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May 26, 2023 | 05:56
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https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-solar-power-due-to-overtake-oil-production-investment-for-first-time/
Solar power due to overtake oil production investment for first time, IEA says
Noah Browning
London
Reuters
Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said on Thursday, with solar projects expected to outpace outlays on oil production for the first time.
Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15-per-cent rise for fossil fuels, the Paris-based energy watchdog said in its World Energy Investment report.
Around 90 per cent of that clean energy spending comes from advanced economies and China, however, highlighting the global divide between rich and poor countries as fossil fuel investment is still double the levels needed to reach net-zero emissions by midcentury.
“Clean energy is moving fast – faster than many people realize,” said IEA Executive Director Fatih Birol.
“For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one.”
Around US$2.8-trillion is set to be invested in energy worldwide in 2023, of which more than US$1.7-trillion is expected to go to renewables, nuclear power, electric vehicles and efficiency improvements.
The rest, or around US$1-trillion, will go to oil, gas and coal, demand for the last of which will reach and all-time high or six times the level needed in 2030 to reach net zero by 2050.
Current fossil-fuel spending is significantly higher than what it should be to reach the goal of net zero by midcentury, the agency said.
In 2023, solar-power spending is due to hit more than US$1-billion a day or around US$380-billion on a yearly basis.
“This crowns solar as a true energy superpower. It is emerging as the biggest tool we have for rapid decarbonization of the entire economy,” energy think tank Ember’s head of data insights, Dave Jones, said in a statement.
“The irony remains that some of the sunniest places in the world have the lowest levels of solar investment.”
Investment in new fossil fuel supply will rise by 6 per cent in 2023 to US$950-billion, the IEA added.
The agency did not expressly reiterate its blockbuster projection from 2021 that investors should not fund new oil, gas and coal supply projects if the world wants to reach net-zero emissions by midcentury.
Producer group OPEC has said calls by the IEA to stop investing in oil undermine global energy security and growth. Scientists and international climate activists have warned the fossil fuel industry exacerbates the catastrophic impacts of climate change.
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May 26, 2023 | 07:12
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Thanks in advance for the $300 oil chuck. My portfolio loves cashing in off you woke esg nutbars.
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May 26, 2023 | 07:14
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Catastrophic impacts of climate change … LOL
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May 26, 2023 | 07:19
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The leaders in China must be rubbing their hands together with glee. One obvious side effect will be oil going back over $100 a barrel at some point in the near future, maybe even much higher. Still using over 100 million barrels a day. FYI, I am like you Chuck2, I didn’t read the article.
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May 26, 2023 | 07:22
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 Originally Posted by furrowtickler
Catastrophic impacts of climate change … LOL
That is how you know it is a completely unbiased fact-filled non-emotional intellectual article.
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May 26, 2023 | 07:33
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Clearly the most critical lost skill in recent decades has been to know the difference between news and editorial.
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May 26, 2023 | 08:42
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Off the top of my head, trying to recall from previous discussions. I believe solar now accounts for approximately 1% of total global energy consumption. Fossil fuels closer to 80% of total global energy consumption. Not to be confused with capacity as chuck would attempt to muddy the waters with.
So for all the money already invested into solar, this is not looking like a great return on investment.
If this article has any basis in fact, that would indicate that we are going to invest more Capital into what provides 1% of our energy, then we do into what provides 80% of our energy.
I realized investment is supposed to pay dividends in the future, not today. So perhaps this outsized investment can move solar up to 2% of world energy production. That would make the ROI only 80 times less than the investment into fossil fuels according to this article. You would have to be a chuck chuck to think that is a good investment.
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May 26, 2023 | 08:53
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Alberta is leading the way on solar and wind in Canada with lots already and big plans for more according to the AESO. But Rome wasn't built in a day was it?
You will be eating crow sooner than you think, that is if you don't freeze in the dark first?
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May 26, 2023 | 09:32
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Originally Posted by chuckChuck
Alberta is leading the way on solar and wind in Canada with lots already and big plans for more according to the AESO. But Rome wasn't built in a day was it?
You will be eating crow sooner than you think, that is if you don't freeze in the dark first?
