Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

<ul class="summary-list"><li>Solar will lead the expansion of new electric generation this year, the EIA wrote on Thursday.</li><li>Utility-scale solar projects will account for 58% of new capacity, a record amount of additions.</li></ul>The solar industry will lead an expansion in electricity generation this year, the US Energy Information Administration wrote in a <a href="https://www.eia.gov/todayinenergy/detail.php?id=61424" target="_blank" rel="noopener">Thursday note</a>.Utility-scale solar projects will account for 58% of added US capacity in 2024, boosting the amount of electric output across the country. An expected 36.4 gigawatts of new utility-scale solar are to be added to the grid this year — a record addition that will nearly double last year's 18.4 GW of installations. Over half of new solar capacity will be added in Texas, California, and Florida. Nevada's Gemini solar project will also provide a significant boost in 2024, as it's anticipated to be the largest solar facility in the US.The agency cited loosening trade and supply chain restrictions as a motivating factor behind solar's rise. Efforts to expand the US solar industry have long been underway, supported by stimulus government initiatives such as the Inflation Reduction Act. To allow manufacturers to expand their domestic base, <a href="https://africa.businessinsider.com/markets/an-overload-of-solar-panels-cut-prices-in-half-last-year-but-not-in-the-us/mvswptv" target="_blank" rel="noopener">tariffs and barriers</a> have previously been applied to Chinese exports in order to insulate American markets. Though not at <a href="https://markets.businessinsider.com/news/stocks/solar-panel-oversupply-price-crash-europe-production-plant-meyer-burger-2024-1">levels seen internationally</a>, solar prices have depreciated in the US thanks to cheap imports from Asian manufacturers, with shipments doubling through August, <a href="https://www.reuters.com/business/energy/us-solar-panel-manufacturing-boom-threatened-by-cheap-imports-2023-11-03/" target="_blank" rel="noopener">Reuters</a> reported last year. It's a trend that has complicated the industry's domestic buildout, previously prompting concern that new factories may not be economical.Electric-generation capacity will also get a helping hand from new battery storage additions in 2024, doubling the existing 15.5 GW currently online.Meanwhile, developers and power plant owners are looking to add 62.8 gigawatts of utility-scale capacity, a 55% increase from 2023. It's the most since 2003, and proof of rising industry activity, the agency wrote.Unlike these sectors, wind additions will slow from record levels seen in 2020 and 2021.

Solar power could drive more than half of new electricity generated in the US this year, EIA says

<keyword id="19923700" type="General" weightage="20" keywordseo="Tata-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Power" meta.hostid="261" meta.entityid="Tata Power">Tata Power</keyword> on Tuesday said it has logged 31 per cent rise in consolidated net profit at Rs 1,189 crore, compared to the year-ago period, on back of operational efficiency. "At Rs 1,189 crore, growing 31 per cent YoY (year-on-year), the company reported its highest ever and 19th consecutive quarter of PAT growth on the back of strong operational performance and execution excellence across all its businesses of generation, transmission &amp; distribution, and renewables," Tata Power said in a statement. According to the statement, these businesses contributed 84 per cent of the PAT (net profit) in Q1FY25, compared to 72 per cent in the same period in FY24. The statement showed that the consolidated net profit before exceptional items was Rs 906 crore in the quarter ended June 30, 2023. The company's revenue rose 12 per cent YoY to a record high of Rs 16,810 crore (from Rs 15,003 crore in Q1 FY24), and EBITDA grew 11 per cent to Rs 3,350 crore in the reported quarter (from Rs 3,005 crore in Q1 FY24). EBITDA refers to earnings before interest, taxes, depreciation, and amortization. "All our businesses have grown profitably on the back of operational efficiency, execution excellence, and sustained business momentum," said Praveer Sinha, CEO and Managing Director, Tata Power. He informed that the planned capex for this financial year is Rs 20,000 crore and the company is committed to adopting and leading the new and emerging clean energy technologies, including pumped hydro projects, hydropower projects in Bhutan, and opportunities to develop small modular nuclear reactors as the government policy evolves. The company has recorded a capex investment of Rs 4,000 crore in Q1FY25. It has a clean and green installed capacity of 6.1 GW as of Q1FY25, accounting for 41 per cent of the capacity, with another 5.3 GW under execution. The combined order pipeline for utility-scale EPC and solar rooftop, including group captive, is Rs 15,500 crore. Tata Power is poised to garner 20 per cent market share in the residential rooftop segment on the back of its new solar manufacturing facility and strong pan-India channel partner network, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/unicommerce-esolutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112307438.cms" target="_blank">Unicommerce eSolutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-cross-the-1-lakh-mark-after-four-months-ola-electric-leads-the-market/articleshow/112288793.cms" target="_blank">Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market</a> <a href="https://www.businessinsider.in/sports/news/neeraj-chopras-paris-olympics-journey-to-begin-with-qualification-round-today-top-rivals-to-look-out-for/articleshow/112311760.cms">Neeraj Chopra qualifies for finals with a first throw of 89.34m – top rivals to look out for</a>

