green jobs. U-Solar thus fits perfectly into our strategy of building infrastructure in a sustainable way in the markets that need it most. We are confident that with its strong management team, consisting of industry experts with extensive experience in implementing solar power projects in India, the company will achieve its growth objectives and we look forward to supporting them on their path”, said Prabaljit Sarkar, Investment Director Infrastructure, at BlueOrchard.

India is the country with the third largest energy consumption in the world.[1] The Indian government is committed to global climate goals and aims to ensure energy access for all. To achieve these goals, the government has established an energy policy framework to promote the growth of the renewable energy market across India.[2] In addition, India has a growing number of private companies that are voluntarily choosing to achieve net zero energy consumption by 2050.[3] In recent years, a growing consensus has emerged among them that one of the most promising ways to achieve this goal is to switch to renewable energy. U-Solar is looking to take advantage of this opportunity.

“The funding provided by BlueOrchard will finance the implementation of U-Solar’s commercial and industrial rooftop solar portfolio and contribute to the transition towards clean energy in India. We are working with marquee clients in the C&I space with whom our strategy is to grow their solar energy consumption towards the net-zero or RE100 goals. It is our strongly held belief that distributed energy is the first step every corporate should take in their clean energy journey. With the team’s proven track record and capabilities, we at U-Solar are confident of achieving 100 MWp of installations by 2027,” said K.R Harinarayan, Managing Director at U-Solar.

Archis Management Advisors LLP acted as lead financial advisor to U-Solar.

About U-Solar Clean Energy Solutions Pvt. Ltd.

U-Solar Clean Energy Solutions is a pioneering solar energy company in India, delivering comprehensive solar energy solutions for industrial, commercial and institutional customers. Established in 2010, U-Solar is committed to reducing dependence on fossil fuels and advocating the use of renewable energy sources. U-Solar has employed over a decade of expertise to install solar power plants for customers both domestically and abroad, using a combination of Capex and Opex models. U-Solar’s extensive services span from the conception and engineering stage to financing, project management and post-sales support, making the switch to solar energy effortless. U-Solar is able to provide their 50+ clients with solar rooftop and other energy services solutions through integrated strategic partnerships. Till date, U-Solar has successfully installed 170 MWp across 250+ projects in India and Nepal, and is committed to increasing installed solar capacity to 500 MWp by 2027. For additional information, please visit www.usolar.in

About BlueOrchard Finance Ltd

BlueOrchard is a leading global impact investment manager and member of the Schroders Group. As a pioneering impact investor, the firm is dedicated to generating lasting positive impact for communities and the environment, while aiming at providing attractive returns to investors. BlueOrchard was founded in 2001, by initiative of the UN, as the first commercial manager of microfinance debt investments worldwide. Today, the firm offers impact investment solutions across asset classes, connecting millions of entrepreneurs in emerging and frontier markets with investors with the aim to make impact investment solutions accessible to all and to advance the conscious use of capital. Being a professional investment manager and expert in innovative blended finance mandates, BlueOrchard has a sophisticated international investor base and is a trusted partner of leading global development finance institutions. To date, BlueOrchard has invested over USD 10bn across more than 105 countries. Over 260 million poor and vulnerable people in emerging and frontier markets received access to financial and related services with the support of BlueOrchard as of December 2022.

Source : blueorchard

The European Commission is preparing reforms to EU power market rules aimed at cushioning consumers’ bills from fossil fuel price spikes like those triggered last year by cuts to Russian gas supply and is expected to make a proposal on March 14.

“Government-set caps on energy prices or utility revenues impair free pricing models and create uncertainty,” said Frank van Doorn, head of Vattenfall’s wholesale trading arm, ahead of a press conference in Germany, where the company has a big presence.

“That is poison for investments in fossil-free technologies.”

Mainly northern European countries and companies have said the system’s revamp should be minor, while Spain and France want deeper reform.

The different stances are influenced by the political situation in countries where pressure from low-income households can be high and by countries’ individual power generation set-up.

The northern part of the EU bloc needs round-the-clock heating in its cold winters, while the south can already tap into high solar power capacities and France holds on to a unique nuclear-energy focus.

