Renewable energy has seen an unprecedented growth this past decade, with investments crossing USD $2.5 trillion, of which, solar accounts for more than half!
"Investing in renewable energy is investing in a sustainable and profitable future, as the last decade of incredible growth in renewables has shown," said Inger Anderson, Executive Director of the UN Environment Programme.
With a new decade on the horizon, the future for renewable energy looks bright. Read on for updates from the industry this January!
Trump Administration Says it Will Approve Largest U.S. Solar Farm
The largest US solar farm at 690 megawatts across 7,100 acres with energy storage in a desert outside Las Vegas, is all set to be approved! Since Trump took office, this will be the third solar farm on public lands to be approved. The project will be undertaken under the wing of NV Energy, who will pay $38.44 per megawatt hour for the output of the solar panels and batteries over 25 years. With over 380 megawatts of energy storage, the project is set to significantly increase the renewable energy capacity in Nevada and the West. There has been some opposition, however, with regards to its effects on natural ecosystems. Read the full article here.
Green Hydrogen Plant Project has Investor
In more local news, Macquarie Capital will be financing a renewable hydrogen plant worth over $200 million in Chetwynd. The plant will produce 60 tonnes of hydrogen per day. The CEO of Aeolis Wind confirms that there will also be a wind farm built which will provide power for the plant, coupled with hydro power from BC Hydro. More details here.
BlackRock Shakes Up Business to Focus on Sustainable Investing
BlackRock, the largest fund manager in the world, aims to double the number of sustainability focused exchange traded fund it offers this 2020! In addition, it has also decided to cut companies that derive a significant portion of their revenues from thermal coal. The CEO of BlackRock, Larry Fink, recognizes the gravity of climate change and says that we 'must prepare for a significant reallocation of capital'. Read the full article here.
Energy, Vehicles, Sustainability - 10 Predictions for 2020
With their 2019 predictions about the world solar market and oil prices coming true, BloombergNEF makes 10 new predictions about the clean energy, transport, and commodity markets for 2020. They predict investment in renewables during the year to reach $300 billion; a significant portion of which will be dedicated to wind and solar. They expect a record breaking 69GW of wind installations in 2020, coming primarily from the U.S., China, and Sweden. BNEF also predicts the solar market to have growth rates of about 14% and expects some Chinese manufacturers to have a tough time securing sufficient revenues and government subsidies. Click here to see what the remaining seven predictions look like!
Thanks for tuning in to our January update and see you next month with more news!