Tata Power net profit up 31% to ₹1,189 crore in June quarter

<ul class="summary-list"><li>The solar eclipse on April 8 will affect solar power generation.</li><li>In the US, the path of totality will span from Texas to Maine but other states will be affected.</li></ul>On April 8, millions of people plan to put on a pair of eclipse glasses and watch as the moon crosses in front of the sun. While the event will affect <a target="_blank" href="https://www.businessinsider.com/solar-panel-industry-electricity-generation-us-eia-tariff-prices-trade-2024-2">solar power generation</a>, everyone's lights should still be on when they go back inside.In the US, the <a target="_blank" href="https://www.businessinsider.com/solar-eclipse-map-nasa-where-when-see-path-of-totality-2024-3">path of totality</a> — where the moon will appear to fully block the sun — will stretch from Texas to Maine. However, electricity providers in other states with lots of solar energy also need to have power reserves ready, Barry Mather, an engineer with the National Renewable Energy Laboratory, told Business Insider."This eclipse actually is going to impact solar generation across the entire North American continent, practically," he said. As the moon shades the sun, it will diminish the amount of sunlight that <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-selling-electricity-neighbors-solar-panels-2023-12">solar panels</a> receive.However, because we can precisely predict where and when the eclipse will be, that means utilities can plan around them to <a target="_blank" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">avoid blackouts</a>."I fully expect that we're all prepared for this," Mather said.<h2>There's more solar power in the US than in 2017</h2>There are quite a few reasons this year's eclipse <a target="_blank" href="https://www.businessinsider.com/why-2024-total-solar-eclipse-cool-best-special-nasa-2024-1">will be different</a> from others in the past.The <a target="_blank" href="https://www.businessinsider.com/what-is-a-solar-eclipse-2017-8">2017 total solar eclipse</a> in the US had a completely different path of totality than this year's, moving from Oregon to South Carolina in the US. The country also started generating about three times as much solar power in the past seven years, Mather said."The <a target="_blank" href="https://www.businessinsider.com/how-georgia-became-green-manufacturing-capital-2024-3">market is just growing</a> very quickly," he said, "so the impact's going to be about three times as high as it was in 2017."<div type="image" title="Two engineers bring the solar panel for installation at the solar farm." height="3648" width="5472" msid="108918628" hostid="261" sizebytes="1292690"></div>However, Mather said there was very little <a target="_blank" href="https://www.businessinsider.com/cactos-energy-storage-startup-raises-28-5-million-in-fresh-funds-2024-1">battery energy storage</a> during the last eclipse. "We still don't have a ton, but we do have some," he said.To make up for the decrease in <a target="_blank" href="https://www.businessinsider.com/helio-year-sun-solar-system-probe-eclipse-events-2024-1">solar power</a>, utilities will have to turn to other sources.<h2>There shouldn't be blackouts</h2>On any given day, utilities have already planned the amount of power they'll generate and where it will come from 10 days in advance, Mather said. Eclipse days are no different."One thing that we're doing here at NREL is actually working with a number of the entities that are most impacted by the eclipse," Mather said.As the day draws closer, changing weather forecasts may alter the plans a bit. If it will be cloudy, the solar generation won't be as affected, for example.One way utilities are preparing is by planning to carry more reserves, or extra generation that's online and ready to provide extra power when necessary, Mather said.<div type="image" title="A person looks at a total eclipse through a telescope with sunset colors in the horizon behind her." height="1920" width="2560" msid="108918629" hostid="261" sizebytes="31260"></div>"We actually saw this in the 2017 eclipse, specifically in California," he said. The state has a lot of solar power."So when the power does start to fall off because the solar starts to decrease, there's very little disturbance to the grid in terms of frequency, voltage, all those sorts of metrics that we track as power system engineers," he said.The reserves typically use less-green energy sources, like <a target="_blank" href="https://www.nrel.gov/docs/fy18osti/71147.pdf">coal or natural gas</a>.<h2>The eclipse will impact California, Alaska, and other places outside the path of totality</h2>Many eyes will be on the skies in Texas, where populated cities like San Antonio, Austin, and Dallas are in the path of totality. It's also a state with a lot of solar power and <a target="_blank" href="https://www.businessinsider.com/renewable-energy-kept-texas-power-grid-stable-record-power-use-2023-8">its own grid</a>."In Texas, our estimations are that we will drop something like 14 gigawatts," Mather said. Just 1 gigawatt is enough to power 100 million LED bulbs, <a target="_blank" href="https://www.energy.gov/eere/articles/how-much-power-1-gigawatt">according to</a> the Office of Energy Efficiency &amp; Renewable Energy.The eclipse looks fairly quick to humans, only taking a few minutes for the moon to pass by the sun. For solar panels, it's different, Mather said. Less intense sunlight will shine on the panels for longer than three to five minutes."The sun starts being occluded an hour or even more before the total eclipse happens," he said.<div type="image" title="A cheerleader smiles as she looks up at the sky holding eclipse glasses." height="1333" width="2000" msid="108918630" hostid="261" sizebytes="202708"></div>And the weaker sunlight will affect California and other states with solar panels.Though it's far from the path of totality, Mather said, "the generation in San Diego, for instance, will still drop off by 50% or somewhere around there.""There's so much focus on that path of totality, which I have no doubt is a very <a target="_blank" href="https://www.businessinsider.com/tips-how-to-take-pictures-photos-solar-eclipse-2024-2">cool thing to experience</a> as a human," he said. "But from a power system standpoint, it really is a nationwide impact that we will see."

