Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, April 25, 2018 06:20:15 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Green power to dominate the future

By
12th-Apr-2017       
Comments
Share your thought
Post a comment »
Read all () »

Françoise d'Estais, Angus McCrone and Ulf Moslener :
The price of renewable energy - especially solar power - continues to tumble, and the result is more green power generating capacity for fewer dollars.
That's the bottom line message from the latest figures on world investment in clean technologies.
In 2016, record levels of new renewable energy generating capacity were added worldwide even as investments fell 23 per cent from the year before.
The data are contained in the 11th annual Global Trends in Renewable Energy Investment, a product of UN Environment, the Frankfurt School-UNEP Collaborating Centre, and Bloomberg New Energy Finance.
Wind, solar, biomass and waste-to-energy, geothermal, small hydro and marine sources added 138.5 gigawatts to global power capacity in 2016, up almost 9 per centfrom the 127.5 gigawatts added the year before. The added generating capacity roughly equals that of the world's 16 largest existing power producing facilities combined.
The proportion of electricity coming from renewables (excluding large hydro) is now 11.3 per cent, a significant jump from 10.3 per cent in 2015. Thanks to green tech, humanity's emissions of carbon dioxide were an estimated 1.7 gigatonnes less than they might have been had the same power been produced from fossil fuels.
And these impressive additions to the world's generating capacity were made at a fraction of previous costs. Total investments of $241.6 billion (excluding large hydro), were down 23 per cent from 2015 and represented the lowest total dollar investment since 2013. As noted, this was partly the result of falling costs: the average dollar expenditure required to add a megawatt from solar photovoltaics and wind turbines dropped by over 10 per cent. The data also show public and private sector investors - who have invested a cumulative $2.5 trillion in renewables since 2004 - favor renewables over fossil fuels by a large margin. Investment in renewables capacity was roughly double the figure for fossil fuels; the corresponding new capacity from renewables excluding large hydro was equivalent to 55 per cent of all new power, the highest to date.
Solar and wind remain by far the most attractive renewable energy investment options.
New investment in solar totalled $113.7 billion, down 34 per cent from the record high in 2015. Solar capacity additions, however, rose to an all-time high of 75 gigawatts.
Wind made up $112.5 billion of investment globally, down 9 per cent; wind capacity additions fell to 54 gigawatts from the previous year's high of 63 gigawatts.
The smaller sectors had mixed fortunes in terms of new investment. Biofuels fell 37 per cent to $2.2 billion, the lowest for at least 13 years; biomass and waste held steady at $6.8 billion and small hydro at $3.5 billion. Geothermal rallied 17 per cent to $2.7 billion. Marine edged down 7 per cent to $194 million.
In addition to reduced technology costs, the fall in investment also reflected a slowdown in China, Japan and some emerging markets, for a variety of reasons.
Renewable energy investment in developing countries fell 30 per cent to $117 billion, while that in developed economies dropped 14 per cent to $125 billion. China saw investment drop 32 per cent to $78.3 billion, breaking an 11-year rising trend.
Mexico, Chile, Uruguay, South Africa and Morocco all saw falls of 60 per cent or more, due to slower than expected growth in electricity demand, and delays to auctions and financings. Jordan was one of the few new markets to buck the trend, investment there rising 148 per cent to $1.2 billion.
The US saw commitments slip 10 per cent to $46.4 billion, as developers took their time to build out projects to benefit from the five-year extension of the tax credit system. Japan slumped 56 per cent to $14.4 billion. Investment in renewables did not drop across the board, however. Europe enjoyed a 3 per cent increase to $59.8 billion, led by the UK ($24 billion) and Germany ($13.2 billion). Offshore wind ($25.9 billion) dominated Europe's investment, up 53 per cent thanks to mega-arrays such as the 1.2 gigawatt Hornsea project in the North Sea, estimated to cost $5.7 billion. China also invested $4.1 billion in offshore wind, its highest figure to date.
And in India, the Ramanathapuram solar complex, billed as the world's largest ever solar photovoltaicproject (648 megawatts), was constructed.
"The question always used to be 'will renewables ever be grid competitive?'," says Michael Liebreich, Chairman of the Advisory Board at BNEF. "Well, after the dramatic cost reductions of the past few years, unsubsidised wind and solar can provide the lowest cost new electrical power in an increasing number of countries, even in the developing world - sometimes by a factor of two." "It's a whole new world: even though investment is down, annual installations are still up; instead of having to subsidise renewables, now authorities may have to subsidise natural gas plants to help them provide grid reliability."
Recent figures from the International Energy Agency cited the switch to renewables as a main reason for greenhouse gas emissions staying flat in 2016, for the third year running, even though output in the global economy rose by 3.1 per cent. We need this trend to continue and accelerate. And this latest renewable energy investment trends report offers reason to hope that it will. In the words of Erik Solheim, Executive Director of UN Environment: "Ever-cheaper clean tech provides a real opportunity for investors to get more for less.
"This is exactly the kind of situation, where the needs of profit and people meet, that will drive the shift to a better world for all. "
(Françoise d'Estais is Head of the Finance Unit, Energy and Climate Branch, Economy Division, UN Environment, Angus McCrone is Chief Editor, Bloomberg New Energy Finance & Ulf Moslener is Research Director, Frankfurt School - UNEP Collaborating Centre).

