ITS SHOWTIME - spotlight is now on!

NEW YEAR, NEW HOPE

As the dust settles on 2021 and we start 2022, all eyes are on the Renewable Energy Market. The world leaders have made their net-zero pledge target and like a Las Vegas tribute act, the spotlight is now on. Solar and Wind deployments are on track to hit a new record in 2022.

EUROPE PROPOSES NUCLEAR AND GAS AS GREEN INVESTMENTS AMID ENERGY CRISIS

On January 1st Bloomberg reported a large flotilla of U.S vessels carrying liquefied gas and bound towards Europe. It is by far the largest U.S flotilla consisting of 49 cargoes since June 6, 1944. As a last resort to save themselves from the worsening gas crisis, Europe is planning to classify nuclear and natural gas as climate-friendly. It has defended its stance on this controversial idea by saying that gas is cleaner than coal and nuclear energy generates zero carbon emissions.

Europe’s energy crisis has aggravated during the peak winter months due to the underperformance of wind power and the early shift from coal, nuclear, and gas power plants to using renewable energy resources which are not yet ready to bear the load.

While many green lawmakers have protested the idea vehemently, the majority of EU countries are in favour of this proposal including France which relies heavily on the nuclear power source. Some Eastern and Central European countries have tipped their scales in favour of promoting gas to replace more polluting coal plants.?

Although Germany, along with Austria, Luxembourg, Portugal, and Denmark have expressed reservations about the buildup of radioactive waste the nuclear power plants will produce. Critics are of the view that both power sources cause damage to the environment and will bring the world on a brink of climate catastrophe while wiping away the progress made in the last years to keep the environment clean and green.

The new plan would pass only those nuclear power projects if they have a plan, received their construction permits earlier than 2045, have funds and a site to safely dispose of radioactive waste. Natural gas plants would be allowed the green label if they meet the criteria of emissions limit of 270g of CO2 equivalent per kWh, are to replace a more environmentally risky fossil fuel plant, receive authorization to construct by 31st December 2030 and propose plans to shift to low-carbon gases by the end of 2035.

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SOUTHEAST ASIA TO BOOST RENEWABLE ENERGY IN 2022 FOLLOWING THEIR CLIMATE PLEDGES

According to Asian Centre for Energy (ACE), on January 11 in a virtual summit, 9 member states of the Association of Southeast Asian Nations are aiming for net-zero emissions by 2050, whereas the Philippines remains the sole exception which doesn’t have any stated goal. Indonesia, Thailand, and Vietnam are expected to expand their capacity in renewable energy sources in 2022.

Indonesia is planning to build two floating solar plants, one 40-MW power station at a Krakatau Steel facility, and one 145-MW station in Cirata, West Java this year.

Thailand has plans to expand its energy capacity by 1.77 GW this year, mainly in renewable energy sources.

Vietnam has already been approved for 11.8GW wind power in 2021 and is expected to install 488 MW in 2022.

INDIA SIGNS STRATEGIC PARTNERSHIP WITH IRENA FOR GREEN HYDROGEN

On 16th January, during the 12th IRENA Assembly in Abu Dhabi, UAE India’s Ministry of New and Renewable Energy signed a strategic partnership with IRENA to contribute to the decarbonization of its industrial economy. Francesco la Camera, Director General IRENA has also appreciated India’s stance to become a major producer of green hydrogen and believes that its record of commitment to the cause of renewables is commendable. In 2021 India has installed 13 GW of renewables and grown its capacity by 53GW during the last five years. Under the partnership of IRENA, has inaugurated the process for developing a National Green Hydrogen Mission to enable cost-effective green hydrogen production, storage and as a new source of national energy exports.

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PACIFICORP PROPOSES A PUMPED STORAGE HYDROPOWER PROJECT IN SOUTHERN OREGON

The power company has proposed a pumped storage hydropower project to be built in Lake County, which if built could generate an estimated 1,460 GWh annually, enough to power more than 130,000 American houses for a year.

The idea of pumped hydropower has also got a green signal from the advocates of clean energy usage because it is the most cost-effective method to generate electricity for at least 100 years, without any potential environmental risks. The company has pitched in the idea of building a 52-acre upper reservoir, 50 acres lower reservoir, a powerhouse, a pump station, and a 20-mile transmission line connecting the system to a substation in Lakeview. A new 8.7-mile pipeline would help in filling each reservoir with water from the Chewaucan River.

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CAMBODIA PROMISES TO ACCOMPLISH CARBON NEUTRALITY BY 2050 THROUGH LTS4CN

The country has recognized its need to abet in global climate change and promote low-carbon agriculture. In its long-term strategy of decarbonization, Carmodia has said that it will continue with the Reducing Emissions from Deforestation and Forest Degradation program (REDD+). It has also submitted its plan to the UN Framework Convention on Climate Change and has promised to decarbonize its transportation and power sectors step by step. The LTS4CN has proposed that by 2050 Cambodia could achieve carbon neutrality with the FOLU sector providing a carbon sink of 50 Mt CO2e, with offsetting emission of 1.6 and 1.2 MtCO2e from waste and IPPU sectors, 28 Mt from the energy sector and 19 Mt from the agricultural sector respectively.

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ENERGY VAULT’S GRAVITY-BASED SOLUTIONS COULD MINIMISE ENVIRONMENTAL RISKS

Switzerland-based company Energy Vault has proposed a solution to provide low-cost storage. It is one of the startups whose aim is to find new ways to store energy when renewable energy is low on solar and wind power. The company has put forward a prototype of gravity-based storage which relies on dropping heavyweights from great heights. Instead of using hydropower to generate electricity custom-made composite blocks could be used. These blocks won’t lose storage capacity over time like lithium-ion batteries and can be made from low-cost materials, including local soil, coal ash, mine tailings, and fibreglass from decommissioned wind turbine blades.

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ROAD AHEAD

The Future is Green, and I plan to be part of it, Tomorrow future is the responsibility of today generation.

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