Believe this! 100% Renewable Energy is a Realistic Global Target
Believe this! 100% Renewable Energy is a Realistic Global Target
As the latest study by Greenpeace shows, 100% renewable energy is a realistic aim for the world, as Hawaii shows what is possible, and not only for one island state. Sindacatum’s Assaad Razzouk writes that as solar power costs just keep on falling, it’s already providing the lowest cost electricity across much of the world. With $7 trillion of investment piling into the sector, the momentum is now unstoppable. Expect to see and hear more about the renewable energy revolution at this year’s Singapore International Energy Week 27-30 October. Read More
100% Renewable Energy for all
Berlin, 21 September 2015 – The investment necessary to move toward 100% renewable energy by 2050 would be more than covered by future savings in fuel costs, according to a ground-breaking new report from Greenpeace, researched in collaboration with the German Aerospace Centre (DLR).
For the Greenpeace report on 100% renewables go to this link: http://www.greenpeace.org/international/en/press/releases/100-Renewable-Energy-for-All1/
Singapore International Energy Week 2015 to commemorate Singapore’s energy achievements
This year’s Singapore International Energy Week (SIEW) 2015 will feature two unique events to commemorate the nation’s 50th anniversary: the Singapore Energy Story exhibition and the SG50 Golden Jubilee reception.
The Singapore Energy Story exhibition will bring to life the critical role that energy has played in powering Singapore’s growth. Through interactive exhibits, viewers will learn about Singapore’s key energy milestones, the individuals behind them, and the steps ahead to ensure a sustainable energy future for Singapore. This exhibition will be open to the public from 27-30 October 2015 at the Sands Expo and Convention Centre during SIEW. Post-SIEW, the exhibition will be displayed at the ARTrium of the Ministry of Communications and Information at Hill Street, from 23 November to 17 December 2015. Members of the public are encouraged to view the exhibition to learn more about Singapore’s energy story. Admission is free.
To celebrate Singapore’s 50th anniversary, SIEW will host the SG50 Golden Jubilee reception at the ArtScience Museum, Marina Bay Sands on 26 October 2015 which will be graced by Mr S. Iswaran, Minister, Prime Minister’s Office and Second Minister for Home Affairs and Second Minister for Trade and Industry. Invited guests will have the opportunity to enjoy local cuisine and entertainment in this special networking event aimed at “Celebrating SG50 – Where the Energy World Meets”.
The Singapore Energy Summit will feature a new panel with speakers Charif Souki, Chairman and CEO Cheniere Energy, and Peter Coleman, Managing Director and CEO Woodside Energy sharing their perspectives on “Gas and Its Role in the Next Energy Transition”. Other top energy leaders speaking at the Singapore Energy Summit this year include Datuk Wan Zulkiflee bin Wan Ariffin, President and Group CEO of Petronas, Jin-Yong Cai, Executive Vice President and CEO of International Finance Corporation, and Aaron A. Domingo, Executive Vice President & COO of Meralco.
Source: www.siew.sg
The $7 trillion solar tsunami in our midst
Assaad W Razzouk report (31st July 2015)
Never mind government inaction (or worse) on climate change, writes Assaad W Razzouk. Solar power costs just keep on falling, and it’s already providing the lowest cost electricity across much of the world. With $7 trillion of investment piling into the sector, the momentum is now unstoppable.
Up to $7 trillion through 2030 is available to back renewable energy projects, with possibly up to half flowing into emerging markets. That’s the kind of climate action that actually produces results.
While world leaders have been talking a lot but doing little in the run-up to the UN climate conference in December, the private sector has been forcefully tackling climate change.
A solar tsunami is sweeping across the globe and politicians would do well to recognise its importance and help it along.
Falling costs and financial market innovations are making solar the preferred power option in many countries – and the tsunami is only getting started.
Solar energy is already the cheapest form of electricity in many countries – well on its way to becoming the absolute cheapest everywhere by 2025.
In many countries endowed with sun, the cost of solar power generation is already below 5 cents per kilowatt – a level competitive with any power generation source, including coal and gas. In a leading solar country like Germany, costs have declined with as much as 40% over the last three years.
And that’s before battery storage systems – which will transform the utility of solar power systems by storing the electricity for use when the sun’s not shining – become ubiquitous and cheap, as they appear set to do over the next three to five years.
Globally, solar costs are decreasing, and will continue to, irrespective of conditions in any particular country. Since 2008, the price of solar photovoltaic (panels) has fallen by a record 80% and is expected to continue even without any technological breakthroughs.
Increased adoption rates also mean that most scenarios out there fundamentally underestimate how fast clean energy can – and will – take over our energy systems. Last year’s record amount of solar power added to the world’s grids means that the cumulative capacity now is one hundred times higher than it was in 2000. For the first time ever, Europe is even producing more power from renewables than from nuclear.
The solar tsunami is rolling on unstoppably because of falling costs, helped along by new financial instruments and backed by potentially trillions of dollars.
Trillions of dollars in renewable financing
Financial innovation is playing a critical role in driving the solar tsunami forward. New financial instruments include green bonds and publicly-listed companies that invest in renewable energy assets with a stable and growing cash flow, which is distributed as dividends to shareholders. These help ensure that the ongoing clean energy revolution will be backed by massive financial strength.
