National fuel provision and cost is a serious issue that concerns multiple governments. As a result, the development and introduction of alternative energies will be hastened. Energy production and delivery will be switched to more renewable and sustainable energy sources not sensitive to external political influence.
TWinFMs Guest Editor has collected a selection of news items to demonstrate what action is being taken by major economies and big business in order to implement an international energy transition.
Record Global Renewable Investment
Record levels of global investment in carbon neutral renewable energy has been published by research firm BloombergNEF. Fuels that can be manufactured cleanly and sustainably have attracted vast amounts of financial expenditure signalling international intent to affect change.
Accumulated global investment in renewable energies reached a total of $226 billion in the first half of 2022, a new record for the first six months of a year.
The first half of 2022 saw $120 billion of investments made in in new large- and small-scale solar projects, a record rise of 33%.
Wind projects recorded $84 billion of capital layout, a 16% rise when compared to 2021 investments made in the first six months of the year.
Offshore wind projects experienced the largest increase off all variants of alternative energy. $32 billion of investment was recorded in the first six months of 2022, an increase of 52% when compared to 2021.
Of all registered global expenditure regarding renewable energy no country has invested more finances than China. Wind and solar financing have increased substantially. Large-scale investments in solar energy reached $41 billion – up 173% from the previous year whilst new wind projects absorbed $58 billion – an increase of 107%.
Big Business Investment
Investments made by big business reflect the current financial trajectory of the energy industry. A vast majority of new and substantial investments within the energy industry are being made on renewable, sustainable and clean fuels.
The world’s largest asset manager, BlackRock Real Assets has agreed to acquire Australian renewables and storage developer Akaysha Energy. Once the takeover is complete, BlackRock will commit over A$1 billion in financial support towards Akaysha’s nine on-going battery storage projects inside the Australian National Electricity Market.
Anglo-South Korean battery company Eurocell is in advanced discussions to construct their first European gigafactory in the Netherlands. Eurocell is investing an initial $800 million rising to $2 billion in the energy storage market.
Shell has recently agreed to purchase Indian renewables company Sprng Energy for around £1.5 billion. Sprng Energy specialize in solar and wind power provision.
Renewable utility company, Adani Enterprises Limited (AEL) has signed a deal with TotalEnergies which will see a 25% acquisition gained by the French energy company. AEL plan on investing over $50 billion over the next 10 years on various green hydrogen projects.
Introduction Of Alternative Energies
Various countries are working towards introducing alternative and sustainable energies into near future fuel options. Work will be hastened over the following 2 – 3 years considering use of Russian controlled Nord Stream 1 has been indefinitely suspended.
American Gas Company, Air Products and Associated British Ports (ABP) have formed a partnership that will see a green hydrogen production facility be installed in Humberside. From here, green hydrogen will be produced with imported ammonia.
Multi-national company Shell has taken a final decision to construct a 200 MW electrolyser inside the Port of Rotterdam. The electrolyser will manufacture renewable hydrogen to be used for transport and industrial refinery purposes.
French Green Hydrogen firm, Lhyfe has begun its first UK project in the North East of England. Lhyfe has already completed multiple hydrogen projects across Europe, including: a hydrogen powered rail demonstration in Germany and the development of 100 hydrogen fuelled forklifts for supermarket Lidl.
Rosendin Renewable Energy Group and Tokyo Gas America are working together in producing Texas’ largest solar power project. 1.4 million solar modules will be installed across 4,000 acres of land. Once construction is completed, Atkina Solar Project will be capable of delivering 500 MW of green power to customers. Up to 100,000 domiciles will be able to purchase clean solar powered energy. The project is hoped to be operational later this year.
New Mexico will also install a solar facility that is hoping to be operational by late 2022. This facility will be able to power 83,500 homes via 300 MW of capacity.
Published on 16 September 2022