Global Scans · Energy · Weekly Summary

WHAT'S NEXT?: By 2025 solar energy will be the cheapest energy option globally. In 2040, oil and natural gas are expected to make up nearly 60 percent of global supplies, while nuclear and renewables will be approaching 25 percent. Improvements in energy efficiency in lighting and home appliances are expected to continue to push residential electricity use lower. The burning of coal will fall out of favor. Transportation energy consumption will be rising in correlation to growth in automated vehicles in the coming years.

• [New] Significant growth in renewables, storage, hydrogen and carbon capture provides the best pathway to net zero by 2045 and will deliver secure, affordable and clean energy supplies for Scotland. BBC News
• [New] $2.7 million over 4 years from 2024-25, as part of the Future Made in Australia - Making Australia a Renewable Energy Superpower measure, to expand the First Nations Renewable Hydrogen Engagement Fund. National Indigenous Australians Agency
• [New] Budget night unveiled more than $8 billion of support measures to grow the domestic hydrogen industry for its place on the global stage, which energy billionaire Andrew Forrest suggests could make Australia the Saudi Arabia of clean energy. pv magazine Australia
• [New] The Capacity Investment Scheme, which underwrites contracts for renewable energy and firm dispatchable renewable resources i.e., renewables backed with storage, will unlock AU$ 65 billion total investment as it targets the deployment of 3 2GW of clean energy with 9 GW of energy storage. Pro Bid Energy
• [New] Large chunks will be spent as production subsidies, such as $6.7bn for hydrogen produced with renewable energy and $7bn for refining and processing 31 critical minerals. The Guardian
• [New] The Smart Energy Council (SEC) welcomed the renewable energy focus in the Budget, and said green hydrogen and critical minerals policies will fuel a Future Made in Australia. Utility Magazine
• [New] The Clean Energy Council welcomed the Budget 2024-25 as the biggest clean energy Budget in Australia's history, and said it will unlock tens of thousands of clean energy jobs and place renewables, green metals and critical minerals at the heart of Australia's economic future. Utility Magazine
• [New] DOE's Office of Fossil Energy and Carbon Management has announced $6 million available for research and development projects that will repurpose domestic coal resources for products that can be employed in clean energy technologies. Energy.gov
• [New] The U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy issued a $10 million funding opportunity announcement for a Critical Materials Accelerator. Energy.gov
• [New] In the United States, solar energy capacity additions in the 2040s are expected to exceed 30 GW per year (Murphy et al., 2021), and globally, additions could exceed 400 GW per year (Gervais et al., 2021). PubMed Central (PMC)
• [New] Further electrical grid connections and upgrade projects are being pursued that will also aid in the access of renewable energy to the UK electrical grid resulting in lower customer costs. EM Magazine
• [New] Aurora's speed and artificial intelligence capabilities will transform scientific research and enable breakthroughs in some of the world's most pressing challenges, from climate and materials science to energy storage and fusion energy. Tech Xplore
• [New] The Federal Budget 2024-25 is the biggest clean energy Budget in Australia's history and will unlock tens of thousands of clean energy jobs and place renewables, green metals and critical minerals at the heart of our economic future. Clean Energy Council
• [New] Energy-related CO 2 emissions decrease by 25% in 2030 relative to 2005 under assumptions for high economic growth and high zero-carbon technology costs and by as much as 38% under assumptions for low economic growth and low zero-carbon technology costs. EIA - Energy Information Administration
• [New] As per the International Energy Agency, global BESS capacity was 85 GW at the end of 2023 and needs to reach 1200 GW by 2030 to enable seamless grid-integration of renewable energy, with net-zero 2050 emissions scenario as a target. The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com
• [New] The government position on hybrids seems increasingly untenable following Energy Systems Catapult's report, Innovating to Net Zero 2024, which identified that hybrid heating systems could reduce total energy system costs by 7% (£200bn) compared to heating systems without hybrids. New Statesman
• [New] Most major hyperscale operators (including Microsoft and Google) are either already powering their cloud computing data centers with 100% carbon-free energy or have roadmaps to do so by 2030, to achieve net-zero operational carbon emissions with reduced reliance on fossil fuels. Indian Retailer
• [New] Even the doubling of nuclear power by 2050, within the IEA's Net Zero by 2050 scenario, seems very modest relative to the speed of past energy transformation by coal, oil and natural gas, as well as the expected growth of renewables in coming years. Energy Connects
• [New] The disruption of energy supply could affect security within the societies of NATO member and partner countries, and have an impact on NATO's military operations. NATO
• [New] Production of green hydrogen is expected to commence in 2024, with the potential to reshape the future of energy and transportation. Yahoo Finance
• [New] The largest source of new generation is from renewable energy, and projections show that total natural gas-fired combined cycle capacity is likely to decline after 2030 in response to increased generation from renewables, deployment of energy storage, and other technologies. Federal Register
• Diversification into Energy Products and Services: JSW Energy ventured into energy products and services, signing agreements for India's largest Battery Energy Storage System project and exploring opportunities in green hydrogen production and equipment manufacturing. SolarQuarter
• Despite the current macroeconomic challenges, there are significant opportunities for U.S. companies in energy, mining, health, agriculture, information technology, and safety & security, among others. International Trade Administration | Trade.gov

Last updated: 17 May 2024