The International Energy Agency projects that spending on renewables in 2022 will exceed the record $440 billion invested last year.
Massive heatwaves this summer have sparked increase conversations and fear about climate change risk and impacts on the grid. Russia’s war in Ukraine has regions like Europe worried about energy independence. Investors seeking portfolio growth have set sights on renewables and technologies like electric vehicles. Renewable energy is having a big moment—globally, nationally and regionally—but challenges exist.
- Wind and solar generate over a tenth of the world’s electricity. Taken together, they are the fourth-largest source of electricity, behind coal, gas, and hydro. Visual Capitalist has a great set of maps showcasing solar and wind stats globally.
- The percentage of U.S. electricity produced by renewable energy from wind, solar and hydroelectric dams has been steadily rising, from 8.6% in April 2001 to this April’s 28%, according to data from the U.S. Energy Information Administration published in USA Today.
State and Local
- According to an article in CleanTechnica, three cities broke clean energy records in 2021. “In 2021, 155 local governments signed 290 renewable energy deals, 25% more cities and 55% more deals than the 2020 record. 110 of them, or about three out of every four, were first-time purchasers,” the article notes.
Scientific American’s recent article highlights some of the possible challenges with this rapid transition:
- About half the increase in clean energy spending is due to rising prices — rather than investments in new clean energy capacity.
- Despite the accelerated spending on green technologies, the world still is not on track to reach net-zero emissions by 2050, according to the International Energy Agency.
- As sales of electric vehicles surge, so, too, has demand for the minerals that go into their batteries.
The article from Benjamin Storrow, available here, is a must-read.
Amshore is a renewable energy developer focused on helping energy companies create projects that reduce climate change risk, increase energy independence, and provide cleaner air for future generations. Over the past 20 years, Amshore has originated and developed wind and solar energy facilities generating 2.9 gigawatts of power covering over a half a million acres.