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If Green Energy Is the Future, How Can Technology Lead the Way? Contents Introduction November 2020 | 56th edition Renewable Energy Country Attractiveness Index RECAI If green energy is the future, how can technology lead the way? Contents Introduction A glimpse of what the energy industry might look like carbon by 2060. In total, under the Climate Ambition The recovery from the COVID-19 pandemic presents an in the future was caught this spring, when COVID-19 Alliance, 120 countries have committed to net zero opportunity to build back better. Certainly, there will be lockdown measures resulted in the share of renewables by 2050. headwinds in the short term, but renewables are well used in the energy mix soaring across most countries equipped to seize the opportunity and face the challenges Reaching a net-zero future will require obstacles to because of depressed electricity demand, low operating ahead. Read on to discover how different countries are be overcome, however. A coordinated effort across all costs, and priority access to the grid through regulation. exploring innovative ways to meet their renewable energy industries will be needed and technological innovations targets and secure a net-zero future. In Europe, there were instances of renewables surpassing must be leveraged. Specifically, an exponential increase in 50% of the continent’s total generation during lockdown. intermittent renewable energy will require technologies to And across the Atlantic, in the US, renewables be used to ensure a secure, reliable, and well-balanced grid. consumption passed coal for the first time in 130 years. This issue touches on two enablers — hydrogen and The pandemic and its impact on economics across the artificial intelligence (AI) — that look set to play critical globe seem to have accelerated the drive to net zero and roles in stabilizing grids as renewables are scaled up. The refocused investors’ minds on the environmental, social ability to convert renewable energy into hydrogen and and corporate governance (ESG) agenda and resilience create a chemical battery with greater long-term storage in their investment portfolio, as evidenced by ESG fund than utility battery storage could be a game-changer. assets surging to an all-time high of more than US$1t While batteries are best suited to discharge times of four in June. At the same time, economic recovery rhetoric Ben Warren Arnaud de Giovanni from global leaders has a consistent and prevailing theme hours or less, hydrogen energy storage can be used for RECAI Chief Editor Global Renewables Leader discharge times of days, or even weeks. around green growth. For the low-carbon transition to be EY Global Power & Utilities EY Global Power & Utilities accelerated, renewables must stay at the top of the global Meanwhile, AI algorithms — with their use of the internet Corporate Finance Leader Strategy & Transactions Leader agenda once the world comes out the other side of the of things, sensors and big data — can help stabilize central [email protected] [email protected] pandemic. grids with improved prediction capability through demand At a policy level, commitment to reach carbon neutrality forecasting and asset management, and, consequently, is growing. Last December, the EU Green Deal was increase dispatch efficiency. presented, aiming to make Europe climate neutral by Both of our country deep-dive articles, focusing on 2050, and in September, China — the world’s largest Australia and Ireland, highlight the tremendous growth emitter of greenhouse gases — made a landmark and potential for renewables, while acknowledging the announcement that it will become a net-zero emitter of barrier currently posed by grid stability. 1 | If green energy is the future, how can technology lead the way? Renewable Energy Country Attractiveness Index Methodology L`]Af\]poYkj][YdaZjYl]\afG[lgZ]j*(*($oal`Yddmf\]jdqaf_\YlYk]lk^mddq j]^j]k`]\&Lgk]]Y\]k[jahlagfg^gmje]l`g\gdg_q$af[dm\af_`goo]Yj] Y[[gmflaf_^gj;GNA<%)1$nakaley.com/recai& Portugal LEGEND Portugal’s second state-run solar Increased attractiveness compared with previous Index tender received record-breaking Decreased attractiveness compared with previous Index Za\k$oal`./(EOg^f]o No change in attractiveness since previous Index [YhY[alqYoYj\]\&L`akoaddZ] Current ranking is in bold November 2020 key for the country’s 2030 target recai South Korea (Previous ranking is shown in brackets; a dash indicates a new entry) of 80% of installed renewable South Korea’s offshore wind ]d][lja[alq$af\a[Ylaf_Y[d]Yj sector is proving highly switch in its energy mix away attractive to investors following ^jge^gkkad^m]dk& Kazakhstan the Government’s announcement The new Kazakh leadership has g^alkYeZalagmk?j]]fF]o<]Yd& approved 19 new renewable This includes plans to reach 20% energy projects in its latest efforts of generation from renewable