investment

Clean energy investment at record levels

July 26, 2024 By EarthWise Leave a Comment

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

More renewable energy for New York

November 24, 2023 By EarthWise Leave a Comment

In late October, New York announced its largest state investment in renewable energy to date that includes three offshore wind projects, and 22 land-based clean energy projects totaling more than 6 GW of power generation.

The portfolio of projects is expected to create approximately 8,300 jobs and spur $20 billion in economic investments statewide.

The projects support the state’s goal to have 70% of its electricity come from renewable sources by 2030 and to have 9 GW of offshore wind operating by 2035. The announcement represents the first set of actions taken by the State as part of New York’s 10-Point Action Plan.

The three offshore wind projects include Attentive Energy One, a 1.4 GW project that seeks to retire fossil fuel power generation in New York City. Community Offshore Wind, a 1.3 GW project will make use of a new grid interconnection in downtown Brooklyn. Excelsior Wind, another 1.3 GW project, will provide robust energy deliverability to Long Island.

Apart from the offshore wind projects, there will be 14 new solar projects, six wind upgrading projects, one new wind project, and one return-to-service hydroelectric project.

The average bill impact for customers over the life of the land-based projects is estimated to be approximately 0.31%, or about 32 cents a month for the average customer. The bill impact for customers utilizing the offshore wind projects is estimated to be about 2.7%, or $2.93 per month.

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NY to invest in 3 offshore wind farms, 22 land-based renewable projects

Photo, posted October 21, 2016, courtesy of B Sarangi via Flickr.

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Agrivoltaics | Earth Wise

November 15, 2022 By EarthWise Leave a Comment

According to a study last year at Oregon State University, co-developing land for both solar photovoltaic power and agriculture could provide 20% of total electricity generation in the United States with an investment of less than 1% of the annual U.S. budget. Widespread installation of agrivoltaic systems could reduce carbon emissions by 330,000 tons annually and create more than 100,000 jobs in rural communities.

Agrivoltaics could provide the synergistic combination of more food, more energy, lower water demand, lower carbon emissions, and improved local prosperity. The problem with agrivoltaics to date is that the existing implementations have used solar arrays designed strictly for electricity generation rather than to be used in combination with agriculture. They are not that well suited to co-exist with growing crops or grazing animals.

A new project is underway at Oregon State that will help researchers to optimize agrivoltaic systems. The five-acre Solar Harvest Project is being built at the university’s North Willamette Research and Extension Center in Aurora, Oregon in partnership with the Oregon Clean Power Cooperative.

The solar array for the project is designed specifically for agrivoltaics research and uses panels that are more spread out and able to rotate to a near vertical position to allow farm equipment to pass through. The project will allow researchers to study the impact of solar panels on soil health, water use, and plant physiology and yields.

Electricity generated from the 326-kW solar system will be available for purchase by Oregon State and community members.

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Construction starts on Oregon State agrivoltaics farm that will merge agriculture and solar energy

Photo, posted April 5, 2020, courtesy of Sean Nealon / Oregon State University via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

Synthetic Palm Oil | Earth Wise

February 18, 2022 By EarthWise Leave a Comment

Palm oil is the world’s cheapest and most widely used vegetable oil. Producing it is a primary driver of deforestation and biodiversity loss in the tropics. In Borneo, for example, oil palm cultivation has accounted for more than half of all deforestation over the past two decades. More than one million square miles of biodiversity hotspots could be threatened by oil palm cultivation, which could potentially affect more than 40% of all threatened bird, mammal, and amphibian species.

Today, the world consumes over 70 million tons of palm oil each year, used in products ranging from toothpaste and oat milk to biodiesel and laundry detergent.

Given this situation, there are now multiple companies developing microbial oils that might offer an alternative to palm oil while avoiding its most destructive impacts.

A company called C16 Biosciences is working on the problem in Manhattan, backed by $20 million from a Bill Gates’ climate solutions investment fund. A California-based startup called Kiverdi is working to manufacture yeast oil using carbon captured from the atmosphere.

Xylome, a Wisconsin-based startup is working to produce a palm oil alternative that they call “Yoil”, produced by a proprietary strain of yeast. The oil from the yeast strain is remarkably similar to palm oil.

The challenge is to be able to produce microbial oils at large scale and at a competitive price. Unless valuable co-products could be manufactured along with the oil, it may be difficult to compete with palm oil. Without regulatory pressures and willingness of consumers to pay more, it may be difficult to replace palm oil in many of its applications.

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Can Synthetic Palm Oil Help Save the World’s Tropical Forests?

