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Empire Wind moves forward

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Empire Wind 1, the first offshore wind project that will connect to the New York City grid, has received the financing needed to move forward.  Equinor, the Norwegian state-owned multinational energy company developing the project, closed on a more than $3 billion financing package.

The wind farm will span 80,000 acres in an area 15-30 miles southeast of Long Island.  When completed, it will have a capacity of 810 megawatts.  Equinor has executed a Purchase and Sale Agreement with the New York State Energy Research and Development Authority to purchase power from Empire Wind 1 for 25 years at a strike price of $155/MWh. The operations and maintenance hub for Empire Wind 1 will be at the South Brooklyn Marine Terminal.  Commercial operation is expected by 2027.

The previously-planned Empire Wind 2 project was terminated a year ago because of inflation, interest rates, and supply chain disruptions.  More broadly, the U.S. offshore wind industry has been struggling for the past year. 

With the return of President Donald Trump to the White House, there is much greater uncertainty facing the industry.  As a result of the election, Attentive Energy, a planned 3-gigawatt wind project off the coasts of New York and New Jersey has been put on pause.  Trump’s public disdain for offshore wind energy is likely to create a major slowdown in the growth of the offshore wind pipeline.  On the other hand, the new administration is less likely to have much influence on projects already in progress including 4 gigawatts under active construction and more than 50 gigawatts in other stages of development.

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Empire Wind 1 secures $3B+ financing package, enters ‘full execution mode’

Photo, posted May 2, 2022, courtesy of California Energy Commission via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

Clean energy investment at record levels

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According to a new study by the International Energy Agency, global clean energy investment will be nearly twice that of fossil fuels this year.  The surging funding for clean energy is being driven by a combination of lower costs for renewable energy and by improving supply chains.

In 2024, the world’s investments in energy are expected to surpass $3 trillion dollars for the first time.  About $2 trillion of that will be directed at green technologies that include renewable power sources, grids, and energy storage; electric vehicles; low-emission fuels; nuclear power; and heat pumps and efficiency improvements.  The remaining amount of just over $1 trillion will fund oil, gas, and oil projects.

The record growth in clean energy investments is taking place in spite of challenging economic conditions related to high interest rates, which demonstrates the momentum behind the global energy transition.

The IEA report does caution that there are big imbalances and shortages in energy investment in various places around the world.  For example, there is a low amount of green energy spending in developing and emerging economies outside of China.  Countries like Brazil and India are leading the way for this sector by having investments in excess of $300 billion.

More money is currently going into solar power development than all other electricity generation technologies combined.  In 2024, solar photovoltaic power investment is set to grow to $500 billion as the falling price of solar modules spurs new investments.

The largest renewable investments will come from China at $675 billion, followed by Europe and the U.S. at $370 billion and $315 billion, respectively.

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Global Clean Energy Investment Will Nearly Double That of Fossil Fuels in 2024: IEA Report

Photo, posted October 2, 2015, courtesy of John Englart via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

Powering Future Ships By Wind | Earth Wise

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An innovative project out of the UK seeks to reduce carbon emissions at sea by retrofitting large ocean vessels with ultramodern wing-sails to reduce the amount of fuel required to travel the oceans.

Powering ships by wind is certainly nothing new.  However, almost every large ship today is powered entirely by fossil fuels.  A company called Smart Green Shipping has developed retrofit wing-sails called FastRigs that can be installed on existing vessels to reduce fuel consumption. They are also working on additional wind-based technology that can supply all the power required for ships.

FastRig technology is designed to be retrofitted to existing commercial vessels with available deck space – typically bulkers and tankers.  There are about 40,000 such ships that are suitable for conversion to this hybrid power system.  Installing FastRigs is estimated to reduce greenhouse gas emissions by at least 20%.

The company and the UK’s University of Southampton have been funded to investigate the potential of the technology to reduce emissions from existing ships.  The research project will develop software tools to investigate the complex interactions between the wing-sails and ship hydrodynamics to accurately assess the impact on vessel performance.  The software tools will be able to predict the fuel savings delivered by wing-sails.

Smart Green Technologies is developing technology for 100% renewable-powered, new-build ships.  The goal is to create quieter, emission-free ships in the future that do no harm to ocean environments and improve air quality in ports, towns, and cities.  Wind power harnessed using sophisticated digital software and advanced engineering represents a promising way to reduce fuel consumption and related emissions from large ocean vessels.

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Future ships could be powered by wind to fight climate change

Photo, posted October 27, 2017, courtesy of Bernard Spragg via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

An Agreement To Protect Biodiversity | Earth Wise

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The UN Biodiversity Conference in Montreal in December concluded with a historic deal aimed at stemming the rising tide of extinctions.  Nearly 200 countries signed on to the agreement to protect 30% of the Earth’s land and sea by the end of this decade.

Part of the agreement also pledges that countries will reduce fertilizer runoff from farms by 50%, reduce the use of harmful pesticides by 50%, and stem the flow of invasive species. 

Of course, all of these promises are only words unless they are backed up by actions and actions cost money.  The agreement promises to direct $200 billion a year towards biodiversity by the end of this decade.  Wealthy countries were urged to provide $100 billion a year to fund the actions of poorer countries, but they resisted the pressure.  Eventually, they did agree to send $30 billion a year to developing countries by 2030.

It is a significant step forward to establish clear targets for stopping biodiversity loss.  However, the ultimate success of the pact will depend on the willingness of countries to cooperate and compromise.

According to UN estimates, about a million species across the globe face extinction as a result of rising temperatures, air and water pollution, invasive species, and habitat loss due to development.   At present, only 16% of land and 8% of the oceans are within protected areas. 

The UN Environment Program stated that “for far too long humanity has paved over, fragmented, over-extracted, and destroyed the natural world on which we all depend.  Now is our chance to shore up and strengthen the web of life, so it can carry the full weight of generations to come.”

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In Historic Deal, Countries Agree to Protect 30 Percent of Earth to Halt Biodiversity Loss

Photo, posted August 13, 2015, courtesy of Andrew H via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

WAMC Northeast Public Radio

WAMC/Northeast Public Radio is a regional public radio network serving parts of seven northeastern states (more...)