Vattenfall said price signals must remain intact and flexibilities on the demand side were big levers as they could respond better to the increasing intermittency of the market once shares of green power rise.

Power producers should have a choice whether to sell their output through Power Purchase Agreements (PPAs) or participate in state auctions for Contracts for Difference (CfDs), van Doorn said.

CfDs are long-term, fixed-price power contracts that aim to guarantee a revenue stream for renewable energy projects and offer consumers more predictable prices.

Source : reuters

The Berlin plant hit the production target three weeks ahead of a production schedule reviewed by Reuters.

Shares of Tesla were up 4% at $204.93 on Monday.

At its new weekly output, Tesla’s plant in Germany would have annual output of over 200,000 vehicles. The maximum capacity planned for the Brandenburg plant is 500,000 cars a year, nearing 10,000 per week, the company has said.

Output from the plant in Germany is now a third of the Model Y output in Shanghai, where Tesla planned to keep an average total output of 13,000 Model Ys per week – around 1,000 below maximum capacity – and a further 7,000 Model 3s in February and March, according to the production plan.

Tesla was planning to ramp up output from Brandenburg to 4,000 in the week of March 13 and to more than 5,000 by the end of June. It hit production of 2,000 units per week in October last year and 3,000 per week in December.

The Brandenburg plant started operations in March but was initially slow to get going. In a May interview, Musk described Tesla’s newest plants in Germany and Austin as “gigantic money furnaces” due to the challenges of increasing production.

The ramp up in output in Germany would allow Tesla to use a larger share of its Shanghai production for markets outside Europe, including Thailand, where it has just launched sales.

Tesla has also begun assembling batteries in Germany that will soon be used in vehicles produced at the plant, but said last week it would focus cell production in the U.S. in light of Inflation Reduction Act incentives.

The U.S. electric-vehicle maker is also preparing to produce cell components such as electrodes, some of which will be sent from its site in Gruenheide in the state of Brandenburg to the United States, Tesla said on Wednesday.

Tesla is due to update analysts on its strategy on Wednesday when the company has its investor day.

Source : reuters

“The UN (United Nations) has declared the decade 2021-2030 as the decade of “Ocean Science for Sustainable Development”,” said Girish Chandra Murmu.

During a seminar on the blue economy on Monday, the CAG of India said, “SDG 14 helps to focus attention on the priority area of the blue economy. However, the concept of the blue economy can be grounded in a more holistic perspective of other Sustainable Development Goals, such as SDG 13 — climate action, SDG 6 — clean water; SDG 7 — clean and renewable energy, etc.”

He added, “…which also highlight areas such as fresh water and riverine life and resources; the issue of marine pollution from oil spillage and fossil fuel dependent shipping and transportation modalities; biodiversity and marine agricultural resources etc.”

“The agenda of World Economic Forum Davos 2022 recognised the fact that G20 nations primarily have 45 per cent of global coastline and jurisdictional responsibility over 21 per cent of World’s Exclusive Economic Zone,” the CAG said, adding, “Therefore, eradicating poverty from the world would require realising the full potential of the Blue Economy in all countries, while ensuring a sustainable flow of resources.”

Source : ANI

IREDA is planning to establish an office in Gujarat’s GIFT City to finance Renewable Energy projects in foreign currency. The office at GIFT City, Gandhinagar, will be classified as an overseas office, allowing the IREDA to avoid foreign exchange hedging cost. Shri Pradip Kumar Das, Chairman & Managing Director (CMD), Indian Renewable Energy Development Agency (IREDA) informed this while speaking in a panel discussion on “Scaling up Clean Energy Investment in Emerging Economies” under the aegis of G20 events at the Ministry of New and Renewable Energy on 23rd February 2023.

He stressed the significance of the Green Taxonomy to raise the approximately Rs. 25 lakh crores fund for green energy projects by 2030. He suggested that Insurance and Superannuation funds can be mandated to invest 2% of their assets under management in Green Bonds to finance green energy projects.

