Since sanctions by the US and EU were lifted, Myanmar has enjoyed relatively strong economic growth. Its economy is slated to accelerate further, driven by a spike in private and public investment and aggressive consumer spending. However, for Myanmar’s economic ambitions to come to fruition, it must first solve its energy challenges – primarily, in meeting the demand for power.
After ten straight years of expansion, demand for solar power in the Asia Pacific is set to fall for the first time in 2018 before stabilising over the next five years as China and other large markets that have been driving growth begin to diminish their solar subsidies and move towards auctions from feed-in tariffs, or FIT.
NREL has evaluated the potential for floating solar across the US in a new study, notably highlighting its benefits on water reservoirs in arid regions as well as alongside hydroelectric facilities. The US may have claimed the first floating installation around a decade ago on an irrigation pond in California but few projects have materialised since.
Utility Hawaiian Electric says progress on renewable energy continued to help drive the transformation of the Hawaiian Electric companies in 2018. In the 10 years since the state’s Hawaii Clean Energy Initiative, they have reduced fossil fuel use by 26%, representing 48 million fewer gallons of imported oil per year to generate electricity.
Vietnam will likely face a power shortage if electricity generation is not increased and there is not enough fuel (coal and gas) for generation. It is forecast that the demand for electricity will continue to grow at a high level and insufficient power supply could lead to a heavier reliance on imported fuel, especially in power generation, while the higher demand would also place greater pressure on power infrastructure.
Across the globe, a clutch of companies from Oxford, England to Redwood City, Calif. are working to commercialize a new solar technology that could further boost the adoption of renewable energy generation. Earlier this year, a startup received $3 million from the U.K. government to develop the technology, which uses a new kind of material to make solar cells.
Credit Suisse predicts new solar capacity will top out at 80 GW this year but then rebound to 94 GW next year, thanks to a 2 GW leap in installations in China on this year’s figures, a similar rise in India and a whopping 6 GW advance in the U.S. The report’s authors foresee 152 GW of solar capacity being added in 2022 thanks to favorable policy, corporate demand and popular support.
The 2015 COP21 was a landmark moment in the fight against climate change, not just because against the odds, 195 nations had come together to pledge to limit temperature rises to no more than two degrees, but because of the ramifications it would have on sustainable investments. A new IFC report indicates Asian cities will pull in more than US$20 trillion in climate investments in six important sectors by 2030.