Global Scans · Energy · Weekly Summary

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WHAT'S NEXT?: By 2025 solar energy will be the cheapest energy option globally. In 2040, oil and natural gas are expected to make up nearly 60 percent of global supplies, while nuclear and renewables will be approaching 25 percent. Improvements in energy efficiency in lighting and home appliances are expected to continue to push residential electricity use lower. The burning of coal will fall out of favor. Transportation energy consumption will be rising in correlation to growth in automated vehicles in the coming years.

• Overall PCE inflation is projected to tick up in 2025 even as core PCE inflation declines because the factors that have tended to limit price increases for food and energy are expected to recede. Congressional Budget Office
• Inflation is projected to tick up to 2.2% in 2025 as factors that have tended to limit price increases for food and energy recede and as stronger economic activity modestly increases the pressure on prices for some types of services. Congressional Budget Office
• The share of renewable energy in total electricity generation rises from about 40% in 2021 to 87% in 2040, with wind and solar energy having the largest capacity. EnergyVille
• Of the seven National Energy and Climate Plans that provided electricity demand forecasts for 2030, all show consumption increasing from 2020 levels, including increases of 13% for Italy and 17% for Spain. Ember
• Despite being one of Europe's clean energy champions, Portugal has still not moved past a peak in wind generation achieved in 2019 (14 TWh), even though the updated National Energy and Climate Plan assumes a swift doubling of the current wind capacity, from 5 GW in 2022 to 12 GW by 2030. Ember
• Energy companies in the United States are outpacing state policy because they are recognizing opportunities and receiving unprecedented federal funding to transition to clean energy. Yahoo News
• Mongolia's enormous potential for wind and solar energy is to be expanded to help the country combat climate change. Zawya
• Rapid expansion in green renewable energy capacity is underway, with BPCL's five solar projects and two wind projects, and plans to establish 5 GW of green renewable energy capacity by 2028. Energy Connects
• Under Labour's plan, the energy grid will be made up of 82% of renewable energy by the end of the decade. The Guardian
• JSW Neo Energy aims to achieve a 20 GW generation capacity and a 40 GWh energy storage capacity by 2030, progressing well towards its interim target of 10 GW by 2025, with a current capacity of 9.8 GW, including projects under construction. Renewable Energy and Environmental Sustainability in India
• To address the associated energy costs, the Singapore Government launched the world's first standard for optimising energy efficiency for data centers in tropical climates, which will result in data centers gradually increasing their running temperatures from 22 °C to 26 °C and above. The Royal Society of Victoria
• Ronesans announced its agreement with TotalEnergies, in which TotalEnergies acquired a 50% stake in Ronesans Enerji and committed to jointly produce 2 GW of renewable energy capacity by 2028, worth US$2 billion. CentralCharts
• Renewable energy emerges as a critical factor in the feasibility of cellular agriculture, with the study indicating that A maximum 72% replacement of livestock products with cellular agriculture using renewable energy is possible based on the 2050 regional green energy capacities. iGrow News
• With a projected $1bn investment in the energy sector across Egypt's Western Desert region, EGYPES 2024 will expand its scope to address the growing urgency in energy supply and demand. Dailynewsegypt
• The aggregated installed capacity of renewable energy is expected to reach around 1.3 billion kW by the end of 2024, accounting for 40% of the overall installed capacity and overtaking the share of coal energy generation for the first time. Energy Central
• As governments and businesses worldwide prioritise renewable energy, the demand for solar power solutions is expected to skyrocket. IPS Inter Press Service Business
• In synergy with measures announced today to achieve the 2070 target, adopting solar energy will enable India to secure the uninterrupted availability of energy sources at an affordable price. EPR (Electrical & Power Review) | EPR Magazine
• EVE Energy will supply Lithium Iron Phosphate battery cells for Wartsila's GridSolv Quantum energy storage system, a fully integrated modular and compact solution that supports the integration of storage into electricity grids and the increase of renewable energy. Wartsila.com
• Future of renewable energy The future of renewable energy looks promising and is expected to play a crucial role in global energy systems. statetimes
• The Government of India actively promotes various forms of renewable energy to achieve the goal of 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. SolarQuarter
• The access to AI insights as it relates to clean energy in 2024 will support many advances in renewable energy. Bold Business

Last updated: 09 February 2024