We at Renewabl
are keeping track of the major news, legislation changes and reports. Here’s what’s happening in the world of renewable energy and climate transition:
- Over the past two weeks, the market for Renewable Energy Certificates (RECs) in the UK and Europe has exhibited a combination of stability and minor shifts. In the UK, CP23 non-biomass Regos remained unchanged after four consecutive weeks of decline, maintaining a price of ￡7.15/MWh, while biomass Regos saw a slight decrease. In Europe, Guarantees of Origin (GOOs) experienced some fluctuations, notably in Nordic hydro, which reached its lowest level in over a month, with 2028 GOOs trading at a higher price than 2027. Overall, the market reflects a blend of slight downward trends in certain sectors and consistent performance in others.
- Global electricity consumption is expected
to grow by 4% year-on-year, the highest rate since 2007. Solar PV and wind generation are set to surpass hydropower globally in 2024, with the EU expected to see wind and solar exceed fossil-fired output.
- A ￡4.3 billion subsea cable project between Scotland and England has been approved
, aiming to enhance renewable energy transfer across the grid. This project will be the UK's largest electricity transmission initiative, expected to be completed by 2029.
- CFO Alert: Starting January 1, 2025, most PPAs will require
fair value disclosures under IFRS 9, potentially leading to income statement volatility – thank you
Pexapark
for the reminder. For a more flexible approach, consider using traceable GOs/REGOs, which avoid long-term commitments and simplify compliance – Renewabl
can streamline your renewable energy procurement and support your sustainability goals.
- Despite high hopes, green hydrogen adoption remains sluggish
, with few buyers due to high costs and logistical challenges.
- Hong Kong investor (CK Infrastructure) has purchased
32 onshore wind farms in the UK for ￡350 million, reflecting continued interest in established renewable assets despite recent windfall taxes.
- Solar panel exports from China to the rest of the world have surged
, reaching 21GW over the past 2.5 years, highlighting China’s dominance in the solar market.
- Lithium-ion battery prices have dropped from $1,000/kWh to around $100/kWh over the past five years. Combined with the drastically increased efficiency, it’s making EVs and building batteries much more accessible. However, the sector still requires
$1.6 trillion in investment by 2040 to meet growing demand.
- Global electric car sales are expected
to hit 17 million in 2024, with more than 1 in 5 cars sold being electric. This follows
a rise to nearly 14 million in 2023.
- EVs likely made up over 50% of new vehicle sales in China in July, as they outprice combustion models. With Tesla gaining ground and traditional automakers cutting capacity, China’s shift from ICE vehicles is accelerating.
- Dalton, Georgia, has transformed
from a hub for carpet manufacturing to a leading centre for solar panel production.
- Microsoft unveiled
Project ESG Reporting, enabling companies to streamline ESG reports across various standards. It’s interesting to see large corporations moving into a space traditionally led by clean energy startups.
- Shell Energy has signed
UK’s first single-asset BESS tolling agreement. This 330MWh battery storage project marks a shift towards load shifting and longer-duration battery systems.
- July 2024 saw unprecedented global heat
, including the hottest day ever recorded. While some records were broken, there’s debate over whether it was the hottest month in history.
- Global energy investment is on track to exceed
$3 trillion in 2024, with spending on clean energy nearly doubling that on fossil fuels.
Stay tuned for more insights and updates in our next issue of bi-weekly Renewabl Market Recap.
