The World Bank has approved funding for a US$497 million renewable energy project in South Africa that will see 150MW of solar and 70MW of wind capacity installed in place of the coal-fired Komati power plant.
Last week, the Australian federal government proposed legislation that will lock-in Australia’s commitment to achieve net zero by 2050 as well as providing greater oversight and accountability over progress on climate change in a sharp departure from the previous administration.
Major capacity additions in Asia’s non-hydropower renewables sector will facilitate the region's ability to supply electricity amid rising power consumption needs, which look set to outpace all other regions as economies continue to expand after the easing of COVID-19 restrictions, according to a Fitch Solutions’ report.
The Philippines looks set to significantly ramp up its solar deployment, according to Fitch Solutions, which has revised up its forecasts for the country’s non-hydro renewables sector in line with a rapidly-expanding project pipeline and growing regulatory support.
Solar power generation in the US rose by 25.23% in 2021, making it the country’s fastest-growing source of electricity, while renewables accounted for 21.02% of all electricity and look set to surpass coal in terms of total production in 2022.