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Milestone for Global Renewables Generation and Other Top Energy Stories
Context:
The world has achieved a significant milestone in renewable energy generation. For the first time ever, zero-carbon sources accounted for over 40% of the global electricity generated last year.
Key Highlights:
- According to new research from Bloomberg NEF, 14% of the world’s power capacity comes from wind and solar, with nearly 91% of new power capacity additions coming from renewables, compared to just 6% from fossil fuels.
- This momentum is expected to continue, with renewable energy attracting $313 billion in new investments in the first half of 2024.
- The World Economic Forum’s “Fostering Effective Energy Transition 2024” report highlights the significant progress in renewable energy, noting its dominance in new power generation.
- Emphasises the need for more consistent progress across countries and calls for improved public-private collaboration, innovation, and policy reform to address these challenges.
Britain’s Last Coal-Fired Power Plant to Close
- In a significant step towards decarbonising its electricity supply, Britain is set to close its final coal-fired power plant by the end of September.
- In 1990, coal provided 80% of the UK’s electricity, but this figure dropped to just 1% last year.
- Currently, about a third of Britain’s electricity comes from gas, another third from wind and solar, with bioenergy and nuclear making up the rest.
- With this closure, Britain will become the first G7 nation to completely phase out coal for electricity generation.
- The new Labour government aims to transform the UK into a “clean energy superpower” by 2030, targeting an 83% share of renewables in electricity generation by 2050.
- Recent government actions include approving 131 new renewable energy projects, with a notable increase in offshore wind capacity.
Artificial Intelligence Impact on Oil Prices:
- Experts predict that AI will significantly impact the energy sector, potentially leading to a decrease in oil prices over the next decade.
- This is due to AI’s potential to optimise energy consumption, improve efficiency, and reduce costs across various industries.
World Economic Forum’s Energy Initiatives:
- Decarbonizing Heavy Industry: High-emission sectors are making significant strides towards decarbonisation, driven by global companies’ commitments and achievements.
- Virtual Power Plants: The potential of decentralised battery networks, such as those comprising electric vehicles, is examined as a crucial element of the energy transition.
- White Hydrogen: Facing financial and demand-side challenges, the hydrogen industry is exploring white hydrogen as an efficient alternative.