The eclipse will affect solar power in states like California that are far outside the path of totality 

<keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/reliance-industries-ltd/stocks/companyid-13215.cms">Reliance</keyword> Industries Ltd, <keyword id="22746601" type="General" weightage="20" keywordseo="Indias-most-valuable-company" source="keywords">India's most valuable company</keyword>, plans to commission its first <keyword id="22746598" type="General" weightage="100" keywordseo="solar-giga-factory" source="keywords">solar giga-factory</keyword> in the current fiscal as it pivots a <keyword id="20534377" type="General" weightage="20" keywordseo="green-pathway" source="keywords">green pathway</keyword> to achieve <keyword id="20824969" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net zero carbon emissions</keyword> from operations by 2035. In its largest annual report, the firm said it is targeting to commission the first train of 20GW solar PV (photovoltaic) <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> by the end of 2024-25 fiscal (April 2024 to March 2025) and scale up to 20GW in a phased manner over 2026. The solar giga factory will include manufacturing of <keyword id="22746599" type="General" weightage="20" keywordseo="PV-modules" source="keywords">PV modules</keyword>, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity. It is also targeting industrialising <keyword id="22746600" type="General" weightage="20" keywordseo="sodium-ion-cell-production" source="keywords">sodium-ion cell production</keyword> at the MW level in 2025 and first 50 MWh a year <keyword id="22746602" type="General" weightage="20" keywordseo="lithium-battery-cells" source="keywords">lithium battery cells</keyword> pilot in 2026. Reliance had in 2021 announced plans to invest USD 10 billion over three years to develop a new fuels business based on 100 GW of renewable power capacity by 2030. The plan involves setting up four giga factories for manufacturing renewables equipment, battery storage, fuel cells and hydrogen at Jamnagar in Gujarat. "We have made significant progress in establishing factories that will be part of our Integrated Solar PV Manufacturing," the firm said in the annual report. "New Energy will be commissioning its first train of Module and Cell Manufacturing in FY25." Solar panels manufactured in Jamnagar have obtained BIS certification. "Parallelly, work on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/small-biz/renewable-energy">renewable energy</keyword> development has commenced and Reliance has been allotted land in Gujarat," it said. "We aim to become the largest renewable energy (RE) developer in India." Besides commissioning the first train of module and cell of 20GW of solar PV manufacturing, 2024-25 may also see industrialise sodium ion cell production at a MW level. Next year, PV factory is to be scaled to 20GW in a phased manner, and a battery giga factory starting with a 50 MWh a year lithium battery cells pilot set up. In FY27, it plans to establish a cell-to-pack manufacturing facility of 50 GWh and will set up 100 GW of renewable energy capacity by 2030. The 100GW target will propel the company into the front rank of renewables ambitions globally, joining the likes of Enel, Iberdrola and oil players TotalEnergies and BP in the scale of capacity additions envisaged. Reliance said fossil fuels have historically fed India's power requirements. "Structural inefficiencies combined with rising costs of fossil fuel has resulted in expensive power for commercial and residential customers - average tariff of Rs 10 per kWh (unit)." Therefore, it is not feasible for India to keep relying on fossil fuels for its growth, it said, adding the use of fossil fuels-based energy increases dependence on imports and results in drain of foreign exchange. "Stable and round-the-clock cost-efficient green power is the need of the hour. India needs to solve this problem to maintain its growth trajectory and reach USD 32 trillion GDP by 2047," it said. Reliance said over the next 12 months, its focus is to bring new energy manufacturing facilities on-stream, operate them efficiently and start developing renewable energy generation projects. "Simultaneously, we would develop the supply chain locally for self-sufficiency and reduce the reliance on imports," it said. The firm aims to partner leading global climate technology and product companies and develop a business model which is flexible and adaptable to different technologies and future proofed to be always lowest life cycle cost and best in class. Reliance has snapped up multiple partnerships in the clean energy space, such as solar and electric mobility, while pursuing its oil and petrochemical plans. Jamnagar, the world's biggest single-site integrated refinery complex, has two refineries -- one domestic-focused and a newer only for exports -- that together can process low-grade crude and switch between fuels depending on prices.

