Fossil fuel generation has more than halved over the last decade, hitting a new record low in 2020. Just 102.7TWh was produced by coal and gas-fired plants combined last year, compared with 230.5TWh in 2011, according to analysis from EnAppSys.
Reaching net zero in the energy network will cost the UK £3 trillion, according to a new cost analysis from National Grid ESO.
The costing applies to the four scenarios laid out by the operator in its Future Energy Scenarios, which was released in July. This outlined two scenarios – Consumer Transformation and System Transformation – where net zero was hit by 2050, one – Leading the Way – where net zero was hit by 2048, and finally one – Steady Progression – where the deadline was missed, and the UK still emitting 258 MtCO2e in 2050.
Putting green jobs at the heart of the COVID-19 recovery could help level-up the UK's net zero commitment, according to a new report. Researchers from the London School of Economics’ Centre for Economic Performance (CEP) and the Grantham Research Institute on Climate Change and the Environment highlighted six key areas where the government could invest, creating both jobs and decarbonisation.
Figures for the impact of Covid-19 on the cleantech sector already make bleak reading and show the path of destruction in its wake. In the US, unemployment data for March 2020 shows every clean energy sector is being impacted by the economic crisis:
BP has announced plans to invest US$500 million (£358.5 million) in low carbon businesses each year as it looks to further embrace the low carbon transition.
The oil and gas giant has just reported its 2017 financial performance - a full year underlying profit of US$6.2 billion - allowing the firm to continue with its five-year strategic plan to embrace the energy transition. The investment commitment mirrors Shell’s recent plans to invest as much as US$2 billion per year in low carbon development.
So, a couple of months after the momentous public and private sector commitments involving billionaire movers and shakers such as Bill Gates, Mark Zuckerberg, Richard Branson, Reid Hoffman, Jeff Bezosh and other high-profile entrepreneurs to pledge to spark a “new economic revolution” based around clean energy through launching a new investment drive for renewables…..it’s instructive to look back and reflect on the issues - and exactly what was agreed.