Speaking of the IREDA’s phenomenal growth over the past three years, Shri Das remarked that we have concentrated on providing handholding approach to our stakeholders with every possible support in compliance with best Corporate Governance Standards. As a result of IREDA’s proactive approach of proper review and monitoring, the company has been able to lower its Net NPAs from 7.18% to 2.03% during the past three years. He emphasized that IREDA has been working to ensure highest standards of Corporate Governance by implementing the 3Cs principles of Conviction, Commitment, and Clarity. Shri Das said that IREDA has been a trend-setter to introduce unique financial products as per market requirements.

CMD, IREDA also highlighted that all the major multilateral and bilateral agencies such as World Bank, KfW, JICA and ADB, etc. preferred to channel their funds through IREDA for RE projects, demonstrating that IREDA is the top choice for RE funding. He requested these agencies to review their appraisal process in order to speed up financial support by reducing processing time and other bottlenecks. He concluded by saying that IREDA would continue to play a motherly role in the RE sector through financing.

Shri Dinesh Jagdale, Joint Secretary, MNRE and Mr, Tim Gould, Chief Energy Economist, International Energy Agency (IEA) and other senior officials from ADB, NTPC, SECI and CEEW also participated in the panel discussion.

Based on the discussion at REConIndia 2023, a white paper will be prepared on solar power challenges, roadmap to make green hydrogen viable, propelling wind energy and state of green financing in India, a statement said.

The conference was organised by Blue Circle on Friday, where experts, stakehoders and industry leaders deliberated on the key issues, challenges and opportunities in renewable energy in India.

Founder and CEO of Blue Circle Siddharth Anand said, “The industry estimates investment in excess of USD 20 billion in 2023”.

Power and New & Renewable Energy Minister R K Singh in December 2022 also pegged the investment in renewables at around USD 25 billion in 2023.

Anand also stated that the REConIndia 2023 brought together key decision-makers, thought leaders, and experts from across the industry, creating a platform for collaborative thinking and problem-solving.

Alexander Hogeveen Rutter, Private Sector Specialist, International Solar Alliance, said that with a significant portion of wasteland at its disposal, India has the potential to unlock enormous
opportunities by utilising it for setting up solar projects.

The development of floating solar fields is another area of exploration, which presents a unique advantage that the land beneath the panels can be used for farming by farmers who may have given up their land, Rutter added.

A strong framework for the development of solar projects on wasteland can help build a sustainable and self-reliant India, Rutter suggested.  disposable manufacturers are exploring the use of bio-degradable materials to reduce the environmental impact of their products, he added.

CEO, NTPC Renewables, Mohit Bhargava stated as India races towards its target of achieving 280 GW of solar energy by 2030, it is imperative to increase the production of solar power.

Given the significant dependence on China for solar modules, India needs to step up its efforts to establish a robust domestic solar module manufacturing ecosystem, he suggested. While the government’s PLI (production-linked incentive) scheme holds promise, it may take time to yield results. Therefore, a holistic approach towards increasing domestic production capacities and incentivising domestic manufacturing is critical to meet India’s renewable energy goals, he also suggested.

Pankaj Sindwani, Chief Business Officer, Tata Cleantech Capital, stressed on increasing efforts to attract global investment and compete more aggressively.

R P V Prasad, CEO-India, Envision Energy, said, as a renewable energy source, wind energy is expected to play a significant role in India’s energy mix in the coming years. It is projected that wind energy will contribute around 25 per cent of the total renewable energy production in India by 2030, he added.

REConIndia 2023 witnessed participation of more than 250 subject matter experts, policymakers, innovators, investors, and startup founders.

Source : pti

The United States’ laws that subsidised domestic green hydrogen production were “against basic principles of free markets,” Amitabh Kant, G-20 Sherpa, said at the World Sustainable Development Summit here on Wednesday, organised by The Energy Resources Institute (TERI).

“The (U.S.) Inflation Reduction Act and CHIPS Act are the most protectionist in the history of American legislation since World War 2. By giving a production subsidy of $3 per kg to (local companies to) produce green hydrogen, to bring down the current costs of $7/kg, instead of sourcing from friendly countries such as India, Australia and South Korea, means being unable to achieve the size and scale required to encourage green hydrogen production,” he said in his address.