Tariff
Add Rate

News Archive

Inside The New Nation

Football »

Members of Dhaka Abahani Limited during their practice session at the Abahani Ground on Tuesday.


Sports »

Senior Operative Director (Head of Games & Sports Department) of Walton Group FM Iqbal Bin Anwar Dawn (second from left) speaking at a press conference at the Club House in Army Golf Club on Tuesday.


Entertainment »

Sonam to quit Bollywood!


Sonam Kapoor's wedding has been one of the most talked about topics of discussion in the industry. A lot of speculations are being made about Sonam-Anand's wedding. Recent reports suggested that Sonam will be shifting to London post her wedding with Anand.These speculations even gave rise to rumours that Sonam ...

Editorial »

Police must not feel free to abuse police power against police discipline


A MOTORCYCLE was stolen from in front of a high police official's residence last week. Motorbikes are the easiest target for thieves. They either stealthily take away the bikes or stop the riders at night and snatch away their bikes. Sometimes, the bikers are knifed or beaten up. Last year, ...

International »

Dinner over, Trump, Macron get down to business


AFP :After a friendly dinner at a US landmark, US President Donald Trump and his French counterpart Emmanuel Macron were to get down to business Tuesday on divisive issues like the Iran nuclear accord and international trade.They were to meet face to face for half an hour, and then again ...

Editorial »

Justice delayed justice denied


FIVE years have elapsed after the Rana Plaza collapse in Savar which is known as deadliest garment-factory accident in history, as well as the deadliest structural failure in the modern human history. At least 1136 garment workers were killed on the spot and 1169 received severe injuries when the multi-storied ...

Cricket »

Shakib, Tamim to play for ICC World XI against West Indies


Bangladeshi all-rounder Shakib Al Hasan and top order batsman Tamim Iqbal have been included in the ICC World XI to play West Indies team in a one-off T20I match at Lord's on May 31.The match is being organised to raise fund for the reconstruction of stadiums that were damaged in ...

Sports »

(Left to right)) Uttam Mundy, CEO, PGTI; Arshi Haider, Chairman of bti; Siddikur Rahman, Professional Golfer; Asif Ibrahim, President, BPGA; Johnson Poh, Professional Golfer, Honey Baisoya, Professional Golfer unveiling the bti Open 2018 Trophy on Monday.


Entertainment »

Shilpa Shetty Kundra is Inspirational Celebrity of the Year


A successful wellness guru Shilpa Shetty Kundra is one of cinema’s most loved names. Her rise has nothing short of meteoric. This actress turned entrepreneur has to her credit successful yoga DVDs, a health and fitness channel is also a top-selling selling author of two books based on her mantra ...

Entertainment »

Richa Chadha’s new song look inspired by Parveen Babi’s Jawani Janeman


Actress Richa Chadha is considered to be the front-runner in Bollywood for experimenting with her looks and character in the films she does. Right from playing an old woman Nagma Khatoon in her first commercial success hit, Gangs of Wasseypur series to her soon to release film Daasdev, Richa has ...

City »

President Abdul Hamid receiving an annual audit report from a delegation led by Auditor and Comptroller General Masud Ahmed at Bangabhaban on Monday.


International »

Child rape case heightens India`s Hindu-Muslim divide


AFP, Jammu :The internet is being cut for hours on end in Jammu as authorities try to halt protests that have grown in the Kashmir winter capital since the rape-murder of an eight year old girl opened a new front in India's Hindu-Muslim divide.With near daily protests held across the ...

Editorial »

Govt must answer what happened to the force disappearances


MEMBERS of around 80 families joined a programme under the banner of "Mayer Daak", a platform of disappearance victims' family members, from across the country on April 21st, as per report of a local daily. Speaking at the event, supported by rights activists, family members slammed the state for denying ...

Entertainment »

Alia Bhatt spies on movie goers


Raazi trailer was launched recently. Last week, in partnership with FB & PVR, Alia spied on theatre audiences watching the trailer on the theatre screen and appeared on a two-way facebook LIVE in front of them and interacted with the audience as they could both see each other. This was ...

Football »

Neymar to be at peak of powers at World Cup: Ronaldinho


Xinhua, Rio De Janeiro :Brazil legend Ronaldinho has backed compatriot Neymar to make a full recovery from foot surgery in time for the World Cup in Russia.Neymar has been sidelined since suffering a cracked fifth metatarsal in his right foot while playing for Paris Saint-Germain in late February.He underwent surgery ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news