Global governments could divert massive amounts of public funds from cancelled, large-scale power generation projects, such as nuclear, towards solar and other renewables to deliver consumers more value for money.
Aided by falling production costs and policies encouraging a shift to green energy, renewables’ share of the global energy mix could soar from 5% in 2018 to almost 60% by 2050, BP has said in its latest energy outlook.
Solar parks with a total capacity of 2.3GW will be developed in Greece as part of a €5 billion (US$5.94 billion) roadmap to support the phase-out of coal generation by 2028.
NTPC, India’s largest power company, is aiming to add more than 5GW of new solar capacity in the next two years as it builds its renewables presence overseas thanks to a collaboration with the International Solar Alliance (ISA).
Solar will dominate the power generation alongside wind in the coming decades as electrification rapidly escalates, but the energy transition is occurring “nowhere near fast enough” to deliver change compliant with the Paris Agreement.
Solar and wind power represent a US$1 trillion investment opportunity in Asia Pacific this decade, equivalent to two-thirds of the region’s power generation sector, as countries move away from fossil fuel generation in favour of greener alternatives.
Enel Green Power has completed the 245MW second phase of the Roadrunner solar plant, which now increased its capacity to 497MW to become the largest PV facility in Texas.
Solar and wind generated a record 9.8% of global electricity during the first six months of 2020, but further gains are needed if Paris Agreement targets are to be met, a new report has said.
San Antonio, Texas-based utility CPS Energy is advancing efforts to diversify its generation portfolio as it plans to add up to 900MW of solar, 50MW of battery storage and 500MW of new technology solutions.
