Finance

As part of the plan to liberalize its energy market, Japan will end tax breaks for commercial solar installations at the end of next March. A tax reform plan is expected this month. In other solar news, PV accounted for 3.3% of electricity production in Q3; and 750 applications have been submitted by hopefuls looking to enter the country’s energy market next April.

Kingfisher, owner of companies including B&Q and Screwfix, has announced a £50 million (around US$75 million) investment in renewables, the majority of which will be channeled into solar energy. The move is part of the company’s aim to become net positive by 2050.

Africa has pledged its support for renewables in Paris this week by announcing the launch of the African Renewable Energy Initiative (AREI). The goal is to achieve universal access to energy on the continent. 10 GW of new and additional renewable energy capacity is planned by 2020, while the potential to generate 300 GW is expected by 2030.

According to a new study, removing trade barriers associated with the import of solar PV products into the European Union will positively benefit the European jobs market. Between 2008 and 2014, both the number of jobs created and GVA decreased; growth is forecast between now and 2020, however. Policy makers have “much” to do in realizing Europe’s solar potential says SolarPower Europe’s CE.

The visionary leader who brought traditional power company NRG into renewable energy has been replaced by Executive VP Mauricio Gutierrez.

At the unveiling of the International Solar Alliance on the first eve of COP21, Indian Prime Minister Modi said India will see 12 GW of new solar capacity installed in 2016. He added that the alliance is a “sunrise of new hope” for clean energy. US$30 million will be invested in establishing its HQ. Overall, the alliance aims to mobilize US$1 trillion in solar investment.

In addition to the world’s leading development banks agreeing to work together to increase climate investment, the last two days have seen the RE100 initiative welcoming a number of new participants looking to commit to 100% renewable electricity, and the American Business Act on Climate Pledge attracting a total of 154 companies.

Under two initiatives aiming to work in tandem, an international coalition of billionaires, including Microsoft’s Bill Gates, Alibaba’s Jack Ma, and African Rainbow Minerals’ Patrice Motsepe have pledged to channel their cash into clean energy alongside 20 governments, which have said they’ll double investment in clean energy innovation. Solar, energy storage, and efficiency will be key focus areas.

In a new report, Friends of the Earth (FOE) calculates that switching to 100% renewable energy in Africa, Latin America and most of Asia by 2030 would cost US$5.15 trillion – equivalent to the amount held by the world’s 782 wealthiest people. It concludes the financing for transforming the energy landscape exists, but that the political will is “shockingly” absent. Solar, meanwhile, is envisaged as playing a key role.

New renewables investment in 2014 in 55 developing world nations reached US$126 billion, finds a new report, over half of which went to emerging markets. The increase was recorded, despite a general slowing in economic growth. Declining clean energy costs, particularly for solar, are driving growth. Solar is also benefitting from high power prices and favorable irradiance.