Reliance to commission first solar giga-factory in FY25

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>US renewable energy, electric vehicle sales, and overall green investments hit records in 2023.</li><li>Offshore wind faltered due to high interest rates and supply chain delays.</li></ul>High interest rates and volatile global supply chains didn't stop the US green-energy transition from reaching new heights in 2023. A record amount of renewable energy, led by solar, was added to the grid. Customers bought nearly 1.5 million electric vehicles, a 50% jump over the previous year. Investments in getting the power and transportation sectors, among others, off fossil fuels hit a record $303 billion, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=38d38cf7535847f5821d0d9083351c5b&amp;_e=fzNgJ7vRYzUM3i56253qqFiylNnFi1s_f25ie2pNvT9hb1iGLqm5GIJ0vRdD22jVkFW5l2GSkOk3r81EWtPcbnwZAzrf6Al5En6kXSHAyc1v0G2QK4uEAhVv4A28qLL4garl3tk0hTqWcZyr45SO8-MpHZupRSEiIXn2edrcY8E1mf8EM1Nv__vzaD5UffsAUJdMc_U3GMKzSScbtzv8OaON7LQDAZZyd8_mOVhdrS1sXCOYAzaM0hnCYG0mk_Nqbe5Of-8IgZCFR36_-uuI-iBke24dqc8nOviIguUUh7ECmfeQ3ZGqOlcktcVBqfP7XcDJDt44JspzHFr_3x4z4RYmm7HojnkG4Q5t8qlBKOpS9K2jgtfQz_u7XhUL7kbe">an analysis by BloombergNEF</a> found.The US was the second-largest investor in the energy transition in 2023, after China, Tom Rowlands-Rees, BloombergNEF's head of North America research, told reporters during a briefing. The race to clean up the global economy is becoming competitive because other countries also hit record levels of investment. Japan was a notable exception."We really can't afford to not be having a record year, just to keep pace with this rapid transformation," Rowlands-Rees said. Yet the global investment of $1.8 trillion still isn't enough to cut greenhouse-gas emissions to nearly zero by 2050 — a goal countries agreed to in order to curb the climate crisis. Financing needs to more than double to $4.8 trillion a year, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=38d38cf7535847f5821d0d9083351c5b&amp;_e=fzNgJ7vRYzUM3i56253qqNc0m2-ZGdaiU-mGjCf90qTi4Y25AnHlWqWXQRZmaWx1tNVUt6ZCALA0BUAKcnQ9DnHF3PHOVIeuNRj4QJu7eHZ-46P7JdbD-S0r6XQAFV3XQ04ppGKCrH3VKMWhxKgOJX-wQqbXxyYnO1ar7GOb4k2LT85-8_W5Y_DzqGIkdFmtZGLN6kJv8gnq5v6wtOv8TnrDhWDwzB4APGI9ghXqkUBuVb7Cl5JfrYhOIXY__PRlkNX5RyLUK1dCttY7Avw8F7ofogufpuku1--BMyTMT3E6rqE5ifN4tWasORdQLQVpxC2udbXqJt0Uc9sGk0LIBiSQWAnIsSk9Wqrq7m6FgrknMc4WlZyiF_dIiDwYboOAbdMCmY1Y3pMOkUlhxWI1D4tHGVWUs6cCKdHr4YbEZg78pX_icsssY5XacgsyYQWLPdXHzQ4yA1YeUZ0iOlVRaZwPMjdkt00AjqEkb8viw_wIwMMmRqnfjjcbMPP8p32M">BloombergNEF found</a> in a separate report earlier this year.Here are three main takeaways from the US: <h2>Solar shined, wind faltered, and gas was still king</h2>BloombergNEF found that