Is replacing coal with renewables too expensive? No, it’s the opposite, explain Tobias Adrian at the International Monetary Fund, Patrick Bolton at Imperial College London and Alissa Kleinnijenhuis at the Oxford Martin School who summarise their paper. When the social benefits are added, the net gain globally is around $78tn under a conservative estimate. That’s equal to 1.2% of current world GDP every year until 2100 – these are real economic … [Read more...]
Is a Carbon Tax the best way to decarbonise the Grid?
Severin Borenstein at the Energy Institute at Haas and Ryan Kellogg at the University of Chicago question whether carbon pricing is the best way to decarbonise the electricity grid. The authors did an empirical analysis of all of the fossil plants in the US. It shows that a CES (clean electricity standard) or zero-emissions subsidies would close down fossil plants in almost the same order as a carbon tax. So using alternative policy tools can … [Read more...]
Carbon Capture is a risky decarbonisation pathway: 13 flagship projects reviewed
The debate around the effectiveness of carbon capture (you can register now for our CCUS session on Wednesday at 10.45 - Editor) has led to polarising views. Although the first implementations began 50 years ago, serious efforts to capture large volumes cost-effectively are in their infancy and unproven at scale. Is it, given time and support, a solution to excess emissions worldwide? Or is it a distraction that will allow fossils to be used yet … [Read more...]
As spot market electricity prices break all records, what is the prediction for winter?
Spot market prices for electricity have been breaking all records, as European leaders and their ministers intensify their discussions on how to deal with the crisis. Simon Göss at cr.hub, writing for Energy Brainpool, starts by explaining how the markets work, noting that price rises are indeed being driven by fossil prices and not CO2 certificates. Göss looks at how prices have climbed in Germany, France, the Baltics and Spain, and how the … [Read more...]
Can China’s 14th 5-year-plan for Renewable Energy deliver an early emissions peak before 2030?
At the beginning of June China released its 14th five-year plan (FYP) for renewable energy for the five years 2021-2025. Hu Min at Innovative Green Development Program, writing for Carbon Brief, reviews the plan’s targets and actions, and its implications. Unchanged from the 13th FYP, 25% of China’s energy will come from non-fossil sources by 2030. But the 14th FYP says at least half of the increase in electricity demand will be covered by … [Read more...]
A role for Coal? Low-cost, negative emissions Blue Hydrogen from “MAWGS” Coal/Biomass co-gasification
Schalk Cloete summarises his co-authored study that explains how to make hydrogen at unbeatably low prices from coal/biomass co-gasification. Though the “blue” hydrogen process creates CO2, the self-contained plant using a membrane-assisted water-gas shift (MAWGS) reactor means 100% is captured easily. Better still, the use of biomass means the plant achieves negative emissions. The overall efficiency of the process is a very impressive 69%. The … [Read more...]
Deep Geothermal: accessing 500°C for steam turbines. Can it make coal, gas, nuclear redundant?
The concept of “deep geothermal” is very simple. Dig deep enough, like 20km, to access a permanent reservoir of 500°C of heat. There, you generate the steam to power your turbines. The digging of a stable hole and getting the steam to the turbine is the big engineering challenge. But if you find a way that allows you to do it anywhere in the world (i.e. not limiting yourself to existing geological formations), nobody will ever need other … [Read more...]
Record global clean energy spending, but it’s still not enough and costs are rising
Since 2020, clean energy investment has grown by 12% per year – it was only 2%/year during the five years after the 2015 Paris Agreement. That boost is the main reason why total global energy investment is set to reach $2.4tn in 2022, according to the latest “World Energy Investment” report from the IEA. It’s very good news that spending on solar PV, batteries and EVs is now growing at rates consistent with reaching global net zero emissions by … [Read more...]
Russia-Ukraine: modelling the consequences for the European electricity market to 2050
Alex Schmitt, Christoph Kellermann, Calvin Triems and Huangluolun Zhou at Energy Brainpool have used their modelling tools to update their predictions of how the European electricity market will develop over the next 30 years, given a target of 99% emission-free generation in 2050. Projections are made on generation (mix and volumes) and price. The big change from their last predictions is the Russia-Ukraine war and Europe’s determination to ramp … [Read more...]
How the U.S. can meet its target of halving emissions by 2030
Writing for Carbon Brief, John Bistline at the Electric Power Research Institute summarises his co-authored paper “Actions for reducing US emissions at least 50% by 2030”, the target set by the Biden administration. The paper provides detailed projections and actionable insights about the policies and technology deployment needed to achieve this near-term climate goal. Roughly 70-90% of emissions reductions by 2030 must come from the power and … [Read more...]
Will China’s gigantic wind and solar “bases” mean targets met four years early?
China will have doubled its 2020 installed wind and solar capacity by 2025, exceeding 1,100GW, according to government plans. That’s four years sooner than required to meet their target of peak CO2 emissions by 2030 and carbon neutrality before 2060. Writing for Carbon Brief, Lauri Myllyvirta and Xing Zhang at CREA explain that the main driver is the creation of “clean energy bases”: large-scale concentrations of wind and solar power on deserts … [Read more...]
China’s impressive growth in Renewables and Transmission now needs Market innovation
***REGISTER NOW for CHINA: Carbon Neutral by 2060 - INNOVATION*** - China has the world’s largest power plant fleet for both coal and renewables. Together they make up most of the total power capacity of over 2,200 GW... STOP PRESS: China's Transition is the biggest single opportunity for managing climate change and also for those businesses who are ready with the innovations that will ensure the best possible outomes in an incredibly … [Read more...]
Pathway for 100% Renewables in 24 U.S. states by 2035
We should not be surprised to see a growing number of 100% renewables roadmaps, with target dates in the 2030s, from nations as the transition gains pace. This study, “On the Road to 100 Percent Renewables” led by The Union of Concerned Scientists (UCS), details how the 24 states that make up the members of the U.S. Climate Alliance (USCA) can meet all of their electricity needs with renewable energy by 2035. Paula Garcia at UCS summarises the … [Read more...]
Europe must simultaneously replace Russia’s fossil exports and accelerate its clean energy deployment
The Ukraine crisis has had an immediate impact on Europe’s strategy for energy supply security. And this week’s sudden halting of gas supplies by Russia to Poland and Bulgaria only emphasises the urgency. Dolf Gielen, Ricardo Gorini, Luis Janeiro and Seán Collins at IRENA look at the best options, basing their findings on their latest “World Energy Transitions Outlook”, published in March, that lays out a routemap for the next eight years for … [Read more...]
Post-war Ukraine needs energy independence, decarbonisation and EU cooperation
Energy independence is a choice for some countries. For Ukraine it is a life-or-death necessity, says Andriy Konechenkov, VP of the World Wind Energy Association and Chairman of the Ukrainian Wind Energy Association, in this op-ed. The Russian invasion has exposed the vulnerability of Ukraine’s current energy system. Many of its fossil-fuelled power plants are near the Russian border, exposing them to disruption by the invading neighbour. The … [Read more...]
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