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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

Research on solar geoengineering

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Ideas for potential technologies that could artificially cool the planet as a countermeasure against global warming have been considered radical and dangerous for a long time.  But as climate change continues to become increasingly apparent, ideas like solar geoengineering are gaining increasing attention.

Most environmental organizations are at best skeptical about such ideas and oppose them.  Their opposition is in part based on the assertion that there are no quick fixes for climate change and that not addressing its root causes is a dangerous path to take.  But an even greater concern is that intentionally manipulating global temperatures is likely to have a host of unintended consequences that could prove disastrous.

One of the world’s largest environmental organizations, the Environmental Defense Fund, has decided to fund research into solar geoengineering.  The EDF cautions that is in not in favor of deploying such technology.  Its position is that the discussion about ways to cool the planet is not going away and cannot be ignored.  The lack of proper research can promote unfounded optimism about such technology  So, they are going to fund research that can provide information based on solid, well-formulated science.

A major focus will be what other effects technologies like cloud brightening and injecting aerosols into the atmosphere might have apart from providing cooling. 

The EDF’s own position is that deliberate climate interventions present serious ecological, moral, and geopolitical concerns.  However, they believe that policymakers need to be informed by the most accurate information possible.

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Environmental Group to Study Effects of Artificially Cooling Earth

Photo, posted February 3, 2008, courtesy of Camilla Cannarsa via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

Biochar and carbon

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Biochar is a charcoal-like substance that is made by burning organic materials like crop and forestry wastes in a controlled process called pyrolysis, which is burning in an oxygen-deprived environment.  Pyrolysis produces little or no contaminating fumes and results in a stable form of carbon that can’t easily escape into the atmosphere.  Biochar is a very efficient way to convert carbon into a stable form.

Adding charred biomass to improve soil quality has been done for thousands of years.  Indigenous people in the Amazon added charcoal, food residue, and other waste to their soil.  When mixed with soil, biochar creates favorable conditions for root growth and microbial activities, which reduces greenhouse gas emissions. 

Last year, 125,000 tons of carbon dioxide were removed worldwide in the durable carbon market, which is a carbon credit marketplace for carbon removal.  About 93% of that was in the form of biochar. 

Biochar represents a value-added way to deal with agricultural waste and also to make use of dead trees in forests that should be removed to lower the risk of wildfires caused by the presence of all that dry tinder material. 

A bill to fund biochar research is pending before the Senate Agricultural Committee.  It is a rare example of bipartisan legislation.

Biochar is currently expensive to make in the US because large amounts of biomass must be shipped to one of the fewer than 50 small-scale production facilities in the country.   But with appropriate infrastructure, biochar could play an important role in efforts to sequester carbon and combat climate change.

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Biochar Is ‘Low-Hanging Fruit’ for Sequestering Carbon and Combating Climate Change

Photo, posted September 3, 2019, courtesy of Tracy Robillard / NRCS 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...)