Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Economy

2024 Is Looking Like a Stellar Year for Solar Power

On Ember’s new report, climate breakdown, and interest rates

•
2024 Is Looking Like a Stellar Year for Solar Power
Heatmap Illustration/Getty Images

Current conditions: Shanghai, still recovering from the strongest storm to hit the city in 75 years, is bracing for Typhoon Pulasan • Extreme flooding in the north of Italy has forced some 1,000 people to evacuate • It’s looking unlikely that this month will break last year’s record for warmest September ever.

THE TOP FIVE

1. Ember: 2024 will be another record year for solar

The explosive growth in solar power shows no signs of stopping this year. New analysis from energy think tank Ember forecasts the world is on track to add 593 gigawatts of solar power in 2024, nearly 30% more than last year’s installations and nearly 200 GW more than the International Energy Agency predicted at the start of the year. The report underscores how a handful of countries are responsible for most of the world’s new solar capacity. China leads, followed by the U.S., India, Germany, and Brazil. These five countries are on track to account for 75% of new global installations in 2024. And they are sustaining their growth year after year.

Ember

Here’s the most important takeaway from the Ember report: “This now puts ambitious climate pledges within reach.” It’s very possible – and indeed likely – that the world will triple solar capacity by 2030. In this scenario, solar power would generate a quarter of the world’s electricity. “Countries need to plan ahead to make the most of the high levels of solar capacity being built today and ensure the continued build-out of capacity in the coming years,” the report says.

2. Fed interest rate cut could boost investment in renewable projects

The Federal Reserve announced yesterday that it would reduce the benchmark federal funds rate by half a percentage point, from just over 5% to just below. What does this mean for renewable energy? Well, it just became a much more enticing investment, wrote Heatmap’s Matthew Zeitlin. High interest rates have an outsize effect on renewable energy projects, because the cost of building and operating a renewable energy generator like a wind farm is highly concentrated in its construction. Wood Mackenzie estimates that a 2% increase in interest rates pushes up the cost of energy produced by a renewables project by around 20%, compared to just over 10% for conventional power plants. “As rates fall, projects become increasingly financially viable,” said Advait Arun, senior associate of energy finance at the Center for Public Enterprise and Heatmap contributor.

3. EU official warns ‘climate breakdown’ is becoming the norm

The European Union’s head office has warned that the extreme weather devastating parts of the continent are proof that “climate breakdown” is “fast becoming the norm,” The Associated Press reported. Parts of Europe are experiencing some of the worst flooding in at least two decades, while Portugal has declared a “state of calamity” as enormous wildfires rage out of control and threaten the homes of more than 200,000 people. “We face a Europe that is simultaneously flooding and burning. These extreme weather events ... are now an almost annual occurrence,” said EU Crisis Management Commissioner Janez Lenarcic. “The global reality of the climate breakdown has moved into the everyday lives of Europeans.” Europe is the fastest warming continent on Earth.

4. AI weather startup Brightband emerges from stealth

Today the startup Brightband emerged from stealth with $10 million in Series A funding and a unique plan to commercialize generative AI weather modeling. Instead of trying to go up against Weather.com, Brightband is tailoring models to specific industries such as insurance, finance, agriculture, energy, and transportation. The round was led by Prelude Ventures. AI models like Brightband’s are trained on decades worth of past weather data, and when fed a snapshot of current conditions, can predict what will come next, much like ChatGPT does with text. Brightband’s CEO Julian Green told Heatmap’s Katie Brigham that customizing forecasts for particular industries will also be as simple as querying a large language model. A wind farm operator could, for example, “just take an attached file of historical wind energy production, and throw it in there and say, hey, tell me what the wind energy is going to be like next week.” Brightband says it hopes to publish a paper by year’s end with an open-source version of its forecast model, alongside evaluation tools to assess its performance.

5. Truck drivers seem to approve of Tesla Semi

Truck drivers seem to really like Tesla’s Semi electric truck. PepsiCo is Tesla’s first customer for the trucks, and has 89 of them deployed across various fleets. Speaking at the IAA Transportation event, PepsiCo’s electrification program manager Dejan Antunović said some veteran drivers are reporting that they never want to go back to driving diesel after having handled the Tesla Semi. “Based on its history of delivering efficient electric vehicles in volume profitably, I think Tesla is the one to make commercial electric trucks happen at scale,” wrote Electrek’s Fred Lambert.

