Money Green energy cost declines prompt 'surge' in industry growth

04:16  11 september  2017
04:16  11 september  2017 Source:   ibtimes.co.uk

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New research suggests falling renewable energy costs are being complemented by higher efficiencies.

Clean Energy Economy Minnesota, an advocacy group that ranges from small green - energy outfits to the gigantic That compares with all- industry growth of 1.4 percent and 4.2 percent for The cost of pollution and health implications, such as weather-related coastal destruction or higher medical costs

wind farm ferry© Reuters wind farm ferry

As more countries shift to renewable energy procurement through competitive auctions and move away from reliance on subsidies, renewables will continue to transition from being a "marginal supplement to a central focus" of national energy policies, according to new research.

In a note to clients, ahead of the Climate Week in New York City, ratings agency Moody's said along with declining capital costs, wind and solar power have benefitted from higher efficiencies, making both technologies more competitive with fossil fuels in many parts of the world.

Wind and solar are expected to surge globally over the next few years as many countries move away from subsidies to incentivise new renewables.

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* Says global renewable energy cost declines prompt surge in growth . * As more countries shift to renewable procurement, renewables will transition from marginal supplement to focus of national energy policies Source text for Eikon

Most energy industry watchers saw the growth of energy storage to be inevitable in order to support renewable energy growth and to stabilize the grid, but deployment had been slow until now. Several new projects coming online during the first quarter 2017 made it the first significant deployment of

The agency also said falling costs of renewable energy reduces risks for top carbon-emitting nations as they move toward compliance with the Paris Agreement.

Swami Venkataraman, senior vice president at Moody's, said: "Emerging markets are a key market for growth in renewables, with countries such as China and India leading the charge as new renewables become competitive with other sources of power even in developing nations."

Moody's views a lower reliance on subsidies as positive for renewable energy generators, as over time it alleviates the cost on end-users and relieves the political pressure on governments to address affordability concerns.

Additionally, auctions enable governments to respond more quickly to market developments, help push down costs for end consumers and provide a clear signpost for the future project pipeline.

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Battery costs have also come down, paving the way for rapid growth in electricity storage, although However, later in the outlook period, economic growth surges as green investments yield higher return. Accelerated fuel switching on top of this revolutionary decline in energy use stabilizes and

However, these declines were offset by increasing emissions in most other Asian developing economies and the Middle East, said the IEA. Global emissions nearly stall after a decade of rapid growth , report shows. Read more. Coal. Energy industry .

The number of countries procuring renewables capacity by competitive auctions has been increasing, Moody's said, as governments seek to limit the burden on consumers and respond more rapidly to evolving industry dynamics.

Some recent auctions have produced record low pricing, although the results should be interpreted with caution since the terms and conditions of the contracts awarded, as well as their operating risks, vary across markets, the agency added.

China to Ban Sale of Fossil Fuel Cars in Electric Vehicle Push .
China will set a deadline for automakers to end sales of fossil-fuel powered vehicles, a move aimed at pushing companies to speed efforts in developing electric vehicles for the world’s biggest auto market. Xin Guobin, the vice minister of industry and information technology, said the government is working with other regulators on a timetable to end production and sales. The move will have a profound impact on the environment and growth of China’s auto industry, Xin said at an auto forum in Tianjin on Saturday.

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