After 2020, IEA is increasing the clean energy projection
The IEA has raises its projections for new renewable energy resources by over 25 percent in 2021-2022, after facilities have met their forecasts far in 2020.
In 2020, renewable increased by 45% to 280 GW, the highest growth since 1999, with installations now expected to reach 270 GW in 2021 and 280 GW in 2022, IEA said 11 May.
“As governments around the World have auctioned record amounts of renewable energy resources and businesses have concluded Power Purchase Agreements at the highest level, these predictions have been upward updated by over 25 percent from previous IEA predictions of November, and as macroeconomic insecurity spreads through the pandemic and demand subdued,” he added.
In 2021-2022, the agency said, PV systems will begin to increase and counteract lower wind increases.
“The growth of the solar photovoltaic industry will continue to break records, hitting 162 GW annually by 2022 – almost 50 percent above the 2019 pre-pandemic stage,” she added.
After extending federal tax credits in December, the IEA lifted its US outlook. After 2022, the agency noted that it would have affected the new US carbon mitigation targets and the $2 trillion bill for infrastructure announced by President Biden.
More political assistance and a ‘booming’ corporate PPA market in Europe would lead to prosperity, according to the IEA, because of falling PV costs.
The lack of minerals could impede the growth of renewable, says the IEA
The International Energy Agency (IEA) said in a new May 5 study that global policymakers must intervene to prevent shortages of raw materials and price increases that could threaten global carbon reduction targets.
Demand for battery storage lithium and other minerals and electric vehicles will increase by at least 30 times by 2040. Demand for directly used minerals in the wind and solar assets will triple, he added.
“Many minerals, including lithium, cobalt, and some rare earth elements, are produced and processed in high concentration in a few countries with more than 75 percent of supplies representing the top three suppliers,” said the department. “The possibility of physical damage, trade sanctions or other trends in large manufacturing countries is often increased by the complex and somewhat ambiguous supply chains.”
Governments should establish long-term pollution mitigation commitment to foster investment in the supply chain, foster emerging technology, and scale up recycling industries to alleviate primary supply pressure, the IEA said.
Fatih Birol, the executive director of the IEA, said: “Nowadays the data reveal an imminent incompatibility between the world’s strengthened climate ambitions and the supply of necessary minerals to realize these ambitions.”
Through behaving collectively and working together, the chances of market fluctuations and supply shortages are substantially reduced.”
The US approves the California Desert 350 MW solar storage plant
Recurrent Energy’s 350 MW Crimson solar plus land storage projects in Riverside County, California, have been approved by The U.S. Bureau of Land Management (BLM) and are being declared on 3 May by the Departement of the Interior (DOI).
It will be on a 2,000-acre site 13 miles west of Blythe that will have the energy storage capacity of the $550 million projects, DOI says. The project will have 350 MW.
The consent is based on Biden’s January directive that the federal location and renewable energy and transmission programs should be speeded up.
The public lands of America offer an incredible platform for green energy opportunities. BLM is committed to an inclusive and fair energy economy mechanism,” said Laura Daniel-Davis, Deputy Secretary of State and Minerals at the University.
The company is one of a large number of developers including storage companies to access increased power rates during the afternoon in their plants, Recurrent Energy, a subsidiary of Canadian Solar.
By 2035, President Biden needs the electricity market to be decarbonized and large-scale solar and storage systems will play a key role.
Recent Los Angeles modeling has shown that faster accumulations of PV plus storage have to be decarbonized by 2035, whereas new transmission corridors would increase the prospects for standalone PV systems.