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Dear Readers,
We share the latest edition of our Energy Transitions newsletter, brought to you by CSE's Renewable Energy team.
Last week saw the launch of the International Energy Agency’s Net-Zero Roadmap report. When the IEA published the first Net-Zero Emissions report in 2021, it set out a narrow pathway for the global energy sector to limit the rise in temperatures to 1.5 °C, and became an important benchmark for policy makers, industry and civil society. But today, the energy sector carbon dioxide emissions have continued to rise, reaching a new record in 2022. Nonetheless, 2023 is set to witness a record investment of USD 1.8 trillion in clean energy technologies and projects, according to the new report.
Last week also saw the launch of the Renewable Energy and Jobs: Annual Review by IRENA & ILO. According to the report, even though China continues to lead RE jobs globally, accounting for 56% of PV employment, or around 2.76 million jobs, India's rise in the sector is notable, with an estimated 281,400 solar jobs in 2022.
India continues to push through with newer RE technologies. The MNRE is set to auction the country’s first off-shore wind sites in 2024, which are off the coast of Tamil Nadu. We had comeout with a report on Off-Shore Wind Energy earlier this year that covered this and what steps policy makers need to take to encourage its adoption.
This week sees the launch CSE’s new report on the state of Carbon Markets in India, the complex nature of the system & how there are no rules in this opaque market. Join us on October 5, to hear about the findings from the team who worked on the report.
I hope you find this newsletter enjoyable and informative. We’d love to hear your feedback on this or any news you think we should’ve included. Feel free to write to me at noble.varghese@cseindia.org.
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Noble Varghese
Renewable Energy
CSE |
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CSE PUBLICATIONS |
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| NUMBERS GAME |
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$ 1.8 TRILLION
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| According to the IEA, the world is set to invest a record USD 1.8 trillion in clean energy in 2023, which needs to climb to around USD 4.5 trillion a year by the early 2030s to be in line with their net-zero pathway. IEA projects that by 2050, energy sector investment and fuel bills will be lower than today as a share of global GDP. Read more here. |
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NEWS |
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RE Champion Kenya Plans Africa’s Biggest Wind Farm
Bloomberg (Sep 29, 2023) |
| Kenya’s main power producerplans a 1,000 MW wind farm that would be the continent’s biggest such facility. About 92% of Kenya’s generating capacity already comes from RES such as hydroelectric dams and geothermal. |
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Need for speed on the Road to Paris
European Central Bank (Sep 6, 2023) |
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Moving towards carbon neutrality as quickly and boldly as possible is by far the best way to slow down climate change. It may take more effort in the short run, but in the long run it will cost less overall, says ECB Vice-President Luis de Guindos.
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