We at
Renewabl
are keeping track of the major renewable energy news, legislation changes and sustainability reports, and here is what you need to know:
-
Science Based Targets initiative
is set to release new standards for corporate climate targets, likely excluding carbon credits for offsetting value chain emissions due to their perceived ineffectiveness. Earlier, SBTi announced plans to review the Corporate Net Zero standard, focusing on Scope 3 emissions which constitute over 90% of many companies' overall emissions.
-
ISO - International Organization for Standardization
's Net Zero Standard is in progress, expected to launch at COP30 in November 2025. Thousands of experts from over 170 countries will collaborate, with a public consultation planned for later in 2025.
- UK and Portugal race to Net Zero. The UK aims to quadruple offshore wind capacity to 55 GW by 2030, triple solar, and double land wind farms. Portugal plans to generate 93% of its electricity with renewables by 2030, already achieving 73% in 2023.
- The UK has set a ￡1.5 billion budget for its largest-ever renewable energy auction, primarily targeting offshore wind with ￡1.1 billion allocated. The CfD scheme will support renewable energy projects by providing subsidies and guaranteed prices for clean electricity.
- Former Siemens chair
Juergen Maier CBE FRS FREng
to lead Great British Energy. This new publicly-owned energy company aims to attract up to ￡60 billion in private investment and will be backed by ￡8.3 billion over this Parliament to invest in clean power projects.
Department for Energy Security and Net Zero
- Italy plans to auction 20 TWh of power to energy-intensive industries at EUR 60/MWh, about half the current wholesale rate. This initiative, covering 7% of the country's power demand, aims to curb rising energy costs and support renewable energy transition.
- China continues to lead the world in wind and solar, with twice as much capacity under construction as the rest of the world combined:
- Australia is implementing the GO Scheme, which tracks, verifies, and certifies the carbon emissions of renewable energy products.
- ERCOT’s updated fuel mix shows that zero-CO2 electricity share tripled, going from 16% in 2006 to 47% in first half of 2024. Solar has grown twice as fast as wind, reaching 10% of ERCOT's electricity generation in just four years.
Joshua Rhodes, PhD
- America’s cumulative battery storage capacity has surged from near zero in 2019 to nearly 20 GW.
- A Salesforce survey found that more than half of executives believe AI will positively impact sustainability progress. However, nearly 40% are concerned about AI's potential negative impact, emphasising the need to balance AI benefits with environmental costs.
- Four weeks past the deadline, 26 out of 27 EU countries have submitted draft National Energy and Climate Plans (NECPs), but only 9 have submitted their final plans.
- H1 2024 climate tech funding has fallen back to 2020 levels, indicating a significant slowdown in investment in the sector.
Sophie Purdom
- EVs are already displacing 1.7 million barrels per day, equivalent to 3% of road fuel demand.
- A study by
Technische Universit?t Berlin
shows that 24/7 Carbon-Free Energy (CFE) procurement reduces emissions, incentivises new technologies, and remains cost-effective up to 95% targets. This model proves relevant across various geographies and technological scenarios, supporting a robust framework for clean energy procurement. Thank you
Killian Daly
for the overview.
Let us know if there is any area of renewable energy sector updates or sustainability trends that you'd like us to follow more closely over the next two weeks. Stay tuned for more insights in the next issue of Renewabl Market Recap on the 19th of August.