Photo, posted December 9, 2008, courtesy of Fitri Agung via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Solid State Batteries For Cars | Earth Wise

January 7, 2022 By EarthWise Leave a Comment

Today’s electric cars run on lithium-ion batteries, the same sort that power our phones, computers, and many other consumer electronic devices. These batteries are far superior to the batteries of the past, offering long-life, high-energy density, and recyclable components.

Lithium-ion batteries do have their drawbacks. They may be lighter than older battery technologies, but because the electrolytes in the batteries are liquid, they are still fairly heavy. The huge number of them in an electric car adds up to a considerable amount of weight. In addition, the flammability of the electrolytes can lead to explosions or fires if the batteries are damaged or exposed to extreme temperatures.

Solid-state batteries are an alternative technology that contain a solid electrolyte. Such batteries are lighter, have higher energy density, offer more range, and recharge much more quickly than lithium-ion batteries. They have been used for years in some small devices like cardiac pacemakers, RFIDs, and some wearable devices.

For all these benefits, scaling up production to the level needed to be used in cars is an expensive and challenging endeavor. The hope is that with sufficient effort, the result will be smaller, lighter battery packs for cars that can be charged in minutes and provide extended range.

Nissan Motor Company has recently announced that it is investing $17.6 billion over the next five years towards developing solid-state batteries for cars. No doubt other companies will also be working on the technology.

Lithium-ion batteries have proven to be quite practical for powering vehicles. But if solid-state batteries can meet the challenges of scaled up production, the lithium-ion era might end up being a relatively brief one.

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Nissan to Spend $18 Billion Developing a Cheaper, More Powerful EV Battery

Photo, posted November 13, 2018, courtesy of FirstEnergy Corp via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Offshore Wind In New Jersey | Earth Wise

August 26, 2021 By EarthWise Leave a Comment

The New Jersey Board of Public Utilities recently selected to fund Ocean Wind 2, a 1,148-MW offshore wind energy project proposed by the Danish company Ørsted. The agency also awarded Atlantic Shores Offshore Wind a contract to develop 1,410-MW of offshore wind capacity.

Ocean Wind 2 will develop the second section of the Ocean Wind federal lease area and will provide enough power for half a million New Jersey homes. The first Ocean Wind project, also under development by Ørsted, was awarded in 2019. It’s expected to come online in 2024, and is located 15 miles off the coast of southern New Jersey. (The second project will be located adjacent to the first).

As part of the project, Ørsted is contributing to an expansion for the EEW facility in Paulsboro, where monopiles, which are foundation supports for offshore wind turbines, are manufactured. That facility will be home to 500 full-time jobs and represents a $250 million investment into southern New Jersey. The project is also bringing a commitment from GE Renewables to locate one of the country’s first offshore wind nacelle assembly facilities in New Jersey. (This facility will assemble the nacelles for Ocean Wind 2 as well as other American offshore wind projects).

Overall, Ocean Wind 2 is expected to generate nearly $5 billion in net economic benefits for the state of New Jersey.

The Atlantic Shores Offshore Wind project will be located 10-20 miles off the coast of New Jersey between Atlantic City and Barnegat Light and will bring about $850 million in local economic benefits to the state, including a variety of investments in local communities.

Overall, New Jersey has the goal of supplying more than 3.2 million homes with offshore wind power by 2035.

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New Jersey moves forward with two offshore wind projects representing almost 3 GW of capacity

Photo, posted March 24, 2016, courtesy of TEIA via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Utility-Scale Solar In Upstate New York | Earth Wise

June 22, 2021 By EarthWise 2 Comments

The first operational utility-scale solar projects in upstate New York are expected to commence commercial operations by the end of this year. A portfolio of eight projects comprising over 200 megawatts of generating capacity is being developed by CS Energy in partnership with Goldman Sachs Renewable Power Group and NYSERDA.

The projects include three 27-megawatt installations in the Capital Region – in Easton and Stillwater, three 27-megawatt installations in the Mohawk Valley – in Mohawk and Pattersonville, and two 27-megawatt installations in the Southern Tier – in Willet and Greene.

The projects will support more than 500 jobs and represent more than $160 million of private investment that is expected to generate over $80 million in benefits to local communities and regions. Those benefits will come to local landowners, property tax jurisdictions, and to local contractors who will provide ongoing operations and maintenance support for the projects.

The projects are the result of New York’s Clean Energy Standard, established in 2016 as well as 2019’s Climate Leadership and Community Protection Act. These initiatives made commitments that 70% of the electricity consumed in New York would be generated by renewable energy sources by 2030.

CS Energy has built over 150 megawatts of solar projects in New York to date. By the end of this year, that number will be close to 500 megawatts. CS Energy recently opened a regional headquarters in Albany to further support the company’s growth. The Goldman Sachs Renewable Power Group owns and operates more than 2.3 gigawatts of clean power across the country.

