According to a report by BloombergNEF, global investment in the switch to renewable energy reached a record-high $1.1 trillion in 2022. The energy crisis, according to the report, encouraged a more rapid adoption of low-carbon technologies, which resulted in a sharp acceleration from the previous year.
After oil prices rose sharply in the wake of Russia’s invasion of Ukraine in 2022, Shell posted a record $40 billion profit. The UK-based company’s profits, which more than doubled from a year earlier, are comparable to those announced by several of its rivals. And will increase pressure on governments to further increase taxes on the industry.
According to the Saudi energy minister, the country will invest up to SAR 1 trillion ($265 billion) to produce “cleaner energy”. The investments, according to Prince Abdulaziz bin Salman, also seek to “increase transport and distribution networks in order to ultimately export the energy to the world and manufacture pure hydrogen.”
Four African countries have inked a deal with the World Bank to fund renewable energy projects. In Sierra Leone, Liberia, Togo, and Chad, the $311 million package will be used to finance solar energy production and hydroelectric infrastructure.
As project developers have struggled to obtain imported panels, US solar energy contract prices have increased by a third over the previous year, according to new statistics. But because of new government subsidies, wind energy prices have recently somewhat decreased.
Spanish energy major Enagas, EU money might finance up to half of an undersea hydrogen pipeline that will be built between Spain and France. The two nations have decided to look into the feasibility of constructing a €2.1 billion pipeline that would transport renewable hydrogen between Barcelona and Marseille.
The outcome was that in 2022, coal’s share in energy generation in the EU increased by 1.5 percentage points to 16% of the total, the highest level since 2018. In 2022, total coal production rose by 7%, increasing CO2 emissions in the power sector by over 4%.
According to the research, renewable energy sources including wind, solar, and hydropower generated more electricity last year than coal and gas-fired power plants combined. The combined generation of wind and solar energy made upto the record 22% of the overall share. Hydroelectricity and nuclear power made up 32%. For the first time, gas generated 20% less than wind and solar.
The project is one of several renewable energy initiatives that the business says would assist Africa’s most developed economy reduce continuous power outages. Inability of state-owned energy provider Eskom to meet demand has resulted in a record number of planned power outages, sometimes known as “loadshedding.”
In 2022–2027, the world is expected to contribute as much renewable energy as it did over the previous 20 years. Since renewable energy sources cannot deliver continuous and uninterrupted flows of electricity, energy storage becomes increasingly crucial. Here are four cutting-edge methods for storing renewable energy devoid of batteries.
