Investment Bankers Think Solar and Wind Will Grow Way Faster Than the IEA Forecast

[kristopher]

Investment Bankers Think Solar and Wind Will Grow Way Faster Than the IEA Forecast
Citibank’s projections show these deployments will save $1.8 trillion by 2040.


Julia Pyper
August 24, 2015
The aim of stabilizing global temperatures will require enormous investments in renewable energy and energy efficiency in the near term, but these investments are economically feasible and will save society billions in the coming decades, according to a new report from Citigroup.

Under an “Inaction” scenario, Citi analysts assumed that in 2040 the electricity sector would remain weighted toward fossil fuels -- roughly 40 percent coal, 22 percent natural gas and 6 percent renewables. Under an “Action” scenario, the share of fossil fuels would decline from today’s 64 percent to 28 percent. At the same time, power consumption would grow at a slower rate thanks to efficiency measures, while solar and onshore wind grow to 22 percent of the electricity mix.

Renewables play a notably larger role in Citi’s view of a lower carbon future than in the International Energy Agency’s 450 Scenario, which sets out an energy pathway consistent with limiting the global increase in temperature to 2 degrees Celsius.



Analysts at Citibank predict global growth in solar could be at least 65 percent higher on average than what the International Energy Agency predicts through 2020. Citi's solar PV forecast shows an average global installation rate of 53 gigawatts per year between 2013 and 2020. The IEA, by comparison, forecasts an average global installation rate of 33 gigawatts to 34 gigawatts per year over the same period....

http://www.greentechmedia.com/articles/read/investment-bankers-think-solar-and-wind-are-going-to-grow-faster-than-IEA

[elleng]

1. and Martin O'Malley recognizes this, and plans to take advantage of it.

https://martinomalley.com/15-goals/goal-2/

[kristopher]

2. That is worth posting in full

There is a lot of 'easier said than done" included, but the pieces are all there

A JOBS AGENDA FOR OUR RENEWABLE ENERGY FUTURE

1. A COMPLETE TRANSITION TO RENEWABLE ENERGY—AND AN END TO OUR RELIANCE ON FOSSIL FUELS BY 2050
We can’t address our climate challenge without ending our reliance on fossil fuels — full stop. I would take aggressive executive action and fight for legislation to slash emissions and put our nation on track to be powered by 100% renewable energy within 35 years.

As President, I would fight for federal legislation for a cap on carbon emissions from all sources, with proceeds from permits returned to lower- and middle-class families, and invested in job transition assistance and the new Clean Energy Jobs Corps.

On Day One, I would reject projects like Keystone XL, deny new permits for drilling in Alaska, the arctic, and off our coasts, and increase royalties and emissions fees for fossil fuel companies currently drilling on federal lands, investing the proceeds in jobs and skills training.

I would also make sure we keep domestically produced oil and gas in the U.S., instead of selling it abroad – unless there is a clear strategic security rationale.

I would increase royalties and emissions fees for fossil fuel companies currently drilling on federal lands, and invest the proceeds in jobs and skills training.

I would root out subsidies for fossil fuels, while extending production and investment tax credits for renewable energy for the long term. Taxpayer subsidies for fossil fuel companies total $4 billion a year, even as the biggest oil companies reap $90 billion in annual profits.

And I would make sure federal agencies do all they can to protect public health and the environment by:

Requiring the federal fleet to be subject to low- or zero-emissions purchasing agreements. Our federal fleet of 250,000 vehicles consumes more than $450 million gallons of gasoline and diesel fuel every year.
Fuel costs saved should be reinvested in clean energy deployment and jobs.

Directing the Environmental Protection Agency to take aggressive action to limit greenhouse gases, expanding rules to other large sources of emissions beyond power plants.

Directing the Environmental Protection Agency to adopt a zero-tolerance policy for methane leaks from current oil and gas production, which waste $1.8 billion annually, while exacerbating greenhouse gas pollution.

2. AN AGGRESSIVE AGENDA TO DOUBLE ENERGY EFFICIENCY WITHIN 15 YEARS TO WASTE LESS ENERGY AND CREATE MORE JOBS
If we waste less energy, we can create more jobs — while saving Americans real money on energy costs and protecting our environment. Maximizing energy efficiency in buildings alone could eliminate the need to increase our national electricity generation capacity.

That’s why I would set a national goal of doubling our energy efficiency within 15 years.

On Day One, I would direct the EPA and Departments of Defense and Transportation to set strong efficiency standards, including setting strict “MPG” standards for new buildings. And I would require energy costs to be up-front and transparent to tenants and purchasers.

And I would retrofit federal buildings to the highest efficiency standards and require new federal buildings to be net-zero. The federal government owns and manages nearly 900,000 buildings, more than any other entity. And building retrofits out-perform investments in new gas and oil exploration as a form of job creation or economic stimulus by 3 to 1.

3. RENEWED INVESTMENT IN THE PHYSICAL—AND INTELLECTUAL—INFRASTRUCTURE TO POWER A CLEAN ENERGY ECONOMY
New technologies have put a clean energy, energy independent future within reach. It is up to us to develop and deploy the technologies we’ll need to get there.

First, I would support a Clean Energy Financing Authority to facilitate clean energy infrastructure projects, efforts to increase efficiency, and resiliency upgrades in communities nationwide. I would also require all federally funded infrastructure projects to meet climate resiliency standards.

As part of my agenda, modernizing our electric grid would be a first-order priority. Our electric grid must evolve to support localized, renewable energy generation, reduce electricity waste, and increase security from sabotage or attack. Power outages are up 285% over the last 30 years, costing businesses as much as $150 billion each year, and renewable energy sources remain unconnected.

I would also increase our investment in basic clean energy research so the U.S. can reclaim the lead on energy innovation, including advancing development, deployment, transmission, storage for renewable energy, and managing demand more effectively.

4. A NEW CLEAN ENERGY JOB CORPS TO REBUILD, RETROFIT, AND RESTORE OUR COMMUNITIES AND ENVIRONMENT
Clean, renewable energy is the biggest business and job creation opportunity we’ve seen in the last hundred years. Compared with the fossil fuel industry, the renewable energy industry creates more jobs for each unit of electricity generated. And clean energy jobs are long-term, good-paying opportunities.

That’s why I would create a new Clean Energy Jobs Corps to help realize our transition to a clean energy economy. The Clean Energy Corps would partner with communities to retrofit buildings to be more energy efficient, improve local resiliency, create new green spaces, and restore and expand our forests so they can absorb more greenhouse gases.

In addition, I would also work with industry to help meet current skills and employment needs that the current labor market isn’t sufficiently supplying, like new utility workers and cybersecurity experts.

COPYRIGHT 2015 O'MALLEY FOR PRESIDENT

PAID FOR BY O'MALLEY FOR PRESIDENT

https://martinomalley.com/climate/agenda/

[elleng]

3. Thanks, kristopher.

[kristopher]

4. My pleasure

It's a fundamental position everyone should be aware of when deciding their vote.

I just hope that the leftward trend continues and we get a majority with many new faces in Congress.

[elleng]

5. Yes indeed everyone SHOULD be aware of it.

As to Congress, must say I'm not optimistic, not for 2016 at least. MAYBE after that. Fingers crossed.