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Renewable energy investment matches fossil fuels in 2022 for 1st time

  • January 28, 2023
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
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Renewable energy investment matches fossil fuels in 2022 for 1st time

Subject :

Context: For the very first time in history, investment in low-carbon energy technologies worldwide was equal to money spent on fossil fuels, according to BloombergNEF, a global strategic research service provider.

More on the News:

  • The amount of investment in cleaner energy technology in 2022 was $1.1 trillion.
  • Investment towards energy transition grew by $261 billion from the previous year — a 31 per cent increase from 2021. But the investment in fossil fuels was also simultaneously up $214 billion over 2021 levels.
  • The growth in fossil fuel investments in 2022 occurred against the backdrop of high commodity prices, with many oil and gas majors earning record profits.
  • Increased climate awareness has, however, made these companies more focused on share buybacks and diversifying to lower-carbon assets.

  • The researchers broke down the investment into various categories: Renewable energy remained the largest sector at $495 billion (up 17 per cent year-on-year) and electrified transport was growing much faster and hit $466 billion (up 54 per cent).
  • The hydrogen sector received the least boost at $1.1 billion but the sector grew the fastest, tripling investment every year.
  • Investment in clean-technology factories grew fourfold from 2018 and reached $78.7 billion in 2022.
  • Battery-related factory spending is growing at pace and now attracts more investment than other clean-tech sectors at $45.4 billion in 2022. Facilities to produce lithium-ion battery components accounted for about 58 per cent of facilities opened in 2022.
  • China is still the leading manufacturer of low-carbon technologies because it attracted over half of the trillion-dollar investment at $546 billion. This was followed by the European Union at $180 billion and the United States at $141 billion.

Promotion of Renewable energy

Steps taken:

  • Permitting Foreign Direct Investment (FDI) up to 100 percent under the automatic route.
  • Waiver of Inter State Transmission System (ISTS) charges for inter-state sale of solar and wind power for projects to be commissioned by June 2025
  • Declaration of trajectory for Renewable Purchase Obligation (RPO) up to the year 2030.
  • Setting up of Ultra Mega Renewable Energy Parks to provide land and transmission to RE developers on a plug and play basis.
  • Schemes such as Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), Solar Rooftop Phase II, 12000 MW CPSU Scheme Phase II, etc.,
  • Laying of new transmission lines and creating new sub-station capacity under the Green Energy Corridor Scheme for evacuation of renewable power.
  • Setting up of Project Development Cell for attracting and facilitating investments.
  • Standard Bidding Guidelines for tariff based competitive bidding process for procurement of Power from Grid Connected Solar PV and Wind Projects.
  • Government has issued orders that power shall be dispatched against Letter of Credit (LC) or advance payment to ensure timely payment by distribution licensees to RE generators.
Renewable energy investment matches fossil fuels in 2022 for 1st time
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