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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

Wireless car charging

April 17, 2024 By EarthWise Leave a Comment

It’s increasingly common to see cars hooked up to charging cables in shopping centers, rest stops, and dedicated charging stations. Charging electric cars is easy to do, just like charging phones and laptop computers. These days, it is pretty common to charge phones without using any charging cable at all because of the availability of wireless charging technology. The same thing may well happen with electric cars.

A team of researchers at Oak Ridge National Laboratory has successfully demonstrated wireless charging of electric cars with high efficiency and fairly fast charging speed.

The patented system was used to charge up a Hyundai Kona EV using electromagnetic fields, which is essentially how phone chargers work. The technology makes use of a polyphase electromagnetic coupling coil, which is lightweight and small. Rotating magnetic fields generated in the coil’s windings boost the power available. The system provided 100-kW of power with 96% efficiency. That isn’t as powerful as the fastest high-speed charging stations, but it is considerably more than any home charging solution can provide. For many vehicles, such a charger could provide 50% battery capacity in less than 20 minutes.

Battery technology continues to improve leading to larger capacity, faster charging, longer battery life, and lower cost. At some point, charging up an electric car will take no more time than pumping gas.

The Oak Ridge researchers consider this development to be a breakthrough achievement that could open the door to fast and efficient wireless charging for electric passenger vehicles. One could imagine having the ability to drive up to a charging spot and charging up the battery without even getting out of the car.

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Charging up the commute

Photo, posted July 12, 2021, courtesy of Chris Yarzab via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio

Wind Power Update | Earth Wise

October 8, 2021 By EarthWise Leave a Comment

The Department of Energy recently released three reports showing record growth in land-based wind energy, a growing number of offshore wind projects, and the continuing reduction in the cost of wind power.

The U.S. installed a record amount of land-based wind energy in 2020. In total, 16,836 MW of new utility-scale land-based wind power capacity was added during the year, representing $24.6 billion in new wind power projects. This was more added than from any other energy source and represented 42% of new U.S. energy capacity.

For the year, wind energy provided more than 10% of in-state electricity generation in 16 states. Notably, wind provided 57% of Iowa’s electricity and more than 30% in Kansas, Oklahoma, South Dakota, and North Dakota.

As wind turbines continue to grow in size and power, they are producing more energy at lower cost. Turbine prices have gone from $1,800/kW in 2008 to $770-850/kW now.

The pipeline for U.S. offshore wind energy projects has grown to 35,324 MW, a 24% increase over the previous year. The Bureau of Ocean Management created five new wind energy areas in the New York Bight with a total of 9,800 MW of capacity.

Distributed wind power, which are systems connected on the customer’s side of the power meter as opposed to those on the utility side, also saw increased growth last year.

Wind power is a key element in the adminstration’s goal of having a decarbonized electricity sector by 2035.

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DOE Releases New Reports Highlighting Record Growth & Declining Costs Of Wind Power

Photo, posted March 24, 2016, courtesy of Adam Dingley via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.