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US Solar Installations Hit Record High in Q1 2024
1 year ago•Source: Electrek.co
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3.58 min•1 year ago
IEA: Tripling Renewable Energy by 2030 is Achievable but Needs Clear Targets
The International Energy Agency (IEA) reports that global renewable energy capacity additions surged by 64% in 2023, with China leading the way. Despite this progress, only 14 out of 194 countries have set explicit 2030 renewable capacity targets in their Nationally Determined Contributions (NDCs) under the Paris Agreement. The IEA's analysis suggests that if countries include all existing policies and plans in their updated NDCs, they could achieve 70% of the goal to triple global renewable capacity by 2030. Key challenges remain, including project permit delays and inadequate grid infrastructure investment.
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"Renewable Energy Capacity Surges, World on Track to Triple Renewables by 2030"
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Solar Power Surge: US Residential Installations Break Records, Stocks Set for Comeback in 2024
Yahoo Finance•2 years ago
More Renewable Energy Stories
"Six Flags Magic Mountain Harnesses Solar Power to Energize Thousands of Homes"
Six Flags Magic Mountain in California is partnering with Solar Optimum and DSD Renewables to build the largest single-site commercial renewable energy project in the state. The project involves constructing a solar carport and energy storage system in the park's parking lots, which will offset 100% of the park's energy use and generate enough electricity to power 2,800 homes. In addition to the environmental benefits, the solar carport will provide shade for parked cars, increase the lifespan of the paint job, and mitigate heat retention. The project is expected to be completed in spring 2023 and serves as a blueprint for other businesses to adopt renewable energy solutions.
Indonesia's Massive Floating Solar Plants Power Thousands of Homes
Indonesian President Joko Widodo has inaugurated Southeast Asia's largest floating solar plant, located in the Cirata Reservoir in West Java Province. Covering an area of over 250 hectares, the plant is capable of generating enough renewable energy to power 50,000 homes. This achievement marks a significant milestone in Indonesia's efforts to expand its renewable energy capacity.
Rivian Transforms Kentucky Coal Mine into Massive Solar Farm, Combating Greenwashing
Rivian, BrightNight, and The Nature Conservancy are partnering to transform one of the largest coal mines in the US, Starfire Mine in Kentucky, into an 800 MW solar farm called the "BrightNight Starfire Renewable Energy Center." The $1 billion project will be the largest clean energy initiative in Kentucky and will generate enough electricity to power over 170,000 households annually. Additionally, BrightNight will construct a transmission line that will enable an additional 1 GW of renewable power generation in the region. Construction is set to begin in 2025, with Rivian committing to purchase 100 MW of renewable power from the project.
"US Treasury and IRS provide guidance to boost renewable energy investment and tax credits"
The US Treasury Department has issued new guidance that will enable the development of a range of renewable energy projects that previously had been too onerous from a tax perspective to tackle. The changes could pave the way for hundreds of billions of dollars worth of investment in the coming decade. The guidance around direct payments would allow tax-exempt organizations to put rooftop solar panels on schools, churches and temples. The bigger news is the guidance around transferability of tax credits, which could eliminate the need for complex and expensive tax equity deals.
Record-breaking surge in global renewable energy capacity driven by solar and wind.
The International Energy Agency (IEA) predicts that new installations of renewable energy capacity will surge to 440 GW this year, up by 107 GW YoY, with solar PV accounting for two-thirds of the increase. All major markets are set to see strong expansion due to the EU response to the energy crisis, new incentives in the US and India, and the continued surge in China’s renewable energy additions. Investment in solar power generation is set to eclipse investment in oil production in 2023 for the first time ever. However, the rapid expansion of renewables comes with a set of challenges that need to be overcome if current projections for the medium and long term and for a net-zero scenario are to be met.
Solar Power Surpasses Oil in Investment for the First Time.
Investment in solar power surpassed that in oil for the first time last year, according to the International Energy Agency. However, investment in fossil fuels is still double the maximum amount allowed to meet emissions reduction pledges. The gap between funding for clean energy and fossil fuels continues to grow, with $1.7 trillion invested in clean energy out of a total $2.8 trillion invested in the energy sector last year. The acceleration of clean-energy investment is good news for meeting climate targets, but planned oil and gas development must be scaled back significantly for this to continue.
Renewable Energy Investment Surpasses Oil Production by 2023.
Russia's war in Ukraine has led to a surge in investment in renewable energy as countries seek to secure their power supply. Investment in solar outpaced that in oil for the first time last year, according to the International Energy Agency. However, the world is still investing too much in fossil fuels, with investment in that sector currently double the maximum amount that would be allowed if nations are to meet their stated pledges to reduce emissions.
Revolutionizing Renewable Energy Through Photosynthesis Research.
Researchers at the Technical University of Munich have developed a yellow powder that mimics the properties of enzymes involved in photosynthesis, producing syngas using carbon dioxide, water and light. The energy yield from light is 36%, which is significantly higher than previous systems. The researchers are also working on a material that stores light energy as electric energy, which could be used to charge batteries. The team's success is proof of concept, but it is still a long way from commercial scale.
VP Harris champions clean energy with major solar power investment in Georgia.
The Biden administration has announced the largest community solar effort in US history, which will power 140,000 homes and businesses in Illinois, Maine, and Maryland. The deal was announced during Vice President Kamala Harris' visit to the Qcells solar panel factory in Georgia. The project will require the manufacturing of 2.5 million solar panels at Qcells' plant in Dalton, Georgia, and will be made possible by tax credits in the Inflation Reduction Act. Community solar projects allow people to tap into solar power generated at a shared site rather than on individual rooftops and are a way for renters and those without access to rooftop solar panels to receive the benefits of clean energy.