The first development to sky rocket this sector is the cost of renewable energy and batteries, which is falling at one of the fastest rates on record. Lithium-ion batteries and offshore wind, two technologies that were immature and expensive only a few years ago, are now at the centre of the low carbon energy transition. They have seen spectacular gains in cost-competiveness in the last year, with the cost of batteries plummeting by 35 per cent in one year, while offshore wind costs have dropped by 24 per cent. Solar PV module prices, meanwhile, decreased in Europe by 83 per cent between the end of Q1 2010 to the end of Q1 2017, and this is being driven by tremendous technological progresses and growing economies of scale. Alongside financing, policy has been a vital driver in supporting the transition to a low carbon economy, with wind and solar leading the charge in terms of the upscale of capacity installations from progressive policy. According to data from the International Renewable Energy Agency (IRENA), there has been over 1000 per cent increase in solar panel installations globally from 2010-2018.
Business Green 8th July 2019 read more »
Climate Action 100+ takes things a step further, by focusing on the 100 or so largest emitters in the world and asking them to explain what they are doing to make their businesses more resilient to climate change. Launched in December 2017, the initiative, backed by more than 300 investors with $33 trillion of assets under management, has already achieved some extraordinary successes. Some of the world’s biggest oil and gas companies, such as Shell, BP, Equinor and Occidental Petroleum, have agreed to set out strategies consistent with the targets of the Paris Agreement as a result of the group’s lobbying.
Bloomberg 3rd July 2019 read more »