If built, the project would be the world’s largest floating PV power plant and would reach the same capacity as the largest ground-mounted facility currently in operation.
Electricity bill payers in nations as diverse as Germany, Greece, India and China should be aware new solar projects can now generate electricity cheaper for them than legacy coal and gas-fired plants.
With ‘shovel-ready’ projects across India, Africa and Latin America in line for a mix of grants, cheap loans, equity investment and financial guarantees from this year, the two bodies hope to trigger $20 billion in total funding and bring reliable power to a billion people.
Energy efficiency, electrification of heating and transport, and the provision of clean cooking facilities are all going in the wrong direction as the Covid crisis deprived millions in sub-Saharan Africa of electricity use, according to a report by the IEA, IRENA, WHO, World Bank and UN Statistics Division.
With the nation among the world’s top ten greenhouse gas emitting states, energy analysts from three policy advisories have spelled out how Jakarta could hit net zero by mid century rather than 2070, as currently planned. However, the energy transition would require uncharacteristically long term thinking.
The sheer volume of new power lines which will be required to accommodate the rising tide of solar installations ensures copper has been included by the International Energy Agency on its list of minerals which must keep flowing if the energy transition is to stay on course. And it’s not production that’s the potential bottleneck.
The $18bn worth of sustainable finance instruments floated in the nation last year marked a retreat from previous highs but, with most of the bonds issued from July onwards, the recovery is under way, according to the IFC, which is anticipating a more-than-$100 billion sector in emerging markets over the next three years.
A Jakarta thinktank says the authorities need to significantly raise their clean energy ambitions as even the most conservative estimates of the volume of solar capacity the nation could host far outstrip the 207 GW the energy ministry has suggested.