Tuesday, 19 March, 2019

Centre to set up $350 million fund to finance solar projects

Image source Wikimedia Commons  WiNG Image source Wikimedia Commons WiNG
Patty Aguilar | 18 January, 2018, 22:21

The "Renewable Power Generation Costs in 2017" report, published this month by the International Renewable Energy Agency, examines market trends surrounding renewable energy and related technologies.

We know that renewable energy costs have steadily decreased over the years as more nations have adopted renewable energy technologies.

Towards the end of past year, a renewables market analysis and forecast from the International Energy Agency (IEA) said that new solar PV capacity increased by 50 percent in 2016.

Although some forms of green generation can already compete with fuels like coal, oil and gas, the report expects all of the renewable power technologies now in commercial use will "fall within the fossil fuel-fired cost range".

The news came from Turki Mohammed Al Shehri, Head of the Kingdom's Renewable Energy Project Development Office, during an interview in Adu Dhabi's Sustainability Week. Furthermore, solar PV costs are expected to be cut in half by 2020. The analysis shows that renewable power generation costs are continuously falling with the cheapest contracts for wind and photovoltaic (PV) solar already competing with fossil fuel-based generation in many regions.

India will need at least $125 billion to fund a plan to increase the share of renewable power supply in the country's grid by 2022, underlining the enormous financing challenge ahead. Masdar commissioned five pilot projects during the programme to explore the feasibility of using renewable energy to power seawater desalination and test novel, energy-efficient desalination technologies.

Mr Ferreira recalled IRENA's high-level Ministerial Roundtable, which was held to share ideas on "the connection between an increasingly electrified transport sector and accelerated renewable energy deployment".

Malaysian plane scare as flight diverted to Alice Springs
Malaysia Airlines said the flight was diverted due to technical reasons and that safety is its priority at all times. Another passenger onboard the aircraft, Mohamad Nogheib, 17, recalls the moment he knew something was wrong.

Anadarko Petroleum Corporation (NYSE: APC)
Welles Wilder who was striving to measure whether or not a stock was overbought or oversold. (NYSE:VZ) rating on Friday, April 1. SevenBridge Financial Group LLC boosted its stake in shares of Anadarko Petroleum Corporation by 65.5% in the third quarter.

12 siblings have been found 'shackled' at their home in Perris, California
One woman said: "This family held their children captive in their house and chained them, their kids, to their beds". She told police she and her siblings were being held against their will at home .

"Turning to renewables for new power generation is not simply an environmentally conscious decision, it is now - overwhelmingly - a smart economic one", explained Mr. Amin.

"This new dynamic signals a significant shift in the energy paradigm", said Adnan Z. Amin, IRENA firector-general.

Global competition is helping to spread the best project development practices, reducing technology and project risk and making renewables more cost-competitive than ever before.

"Governments around the world are recognizing this potential and forging ahead with low-carbon economic agendas underpinned by renewables-based energy systems".

Record low prices for solar PV in Abu Dhabi, Chile, Dubai, Mexico, Peru and Saudi Arabia have made three cents kWh (and below) the new benchmark.

"We expect the transition to gather further momentum, supporting jobs, growth, improved health, national resilience and climate mitigation around the world in 2018 and beyond".

IRENA was formed as a treaty organisation in 2009 to promote renewable energy and source funding for its 154-strong member countries, and 26 awaiting ascension to the assembly.

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