to diversify its supply and meet kgmj[]kZq*(+($Ydgf_ka\]alk Vietnam _j]]fj]imaj]e]flk&L`]fYlagfak ]paklaf_af[]flan]k[`]e]k& :]qgf\l`]]f\g^*(*($l`] aiming for 3% of electricity to be Vietnamese Government is procured from green technology 1 introducing a bid mechanism 2 af*(*($oal`Ye]\ame%l]je Pakistan (1) 3 lg]fkmj][geh]lalan]hja[af_& (2) 4 lYj_]lg^+(Zq*(+(& The Pakistani Government has (4) 5 The new Power Development (7) (6) 6 j][]fldqYffgmf[]\ka_faÕ[Yfl (5) 7 8 Master Plan aims to incentivize (3) 9 lYpZ]f]Õlk^gjafn]klgjkaff]o (10) 10 private investment in new-build (9) (11) 11 ]f]j_qhjgb][lk$Yko]ddYkalk (13) 12 j]f]oYZd]khjgb][lk& (8) 13 14 intention to boost renewables in (17) (12) 15 (16) 16 the energy mix to around 30% (15) 17 (19) 18 af*(+($mh^jge,af*(*(& (23) 19 Rank (18) 20 (14) 21 20 (35) 22 (27) 23 (24) 24 (20) 25 (22) 26 27 US (29) 28 China Mainland (26) 29 Australia (31) 30 India (28) 31 United Kingdom United (34) 32 Germany (33) 33 France (21) 34 Japan (25) 35 The Netherlands The (39) 36 Spain (37) 37 Chile (30) 38 Denmark (36) 39 South Korea South (–) 40 Ireland (–) Brazil (–) Canada Italy Morocco Argentina Israel Taiwan India Portugal Taiwan Finland Installed solar PV capacity Belgium The Taiwanese Government Sweden in India has skyrocketed in Egypt kYqkalafl]f\klghjg[mj])?O Norway Poland l`]hYkl^]oq]Yjk$j]Y[`af_ Philippines of offshore wind capacity Turkey egj]l`Yf+-?Oj][]fldq& Greece l`jgm_`Ym[lagfkaf*(*)$Yf\ Switzerland Mexico Its economic attractiveness has Peru -?OaflglYdZq*(+(&L`akoadd Vietnam Kazakhstan d]\lgj][gj\%dgolYja^^Za\k$oal` Jordan cement Taiwan as one of the Africa South the country striving to reach Thailand largest offshore wind markets Pakistan alk-)(?OlYj_]lg^afklYdd]\ Austria af9kaY& j]f]oYZd]kZq*(+(& Mexico France The Mexican Energy Regulatory Following a period of Commission’s decision to uncertainty caused by the hike transmission fees for ;GNA<%)1hYf\]ea[$k]n]jYd operational power projects Thailand renewable energy auctions approved before the 2014 Thailand’s Power Development in France were pushed back ]f]j_qj]^gjeakmf\]jj]na]o$ Issue 56 incorporates a number of notable changes: HdYfakZ]af_aehd]e]fl]\$ Yf\`Yn]q]llgZ]`]d\&L`] and has been suspended ⬤• The COVID-19 scoring parameter’s impact has been reduced by one-third on account of the impacts with an ambitious growth l]ehgjYjadq&A^l`]\][akagf Z]_affaf_lgZ]j]Ö][l]\afgl`]j\YlYk]lk&>mjl`]jegj]$l`];GNA<%)1k[gjaf_hYjYe]l]jfgoj]Ö][lk Government has committed to l`]j]Yd%ogjd\aehY[lkg^l`]hYf\]ea[gfZgl`Y`]Ydl`Yf\][gfgea[^jgfl& lYj_]lg^Yjgmf\*(?OZq is taken to go ahead with *(+/Çj]hj]k]flaf_+/g^l`] Yka_faÕ[Yflj][gn]jqhY[cY_]Ç ⬤• <YlYk]lkYjgmf\hjgb][lhah]daf]kYf\^gj][Yklk`Yn]Z]]fmh\Yl]\&L`ak[`Yf_]af\YlYk]lkakhYjlaYddq oal`Y^g[mkgfj]f]oYZd]k$ l`]af[j]Yk]$egj]l`Yf*-( j]khgfkaZd]^gjkge]g^l`]egn]e]flk& fYlagfYd]f]j_qeapÇYko]dd sustainability and the production renewables projects in Mexico ⬤• Our assessment of the enabling infrastructure for renewables now includes more data points and as a commitment to invest in g^_j]]f`q\jg_]fÇlgYnYdm]g^ oaddZ]Y\n]jk]dqY^^][l]\& o]a_`laf_lgoYj\l`]hj]k]f[]g^]paklaf_Yf\hdYff]\klgjY_]Ykk]lk& keYjl_ja\kY[jgkkl`]fYlagf& Ò+(Z MK+-Z!& recai | November 2020 Key developments The COVID-19 lockdowns briefly shifted the power mix to renewables, but countries now seek solutions to a lasting net-zero future. 3 | If green energy is the future, how can technology lead the way? In another boost to Germany’s green-hydrogen industry, Corporation of India, the company established by the Germany boosts offshore its Ministry of Economic Affairs and Energy awarded Ministry of New and Renewable Energy to facilitate wind and hydrogen the Westküste100 green-hydrogen project an initial solar development in the country. The auction attracted €30m (US$35m). The five-year project aims to build international interest, with other winners hailing from In recent months, the German Government has taken a 30MW electrolyzer connected to offshore wind. It countries including Canada and the UK, as well as India. significant steps to support the country’s offshore wind will study equipment operation, maintenance, control sector, as well as the development of green hydrogen, an In July, India’s Power Minister, R. K. Singh, set a and grid compatibility, with the aim of scaling up to a emissions-free alternative fuel created using electrolysis new target for the country to reach 60% renewables 700MW-capacity electrolysis plant. The consortium powered by renewables. generation — 510GW — by 2030, extending the 172GW behind the project, which includes EDF Deutschland and target by 2022. He made the announcement at the Long-awaited draft amendments to offshore wind Ørsted Deutschland, wants to “map and scale a regional launch of a report, by the Energy and Resources Institute, legislation were agreed by the German Cabinet in June.
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