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Upstate New York’s first utility-scale solar projects set to come online this year

Photo, posted October 16, 2019, courtesy of Jonathan Cutrer via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

A Solar Power Boom In Texas | Earth Wise

May 31, 2021 By EarthWise Leave a Comment

Texas has been a leader in wind energy for a number of years. In 2020, wind made up 23% of the state’s generating capacity and provided 20% of in-state generation. But although wind capacity in Texas has grown rapidly in recent years, solar power is expected to make up the largest share of the state’s capacity additions over the next two years.

Texas plans to add 4.6 gigawatts of utility-scale solar power this year and 5.4 gigawatts in 2022. This will give the state a total capacity of 15 gigawatts, which will nearly catch up to California, the state with the most large-scale solar power. California already has 16 gigawatts of installed solar capacity and plans to add about two more over the next two years.

The planned capacity for Texas will provide enough power for roughly 5 million homes, taking into account the intermittency of solar energy. Much of the new solar capacity will be in the Permian Basin in West Texas, which is a particularly sunny place. Because solar generation is greatest in the middle of the day, when wind generation is typically lower, the transmission line infrastructure already in place for the wind power will be adequate for the new solar installations.

The boom in solar power in Texas is driven in part by the federal solar Investment Tax Credit that is available to project developers as well as by the ever-lower cost of solar technology.

One-third of the utility-scale solar capacity planned to come online in the U.S. in the next two years will be in Texas. Currently, utility-scale solar only makes up 4% of electrical generating capacity in Texas, but that is clearly changing.

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Texas likely to add 10 GW of utility-scale solar capacity in the next two years

Photo, posted May 14, 2020, courtesy of Courtney Celley/USFWS via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

The Largest Renewable Energy Project In The World | Earth Wise

January 28, 2021 By EarthWise Leave a Comment

India has broken ground on what is planned to be the largest renewable energy project in the world: a 30-gigawatt wind and solar power project in the state of Gujarat.

The renewable energy park will have two zones: a 122,000-acre hybrid park zone that will accommodate 25 gigawatts of wind and solar power plants and a 57,000-acre zone entirely dedicated to wind power. Multiple developers will be building the power plants in the hybrid zone. A single company has been allotted the wind power zone. The selected developers have to develop 50% of the total generation capacity in the next 3 years and finish the project in five years. The project is expected to create jobs for 100,000 people. Total investment in the project will be about $20 billion.

This is not technically a single standalone project but is rather an aggregation of multiple projects in a single general area. Nonetheless, it represents the largest renewable energy development ever. By comparison, the entire United States has a total of 50 gigawatts of installed solar power in large plants – which does not include any rooftop solar. Total wind power capacity in the U.S. is a little over 100 gigawatts. So, the 30-gigawatt Indian project is huge by any measure.

India already gets over 30% of its electricity from renewable sources, making it one of the largest renewable energy markets in the world. The country has a goal of 60% renewable energy by 2030, amounting to 450 gigawatts of capacity. This will require the country to double its already substantial renewable capacity in less than 10 years. The Gujarat energy park will represent substantial progress towards that goal.

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Largest Renewable Energy Project In World Will Be 30 Gigawatt Solar–Wind Project In India

Photo, posted October 16, 2019, courtesy of Jonathan Cutrer via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Solar On Commercial Buildings | Earth Wise

September 17, 2020 By EarthWise Leave a Comment

The United States installed 3.6 gigawatts of photovoltaic solar capacity in the first quarter of this year to reach a total installed capacity of 81.4 GW. That is enough to power about 16 million American homes. More than 2/3 of that capacity has been installed during the past five years.

There has been a boom in solar installations in recent years and, until the Covid-19 pandemic stuck, 2020 was expected to be the biggest year yet. Now the unprecedented health, social, and economic conditions in our country creates great uncertainty in such forecasts.

Nevertheless, the opportunities for growth in solar power continue to be substantial. A new report from the energy research firm Wood Mackenzie looked at the prospects for using the roof space of commercial buildings for solar power.

Currently, just 3.5% of commercial buildings in the U.S. have solar panels on their roofs. Another 1% of those buildings are attached to solar projects located off-site. The report looked at how many buildings are potential targets for solar projects.

After accounting for buildings that are too small or that use too little electricity to make solar power a worthwhile investment, the report estimated that 70% of commercial buildings in the U.S. – amounting to some 600,000 sites – are candidates for solar installations. Doing this would provide 145 GW of new solar capacity, which is nearly twice as much as currently exists in this country.

