Renewable Energy Current Affairs - 2020

RE-INVEST 2019: MNRE organises curtain raiser ceremony

Union Ministry of New & Renewable Energy organised Curtain Raiser ceremony for 3rd Edition of Global Renewable Energy Investors’ Meet and Expo (RE-INVEST 2019). RE-INVEST 2019 is scheduled to be held in 30th October to 2nd November 2019 in India. It is coinciding with Second Assembly of International Solar Alliance (ISA).

RE-INVEST 2019

Its objective is to attract the right investments in renewable energy (RE) and present India’s RE story to the world. It aims at building upon success of RE-INVEST 2015 to accelerate worldwide effort to scale up renewable energy and connect global investment community with Indian energy stakeholders.

2nd Global RE-INVEST: It was held in October, 2018. It had seen 45 in-depth sessions featuring 220 speakers and also saw animated exchanges on various topics which brainstormed on expanding India’s RE market in the face of aggressive global competition.

Background

India is among countries with largest production of energy from renewable sources. As of June 2019, India has installed renewable energy capacity of 80.47 GW, of which solar comprises 29.55 GW and wind comprises 36.37 GW. Biomass and small hydro power constitute 9.81 GW and 4.6 GW respectively. Thus, India offers one of largest investment opportunities in the renewable space. To tap this investment potential, Union Government has allowed 100% FDI under automatic route for projects of renewable power generation and distribution.

CO2 emissions rose by 2% in 2018: Study

As per a closely-watched review by United Kingdom (UK) based energy giant BP, titled “The BP Statistical Review of World Energy”, the global carbon emissions grew by 2.0% in 2018, the highest rate since 2010-2011. BP is a London based, British multinational oil and gas company.

Key Findings of Study

  • The study called that the current trend of increasing carbon emissions is putting world on an ‘unsustainable’ path.
  • There is a growing mismatch between societal demands for action on climate change i.e. for cutting a country’s net greenhouse (GHG) emissions to zero and the actual pace of progress being made in the domain.
  • The energy demand and carbon emissions are currently growing at their fastest rate for years.
  • The global energy demand grew by 2.9%. A part of this rise was met by increasing shale rock reserve exploitation in United States (US), which recorded fastest rise of oil and natural gas production in world, in recent times.
  • Although the use of renewable forms of energy globally grew by 14.5% in 2018 but it still accounted for just 33% of total rise in power generation in 2018.
  • Significance: The study highlights that a focus on green/renewable forms of energy will not be able to achieve net-zero GHG emission targets, rather the governments should to do more towards cutting the use of polluting coal and oil. This means that It should not be a race to renewables, but a race to reduce carbon emissions across many fronts.

About BP Statistical Review of World Energy

  • It is viewed as an energy industry standard.
  • It pools data on everything such as from the size of countries’ oil reserves to their production of renewable energy and various consumption rates.

Global efforts taken for CO2 Emissions

  • Globally, governments are coming under intensifying pressure from campaigners to set deadlines by which they will cut their net greenhouse (GHG) emissions to zero.
  • Britain’s top advisory body on climate change has recommended that British government must target for cutting their net GHG emissions to zero by 2050. This is the same deadline adopted by some other European governments.
  • The progressive wing of US Congress is pushing for year 2030 as a deadline for US government to cut their net GHG emissions to zero. Although most analysts view this target as unattainable and prohibitively expensive to reach.