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BloombergNEF: clean energy investment in developing nations slumps as financing in China slows; coal burn surges to record high

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While the number of new clean power-generating plants completed stayed flat year-to-year, the volume of power derived from coal surged to a new high, according to Climatescope , an annual survey of 104 emerging markets conducted by research firm BloombergNEF (BNEF). thousand terawatt-hours in 2018, up from 6.4 thousand in 2017.

Coal 243
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BloombergNEF reports 11% year-on-year rise in renewable energy financing in the first half of 2022, for a total of $226B

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Wind project financing was up 16% from 1H 2021, at $84 billion. Both sectors have been challenged recently by rising input costs for key materials such as steel and polysilicon, as well as supply chain disruptions and rising financing costs. It also invested $58 billion in new wind projects, up 107% year-on-year.

Financing 243
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Obama climate plan calls for new fuel economy standards for heavy-duty vehicles post-2018; cleaner fuels and investment in advanced fossil energy

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Among the transportation-related elements of US President Barack Obama’s new climate action plan, which he is outlining today in a speech at Georgetown University, is the development of new fuel economy standards for heavy-duty vehicles post-2018. The Administration will also seek to expand bilateral cooperation with major emerging economies.

Obama 249
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Australian Government establishes A$300M fund to support hydrogen projects

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The A$300 million (US$193 million) Advancing Hydrogen Fund will be administered by the Clean Energy Finance Corporation (CEFC). Hydrogen has the potential to make a substantial contribution to our clean energy transition, reducing emissions across the economy while underpinning the development of an important domestic and export industry.

Hydrogen 286
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IEA: COVID-19 crisis causing the biggest fall in global energy investment in history

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But after the COVID-19 crisis brought large swathes of the world economy to a standstill in a matter of months, global investment is now expected to plummet by 20%, or almost $400 billion, compared with last year, according to the IEA’s World Energy Investment 2020 report. —Dr Fatih Birol, the IEA’s Executive Director. —Dr Birol.

Global 344
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Obama Announces Steps to Boost Biofuels, Clean Coal; RFS2, BCAP, BIWG and Carbon Capture and Storage Task Force

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Second, the US Department of Agriculture proposed a rule on the Biomass Crop Assistance Program (BCAP) that would provide financing to increase the conversion of biomass to bioenergy. It’s been said that the United States is the Saudi Arabia of coal—and that’s because, as I said, it’s one of our most abundant energy resources.

Obama 218
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Worldwatch: Fossil fuel subsidies continue to outweigh those for renewable energy; international pledges on reform unfulfilled

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However, reform has been hampered by concerns over how higher fuel prices will affect the broader economy—potentially disrupting key sectors like transport, industry and agriculture—and the ability of poor citizens to cope with higher prices. Oil demand would be reduced by 3.7 in 2020 and 5.8% in 2020 and 5.8%

Renewable 312