Commercial solar installations have their own unique logistical and financial challenges. While utility solar can scale to lower costs and residential solar has financing opportunities, commercial solar has neither. But ultimately, it represents an important opportunity for our future energy system.

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U.S. Commercial Rooftops Hold 145 Gigawatts of Untapped Solar Potential

Photo, posted June 25, 2014, courtesy of Rob Baxter via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Smarter Prospecting

November 18, 2019 By EarthWise Leave a Comment

The global demand for copper and gold continues to grow. Copper is widely used in building materials, plumbing, and electronics. Gold is still highly valued for jewelry and coinage, but nearly a third of the world’s gold is now used in electronics.

Both of these metals are getting increasingly difficult to find as many of the known sources have been exhausted. Companies spend millions of dollars drilling deeper and deeper in search of new deposits.

It costs about $400 to drill one meter into rock and it is not uncommon to drill to depths of one to two kilometers. So, it can cost nearly a million dollars to drill a hole that has no guarantee of success. Given that ore deposits are tiny compared with the totality of the search space, prospecting for these metals is very much like looking for a needle in a haystack.

A researcher at the University of South Australia has developed a suite of geochemical tools to more accurately target valuable mineral deposits and thereby save drilling companies millions of dollars. The goal is to have drilling for valuable minerals be faster, cheaper and more environmentally friendly.

By mapping out where key chemical elements are found in greater concentrations, the new suite of tools greatly increases the chances of finding an ore deposit at a target site and thereby greatly improve the return on investment for exploration companies. The tools have been successfully tested at an iron oxide-copper-gold deposit in the north of South Australia, leading to a four-fold increase in the known footprint of their ore body. Finding economically viable enriched ore sites can generate both revenues and jobs.

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Prospecting for gold just got a lot easier (and cheaper)

Photo, posted April 21, 2005, courtesy of Adam via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

The Benefits Of Zero-Carbon Cities

November 8, 2019 By EarthWise Leave a Comment

A new report issued by a coalition of 50 leading international institutions shows that low carbon initiatives in cities could reduce urban emissions by nearly 90% and support 87 million jobs worldwide by 2030. The report finds that implementing low carbon measures in cities would be worth almost $24 trillion by 2050.

Cities are home to more than half the world’s population but produce 80% of gross domestic product and 75% of carbon emissions. The research highlights the significant benefits carbon reduction can bring to cities in areas such as public health, job creation, and poverty alleviation.

The report shows that it is possible to cut 90% of emissions from cities using currently available technologies and practices including carbon savings from buildings, transportation, materials efficiency, and waste reduction. Doing so would require an investment of nearly $2 trillion per year but would generate annual returns of nearly $3 trillion in 2030 and $7 trillion in 2050 based on cost savings alone. Many low carbon measures would pay for themselves in less than five years, including more efficient lighting, electric vehicles, improved freight logistics, and solid waste management.

In addition to economic benefits, compact, connected and clean cities could provide a higher standard of living and greater opportunity for all. These measures would also reduce air pollution, cut chronic traffic congestion, and improve worker productivity.

The report offers case studies from around the world where national and local governments have worked together to rapidly and profoundly transform their cities for the better within 20 or 30 years.

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The benefits of investing in zero-carbon cities

Photo, posted September 8, 2018, courtesy of Steffen Flor via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Antibiotics In The Environment

June 6, 2019 By EarthWise Leave a Comment

Antibiotics make their way into the environment in many ways. Sources of antibiotic pollution include the waste from large-scale animal farms and the wastewater from hospitals, municipalities, and antibiotic manufacturing.

A new study has discovered concentrations of antibiotics in some of the world’s rivers exceed safe levels by up to 300 times. In the project, researchers looked for 14 commonly used antibiotics in rivers in 72 countries across six continents. They found antibiotics at 65% of all the sites they examined.

The antibiotic ciproflaxacin was the compound that most frequently exceeded safe levels, surpassing that threshold in 51 places. The antibiotic metronidazole exceeded safe levels by the biggest margin. Concentrations of this antibiotic at one site in Bangladesh was 300 times greater than the safe level. The most prevalent antibiotic was trimethoprim. It was detected at 307 of the 711 sites.

Some of the world’s most iconic rivers were sampled as a part of this study, including the Danube, Mekong, Seine, Thames, Tiber and Tigris.

The project, which was led by the University of York, found that high-risk sites were often located near wastewater treatment systems, waste or sewage dumps, and in some areas of political unrest.

Safe levels for antibiotics, which were recently established by the AMR Industry Alliance, range from 20,000 to 32,000 nanograms per liter depending on the compound.

According to the research team, solutions to the problem of antibiotic contamination should include infrastructure investment, tighter regulation, and the remediation of already contaminated sites.

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