large-scale solar farms and rooftop panels were built at a record clip in 2023. A flood of solar panels imported from Southeast Asia helped meet demand, in part because the Biden administration waived tariffs on those imports.It was the opposite story for wind power. Companies either canceled or are trying to renegotiate more than half of all the new offshore-wind capacity that was planned in 2023. Developers cited high interest rates and supply-chain delays. These challenges remain this year, but East Coast states, including New York and Massachusetts, are still awarding new contracts. Solar, wind, and nuclear — which don't produce emissions — are taking a larger share of the energy pie. They generated a record 41% of US power in 2023. But natural gas is still the largest source and set its own record last year. Rowlands-Rees said that falling gas prices made it the cheapest form of energy in 2023."This is why things like the tax credits in the Inflation Reduction Act are important, because you see that otherwise, wind and solar are on a real roller coaster of economic competitiveness," he said.<h2>Industry has quickly become a top polluter</h2>In 2023, for the first time, the US industrial sector that refines oil and makes materials such as cement, iron, steel, chemicals, and paper became a larger polluter than the power sector, according to BloombergNEF.The power sector, as recently as 2016, was the top emitter. Its emissions dropped by 40% in less than two decades, largely by switching from coal to natural gas. That means transportation and industry are now the top two polluters. A lot of money is pouring into electrifying cars and transit — industry, not so much. "We have our own equation, which is electrification, plus digitization, plus automation equals sustainability," Jeannie Salo, the vice president of government relations at Schneider Electric, told reporters. "Those are the fundamental things that get you there for industrial decarbonization."<h2>Solar and EV-battery plants take off</h2>The Inflation Reduction Act aimed to reshore renewable energy manufacturing to the US through big tax breaks. Companies have responded with 104 new projects totaling $123 billion in investment. EV-battery and solar plants are dominating the planned growth, with 34 projects announced in each sector, according to BloombergNEF's tally.Georgia and North Carolina are the top sites for new plants. North Carolina got $15.4 billion just from Toyota, which is building up its battery manufacturing in the state.This article is part of Business Insider's weekly newsletter on sustainability. <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/subscription/newsletter/insider-sustainability">Sign up here</a>.

