Friday, June 16, 2017

BNEF: World expected to invest $7.4T in renewables by 2040

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Date: Jun 16, 2017 12:07 PM
Subject: BNEF: World expected to invest $7.4T in renewables by 2040
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BNEF: World expected to invest $7.4T in renewables by 2040 | Analysis: Wind is a cost-competitive, non-carbon-emitting energy source | Businesses, investors say carbon is a concern
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June 16, 2017
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BNEF: World expected to invest $7.4T in renewables by 2040
The world is expected to invest $7.4 trillion in renewable energy developed by 2040, resulting in a $3.3 trillion investment in wind production that will lead to a fourfold increase in installed capacity, according to Bloomberg New Energy Finance. The report said that by 2040, wind and solar will likely account for 48% of all installed generating capacity worldwide.
Reuters (6/15),  North American Windpower online (6/15) 
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Analysis: Wind is a cost-competitive, non-carbon-emitting energy source
Wind is a competitive energy source that has reached grid parity with fossil fuels in many places, is practically infinite and doesn't emit any carbon dioxide, meaning it has very little or no environmental consequences, writes Kat Eschner. "Renewable energy has reached a tipping point -- it now constitutes the best chance to reverse global warming," said Michael Drexler of the World Economic Forum.
Smithsonian online (6/15) 
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Businesses, investors say carbon is a concern
More than 900 US firms and investors signed an open "We Are Still In" letter to the UN reaffirming their commitment to reducing the US' carbon emissions 26% by 2025 despite the US exiting the Paris climate agreement. Observers say many US companies like Google and Amazon and utilities are leading the way by adopting clean energy goals and signing long-term power purchase agreements with wind farms and other renewables.
The Economist (tiered subscription model) (6/10),  The Wall Street Journal (tiered subscription model) (6/15) 
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Project Focus
Va. regulators OKs 80-MW project from Apex
wind turbines
(Philippe Huguen/AFP/Getty Images)
The Virginia Department of Environmental Quality has approved Apex Clean Energy's proposed 80-megawatt Rocky Forge wind farm, which will be located in Botetourt County and feature up to 25 turbines, said the company. "Wind energy technology has evolved over the years, and today's highly efficient, modern turbines, coupled with growing demand for clean energy, are creating great opportunity for wind in Virginia," said Public Affairs Manager Kevin Chandler.
North American Windpower online (6/15) 
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Consumers Energy to begin Mich. project 3 years early
Consumers Energy is on track to begin building its Cross Winds Energy Park III in Tuscola County, Mich., three years ahead of schedule in 2019 instead of 2022, according to the utility. State Public Service Commission Chairwoman Sally Talberg said advancing the project would "help meet the expanded renewable energy portfolio standard set in the state's new energy laws."
Bradenton Herald (Fla.)/The Associated Press (6/16) 
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Economy, Energy & Trends
BP: Global energy mix is shifting toward renewables
The global energy landscape is shifting away from coal toward renewables like wind and solar that are increasingly cost-competitive and widely available, according to BP's annual energy report. The report identified other factors influencing the shift, including government plans to reduce carbon emissions, and air and water pollution rules.
Mashable (6/14) 
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MHI Vestas' V164 9.5-MW offshore turbine could power 8,000 UK homes
MHI Vestas recently introduced an upgrade to its V164 offshore wind turbine series that is rated at a record-breaking 9.5 megawatts. Akshat Rathi argues that technological advances lead to new, higher capacity turbines every year, including this new model, which is capable of powering 8,000 UK homes with a single turbine.
Quartz (6/14) 
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Canadian province is well situated for offshore wind, says report
Newfoundland and Labrador, Canada, is well positioned for offshore wind development because it has a 30-year history working with offshore oil and gas sites, according to the Newfoundland and Labrador Environmental Industry Association. "As the cost of renewable energy development continues to decrease, and the importance of reducing greenhouse gas emissions continues to increase, we believe that new offshore wind energy projects on this side of the Atlantic Ocean are likely," said Executive Director Kieran Hanley.
ReNews (UK) (6/16) 
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Policy Watch
Energy Dept. to nix international clean energy office
The Energy Department will close the Office of International Climate and Technology this month following President Donald Trump's decision to exit the Paris climate accord. Former agency Director Graham Pugh said that the closure could make it difficult for the US to cooperate with other nations on clean energy technology.
The New York Times (free-article access for SmartBrief readers) (6/15) 
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AWEA News
Global Wind Day 2017: Photo contest winners
In celebration of Global Wind Day, the Global Wind Energy Council announced the winners of its photo contest yesterday. The winners took some seriously impressive shots. Here are the photos that came out on top, along with a description of their subjects.
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These stories were selected and summarized by independent editors at SmartBrief Inc., not by AWEA's staff, and do not represent AWEA positions. They reflect the variety of daily coverage of American wind power.
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