Hopefully, this is the tipping point in changing our ways for the better. This from a financial investment firm.
A widely-used yearly benchmarking study — the Levelized Cost of Energy Analysis (LCOE) from the financial firm Lazard Ltd. — reached this stunning conclusion: In many regions “the full-lifecycle costs of building and operating renewables-based projects have dropped below the operating costs alone of conventional generation technologies such as coal or nuclear.”
Although, in principle, there is enough ocean wind to power our civilization, in practice –
It’s very unlikely that we would ever build out open ocean turbines on anything like that scale — indeed, doing so could even alter the planet’s climate, the research finds. But the more modest message is that wind energy over the open oceans has large potential — reinforcing the idea that floating wind farms, over very deep waters, could be the next major step for wind energy technology.
A growing number of states are requiring large batteries to be used to store electricity to help expand wind and solar power. The trend is catching on quickly as at least three states have created energy storage targets or incentives so far this year.
Lawmakers in New York passed a bill last week requiring the state to create an energy storage target. Nevada passed a bill incentivizing energy storage in May, and Maryland passed an energy storage tax credit in April. Those measures follow California, Oregon, and Massachusetts, which have mandates for electricity storage in batteries.
Lins said the switch to green energy needed to speed up and, crucially, start converting transport, heating and cooling to renewable sources. “The world is in a race against time,” she said.
Christiana Figueres, the former UN climate chief who delivered the Paris agreement and is now convenor of Mission 2020, said: “The economic case for renewables as the backbone of our global energy system is increasingly clear and proven. Offering ever greater bang-for-buck, renewables are quite simply the cheapest way to generate energy in an ever-growing number of countries.”
Solar power has grown rapidly in the last seven years, going from almost nothing to 11GW of capacity, meaning it now regularly provides more power than Britain’s last coal plants. There is also 15GW of wind power, a figure that will climb this year as major offshore windfarms come online.