The U.S. Acts were passed into law last year to encourage domestic production, particularly in the sectors of semiconductor manufacturing and renewable energy. It also commits funding towards these sectors.

More than technology, Mr. Kant underlined, which Indian entrepreneurs were anyway capable of procuring, it was long-term finance from multilateral banking institutions that was the need of the hour to encourage global, green growth. “You need long-term lending up to 25-30 years. The developed countries have not lived up to their commitment of $100 billion per year made at Copenhagen [United Nations climate conference]. These institutions are not designed to be financing for Sustainable Development Goals and climate finance. They are from the Bretton Woods era and must transform and become indirect financiers for a long period. You need both the Sherpa track and the finance track along with political and administrative will for such energy transformation,” he said in his address. Bretton Woods refers to a post-World War-2 consensus led by the United States and several Western European countries that aided reconstruction of the latter’s war-ravaged economies as well as setting up of the International Monetary Fund (IMF).

The need for international finance echoed in an address by Sultan Al Jaber, the president-designate of the forthcoming Conference of Parties (COP) in November. “Not just billions [of dollars], but we need trillions. We must unlock more concessional finance and we need reform of financial institutions and multilateral development banks. At COP-28, transforming food and water systems will be given same attention as transforming energy systems and at COP-28 [we] must conclude agreement on doubling adaptation finance,” said Mr. Jaber who is also Managing Director of the Abu Dhabi National Oil Company as well as Masdar, a renewable energy company based in Abu Dhabi.

Source : PTI

The Centre is aiming to increase the share of renewable energy to 60 per cent in the total power consumption of its major ports from a present share of less than 10 per cent, Union minister Sarbananda Sonowal said on Tuesday. The ports have also aimed to reduce carbon emissions per tonne of cargo handled by 30 per cent by the year 2030. ”The Maritime Vision Document-2030, released by the Prime Minister, is a 10-Year blueprint on India’s vision of a sustainable Maritime sector and vibrant blue economy,” the Ports, Shipping and Waterways Minister said.

The minister said that as envisioned in the National Hydrogen Mission, the Ministry of Ports, Shipping and Waterways has identified and nominated Paradip Port, Deendayal Port and V O Chidambaranar Port for developing them as hydrogen hubs, capable of handling, storage and generation of green hydrogen by the year 2030.

The Ministry for Ports, Shipping and Waterways has undertaken green port initiatives in the major ports so that their environmental performance can be improved. The green port initiatives include the acquisition of equipment for monitoring environmental pollution, acquisition of dust suppression systems, developing shore reception facility for wastes from ships and setting up projects for energy generation from renewable energy sources.

Source : pti

The rise in the adoption of renewables would help in reducing carbon emissions from the power sector.

After slowing slightly (by 2 per cent) last year amid the turmoil of the global energy crisis and extreme weather conditions in some regions, the growth in world electricity demand is expected to accelerate to an average of 3 per cent over the next three years, the IEA’s Electricity Market Report 2023 said.

India’s electricity consumption rose strongly in 2022, while China’s growth was subdued due to its zero-Covid policy.

“Emerging and developing economies in Asia are the driving forces behind this faster pace…,” said the report.

More than 70 per cent of the increase in global electricity demand is expected to come from China, India and Southeast Asia, it said, with a rider that considerable uncertainties remain over trends in China as its economy emerges from strict Covid restrictions.

“The good news is that renewables and nuclear power are growing quickly enough to meet almost all this additional appetite, suggesting we are close to a tipping point for power sector emissions,” said the agency’s executive director Fatih Birol.

Birol added governments the world over now need to enable low-emission sources to grow even faster and drive down emissions so that the world can ensure secure electricity supplies in line with climate goals.

The new IEA report also noted that electricity demand and supply worldwide are becoming increasingly weather dependent, with extreme conditions a recurring theme last year.

In addition to the drought in Europe, there were heatwaves in India, resulting in the country’s highest-ever peak in power demand. Similarly, central and eastern regions of China were hit by heatwaves and drought, which caused demand for air conditioning to surge. The United States also saw severe winter storms in December, triggering massive power outages.

Source : ANI