Sustainable Clean Energy Milestones and Global Developments

1. New Milestone for Clean Energy

For the first time ever, zero-carbon sources have generated over 40% of global electricity, according to recent research by BloombergNEF. This significant achievement underscores the accelerating transition towards renewable energy. Here’s a closer look at the findings:

• Wind and Solar Dominance: Wind and solar power together contributed 14% of global electricity generation last year. This rapid growth is also reflected in the capacity additions, with nearly 91% of new power capacity coming from these sources, leaving only 6% for fossil fuels.

• Investment Surge: Renewable energy investments reached $313 billion in the first half of 2024, maintaining a steady pace compared to the same period in 2023. Sofia Maia from BloombergNEF noted the dramatic shift, stating, “There’s now no question this is the largest source of new power generation, wherever you go.”

• Ongoing Challenges: Despite the progress, the World Economic Forum’s 2024 report highlights ongoing challenges in the energy transition. It emphasizes the need for public-private collaboration, innovative solutions, and policy reforms to ensure balanced progress across different regions.

2. Britain’s Coal Phase-Out

Britain is poised to achieve a significant milestone in its decarbonization journey with the closure of its final coal-fired power plant at the end of September. This move marks a pivotal step towards a cleaner energy future:

• Historical Context: Coal once provided 80% of Britain’s electricity in 1990. By last year, this had dwindled to just 1%, with the current electricity mix comprising about one-third gas, one-third wind and solar, and the remainder from bioenergy and nuclear sources.

• Future Goals: The new Labour government aims to transform Britain into a “clean energy superpower” by 2030, significantly expanding wind and solar capacity and investing in carbon capture and storage technologies. By 2050, renewables are expected to account for 83% of the country’s electricity generation.

• Renewable Energy Projects: The government recently approved 131 new renewable energy projects, with a notable emphasis on offshore wind, signaling a robust commitment to expanding clean energy infrastructure.

3. Global Energy News Briefs

• AI and Oil Prices: Goldman Sachs predicts that advancements in artificial intelligence, which improve logistics and resource allocation, could impact oil prices over the next decade.

• Crude Oil Prices: Recent reports from Reuters indicate a sharp decline in benchmark crude oil prices due to concerns about a slowing global economy and reduced oil demand.

• China’s Coal Permits: Permits for new coal-fired power plants in China have plummeted by more than 80%, reflecting a significant policy shift towards cleaner energy sources.

• US Clean Energy Jobs: According to the US Energy Department, employment in the US clean energy sector grew at more than double the rate of overall job growth last year, underscoring the sector’s rapid expansion.

• Australia’s Grid Reliability: Australia’s electricity authority has assured that the power grid will remain reliable during the transition from coal to renewables, provided that timely investment in new generation sources like wind and solar is maintained.

These developments highlight a global shift towards cleaner energy, with significant strides in both policy and investment shaping the future of the energy landscape.