THE KICKER

Researchers were pleasantly surprised to discover that 90% of young corals that were bred using in vitro fertilization and deposited in reefs across the Caribbean survived last year’s marine heatwave.

Yellow

You’re out of free articles.

Subscribe to access Heatmap's exclusive climate and energy polling, award-winning journalism, and subscriber-only events. Save $57 on an annual subscription, just $156 $99/year.
To continue reading
Create a free account or sign in to unlock more free articles.
or
Please enter an email address
By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
AM Briefing

Pump and Trump

On OpenAI’s pledge, power plant emissions, and Kazakh tungsten

A gas station.
Heatmap Illustration/Getty Images

Current conditions: The polar vortex that keeps air circulating around the North Pole collapsed months ahead of schedule, threatening to send frigid temperatures southward • India’s east coast Andhra Pradesh state is facing down yet another major storm as Severe Cyclone Murasu makes landfall • The catastrophic atmospheric river over the American Southwest has dumped more than 20 trillion gallons of water across Arizona, Colorado, New Mexico, and Utah.


THE TOP FIVE

1. Gas prices hit a record high on the eve of America’s midterm elections

The average price of a gallon of gasoline during President Donald Trump’s second term topped $3.46 as of Monday, a record that exceeds the previous high set under the Biden administration. That’s according to a new analysis by the Financial Times. And that’s just the average across the past 22 months. The average price nationwide on November 2 clocked in at just under $4.17 per gallon. “If modern living boiled down to a price, it’s the price at the pump,” Bob McNally, a former energy advisor to the George W Bush administration and president of consultancy Rapidan Energy, told the newspaper. “Whether a voter is filling up that day or not, it’s likely that they see a pump price.”

Keep reading...Show less
Red
Daily Briefing

Think Congress Is Slow? Meet the Power Sector.

BAAJA would likely help speed up the U.S. transmission buildout, but there’s a chance we’re undercounting the benefits.

Power lines.
Heatmap Illustration/Getty Images

This is Heatmap Daily, a weekday digest written by our executive editor. Subscribe here.

As you may have seen, my colleague Emily Pontecorvo and I got the first look at the Rhodium Group’s analysis of what the bipartisan permitting bill will do to emissions.

Keep reading...Show less
Blue
AM Briefing

Neutral, at Worst

On Chinese hydrogen, Fermi upheaval, and British offshore wind

Smokestacks.
Heatmap Illustration/Getty Images

Current conditions: The Pineapple Express, an atmospheric river originating in the Pacific near Hawaii, is arriving in the Southwest laden with heavy rain that’s set to flood the region • Indonesia has the worst air quality in the world as forest fires rage along Sumatra’s southern coast • A cross-country storm will soak much of the United States on Tuesday’s Election Day.


THE TOP FIVE

1. Permitting bill’s worst-case climate scenario is still carbon neutral

The Senate’s grand compromise to simplify federal permitting on energy projects would likely drop emissions slightly as the benefits to accelerating deployments of clean energy infrastructure outweigh the boost the legislation could give to fossil fuels. Even under the worst-case scenario, emissions remain on the same trajectory as today. That’s according to a hotly anticipated new analysis by the Rhodium Group, the consultancy whose U.S. emissions estimates are among the most widely cited in American politics. The report, shared first with my colleague Emily Pontecorvo, found that provisions in the Bipartisan American Affordability and Jobs Act largely counteract each other on climate. The bill makes building transmission lines much easier, a key step to patching more renewables onto the grid. But it also makes new gas pipelines simpler to permit, clearing the way for a buildout of the infrastructure for the fossil fuel already dominating U.S. electricity and heating systems. Still, under the best-case scenario, the legislation could cut U.S. economy-wide emissions by 5% below where they would otherwise go in 2040. The bill could also slash energy bills by $78 per year and support construction of more than 200 gigawatts of clean energy capacity, as compared to a world where it didn’t pass. The Rhodium report is at least the second analysis yet to find that the bill could modestly lower emissions. The first, as I reported last week, came from the think tank Resources for the Future, which saw a slight drop in power-sector emissions relative to a world without BAAJA.

Keep reading...Show less
Blue