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California fuelled 100% by renewables This month, the US state of California achieved a significant milestone by generating over 100% of its electricity demand from renewable sources, including solar, wind, geothermal, and hydropower. This accomplishment underscores the state’s commitment to transitioning away from fossil fuels and demonstrates the feasibility of large-scale renewable energy adoption. Battery Storage crucial to renewable energy success In April, the International Energy Agency (IEA) reported that achieving a tripling of renewable energy capacity by 2030 would necessitate a sixfold increase in global energy storage, equating to 1,500 GW. This underscores the critical role of battery storage in stabilizing renewable energy supply and ensuring grid reliability amid the energy transition. Carbon Pricing Policies Expand Globally As of April 1, 2024, there were 75 carbon pricing mechanisms in operation worldwide. The number of carbon pricing mechanisms has increased considerably since 1990 - the year Finland became the world’s first country to introduce a carbon tax. Carbon pricing instruments such as carbon taxes and emission trading systems (ETS) now cover almost a quarter of global emissions. TotalEnergies commits to solar in Iraq In April 2024, TotalEnergies announced plans to complete the initial phases of a solar and gas project in Iraq by 2025. The project includes a 1 GW solar power plant and a 600 million cubic feet per day gas processing facility, aiming to boost Iraq’s energy production and reduce reliance on imports.
Offshore Wind Projects Surge In May 2024, the global offshore wind energy sector marked a significant milestone, with over 15 gigawatts (GW) of new capacity under construction across various countries, including the UK, China, and the US. These projects are anticipated to substantially reduce global carbon emissions upon completion. As of May 31, 2024, the US had 4,097 megawatts (MW) of offshore wind energy under construction, a more than 300% increase from the previous year’s 938 MW. &DQDGDōV%URRNƓHOGH[SDQGV renewable energy portfolio In May 2024, Canada’s Brookfield, alongside Brookfield Renewable Partners and Singapore’s Temasek Holdings, entered exclusive talks to acquire a 53.32% stake in French renewable energy producer Neoen for approximately $6.6 billion. This acquisition underscores growing investor appetite for renewable energy assets, highlighting a global trend toward the energy transition. (QHUJ\(IƓFLHQF\6WDQGDUGV Strengthened The European Union enacted the revised Energy Performance of Buildings Directive (EU/2024/1275), effective from May 28. This legislation aims to accelerate the renovation of the EU’s least efficient buildings, enhance indoor air quality, support digitalisation of energy systems, and promote sustainable mobility infrastructure. Member States are required to transpose the directive into national law by May 29, 2026. Saudi Arabia Eyes Solar Investment Saudi Arabia’s Ministry of Energy initiated the sixth round of its National Renewable Energy Program, issuing a request for qualifications for 4,500 megawatts of solar and wind projects. The move aligns with the Kingdom’s Vision 2030 goal to generate 50% of its electricity from renewable sources. The projects are expected to attract significant investment and contribute to sustainable energy development.
Heatwaves Boost Renewable Energy Demand Unprecedented heatwaves across Europe and North America in June 2024 drove a record surge in electricity demand as air conditioning use surged. In the US, grid stability was maintained through demand response programmes, while parts of Europe, including the Balkans, faced power outages due to overloaded systems. Solar and wind energy contributed significantly, with renewables generating over 30% of Europe’s power in early 2024. US offers methane reduction grants under IRA In June 2024, the U.S. Environmental Protection Agency (EPA) and the Department of Energy announced the availability of $850 million in grants to assist small oil and gas producers in monitoring and reducing methane emissions. This initiative, funded by the Inflation Reduction Act, aims to mitigate climate change impacts by providing access to advanced methane detection and reduction technologies. The grants are available to industry players, academia, NGOs, Native American tribes, and state and local government bodies. Corporates commit to sustainable energy PPAs In June 2024, corporate procurement of renewable energy continued its upward trajectory, with significant power purchase agreements (PPAs) announced globally. Notably, EDP Renewables secured a multi-geography PPA with a major U.S.-based tech company, supplying solar energy across Germany, France, and Italy. Additionally, ReNew signed a 437.6 MW green energy deal with Microsoft in India, marking one of the country’s largest corporate renewable agreements. These developments underscore the growing commitment of corporations to sustainable energy sourcing. Germany and Morocco plan future energy alliance Germany and Morocco established a climate and energy alliance to enhance renewable energy and green hydrogen production in Morocco. This partnership aims to support Germany’s goal of climate neutrality by 2045, addressing its need to import up to 70% of future hydrogen demand. The agreement includes cooperation on electricity trade between Morocco and the EU, and German involvement in advancing Morocco’s hydrogen economy.
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THE FUTURE OF ENERGY
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