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Solar power due to overtake oil production investment for first time, IEA says (www.reuters.com)

submitted 1 year ago by MrMakabar@slrpnk.net to c/climate@slrpnk.net

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[–] tryptaminev@feddit.de 10 points 1 year ago

It is nice that solar is finally in the lead, but it is deeply worrying, that the investions into oil are still at around 400bn $/a.

We need to be net neutral within the remaining emission budget, which is generally projected at 2050. The budget for the 1.5 °C goal at current emissions speed, runs out in 6 years

https://www.mcc-berlin.net/forschung/co2-budget.html

So these oil investments would need to have an ROI greater than 12% to become profitable within the next 6 years. Anyone who is involved in infrastructure and industry knows that to be ludicrous. Realistically these investments are projected with 30-50 years of operations. In order to meet 2050 we need zero oil investments right now

[–] MrMakabar@slrpnk.net 6 points 1 year ago (1 children)

Proper report: https://iea.blob.core.windows.net/assets/8834d3af-af60-4df0-9643-72e2684f7221/WorldEnergyInvestment2023.pdf

[–] PoisonedPrisonPanda@discuss.tchncs.de 2 points 1 year ago (1 children)

So many talk about energy generation but nobody discusses that e.g. in central europe electrical energy transport is at its limits and its an issue that more solar and wind is built but poor advancements in the power grid are conducted.

[–] MrMakabar@slrpnk.net 6 points 1 year ago (1 children)

Last year over 60% of global electricity was produced from fossil fuels. Sending electricity over long distances only starts to matter, when you have an overproduction of clean electricity. For most of the world that is quite simply not the case.

[–] PoisonedPrisonPanda@discuss.tchncs.de 1 points 1 year ago (1 children)

I havent looked into the numbers, but how large is the portion of this 60% from europe?

Germany has many occasions where wind turbines were cut off the grid and e.g. in austria its the case that due to separation of high voltage grid and local grid the spike in solar overproduction is endangering the infrastructure.

I can assume that similar issues arise in the rest of the western world as well.

The issue I see is that such problems will limit the pace of the energy transition which is a major path for handling the climate crisis.

Else the 3rd world countries will run into the same troubles as 1st world countries did and we will loose in general time that we are not going to have.

[–] MrMakabar@slrpnk.net 2 points 1 year ago

It is less then 32% fossil fuels for the EU. At the same time the German power grid is pretty much the most reliable in the world. The US grid has had over 8h of power interruptions per cutomer per year. Germany is well below 15 min in the same metric.