"Russia’s invasion of Ukraine has accelerated clean energy investments and
reduced coal and gas power use, according to a new report that puts a
counterintuitive spin on how the war is impacting the global energy crisis.
While global power demand in the first half of 2022 grew by about 2.5% over the
previous year, emissions fell by about 1% thanks to the drop in fossil fuel
generation, S&P Global Commodity Insights said. Coal consumption by power
plants dropped 1.2% and gas saw a small decline during the period, compared
with a 17% jump in wind and solar output.
The decrease in fuel use runs counter to the fevered effort countries have put
into securing supplies after Russia’s invasion disrupted global energy trade
flows. That scramble has bid up prices of coal and gas to records, causing
power shortages in countries that can’t afford it and demand destruction even
in richer ones that can.
“The drop in emissions may seem surprising given the popular narrative that
focuses on fossil energy security, but in reality it is quite straightforward
— high fuel prices lead to less demand,” said Xizhou Zhou, vice president of
global power and renewables at S&P Global Commodity Insights.
Investment in new energy generation tells the same story, with the share of new
coal power plants shrinking in favor of renewables. In Southeast Asia, the
cancellation of several coal power projects reduced its share of capacity under
development to 10% from about 27% last year, while renewables have more than
doubled their share to 49%, according to the report."
Via Future Crunch
Sep 23, 2022:
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics