Solar energy only powers 2.4% of the world’s electricity, but a few key factors are paving a bright future for the renewable resource.
Renewable energy production in the United States is set to overtake coal in 2020 for the first time, according to new projections from the Energy Information Administration.
Why it matters: Coal was historically the dominant source of electricity for the country, and renewable energy's rise comes despite the Trump administration’s attempts to revive the coal industry by pollution and coal-burning power plant regulations, per the New York Times.
The Treasury Department is signaling that it plans to offer more time for renewable power developers to qualify for tax credits as projects are disrupted by the coronavirus pandemic.
Why it matters: The industry is facing supply chain problems and other woes, leading to concern that a suite of projects will miss looming deadlines for incentives that are important for project finance.
The coronavirus crisis highlights why the security of supply of key minerals used in renewable power and electric vehicles can't be taken for granted, International Energy Agency analysts say in a new commentary.
Why it matters: Ample supplies of materials including copper, cobalt, lithium, molybdenum and more are needed for wind turbines, electric car batteries and other applications.
Power giant Southern California Edison has signed contracts to procure 770 megawatts of battery storage projects that are slated to come online in the summer of 2021.
Why it matters: That's a lot! The seven projects appear to comprise largest battery storage procurement announcement ever, per battery wonks talking about it here.
Communities from around the world have proven wind energy can make for a cleaner environment, but political and technological barriers are still holding back its full potential.
The downward march of solar and onshore wind power costs mean they're now the cheapest source of new power development for at least two-thirds of the global population, the research firm BloombergNEF said in a new analysis.
Why it matters: The annual survey of all-in costs for power projects underscores why analysts see the coronavirus pandemic slowing growth but not altering the fundamental trajectory of the technologies.
Duke Energy is proposing that its future electricity mix rely heavily on renewables and nuclear power to reach its 2050 goal to be carbon neutral, the utility said Tuesday.
Why it matters: As one of America’s largest utilities, Duke’s sketch of this potential future is a bellwether for how a range of companies and states hope to achieve their similarly aggressive goals in the next 30 years.
European Union advisers are recommending that economic recovery measures for the coronavirus pandemic be in line with climate policy with low-carbon investments, Reuters reports.
Why it matters: It's the latest wrinkle in growing calls to orient huge financial recovery packages in Europe and elsewhere toward low-carbon industries.
Driving the news: Milestones for low-carbon energy policies in China, India and the European Union, which were all expected to drive new projects this year, are scheduled to expire soon.