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Newsletter (copy 24)
Energy transition milestones aplenty ⚡
Happy Tuesday, dear reader.
Some good news to get things started:
In 2023, deforestation rates fell 36% in Brazil and 49% in Colombia, according to research by Global Forest Watch.
The number of battery electric vehicles on Norway's roads is on track to overtake petrol cars within the next few months, Reuters says.
Zurich Insurance will no longer underwrite new oil and gas projects, and is cracking down on clients planning to expand in coal mining.
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Nick Hedley
Editor, The Progress Playbook
Twelve US states — including the largest by economic output, California — now generate enough renewable energy each year to cover more than 50% of their electricity needs, according to data collated by Stanford University Professor Mark Z. Jacobson.
States that get most of their electricity from renewables also dominate the power affordability rankings.
- Read the full story here.
Greenhouse gas emissions regulated under the European Union’s emissions trading system (ETS) declined by a record 15.5% in 2023 thanks to a surge in clean energy installations, according to the European Commission.
The ETS covers emissions from 10,000 energy and manufacturing facilities in the bloc, plus some airline operations. It works on the ‘cap and trade’ principle, whereby limits on emission allowances are reduced each year. Companies can trade those allowances amongst themselves.
The latest: In 2023, emissions from electricity production plunged 24% year on year as rising output from wind and solar farms, alongside a recovery in hydro and nuclear output, crowded out coal and gas plants, the commission said in a statement.
- Read the full story here.
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Wholesale power prices on the Iberian Peninsula have plunged well below the rest of Europe amid a surge in generation from renewable technologies, according to data collated by Ember.
In March, prices dipped to just €19.26 per megawatt hour (MWh) in Portugal as renewables covered 91% of the country’s electricity needs, while in neighbouring Spain, prices averaged €20.28/MWh and the share of renewables stood at 68% — a monthly record.
For context, Sweden had the third-lowest power prices in the EU, at €52.70/MWh — more than double the rates in both Portugal and Spain.
- Read the full story here.
Danish pension fund P+, which manages some $23 billion in assets, says it will no longer invest in fossil fuel companies that aim to expand their output.
- Read the full story here.
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