RIYADH: While Germany faces energy supply challenges, the US has made moves to boost its sources of clean energy.
Looking at the Bigger Picture:
· Germany is required to push its reliance on sustainable sources — such as solar and wind — for electricity from 43 percent to almost 80 percent to meet climate and energy transition goals, Bloomberg reported.
This poses a challenge as the country has decided to close all its nuclear plants by the end of the year, which will increase its dependence on coal-fired plants. At the same time, electricity demand is expected to rise as consumers shift towards electric cars and electric-powered heat pumps simultaneously.
· 85 percent of total US power capacity that will be retired in 2022 is from coal-fired plants, Reuters reported, citing the US Energy Information Administration.
This comes as the country attempts to make more space for green energy and natural gas in the market.
· Germany’s new government promised to triple the speed of emission reduction in the country in an attempt to keep pace with its 2045 carbon neutrality goal, Bloomberg reported.
It follows the country falling short of its global warming targets for the last two years with projections indicating that it will also miss those targets in the coming two years.
Energy on the ground:
· German power corporation, STEAG obtained $113 million (100 million euros) from partners to safeguard against rallying energy prices, Reuters reported.
· American electric vehicle and clean energy giant, Tesla is to implement stern efforts to supply solar power and energy storage to homes and the power grid in the near future, according to Bloomberg.
This comes as the demand for energy storage is anticipated to be as high as the demand for automobiles, Bloomberg reported, citing Elon Musk, co-founder and CEO of the firm.
