A new report released by the Ocean Renewable Energy Action Coalition (OREAC) highlights the five fundamental building blocks to expand the global offshore wind energy market. The blocks highlighted in the Power of Our Ocean include: stable policies, pipeline visibility, resourced institutions, a supportive and engaged public, and a competitive environment. The report states that up to 1,400GW of offshore wind energy capacity is achievable by 2050 if governments accelerate their commitments to renewables. OREAC is calling on governments to ramp up their offshore renewable energy ambition to achieve the coalition’s vision of 1,400 GW of offshore wind by 2050. The report has been published as a guiding document for countries to accelerate offshore wind development and reap the socioeconomic, environmental and health benefits it can offer.
Vietnam Electricity (EVN) signed various Memorandums of Understanding (MoU) on Sunday with investors of power projects in Laos to develop and purchase electricity from the neighbouring country. The signing of the deals took place during the 43rd meeting of the Vietnam-Laos Inter-Governmental Committee on bilateral cooperation. In the deals with Phongsubthavy Group, EVN will cooperate to develop 84 MW Nam Yeuang hydropower project, which will sell electricity to Viet Nam from 2024-2025, and develop 300 MW Nam Phan coal-fired thermal power plant, which is expected to export power to Viet Nam from 2025. Besides, EVN will work with Kong Sup Hydro Development of Nam Neun 1 and Nam Neun 3 to develop 124 MW Nam Neun 1 hydropower plant, which will sell power to Viet Nam from 2024-2025.
Rising demand for green projects in investor portfolios is "broadening the geographic base" of the solar market, with 36 nations set to install more than 1GW of solar by 2029. That is according to the latest report from Fitch Solutions, which forecasts that countries such as Vietnam, Saudi Arabia and Zambia are all set to rapidly growing their operational solar capacities in the coming years. The consultancy estimates that 36 countries will have each added an additional 1GW of solar capacity by 2029, while 70 will add at least 700MW to the global landscape. A total of 49 markets are expected to at least double their capacity to generate solar power within the next decade, with markets such as Saudi Arabia, Zimbabwe and Zambia predicted to see the fastest growth. This, the report said, will come as a result of more favourable energy policies, falling solar component costs, better access to resources and rising interest from investors.
The levelised cost of electricity (LCoE) for renewables is expected to be cheaper than coal across the Asia Pacific by 2030, according to analysis by Wood Mackenzie. Across the region, new investments in renewables power are expected to be 23% lower cost than coal power on average by the end of the decade, the research found. Solar-plus-storage projects expected to be competitive with natural gas by 2026. Today renewable power costs about 16% more on average compared to coal power but has been at a discount to gas-fired power since 2019. Wood Mackenzie senior analyst Rishab Shrestha said: “Today, India and Australia are the only markets in Asia Pacific with LCoE for renewables cheaper than new-build coal. “However, by the end of the decade, we can expect almost all markets in the region to have renewable power at a discount compared to the lowest cost fossil fuel. The stage is set for rapid growth of subsidy-free renewables in Asia Pacific.”
Going green could bring up to US$1 trillion in annual economic benefits to Southeast Asian economies by 2030, a report by global management consulting firm Bain and Company said last Thursday (Nov 26). Greater investments in renewable energy, reduced consumption and better waste management, less damaging crop-growing practices and improved urban planning are among the areas that could bring new growth opportunities for economies and greater efficiencies and savings, the authors say. But change needs to happen quickly as climate change risks grow along with rising threats to the environment and human health from deforestation, air pollution and growing mountains of rubbish, particularly plastic waste.
The Philippines was cited as a regional leader in sustainable finance thanks to the combined efforts of the government, banks, and businesses, according to a report issued by the international non-profit Climate Bonds Initiative (CBI). “The Philippines is a leader in green finance in ASEAN. (It) has been increasingly exploring the use of green debt as well as equity instruments and has been expanding credit enhancement mechanisms and risk sharing options,” according to the Green Infrastructure Investment Opportunities (GIIO) Report 2020. It cited Philippine initiatives in green bonds, green loans, and funds for green infrastructure and renewable energy, among others. The report said the Philippine government helped develop “national and regional policies for facilitating further growth in green finance.”
Earlier this month as the US presidential election results finally looked settled, the Energy Storage Association and its CEO Kelly Speakes-Backman welcomed the prospect of working with Joe Biden and his incoming administration. In a brief statement sent to media including Energy-Storage.news, Kelly Speakes-Backman said that Biden’s election was in part a mandate to act on climate and that ESA expected to see “strong support from the new Administration” towards decarbonisation in both electricity and in electric transport. Furthering those aims will necessarily drive the deployment of energy storage on an upward trajectory. With the US already smashing its own records for installations in pretty much every successive quarter, and the industry doing its best to power through the overall economic downturn caused by COVID-19, Speakes-Backman is now more confident than ever that ESA’s goal of 100GW by 2030 is an achievable one.
Electric Vehicles (EVs), including hybrid electric cars, can drastically reduce carbon emissions released into the environment. Compared to conventional cars that release unhealthy amounts of carbon dioxide, carbon monoxide and nitrogen oxide into the environment, battery-electric cars effectively produce zero-emissions from their tailpipes. Bloomberg Energy Finance predicts that 54 percent of new cars sold in 2040 will be EVs, accounting for 33 percent of the global car fleet by then. A study commissioned by Nissan in 2018 found that a third of Southeast Asian consumers are open to buying an EV. The study titled, ‘Future of Electric Vehicles in Southeast Asia’, found that while EV sales in ASEAN member states is generally weak – consumers in the Philippines, Thailand and Indonesia were the most enthusiastic about the future of EVs. Proper policies and incentives will go a long way in getting more Southeast Asians to drive EVs.