The world isn’t putting its money where its mouth is to fight climate change.
That’s the depressing takeaway from an annual report the International Energy Agency released on Tuesday. Worldwide investment in renewable energy fell slightly last year, and the proportion of money budgeted to low-carbon energy has stagnated at 35 percent. The report shows that, despite all the rousing pledges to embrace clean power, governments around the world are still spending most of their investment money on new ways to burn fossil fuels.
“[I]nvestment activity in low-carbon supply and demand is stalling, in part due to insufficient policy focus to address persistent risks,” wrote EIA Executive Director Faith Birol, in the preface of the organization’s World Energy Investment report.
The following five charts from the EIA provide a sense of what is happening.
Here’s the big picture: Since 2105, the world had been pouring smaller amounts of money into all kinds of energy investments — coal, natural gas, and renewables. In 2018, instead of dwindling further, energy investments levelled off. Why? Because the money going into coal mining and oil drilling offset decreases for other projects. Investment in coal supply crept up 2 percent, the first rise since 2012.
There is some good news if you dig down far enough. For instance, the number of electric cars and buses on the roads is shooting up. And they’re displacing vehicles running on oil: “Globally, electric cars and buses sold in 2018 are expected to offset 0.1 million barrels per day of transport oil demand growth,” the report’s authors wrote.
But that’s just a drop in the oil barrel: The report also notes that fracking in the United States alone produces 6 million barrels of oil a day.
We’d need to really goose investment in low-carbon energy to keep the goals of the Paris Agreement in sight, according to this report. In 2018 spending on energy efficiency and nuclear power stayed flat from the previous year, while money for renewable power dropped. Money for batteries grew by almost half, but that’s not as significant as it sounds because we’ve never spent much on batteries.
You know what hasn’t stagnated? Demand for energy. More people around the world are installing air conditioners and gaining access to basic creature comforts like thermostats.
And we’re not building enough low-carbon electric plants to keep up.
“Energy investment is misaligned with where the world appears to be heading, and also far out of step with where it needs to go,” the authors of the report wrote. The graph below suggests that the world needs to double the amount it’s investing in low-carbon energy systems every year to have a reasonable chance of avoiding 1.5 degrees Celsius of warming above pre-industrial levels.
At least the amount of government money flowing to science is increasing. And funding for energy research and development is going up.
But even that silver lining has its cloud: The money going to research isn’t keeping up with economic growth in many countries. Even though Europe’s overall economy grew last year, the European Union put a smaller percentage of its money into energy inventions.
These days politicians mostly agree that the risks of climate change are dire, but policies haven’t shifted with the rhetoric. In this snapshot, global movement toward a carbon-free energy system looks more like a tentative tiptoe than a sprint.
Follow this link:
Forget the hype. Here’s the state of clean energy in 6 charts.
Colorado’s high, clean mountain air has only been getting higher, thanks to wafting cannabis smoke, and will soon be getting cleaner, thanks to a plan approved on Monday by the state’s public utility commission.
Xcel, the state’s largest utility, will now retire two coal plants 10 years ahead of schedule, replacing them with wind turbines, solar panels, and batteries. The plan is supposed to slash the utility’s carbon emissions 60 percent below 2005 levels by 2026. That’s like taking 800,000 cars off the roads every year. All told, disease-causing pollutants, like NOx and SOx, should plunge 90 percent below current levels by 2026.
There are other utilities in Colorado, but because Xcel is so big, this deal will slash the amount of its electricity generated by coal from 44 percent to 26 percent.
“Colorado’s bold decision to invest in clean energy and a healthier future for the next generation shows what the public — and the marketplace — already know, that conservation and clean energy go hand in hand with a growing, healthy economy,” said Jon Goldin-Dubois, president of the environmental group Western Resource Advocates in a statement.
Environmentalists didn’t have to force this plan on Xcel, because Xcel proposed it. Colorado has powerful incentives for closing down old plants and building new ones, which has allowed big corporations to make a business case for switching to cleaner forms of energy.
Xcel will shutter 660 megawatts of coal generation from the two plants, replacing it with 1,100 megawatts of wind, 700 megawatts of solar, and 225 megawatts of energy storage. All this will cost $250 billion, but Xcel says that ratepayers will end up saving $200 million in the long run. (Independent observers have cast doubt on that figure.)
The two plants Xcel will lose are in the Comanche Power Station in the blue-collar city of Pueblo; a third plant in Comanche is slated to remain open. As part of the new plan, Xcel will build a 240-megawatt solar installation, which will help Pueblo in its bid to get all of its electricity from renewable sources (a quest we wrote about back in January).
“With approval of this plan, Pueblo is poised to become Colorado’s clean energy hub,” said David Cockrell, an activist working with Pueblo’s Energy Future and the Sierra Club.
Continue at source:
Read this article –
California may use 50 percent renewable electricity by 2020, a decade ahead of schedule.
Toward the end of the last ice age, about 19,000 years ago, the sea rose in several large spurts, according to a new study of coral reefs that grew during this period.
This contradicts assumptions that sea level rises gradually. Instead, coral fossils show sudden inundations followed by quieter periods. This offers new information that supports the theory that glaciers and ice sheets have “tipping points” that cause their sudden collapse along with a sudden increase in sea level.
Researchers at Rice University surveyed deep-sea coral fossils in the Gulf of Mexico, scanning their 3D structures to analyze them for growth patterns. Coral likes to live close to the surface, so it grows slowly when sea level is constant. But when sea level rises quickly, the coral grows vertically to try to stay near the surface, forming terraces.
“The coral reefs’ evolution and demise have been preserved,” lead author of the study, Pankaj Khanna, said in a press release. “Their history is written in their morphology — the shapes and forms in which they grew.”
Whether the future is written in these forms, too, remains to be seen.
View original article –
The first floating wind turbines just came online, which is very good news, indeed.
Libros
