Volume 10, Issue 5
October 19, 2020 – October 25, 2020
Neha Chauhan '21 | Sabrina Reguyal ‘22 | Joe Kawalec '21 | Rei Zhang ‘21 | Amy Amatya '21 | Zihan Lin ‘23 | Marie Li ‘23 | Riti Bhandarkar ‘23 | Casey Conrad ‘21 | Christopher Ferrigine ‘21
U.S. Wind and Solar Installations Are Smashing Records, but the Trend May Not Last
October 8, 2020 | Scientific American | Benjamin Storrow
According to the U.S. Energy Information Administration, the U.S. is projected to install nearly 37 gigawatts of new wind and solar capacity in 2020. This is double the previous record of 17 gigawatts, which was set in 2016, and is partially driven by the expiring wind tax credit, which gives tax credits from energy generated from new wind projects. This expansion is a step in the right direction for the U.S. renewables sector. To achieve a 90% reduction in greenhouse gas emissions from the U.S.’s electricity generation by 2035, scientists predict that the U.S. would need to add around 40 gigawatts of new renewable energy every year. -RZ
Record Month Shoots Green Bonds Past Trillion-Dollar Mark
October 5, 2020 | BloombergNEF | Veronika Henze
In September 2020, a staggering $50 billion worth of bonds was issued. These bonds are not your typical, antiquated kind: they have leafy overtones. Green bonds, which are issued to finance environmental projects, have surpassed the $1 trillion cumulative mark since the bond’s global inception in 2007. During the past ten months of 2020 alone, $200 billion worth of bonds have been issued. This massive amount of investments is significantly larger than in 2019, a noticeable trend observed since the bond’s creation: each successive year adds a new record in green bond issuances. The sustainable debt market, which in addition to green bonds encompasses green loans, social bonds, and sustainability-linked loans, has been growing at a similar pace, with a combined total of $2 trillion in total investment. Overall, the rate at which bonds relating to the environment, society, and governance (ESG) are issued has increased annually and shows no indication of slowing down anytime soon. -CC
Governor Cuomo Announces PSC Approval of Expanded Clean Energy Standard to Decarbonize New York’s Power Sector and Combat Climate Change
October 15, 2020 | New York Office of the Governor
On October 15th, Governor Andrew Cuomo announced that the New York State Public Service Commission approved an expansion to the Clean Energy Standard (CES), the goals set by the state for lowering carbon emissions. The expansions to the CES permit the implementation needed to achieve the state’s ambitious vision of a switch to 70 percent renewable energy by 2030 and 100 percent by 2040. The approved plan includes targets for offshore wind energy development, methodologies for achieving the 2030 goal, and programs related to the energy transition that directly benefit disadvantaged communities. “With this expansion of our Clean Energy Standard,” Governor Cuomo said, “[we will] create thousands of good-paying clean energy jobs for New Yorkers that will power our economic recovery, while also ensuring a large share of the benefits go to communities and workers that have been historically disadvantaged." -RB
Venezuela, Once an Oil Giant, Reaches the End of an Era
October 7, 2020 | New York Times | Sheyla Urdaneta, Anatoly Kurmanaev, and Isayen Herrera
Venezuela is experiencing a disastrous economic downturn due to fuel shortages. The once populated oil crude reserves, drills, and refineries that drove the country’s economy are left abandoned. American sanction and internal mismanagement have led to a drastic decline in oil production. What was once a “petrostate” is seeing the end to an era of a Latin American oil giant that rivaled the United States in its international influence. Unmaintained working sites containing poisoning crudes are causing health issues for local residents. Cabimas, one of the richest states in Venezuela in the past, is now in desolation with the economy collapsed and oil oozing into residential sewage systems. The fuel that once brought Venezuela prosperity is stripping away its former glories. To Cabimas residents, the oil is now “the devil’s excrement.” -ZL
Renewable Technology Will Take Starring Role As Energy Recovers From Covid-19
October 15, 2020 | Forbes | Mike Scott
The latest World Energy Outlook, an annual report by the International Energy Agency (IEA), emphasizes that the lasting impact of the COVID-19 pandemic on the global energy system will be felt for years to come. The demand for energy is not predicted to reach the same levels as before the crisis until 2023 or 2025 depending on how much longer the global slump lasts. As the volatility of the oil and gas market may increase, renewable projects are looking to take the starring role in the forthcoming global energy market, with solar offering some of the lowest-cost electricity ever seen. According to the Stated Policies Scenario in the report, hydropower is the largest source of renewable energy, but solar, onshore wind, and offshore wind make up the largest sources of growth. Dr. Faith Birol, IEA’s Executive Director, sees “solar becoming the new king of the world’s energy markets.” -JK
A solar thermal plant in China, GETTY IMAGES