Following a strong year for clean energy spending, 2017 saw a 7% decline in renewable power investment – to around $298 billion – while the share of fossil fuels in energy supply funding rose for the first time since 2014, according to the International Energy Agency in a report published today.
A team of scientists at Lausanne have calculated the costs and job impact of the 2050 Energy Strategy, in force since January. The results show the additional investment called for by the strategy is offset by savings on imported fuel and electricity.
Unit cost of power is set to almost double for around a fifth of the US population in three years’ time as abandonment of all-of-the-above Obama strategy sees fewer generators participate in PJM capacity auction
According to a tracking report from five international agencies, the world is lagging behind its sustainable development goals for the period 2015-2030, although significant progress has been made in reducing electrification deficit in the least developed countries, and industrial energy efficiency. Off-grid solar solutions, meanwhile, are emerging as one of the key drivers of rural energy access.
In the latest edition of its long-term renewable energy outlook, IRENA calls for at least six-fold deployment of renewables by 2050, compared to the levels set out in current plans. Investment in low-carbon technologies needs to grow by around 30% to US$120 trillion to enable the energy transition and avoid escalating stranded assets, the report finds.
In 2017, battery storage, smart grid and energy efficiency companies saw a YoY increase in venture capital funding, garnering a combined US$1.5 billion, up from the $1.3 billion raised in 2016, finds the latest Mercom Capital report.
Energy Efficiency Services Limited EESL’s projects, under one of the largest funding by Global Environment Facility (GEF) to date, will mitigate 60 million tons of CO2 emissions. UN Environment’s ‘District Energy in Cities’ initiative already identified $600 million of energy efficiency projects across five cities in India.
Battery storage, smart grid and energy efficiency sectors experienced YoY increase in venture capital funding in Q1 2017, finds the latest report by Mercom Capital Group. QoQ increase reported in all but battery storage.
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