Renewables are exploding. Countries around the world are adding clean energy production capacity at a breakneck pace in a race against the clock to shore up energy security and beat climate change. While environmentalists and economists alike have been warning for decades that the future of the energy industry – and, indeed, the global economy – lies in renewable energies and not fossil fuels, industry and policy leaders have been slow to adapt. Until now.
The government of Georgia is launching a new support scheme for the companies implementing energy projects in Georgia and need additional incentives to develop further, the ministry of economy announced on Tuesday.
THE UPPER West Regional Minister, Dr. Hafiz Bin Salih, has said the completion of the Kaleo Solar Power Plant will help transform the region into a hub of economic activities to create jobs, improve livelihoods and alleviate poverty.
President Akufo-Addo has assured the global community of Ghana’s full commitment to increasing the country’s share of renewable energy in the energy mix.
Renewable energy stocks are having a hard time, even in the middle of Europe’s energy crisis. It seems that the sector needs central banks to take their foot off the gas in hiking interest rates, but it may have to wait a little longer.
High spot electricity prices, particularly in Europe, are changing the utility wind and solar investment narrative as potential payback periods of under a year could start a race to develop renewable assets purely based on project economics, Rystad Energy research shows. Capital investments in renewables have also increased significantly and are set to reach $494 billion in 2022, outstripping upstream oil and gas at $446 billion for the year, according to Rystad Energy research. This is the first time that investment in renewables is set to be higher than for oil and gas.
Of all of the optimistic futuristic dreams, a world of clean, renewable energy to combat climate change is perhaps the closest to realisation, thanks to the growing acceptance of and demand for renewable energy (RE).
The shift from fossil fuels to clean renewable energy as the corner stone to the global energy transition has been at the tip of governments’ policy discussions across Africa and the world, with developed countries investing massively in renewable energy as part of efforts by their respective government’s energy security and climate action goals (ESI Africa, 2021).
General Electric (GE) plans to make major job cuts in its U.S. wind operations and will consider its other markets too as windfarms are proving to be a major expense in the wake of Covid and the Russian invasion of Ukraine. Continued supply chain disruption and the high cost of wind turbines are deterring companies from investing in wind energy, as they look for cheaper alternatives.
Energy is at the heart of the challenges of achieving both the 2030 Agenda for Sustainable Development and the Paris Agreement on climate change.