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Rapid Green Energy Transition by 2050 Could Save the World at Least $12 Trillion. "There is a pervasive misconception that switching to clean, green energy will be painful, costly, and mean sacrifices for us all—but that's just wrong," said Oxford professor and study co-author Doyne Farmer.Peer-reviewed research released Tuesday by a team at the University of Oxford reveals that transitioning to 100% clean energy within the next three decades could save not only lives and the planet but also $12 trillion. "Accelerating the transition to renewable energy is now the best bet not just for the planet, but for energy costs too." The study from the Oxford Martin Program on the Post-Carbon Transition, published in the journal Joule, comes as scientists continue to warn about the climate and health impacts of fossil fuels, and governments party to the Paris agreement prepare for COP27, a November summit in Egypt. "There is a pervasive misconception that switching to clean, green energy will be painful, costly, and mean sacrifices for us all—but that's just wrong," Oxford professor and study co-author Doyne Farmer said in a statement. "Renewable costs have been trending down for decades." "They are already cheaper than fossil fuels in many situations, and our research shows that they will become cheaper than fossil fuels across almost all applications in the years to come. And if we accelerate the transition, they will become cheaper faster," he explained. Farmer also highlighted that currently, "the world is facing a simultaneous inflation crisis, national security crisis, and climate crisis, all caused by our dependence on high cost, insecure, polluting, fossil fuels with volatile prices." "This study shows that ambitious policies to dramatically accelerate the transition to a clean energy future as quickly as possible are not only urgently needed for climate reasons, but can save the world trillions in future energy costs, giving us a cleaner, cheaper, more energy secure future," he said. https://www.commondreams.org/news/2022/09/13/rapid-green-energy-transition-2050-could-save-world-least-12-trillion?utm_source=daily_newsletter&utm_medium=Email&utm_campaign=daily_newsletter
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"There is no way to reach net zero without dramatic reductions in emissions from heavy industry, and G7 economies have both a responsibility and an opportunity to take a leadership role in driving that forward,” said IEA Executive Director Fatih Birol. “Emissions from heavy industry are among the most stubborn, making it essential that countries with significant financial and technological resources use them to scale up practical solutions in a coordinated way. This new report sets out realistic and actionable steps for G7 members that can provide a catalyst for the global progress that is urgently needed.” "To achieve our goal to limit the global temperature rise to 1.5 degrees, we have to decarbonise our industries. This decade is key to set the tracks to climate neutrality. Especially in sectors where emissions are high but hard-to-abate like steel and cement, we have to fundamentally shift production methods,” said Robert Habeck, Germany’s Federal Minister for Economic Affairs and Climate Action. “The IEA report Achieving Net Zero Heavy Industry Sectors in G7 Members shows us pathways and advances our understanding of the tools and definitions we need. It brings us a big step further to jointly create an international economic and political environment that incentivises investments in green and low carbon production facilities. We want the G7 to be a pioneer in this process.” Heavy industry is responsible for more than 15% of coal use and about 10% of oil and gas use in G7 members. This makes the net zero transition in heavy industry an important pillar for reducing the reliance on fossil fuels in the G7 in the wake of Russia’s invasion of Ukraine. However, many of the technologies for significantly reducing emissions from heavy industry are still at large prototype or demonstration stage...........https://www.iea.org/news/g7-members-can-lead-the-world-in-reducing-emissions-from-heavy-industry
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China is set to add at least 570 gigawatts (GW) of wind and solar power in the 14th five-year plan (FYP) period (2021–25), more than doubling its installed capacity in just five years, if targets announced by the central and provincial governments are realised. Our compilation and analysis of targets and projects announced by the central and provincial governments shows wind and solar capacity would reach more than 1,100GW by 2025, tripling the 360GW total installed in 2015 and doubling the 536GW at the end of 2020. The wind and solar plans emerging from recent policymaking are far ahead of the pace implied by China’s headline climate commitments. As a part of the country’s goal to peak its carbon dioxide (CO2) emissions before 2030 and achieve carbon neutrality before 2060, President Xi Jinping announced that China would increase its total installed capacity of wind and solar power to “over” 1,200GW by 2030 This target would have required maintaining the pace of 70GW per year of new capacity already achieved in the previous FYP period (2016-20). Installing the 570GW of wind and solar we identified would put China on track to meet the 1,200GW target in 2026, four years earlier than planned, our analysis shows. The acceleration is driven in large part by the so-called “clean energy bases” – unprecedentedly large-scale concentrations of wind and solar power. The National Development and Reform Commission (NDRC), China’s state economic planner, has published two lists of gigantic wind and solar clean energy bases – one last November and one in March this year. These bases will host about half of the wind and solar capacity to be connected to the grid by 2025, primarily located in China’s deserts and other barren land.
Along with other plans for clean energy expansion, the new wind and solar power could be enough to peak China’s fossil fuel consumption – and CO2 emissions – before 2025. https://www.carbonbrief.org/analysis-what-do-chinas-gigantic-wind-and-solar-bases-mean-for-its-climate-goals
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Windfarm installations are expected to double to record global levels this year, after a short-lived Covid-19 slowdown, according to the Global Wind Energy Council (GWEC). The group’s annual report found that the world’s offshore windfarm capacity grew by 6.1GW last year, down slightly from a record 6.24GW in 2019, but would rebound to more than 12GW in 2021 powered by an offshore wind boom in China. China led the world in new installations for the third year in a row with more than 3GW of offshore wind grid connected in 2020, and remains on track to surpass the UK as the world’s biggest offshore wind market by the end of the decade. The world’s second-largest economy connected more than 3GW of offshore wind to its electricity grid last year, almost half the global total, while installations in smaller Asian countries such as Taiwan and Vietnam stalled due to Covid-19 delays. GWEC has forecast a fresh record year for offshore wind growth in 2021 as China’s wind industry rushes to install 7.5GW before the expiry of government subsidies at the end of this year. The future of the industry’s growth is also expected to be powered by a record year for offshore wind financing, according to the report, after the $8bn investment in the world’s biggest offshore wind farm off the UK’s Yorkshire coast https://www.theguardian.com/
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Renewables 2021 is the IEA’s primary analysis on the sector, based on current policies and market developments. It forecasts the deployment of renewable energy technologies in electricity, transport and heat to 2026 while also exploring key challenges to the industry and identifying barriers to faster growth. Renewables are the backbone of any energy transition to achieve net zero. As the world increasingly shifts away from carbon emitting fossil fuels, understanding the current role renewables play in the decarbonisation of multiple sectors is key to ensuring a smooth pathway to net zero. While renewables continued to be deployed at a strong pace during the Covid-19 crisis, they face new opportunities and challenges. This year’s report frames current policy and market dynamics while placing the recent rise in energy and commodities prices in context. In addition to providing detailed market analysis and forecasts, Renewables 2021 also explores trends to watch including storage
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