Renewable energy sources grew at their fastest rate since 1999 last year when COVID-19 struck, the IEA says

Wind farm denmark
A working ship stands on stilts between wind turbines erected in the Baltic Sea between the islands of Rügen and Bornholm (Denmark). In the foreground is the “Arkona” wind farm about 35 kilometers northeast of Rügen with a capacity of 385 megawatts. In the background the offshore wind turbines of the Baltic Sea wind farm “Wikinger” of the energy supplier Iberdrola.

  • Renewable energy capacity increased by 45% in 2020 the International Energy Agency said.
  • The IEA predicts that renewable energy sources will cover 90% of global power expansion in the next two years.
  • Demand for renewable energy increased during the pandemic, whilst use of other energy sources declined.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Renewable energy sources increased by 45% in 2020, accelerating at their fastest rate since 1999, as demand for clean power grew during the COVID-19 pandemic, the International Energy Agency said in a report on Tuesday. Wind energy led the expansion, as global capacity increased by 90%. Solar energy capacity grew by 23%.

The IEA links this increase in renewable energy capabilities to global policy decisions and deadlines that countries had set themselves in terms of expanding their renewables sectors. China, the US and Vietnam are credited with leading the renewables push after momentum slowed when the pandemic first hit.

“Overall, IEA quarterly deployment estimates indicate that the slowdown in renewable capacity additions was limited to Q1 2020 only, mainly in China, while construction activity continued strongly in the rest of the world despite continuous movement restrictions and supply chain delays,” the agency said in the report.

Energy markets were hit hard during the COVID-19 pandemic, which saw travel come to a halt, as lockdown restrictions forced people to stay at home. Oil prices fell and turned negative for the first time in early 2020, as demand for the fuel vanished. Crude has since recovered, as investors anticipate economies reopening.

The decline in fossil fuel use also affected biofuel demand, the IEA said. Production fell by 8% in 2020, but still exceeded expectations – 150 billion liters of biofuel were needed in 2020 vs the 144 billion the IEA had predicted. The agency expects demand to rebound in 2021 and grow by a further 7% in 2022.

Looking ahead, the IEA predicts renewable energy sources will be responsible for 90% of global power expansion in 2021 and 2022. The agency expects solar and hydrogen power to play key roles, while the growth of wind power is set to slow down after its surge in 2020.

“The acceleration of hydropower additions through 2022 is driven by the commissioning of mega-scale projects in China. Meanwhile, expansion in other renewables, led by bioenergy, remains stable and represents 3% of total new renewable capacity additions,” the IEA said.

China had already been the driving force of renewable energy expansion in 2020, accounting for half of the new capacity installations and is expected to keep this leadership position, the IEA said.

Despite President Joe Biden’s recent infrastructure plans, Europe is set to replace the US as the second-largest renewable market in 2021 thanks to national policies on climate change and deadlines that are looming. Biden’s infrastructure spending may not take effect until later this decade, the IEA said.

Read the original article on Business Insider

Elon Musk trumpeted self-driving cars, joked about vampires, and recalled a USB-cable hunt on Tesla’s earnings call. Here are the 11 best quotes.

elon musk
Elon Musk.

  • Elon Musk discussed AI, clean energy, and production headaches on Tesla’s earnings call.
  • The Tesla CEO also mentioned fossil-fuel taxes, vampires, and USB cables.
  • Scroll down for Musk’s 11 best quotes from the call.
  • See more stories on Insider’s business page.

Tesla CEO Elon Musk made several bold predictions, trumpeted the power of clean energy, and bemoaned the difficulty of mass production during the electric-vehicle company’s first-quarter earnings call on Monday.

The self-proclaimed “Technoking of Tesla” also touched on vampires, USB cables, self-driving cars, energy taxes, and World War II, according to a transcript on Sentieo, a financial-research site.

Here are Musk’s 11 best quotes, lightly edited and condensed for clarity:

1. “More likely than not, Model Y will be the best-selling car or truck of any kind in the world in 2022.”

