John Hennessy III,
P.E.
As the world strives to cut carbon emissions, electric power from renewables has emerged as a vital energy source. Yet transport and industry will still require combustible fuels for many purposes. Such needs could be met with hydrogen, which itself can be produced using renewable power.
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More and more companies around the world are voluntarily and actively procuring or investing in self-generation of renewable energy. Driven by the last decade’s unprecedented reduction in the cost of renewables and a growing demand for corporate sustainability, renewables have become an attractive source of energy.
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Renewable energy employment worldwide has continued to grow since IRENA’s first annual assessment in 2012. During 2017, the strongest expansion took place in the solar photovoltaic (PV) and bioenergy industries. In contrast, jobs in wind energy and in solar heating and cooling declined, while those in the remaining technologies were relatively stable (Figure 1).
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Renewable energy innovation is starting to really change gears. In the last couple of years, most of the new power generation capacity added has been renewable.
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According to nearly every measure, renewable energy is gaining ground. Today, one out of every five units of energy delivered to consumers comes from renewable sources. This is remarkably evident in the power sector, where renewables are growing at unprecedented rates, far outpacing growth in conventional technologies. Since 2012, new generating capacity fuelled by renewables has exceeded that fuelled by non-renewables by a widening margin.
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Experts discuss benefits and challenges of corporate sourcing of renewable energy.
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Today’s offshore wind turbines, rooted to the seabed by monopile or jacket foundations, are restricted to waters less than 50 metres deep. This rules out sites with the strongest winds and, often, access to big markets. Floating foundations, by eliminating the depth constraint and easing turbine set-up, could open the way for power generation from deeper waters.
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Advances in wind power technologies continue to drive cost reduction and expansion into new markets. While onshore wind power is increasingly cost competitive against conventional power generation technologies, growing attention is being paid to technology development for off shore applications that open the door to sites with better wind resources. This combination of higher capacity factors and the availability of large-scale sites makes off shore wind an attractive alternative for utility-scale low-carbon electricity
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INTERNATIONAL RENEWABLE ENERGY AGENCY (IRENA)
Growing PV panel waste presents a new environmental challenge, but also unprecedented opportunities to create value and pursue new economic avenues. These include recovery of raw material and the emergence of new solar PV end-of-life industries. Sectors like PV recycling will be essential in the world’s transition to a sustainable, economically viable and increasingly renewables-based energy future. To unlock the benefits of such industries, the institutional groundwork must be laid in time to meet the expected surge in panel waste.
INTERNATIONAL RENEWABLE ENERGY AGENCY (IRENA)
The reduction of pollution and climate impact through rapidly increased use of renewable energy by 2030 could save up to USD 4.2 trillion per year worldwide, 15 times the associated costs of doubling the share of renewables. Today’s energy markets, however, do not adequately value climate impact or air pollution. Energy and environmental policies need to correct for these externalities.
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