Top News For Renewable Energy In 2024

by | Mar 7, 2024 | Renewable Energy

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In a groundbreaking development for sustainable energy, the latest reports highlight a surge in global investments and innovations driving the renewable energy sector. From cutting-edge technologies to ambitious policy initiatives, the world is witnessing a transformative wave toward a cleaner and greener future. Discover the top news for renewable energy of 2024 in this article.

Top News for Renewable Energy in 2024

Top News for Renewable Energy in 2024

1. U.S. Power Use to Reach Record Highs in 2024 and 2025—EIA

U.S. electricity consumption will reach new highs in 2024 and 2025, according to the Energy Information Administration’s (EIA) Short-Term Energy Outlook (STEO). The EIA forecasts that power demand will climb to 4,112 billion kilowatt-hours (kWh) in 2024 and 4,123 billion kWh in 2025.

2. The Massive Increase in Renewable Power Paves the Possibility of Meeting the Global Tripling Objective Established at COP28

According to the new IEA research, under present policies and market conditions, worldwide renewable capacity will rise by two and a half times by 2030. It is not yet enough to meet the COP28 objective of tripling renewables. Still, we are getting closer, and governments have the instruments to bridge the gap,” said IEA Executive Director Fatih Birol.

3. Rio Tinto Signs Renewable Power Purchase Agreement for Gladstone Operations

Rio Tinto Ltd has inked a renewable power purchase agreement with specialist renewable energy firm Windlab to purchase the majority of electricity from its proposed 1.4 gigawatt (G.W.) wind energy project in Queensland. Rio Tinto, the world’s largest iron ore producer, has agreed to buy 80% of the power generated by the Bungaban wind energy project over the next 25 years. The project is in the early stages of development and will be built and managed by Windlab in Queensland, pending construction and grid connection permits.

4. TotalEnergies looks into Renewable Portfolio Stake Sale Opportunities in the United States and Europe

TotalEnergies of France is considering selling a 50% stake in a portfolio of renewable projects in Europe and the United States. According to sources, the French energy giant is seeking consultants to sell a share in wind and solar generating assets in the United States, Spain, Portugal, France, and Greece. One of the sources stated that the portfolio is worth approximately $2.5 billion in total. According to one of the sources, the plan is expected to result in a series of deals with multiple buyers.

5. Stock Pickers Boost Struggling Renewables as Rates Fall

Clean energy stocks could receive a much-needed boost this year as forecasts on interest rate decreases improve their outlook following massive outflows from this previous ESG hotspot. Cost overruns, supply bottlenecks, and financing issues have hampered debt-intensive wind and solar projects, but lower values attract investors searching for bargains. The iShares Global Clean Energy ETF, one of the world’s leading renewables equity funds, has lost one-third of its value in the previous year, while global stocks have risen 16%.

In conclusion, the growing worldwide move towards renewable energy represents a pivotal commitment to sustainable practices, ushering in a hopeful era of cleaner and more resilient energy sources critical for solving climate issues and promoting a greener future. As countries embrace renewables, the prospects for a cleaner, more sustainable energy environment improve.

Also Read: Global Climate Change News 2024: Key Updates So Far

 

Author

  • Michael Thompson

    Michael Thompson is an esteemed expert in the renewable energy sector, with a profound experience spanning over 25 years. His expertise encompasses various sustainable energy solutions, including solar, wind, hydroelectric, and energy efficiency practices. Michael discusses the latest trends in renewable energy and provides practical advice on energy conservation.

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