The International Renewable Energy Agency (IRENA) has called for a significant increase in the deployment of new wind and solar power plants by the end of the decade to meet the world's climate goals. Last year, renewable energy accounted for 83% of new power generation capacity, and by 2022, the proportion of renewable energy power generation installed capacity will reach 40%. To halve greenhouse gas emissions by 2030 and put the world on track to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), existing targets for renewable energy deployment would need to more than double. IRENA also estimates that more than $5 trillion is needed annually in public and private investment in renewable energy, including generation, electrification, transmission grids, and energy efficiency measures. It called for shifting current fossil fuel investments toward renewables and for greater financial help for developing countries struggling to finance alternatives to coal, oil and natural gas power plants.
By 2050, experts say, no more carbon dioxide and other polluting emissions should be released into the atmosphere than can be captured through natural or artificial means. IRENA Director General Francesco La Camera estimates that public and private investment in renewable energy needs more than $5 trillion per year, including generation, electrification, transmission grids and energy efficiency measures. He also called for a shift from current fossil fuel investments to renewable energy and more financial help for developing countries.
A record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027, but policymakers need to ensure that supply chain bottlenecks do not slow growth to avoid missing climate targets. The Global Wind Energy Council (GWEC) reports that policies have laid the groundwork for accelerated deployment of onshore and offshore wind power, with the industry expected to install 136 GW per year by 2027. Total global installed capacity rose to 907 GW last year, an increase of 78 GW from 2021. However, only 68 percent capacity is needed to help limit the increase in global average temperature to 1.5 degrees Celsius. With expected shortages of key components such as blades and generators in the second half of this century, Europe and the US risk supply chain shortages, especially if they implement policies to centralize production and manufacturing at home.
German utility EnBW has made a firm commitment to build its 2.4 billion euro ($2.6 billion) He Dreiht offshore wind farm, attracting financial help from a consortium of investors. The project, with an installed capacity of 960 MW, is expected to be operational by 2025 and will provide electricity to 1.1 million households. To spread the huge costs, EnBW has sold a 49.9 percent stake in the project to a consortium of Allianz Capital Partners, Danish investor AIP Management and Norges Bank, which will each hold a 16.6 percent stake. EnBW has also secured €600 million in long-term funding from the European Investment Bank and has signed power purchase agreements with Fraport, Evonik, Salzgitter AG and Bosch.
The New Delhi City Council (NDMC) on Wednesday approved a proposal to procure renewable non-solar power through government corporations to meet a nearly 200 MW shortfall until March. The contract may be extended for a year later to promote the use of green energy. NDMC will also consult the Central Road Institute on the relay of 12 roads and the strengthening and expansion of the high and low voltage networks in the Lodhi Colony area. The committee also approved the work of the new NDMC Smart City Ltd in relation to four projects in different sectors, including installation of Availability Based Tariff (ABT) meter Rs 1.18 crore, smart pedestrian light project Rs 286 crore, smart control LED lamp replacement Rs 4.25 crore and informative roadside panels project at a cost of Rs 103.8 crore.
Japan's largest utility JERA has agreed to buy Belgium-based Parkwind offshore wind energy producer for 1.55 billion euros ($1.7 billion). JERA, a joint venture between Tokyo Electric Power Company Holdings and Chubu Electric, joins Parkwind's four offshore wind farms in Belgium to JERA's offshore wind investments in Taiwan and the UK. Virya Energy, which agreed to sell Parkwind to JERA, will study the possibility of buying a minority stake in Parkwind's Belgian wind farm. The deal is due to close later this year, pending approval. JERA has also decided to sell its 44% stake in the Formosa 3 project on Taiwan's central western coast, while retaining its exposure to the Formosa 1 and 2 projects.
Arunachal Pradesh governor Lieutenant General KT Parnaik has proposed joint ventures between France and the state in tourism, clean and renewable energy. He also shared that the state has the second largest forest cover in India and has great potential in hydropower and tourism. During the meeting, the governors discussed higher education, development projects and cultural exchange programs. He also advises students and university staff to communicate. Talpaine expressed hope that India and France will have stronger relations in the future.