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World passes 30% renewables milestone for the first time, decline of fossil inevitable (www.euronews.com)

submitted 4 months ago by scrubbles@poptalk.scrubbles.tech to c/upliftingnews@lemmy.world

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cross-posted from: https://kbin.run/m/technology@lemmy.ml/t/553659

A decline in fossil fuel power is now ‘inevitable’, the report's authors say.

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[–] YungOnions@sh.itjust.works 4 points 4 months ago (1 children)

Shouldn't it be the other way around, particularly for solar? Easy to set up, cheaper, flexible to scale, and the more decentralized setup might even help with poor electricity grid, since you can just set them up whereever needed and even have them work insular without connection the the network.

Yeah, I would've thought that to, but according to the following report apparently not: https://www.weforum.org/agenda/2022/07/renewables-are-the-key-to-green-secure-affordable-energy/

But in developing countries, lack of access to finance under reasonable terms makes the costly upfront investments in renewable energy unaffordable. In addition, macroeconomic and political uncertainties discourage private sector investors from supporting renewable energy.

[–] golli@lemm.ee 3 points 4 months ago (1 children)

Interesting. Now that you mention it, i remember listening to a podcast that mentioned financing being a big obstacle for wind turbines, particularly the offshore projects, due to exactly that upfront cost. And i can imagine that for developing countries that is even worse.

Still i'd have thought that solar wouldn't quite have this same kind of problem, but i guess as the article suggests fossil fuels were cheaper, there's a political angle, and things are slowly improving.

[–] AA5B@lemmy.world 3 points 4 months ago* (last edited 4 months ago)

Yes and no. Yes there were big issues blamed on financing but I understood it as contracts that were profitable at low interest rates suddenly weren’t when interest rates rose quickly.

If the customer won’t re-negotiate when conditions change, since that’s the point of a contract, at some point it’s cheaper to just break the contract and take whatever the hit is.