Zero-carbon energy generated a record 41% of US power in 2023

<ul class="summary-list"><li>So far this year in the EU, wind and solar generated more electricity than fossil fuels.</li><li>Renewable energy met 50% of EU's power needs while fossil fuels met 27%, an Ember analysis found.</li></ul>For the first time, wind and solar generated more of the European Union's electricity than fossil fuels during the first half of the year.Wind and solar accounted for an all-time high of 30% of the region's energy needs, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiObpcG8HAd5Khu9DzJhWI1jKQrZSU47NpvAi3EelOn56l0d-kjcJpIhHOGRZfHYlnuDelFXOzvHbD_zs0a7QOFQ8z7u9_7cynOR91rLd0fR6Y48Hj_8n7WmcpbFqdJXG3cdqOMvGV98qe4zCtc_OkLyVivBKk-WB_hlpCePc2gXJwc8tvwdRSnmvjfU6QsausQh6c5BXfLawYk6X_MAayMO_aSOuosARFTvpz-LjzzdEUhVmHRUYX32p91pIMg115ZT_g76PjqtzD-9qwfj0fvBfCad9RI72mo2hKDjo3Ot7dUR0DLeAIESJtClKTQghWwNAGbRowO8BkJ6J60d0SaMh_NbXB3bhRu531nxT078inXDLLSXUEpXJyjzCiCHJW1A%3D%3D">according to an analysis by the think tank Ember</a>. Oil, gas, and coal contributed a combined 27% of power — a 17% drop compared with the same period in 2023.It's a remarkable milestone considering that two years ago, Europe was racing to import gas because Russia cut off supplies following its invasion of Ukraine. Gas prices spiked and demand dropped. Since then, demand has started to rebound, and it's being met with renewables. Hydropower made a comeback after drought eased in certain parts of the EU, meaning that when combined with wind and solar, renewables generated half the bloc's electricity in the first half of the year."Milestones like this point towards a very clear direction of travel," Chris Rosslowe, an analyst at Ember, told Business Insider. "The question is not if, but when, renewables will dominate the European power system."The trend raises questions about the rapid build-out of gas-export terminals, known as LNG terminals, in the US and Canada to ship more fuel to Europe. Ember found that so far this year, gas generation in the EU dropped 14% compared with the same period in 2023, even as electricity demand ticked up. A mild winter helped, but the rise of renewables pushed out fossil fuels in countries like Germany, Spain, France, the Netherlands, and Belgium.<a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiObpcG8HAd5Khu9DzJhWI1jLkQpmfsgRzS5IVBo7tvu_7EcCA7zzwPX3K8ncAfQkkPqyCY76iHT8IQbIKGHCCQeeC7XgADeKZg0Xyn29dnhuE4vuWEYo5bKXJkbXS7iAX9l23nYkIHkLo23TdOrjzbT0jdPe6z5d3YurN21yr3NsB0kRj4D5cedKRMUqI_we8HR-dBpdMJW0r1L4u0b7GMuOjDI1nwRps5MmmhiQF1LmincNgpAlraRQaWTawJZN0gF5CEARDbZh8g9WtgTf4T-GOxX8em4736ohkB7Vf7KMJQtwd582MjhC9xFpPNEQ5T6_lpIvsgKi1R2mR3fqrCn_eBTjJ1Dcmd5LiEHfbZI8FlqlNB3bggVuS8_obXEVgnQ%3D%3D">In a separate report</a>, Ember forecasted a global LNG supply glut by 2026 and a substantial drop in EU gas demand by 2030."There was an urgent, short-term need to diversify gas supply sources in Europe when Russia invaded Ukraine," Sarah Brown, Ember's Europe program director, said. But the rush to increase LNG exports from places like the US ignores the reality of rapidly declining gas demand in Europe, she