2. “There’s no question in my mind that with a pure-vision solution, we can make a car that is dramatically safer than the average person.” – asserting that a self-driving car, guided by multiple cameras that process images at superhuman speed, will be safer than a human-controlled car.

3. “Long term, people will think of Tesla as much as an AI robotics company as we are a car company, or an energy company.”

4. “I just love that they call it vampires.” – commenting on “vampire drain,” the term for electric batteries losing charge when not in use.

5. “You can actually power the entire United States with roughly a 100-mile grid of solar. It’s entirely possible to power all of Earth with a small percentage of Earth’s area.”

6. “Why don’t we do it? The energy basis of the earth is gigantic, super-mega-insanely gigantic. So you can’t just go and do 1 zillion terawatts overnight. You’ve got to build the production capacity for the battery cells, for the solar cells. You’ve got to put that into vehicles. You’ve got to put that into storage packs. You’ve got to put that into solar panels and Solarglass Roofs, and you’ve got to deploy all this stuff.”

7. “We should tax energy that we think is probably bad and support energy we think is probably good, just like cigarettes and alcohol, versus fruits and vegetables.”

8. “Prototypes are trivial, they’re child’s play. Production at large scale with higher liability and low cost – insanely difficult. Myself and many others at Tesla had to basically have several aneurysms to get this done.”

9. “What Tesla achieved on the automotive side was not to create an electric car. The truly profound thing on the car side is that Tesla was the first American car company to achieve volume production of a car in 100 years and not go bankrupt.”

10. “We’ve had production stop because of carpet in the trunk. We’ve had production stop because of a USB cable. At one point, for Model S, we literally raided every electronics store in the Bay Area. For a few days there, nobody could buy a USB cable in the Bay Area because we went and bought them all to put them in the car.” – describing how a shortage of one minor component out of 10,000 can halt production entirely.

11. “We’re talking millions of cars, a massive global supply chain, 50 countries, dozens of regulatory regimes. Solving those constraints and logistical problems makes World War II look trivial. I’m not kidding.”

Read the original article on Business Insider

Elon Musk says Tesla will only sell solar panels together with its Powerwall storage battery from next week

elon musk
Tesla CEO Elon Musk.

  • Elon Musk said Tesla will now only sell its solar panel products together with its Powerwall storage battery.
  • Musk had a Twitter exchange with a solar panel customer who said their panels haven’t generated a “single watt-hour” since January.
  • Musk said in January the company was working on integrating Powerwall with its solar products.
  • See more stories on Insider’s business page.

Tesla CEO Elon Musk is going to shake up the way the company sells its solar panels.

In a tweet late on Wednesday, Musk said from next week, all sales of the company’s solar energy products will come together with its energy storage battery Powerwall.

“Solar power will feed exclusively to Powerwall. Powerwall will interface only between utility meter & house main breaker panel, enabling super simple install & seamless whole house backup during utility dropouts,” he said in a followup tweet.

Bloomberg reported this followed a complaint from Brett Winton, Director of Research at Ark Investment Management that his Tesla solar panels haven’t generated a “single watt-hour” since they were installed in January because he was waiting on his utility to approve the connection.

After Musk asked Winton if he had Powerwall he replied: “Hmm. Yes have powerwall. Everything right now is switched off; just awaiting LADWP [Los Angeles Department of Water and Power].”

Musk’s decision hasn’t come entirely out of the blue. He said during Tesla’s fourth-quarter earnings call in January that the company was focusing on integrating Powerwall with its solar division.

It also comes a week after numerous customers waiting for installations of Tesla’s Solar Roof product reported receiving new contracts increasing the price of installation by as much as 70%. It’s not yet clear whether including Powerwall in all sales of Tesla’s solar products will increase the price. Insider has emailed Tesla for clarification.

Are you a Tesla Solar Panel or Solar Roof customer? Contact this reporter at ihamilton@insider.com or iahamilton@protonmail.com.

Read the original article on Business Insider