Because investors are willing to pay a premium for the predictable and growing dividend that the new financial instruments provide, renewables are acquire a cost of capital previously only available to fossil fuel projects – allowing the industry to operate on a par with Big Oil and Big Gas at least in terms of its cost of money. More than $40 billion has already been mobilized for renewables projects this year and we are on course to reach $100 billion by the end of the year.
Up to $7 trillion (yes, trillion) in capital through 2030 is available to back renewable energy projects, with possibly up to half flowing into emerging markets. That’s the kind of climate action that actually produces results.
Forcefully backing the private sector’s efforts in building out dominant clean energy systems worldwide – and innovating to do more, faster – is our best bet to counter the coming climate change catastrophe. This is also where governments should focus their efforts.
What governments should do
Given the solar tsunami, what should governments aim for at the UN Climate Talks in Paris at the end of this year?
We can’t stop them doing what they do: Cobbling together a sort of agreement to sort of set emission reduction targets for countries that sort of would like to participate. But to move the needle, they need to acknowledge and back the on-going solar (and clean energy) tsunami.
First, this means supporting capital markets innovations by directing multi-lateral institutions (such the International Finance Corporation, the Asian Development Bank and others), development banks (such the U.S.’s Overseas Private Investment Corporation or Germany’s KfW) and other similar entities to back emerging new financial instruments as a priority; and to roll-out similar instruments in developing countries such as India, China and Brazil.
Second, they should continue to push for carbon pricing to be introduced in as many countries as possible, while working towards the removal of all fossil fuel subsidies.
Astoundingly, there continues to be constant claims that clean energy is “too expensive”, conveniently forgetting that society subsidizes fossil fuels to the extent of $5.3 trillion each year: dirty energy only seems cheap if you don’t account for all the destruction it causes.
Third, they should cut the double-talk. The G7, the G20 and the OECD continue to make clear commitments to fight climate change while sending billions of dollars to support fossil fuels use each year.
This export support, aid and general finance extended towards fossil fuels perpetuates their use, exacerbates climate change and encourages the financial markets to avoid putting a risk premium on the cost of capital of oil, gas and coal companies commensurate with the true cost of their activities to human health, the environment and society.
Solar roaring ahead
Thanks to falling costs and financial innovations, the solar tsunami will roar ahead today and over the coming years with or without government support.
But politicians can help the speed at which the tsunami advances by supporting capital market innovations on a global level and optimising market conditions by introducing carbon pricing, cutting fossil fuel subsidies and re-directing aid from fossil fuel projects to renewables.
This will not only help the climate, but also benefit the politicians themselves. Only by recognising the true extent of the private sector’s solar tsunami will governments become relevant again in the fight against climate change. Regrettably, they aren’t today.
Assaad Razzouk is the CEO and co-founder of Sindicatum Sustainable Resources, a clean energy company based in Singapore, and an expert in climate and clean energy policy and markets. Twitter: @AssaadRazzouk
Hawaii turns its back on LNG as it pursues 100% renewable energy
By Scott Cooney on 25 August 2015
CleanTechnica
The Asia Pacific Resilience Summit kicked off this morning, an event that showcases clean tech solutions for island grids, communities, and military applications across the Pacific. The opening keynote speaker, Governor David Ige, wasted no time in making major headlines, stating, for the first time publicly, a strong opposition to proposed LNG projects.
Ige led off the session describing the state’s position as a leader in clean tech. He said that the state is moving firmly in the direction of its Renewable Portfolio Standard mandate of 100% by 2045, the most aggressive RPS in the nation. Ige expressed general support of moving the state toward a clean tech future, but most interestingly, he addressed the import of LNG head on.
For a little backstory, Hawaii has been considering importing LNG as a “bridge” or “transitional” fuel to help us reduce our dependence on imported oil (right now, 75% or more of Hawaii’s electricity is produced by diesel generators). Ige pointed out that when the talk of LNG first started, proponents pointed out many potential benefits (reduced costs of fuel and less emissions than diesel, American made fuels, low cost of infrastructure retrofits, etc.).
Ige said that many of these assumptions, whether they were accurate at the beginning of the debate or not, are no longer accurate. He said that his administration has considered the costs of retrofitting or building new generating capacity based on LNG, and found that they didn’t make economic sense for Hawaii.
He pointed out that there are many questions and considerations yet to be answered about the import of LNG including the harbor infrastructure and shipping needs. He specifically stated that he had no desire to put any of Hawaii’s communities through the protracted battles around LNG’s development, when realistically, there are simply better alternatives.
He pointed out that while LNG may have some emission benefits, “It’s still a fossil fuel”. And, perhaps most pointedly, he pointed out that it will not help us to get to a 100% renewable future, and that every dollar spent on LNG infrastructure is a missed opportunity to spend that dollar developing Hawaii-based renewable energy, where all the money stays in Hawaii’s economy.
Ige made clear that his administration will not approve LNG infrastructure. Ige said that Hawaii Gas, the utility in Hawaii that handles natural gas and has been pushing for the import of LNG as part of Hawaii’s energy mix, will still have access to gas, but it will not be from imported LNG while he is in office.
While he didn’t specify, I believe he was referring to natural gas harvest from wastewater treatment plants and landfills, a virtually untapped resource in Hawaii.
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