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SEP Jobs in renewables sector increase by 18% According to the “Renewable Energy and Jobs – Annual Review 2024” by the International Renewable Energy Agency (IRENA) and the International Labour Organization (ILO), renewable energy employment reached 16.2 million jobs in 2023, up from 13.7 million in 2022. This 18% increase reflects strong growth in renewable energy capacity and equipment manufacturing. Carbon Emissions Grow Analysis indicates that global carbon dioxide (CO₂) emissions from fossil fuels are projected to reach a record 37.4 billion metric tons in 2024, marking a 0.8% increase from the previous year. This rise is primarily attributed to increased coal and oil consumption, particularly in China and India. Despite significant investments in renewable energy and improvements in energy efficiency, these efforts have not yet resulted in a decline in overall emissions. Eurozone Corporate Renewable Deals Soar In September 2024, the European corporate power purchase agreement (PPA) market was on track to set a new record, with contracted capacity reaching 10.7 GW, nearing the previous year’s total of 10.8 GW. This growth reflects the increasing commitment of European corporations to secure renewable energy sources, driven by sustainability goals and favourable market conditions. The trend indicates a robust expansion in corporate renewable energy procurement across Europe. Green hydrogen deal helps Spain’s journey to net zero In September 2024, bp and Iberdrola approved the construction of a 25 MW green hydrogen plant at bp’s Castellón refinery in Spain, expected to be operational by late 2026. This joint venture, Castellón Green Hydrogen S.L., marks a significant step in decarbonising industrial processes and advancing Spain’s renewable energy goals. The project will utilise proton exchange membrane (PEM) technology supplied by Plug Power.
China dominates renewable energy growth In July 2024, global renewable energy capacity reached approximately 3,865 GW, marking a 13.9% increase from the previous year. This growth was primarily driven by substantial solar and wind power installations, with China contributing 64% of new projects under development, totalling 339 GW. These developments underscore the accelerating global shift from fossil fuels toward sustainable energy systems. Oil Exploration Projects Cancelled Amid Green Transition In July 2024, TotalEnergies announced its withdrawal from offshore Blocks 11B/12B and 5/6/7 off South Africa’s southern coast, citing challenges in economically developing the Brulpadda and Luiperd gas discoveries. This decision reflects the growing trend of energy companies reassessing fossil fuel projects amid increasing investor pressure to prioritise low-carbon energy investments. China’s bold lithium plans In July 2024, China’s Shandong province announced plans to develop a lithium battery industry valued at approximately $13.8 billion by 2025. The initiative aims to establish a comprehensive industrial chain encompassing electrode materials, electrolytes, battery cells and assembly processes. This strategic move is designed to bolster the region’s capacity to meet the growing demand for energy storage solutions, thereby wsupporting the global transition to renewable energy sources. Saudi Arabia increases renewable energy targets Saudi Arabia has significantly increased its renewable energy targets, aiming for 130 GW of renewable capacity by 2030, up from the previous goal of 58.7 GW. This ambitious plan includes substantial solar energy projects, such as the recent agreements for three solar photovoltaic projects totalling 5.5 GW, involving ACWA Power, Badeel, and Aramco Power. These initiatives align with the Kingdom’s Vision 2030 strategy to diversify its energy sources.
Solar panel cost drops In August 2024, the cost of solar panels continued to decline, driven by advancements in manufacturing and economies of scale. Notably, the Inflation Reduction Act extended the 30% federal solar tax credit through 2032, enhancing affordability for consumers. Additionally, the price of polysilicon, a key material in solar panel production, decreased, contributing to lower overall costs. These factors are expected to accelerate solar adoption, particularly in developing regions. Coal usage persists Global coal consumption remains at record levels, with approximately 8.7 billion tonnes used in 2024, marking a 10% increase from 2014. This sustained demand is primarily driven by developing countries, notably China and India, which are the largest consumers and producers of coal. In 2023, more coal-fired power generation capacity was commissioned than decommissioned, particularly in Asian nations. Despite efforts to phase out coal, its global usage persists. Wind capacity expands In August 2024, global offshore wind capacity continued to expand, with significant contributions from the UK and Taiwan. Notably, the U.S. Department of Energy reports that global offshore wind installations in 2023 added 6,326 MW of new capacity, marking the fourth-largest annual increase to date. This growth underscores the ongoing efforts to boost renewable energy capacity worldwide. First methane—sensing satellite launches In August 2024, the Carbon Mapper Coalition launched its first methane-sensing satellite, Tanager-1, from Vandenberg Space Force Base. This satellite enhances the detection of methane and carbon dioxide emissions, providing precise data to identify and monitor significant emission sources. The initiative aims to make greenhouse gas data publicly accessible, supporting global efforts to mitigate climate change by enabling targeted emission reduction strategies.
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THE FUTURE OF ENERGY
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