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The end of every year is a great time for taking stock of what the year has broughtincluding in terms of cleanenergy in the power sector. As it turns out, 2024 has provided a whole lot of cleanenergy progress as fodder for that stock-taking.
Solar, wind, electric vehicles, and other cleanenergy technologies saw a record-high $1.1 trillion in investment globally last year, matching investment in fossilfuels for the first time ever, according to a new report from Bloomberg New Energy Finance. Read more on E360 →
While at least one event provided a platform for oil and gas industry greenwashing, others centered people directly affected by fossilfuel-driven climate change who are holding bad actors accountable. I had the honor of moderating one of the latter events, Scientists & Activists vs. FossilFuel Finance.
This year has brought new evidence of what major fossilfuel companies knew and when about the role their products play in climate change, as well as what they did in spite of what they knew. They enable us to strengthen our balance sheet and high grade or diversify our portfolio.
The world’s biggest fossilfuel companies recently released their 2022 earnings reports, revealing record-breaking profits last year; just five companies–ExxonMobil, Shell, BP, Chevron, and TotalEnergies–reported a total of nearly $200 billion in profits. billion, respectively, during 2022. billion and $35.5
Gas plants failed at a scale that jeopardized grid reliability for large regions of the United States during severe winter storms in 2011 , 2014 , 2018 , 2021 , and 2022. Although the country’s federal energy regulator has had a disconcertingly nonchalant attitude towards these events.) Unfortunately, this isn’t a rare problem.
The simple fact is that ditching fossilfuels for low-cost cleanenergy resources is good for the planet, good for the US economy, and good for public health. The studies the DOE reviewed also found that transmission investments would provide a host of benefits beyond access to cleanenergy. The good news?
Fossilfuel power plant owners are facing increased accountability for their air and water pollution, including from a new round of environmental and public health protections that are being rolled out by the US Environmental Protection Agency (EPA). We’ve heard these lazily disingenuous narratives before.
Cleanenergy solutions are readily available to help ensure that these failures dont reoccur, and long-range transmission lines are one of the key components of these solutions. Increasing the countrys long-range transmission capacity will allow much more renewable and energy storage capacity to come onto the grid.
This is exacerbating a crisis in energy insecurity that has only worsened during the pandemic, leaving many more families struggling to pay their bills, facing disconnection, or already shut off from their utility service. And such action cannot be influenced by fossilfuel interests and their policy proposals that we are seeing in Congress.
The fabulous growth of wind and solar builds on states’ cleanenergy policy and corporate decarbonization targets. However, great opportunities for more new cleanenergy supplies to replace fossilfuelenergy need supporting grid investments. Where do we go for that modern infrastructure?
With the cleanenergy transition already under way, the US electricity mix is set to continue changing this year. Solar power is expected to make up about half of all additions of US electric generating capacity in 2023, according to data from the US Energy Information Administration (EIA). I’ll start off with the good.
There’s good news in the recently released official data on electricity generation in the United States in 2022: renewable energy has continued to grow, coal power has continued to drop, and renewables are now firmly ahead of coal for the first time ever. They offer a lot of good news about cleanenergy progress.
The legislation committed nearly $400 billion to support, among other things, wind and solar power, battery storage, electric vehicles, and other cleanenergy technologies that will make a significant dent in US heat-trapping emissions. It also will save US consumers money because they will spend less on fossilfuels.
The shift from fossilfuels in the 100% RES scenario reduces the amount of harmful air pollution from power plants much more than in our “No New Policy”/business-as-usual scenario. Just as important, cleaning up the power grid can also decrease carbon dioxide (CO 2 ) emissions. And our modeling shows renewables’ power.
As electric vehicle charging stations sprout like mushrooms along our roads and clusters of new wind turbines come online, these two cleanenergy solutions to the climate crisis are becoming more commonplace. The United States needs to speed its transition to cleanenergy in order to stave off even worse impacts of climate change.
In 2022, the nation experienced 18 disasters with costs exceeding a billion dollars each, and together these disasters caused at least 474 deaths. Together these disasters cost at least $165 billion, making 2022 the third most costly year on record. You can watch her powerful speech here ). Indeed, the math is unrelentingly clear.
Earlier this month the Government of Canada delivered on a key climate promise and released new rules which end public funding for fossilfuels abroad, starting January 1, 2023. It also begins to align federal spending with a climate-safe future, by prioritizing public dollars towards climate solutions like renewable energy.
Joining an ever growing list of countries from around the world, Canada pledged to end public financing for overseas fossil-fuel projects in 2022 and instead prioritize the cleanenergy transition. This sends an important signal to investors and people around the world that the sun is setting on fossilfuels.
And we know that as our climate warms further—driven by burning fossilfuels—the risk of large wildfires will only grow. This alarming finding clarifies the significant role and responsibility of fossilfuel companies to not only stop their harm moving forward, but also to address damage they have already done.
That means we’ll need to quickly add additional cleanenergy policies and policies to phase out fossilfuels just to meet our 2030 goals. That goal was finally met in 2022, according to the Organization for Economic Cooperation and Development. For the next round of NDCs, the U.S.
They accounted for most of the failed generating capacity in a number of recent extreme weather events, including Winter Storm Uri in 2021 and Winter Storm Elliott in 2022, according to Gas Malfunction , a new Union of Concerned Scientists (UCS) issue brief. percent higher than the number of wealthier residents, according to a 2022 UCS study.