added."It is now clear that the global supply of LNG that is online and under construction far outweighs projected demand," Brown said.In 2023, the US became the largest LNG exporter in the world, surpassing Australia and Qatar, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiOV6x2Rb4s-g1bOzk-dA1nG7aUge4A5I_qX_RO_bYgXHEkukR5LwS3YASqKytZ6JRhFowRXH1zAeFmrD3iklyjfbV3pauCkyR8m44FQw_oQgkKbZZ9vDEz0utOLATGDrl5mqcvFC_xfr_1cEudsYZFJNcQSbDasZGalBGuuqKqP5MccGz5D0YkOmiWs3Xg1JSWONk0AMUJfHJXRBxDyF2XU8bBV3E6qHH8a2yfQxjehdO1G-fFLuvEiBmRBevtNW9-RsurF2cHKegBOit7QvnADbWfmt-eqSUDkwQIusi1P2TOJu7OmFWgOGct_XbniglADNo3d7Hm9x6t0JxGZlvyCA%3D">according to the US Energy Information Administration</a>. Europe is the main destination for those exports and demand is expected to rise through this year. Shipments to Asia are also growing. Five new LNG terminals are under construction in the US, and more than a dozen more could be on the way depending <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=ZnrNxVqwnFMueGbLncJuAuDabJMBt5oFp&amp;_e=DrjEVSA8twutsmKnFEYiObeUF_ZwpLGnhr0MUKMpsUyA96BruMRfPDrAZ0k9_7XgqLj_1TKZzT-pOrPIn2SECFhd6L0WgreMY3DNnHLgZnHWNRHbspKh2Y2ZdAA-EHB--kTGMeuvr8XPdZdkXRD-vpWGu1GfuYNYvBJtCdxBahYXMGtbY9byj8In6EYhDCQXuifp23eypwwkVIjMgyB10EGd4lQNwqNTsBGWlJdQRNVFywncpSehpNiWc_OoKt-AkAtzpVSUflsNCUX8OjNxDe8g5A_DRIpEqU8hOP3AIOD-l-o7j3OnBiRPO-4_2-JrLmr-v9lcXaZYsOr3FOAWtnPkuSKZbJVfLRGmupgijvEbPGhQe32FZTxU6hdVli7GLuSuZJI8jWqecv4wGE1KhnlZeNtjuLNvyAihi5VBS9c%3D">on the outcome of a Biden administration review</a> of their climate impacts.But the gas could eventually have trouble finding a home in European countries like Germany, which added the most wind and solar capacity of any EU member during the first half of the year. Germany also closed 15 coal power plants in April and imported more nuclear electricity from France.Rosslowe said that Germany's transition away from fossil fuels reflects policy decisions made several years ago. In 2021, the government set more ambitious goals to reduce greenhouse-gas emissions, including phasing out coal by 2030, and changed some permitting rules to speed up the construction of solar and wind projects.Ember's report said that while it's unclear how swiftly fossil-fuel use will drop across Europe, a pipeline of solar and wind projects suggests this tipping point could be permanent.

You Searched For "solar power generation" and got 8 results

FM cuts customs duty on minerals critical for energy transition

PTI

Solar power could drive more than half of new electricity generated in the US this year, EIA says

Filip De Mott

Tata Power net profit up 31% to ₹1,189 crore in June quarter

PTI

The eclipse will affect solar power in states like California that are far outside the path of totality

Jenny McGrath

Reliance to commission first solar giga-factory in FY25

PTI

Climate Action 15: 2024's top global innovators powering green solutions

Insider Inc.

Zero-carbon energy generated a record 41% of US power in 2023

Catherine Boudreau

Russia's war pushed Europe to a tipping point on wind and solar

Catherine Boudreau

Popular Keywords

Buying Guides