5060 ), titled An Act Driving CleanEnergy and Offshore Wind, into law on Thursday August 11, 2022. Reduction of FossilFuels. Other provisions include a ban on incentives and rebates from Mass Save related to fossilfuel powered systems, except as backup for electric heat pumps.
The destruction we see today is a direct result of decades of dependence on fossilfuels, enabled by decades of deception and obstruction on the part of the fossilfuel industry, and prolonged by decades of inaction on the part of policymakers who have been in their thrall.
Climate policy has been boosted by dramatic changes in the economics of cleanenergy. The Department of Energy estimates the cost of an electric vehicle lithium-ion battery pack declined 89% between 2008 and 2022. Cheaper renewable energy attracts private investment and makes limits on fossilfuels more feasible.
New analysis from Environmental Defence reveals that despite federal government promises, funding to the fossilfuel and petrochemical industries remains high Ottawa | Traditional, unceded territory of the Algonquin Anishinaabeg People – New analysis released today by Environmental Defence reveals Canada’s federal government provided at least $18.6
Following the Minnesota Senate’s approval on February 2 and the House on January 26, the state now has a much-needed update to its cleanenergy policies that advocates and other leaders have sought for several years. Congratulations, Minnesota!
The November 2021 Infrastructure Investment and Jobs Act (IIJA), also referred to as the Bipartisan Infrastructure Law, or BIL, includes an $8 billion “regional clean hydrogen hubs” program that charges the Department of Energy (DOE) with the development of at least four hydrogen hubs to advance the nation’s clean hydrogen sector.
On January 26, the Minnesota House of Representatives passed House File 7 —the 100% CleanEnergy Bill. Now, with climate and cleanenergy majorities in both chambers, Minnesota is poised to join other leading states in updating its cleanenergy policies equitably with benefits for all residents.
Even where the grid still has significant fossilfuel-powered generation, EVs are a cleaner choice. In the grid region that serves most of Texas, driving the average EV produces emissions equal to an 82 MPG gasoline car, despite over 60% of electricity generation coming from fossilfuels.
There is still much we can do to bend that emissions curve sharply within this decade—but only if world leaders, especially leaders of richer countries and major emitting nations, take responsibility to act together quickly and fossilfuel companies are held accountable for their decades of obstruction and deception.
The Department of Energy’sEnergy Information Administration (EIA) is one of the go-to sources for reliable information about the US power sector. They just released their 2022 “Annual Energy Outlook” (AEO), which is a big deal: it tells us where electricity is headed over the next 30 years. Carbon emissions remain high.
However, as we replace fossilfuels with clean electricity for heating and transportation to meet our climate goals, these peak demands will increasingly shift to the winter in many parts of the country. It’s worth delving into because it has some important implications for our cleanenergy future.
The state’s grid reliability is also inextricably linked to issues of improving energy affordability and achieving California’s ambitious cleanenergy goals. It would change Western energy markets. California has already taken steps toward these energy markets. What is Western grid regionalization?
As countries around the world grapple with eliminating their own fossilfuel subsidies, Canada has set a strong global precedent. This is alarming given that Canada is one of the largest providers of fossilfuel financing in the G20. Canada ranks among the worst in the G20 for providing fossilfuels public financing.
On the last day of the 2022 Minnesota legislative session, state legislators had a real case of the Mondays: They failed to deliver on climate and energy policies that would have accelerated renewable energy enough to forge a clear path to carbon-free electricity and set the state on track to meet science-based emission reduction targets.
While the epicenter of the war and its horrors has remained trained on and in Ukraine, Russia has also leveraged its position as a major fossilfuel exporter to fund its war efforts and to manipulate and threaten others, including countries across Europe that have long relied on Russian supplies of gas. Credit: U.S. Credit: U.S.
On Wednesday, Oregon Governor Kate Brown signed a package of four cleanenergy bills. These laws ban new fossilfuel plants and set aggressive targets for the state’s two major utilities, requiring emission cuts of 80% by 2030, 90% by 2035 and 100% by 2040. These bills move Oregon to the forefront of climate action.
That requires bringing global energy-related carbon dioxide emissions to net zero by 2050. To meet that goal, the International Energy Agency’s Net Zero Roadmap released in 2021 says no new oil and gas supply projects can come online. DO: Pay your fair share of the costs of climate change. Chevron alone is facing a $9.5
cranks its air conditioners to get through historic high temperatures , the need for energy that slows, not hastens, climate change is more apparent than ever. Yet, in 2022, almost 40% of electricity in the US was generated by power plants fueled by natural gas. And now, as the U.S.
Both fossilfuel and utility companies bear some responsibility for wildfires’ damage, and must be held accountable to ensure disadvantaged and low-income communities aren’t left to shoulder the costs and impacts of these disasters. Emissions traced to fossilfuel companies, on the other hand, have contributed to 19.8
Enter the late-July announcement of the Inflation Reduction Act of 2022—our chance to get back on track. How the Inflation Reduction Act of 2022 will accelerate necessary change. On the other hand, Congress’s wholesale abandonment of wide-ranging climate investments could not be similarly recast. It was bad news all the way down.
In New England, the percent of people of color living near fossilfuel power plants is up to 23.5 Dominion Energy is pushing to build the largest gas peaker plant in Virginia in an area where 44% of the residents are people of color and 25% are low income.
EPA on Thursday, June 30, 2022, curbing the power of the Environmental Protection Agency (EPA) to regulate greenhouse gas emissions from power plants across the country. The decision focuses on EPA’s authority under a specific section of the Clean Air Act. What does this mean for cleanenergy projects?
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