Chuck, I will happily eat crow on this issue. Please let me know when solar and wind result in cheaper electricity to the end user, and unsubsidized dispatchable solar and wind are so cost competitive that they completely displaced fossil fuels. As a consumer, I will rejoice. It will be great to see the end of money flowing into despotic oil producing regimes around the world.
Have you done the math on what it will cost to get there? If it requires more investment than all of fossil fuels, just to get 1%? Do you think that after investing that much, it could still be done cheaper than fossil fuels in the end? And keep in mind that is not even including any investment in storage which doesn't even exist.
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May 26, 2023 | 09:51
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I think he meant we will all freeze to death in the dark trying to eat a dead crow.
If we are relying on solar and wind, that’s exactly what will happen with a vast majority.
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May 26, 2023 | 10:09
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Originally Posted by TSIPP
I think he meant we will all freeze to death in the dark trying to eat a dead crow.
If we are relying on solar and wind, that’s exactly what will happen with a vast majority.
But look on the bright side (pun intended ), at least there will be lots of dead crows to eat. And dead eagles and every other kind of bird who tangles with the wind turbines.
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May 26, 2023 | 10:57
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Who wants to tell chuck what happened to the roman empire. Maybe we should call him Nero.
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May 26, 2023 | 13:10
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Canada and solar power
Solar Energy Statistics
According to the Canadian Renewable Energy Association (CanREA), the solar energy sector grew by 13.6% (288 MW) in 2021. Canada now has a solar capacity of 2,399 MW, compared to 2,111 MW in 2020. Canada's most valuable source for solar generation is Ontario, sharing almost 96% of its solar power.[1] In 2021 Canada had over 50 energy storage projects with the highest concentration of facilities in Ontario. Canada's utility scale rechargeable energy storage capacity is estimated at over 160 MWac.[2]
"Most of the solar power generating potential in Canada is located in the south in Alberta, Saskatchewan, and Ontario. Canada has an overall maximum capacity factor of 6%, compared to 15% in the US. The Canada Energy Regulator (CER) anticipates that solar will form 3% of the country's overall generation by 2040.[3] The potential in coastal regions is lower due to increased cloud cover. Many Canadian cities have a solar potential that rivals many major cities around the world. Installing solar panels on the roofs of residential homes can supply half of Canada's home energy demands. An anticipated 3,000 MW will be commissioned by the end of 2022 and a similar amount in 2023.
From Global Energy Monitor Wiki
We compete with the world and currently have one of the highest standard of living ratings largely attributed to our abundant natural resources including cheap abundant electricity due to Hydro and Fossil Fuels.
We have no advantage with solar as we have among the lowest capacity factors in the world.
Solar in Canada is 100% driven by Government regulation and subsidies, tariffs, and incentives at every level of production.
The power produced is contracted to companies like Amazon that are intensive C02 producers to greenwash their image and avoid carbon tax. Incentivized again.
There is no solar industry without taxpayer dollars. Zero
“On wind energy, we get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit.” – Warren Buffett
Last edited by shtferbrains; May 26, 2023 at 20:05.
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May 26, 2023 | 13:35
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Originally Posted by blackpowder
Clearly the most critical lost skill in recent decades has been to know the difference between news and editorial.
You can't really blame the reporters for being unable to distinguish between news and opinion, and for being unable to keep emotion and bias out of supposedly news stories.
Chuck's holy Grail of scientific integrity, the peer reviewed research paper is equally guilty in recent years. Many of them are full of emotional statements, hyperbole, conjecture, presuppositions and opinions. This is especially coming in any paper related to climate change. So when a reporter with no scientific background reports on these topics, there isn't even an unbiased scientific source they can base their opinion pieces on.
Last edited by AlbertaFarmer5; May 26, 2023 at 13:42.
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May 26, 2023 | 18:44
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Every step towards chucks ESG utopia needs more and more oil to back it all up.
Thats good for Ab and Sk. By all means chuck, keep going.
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May 26, 2023 | 23:22
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Originally Posted by chuckChuck
Alberta is leading the way on solar and wind in Canada with lots already and big plans for more according to the AESO. But Rome wasn't built in a day was it?
You will be eating crow sooner than you think, that is if you don't freeze in the dark first?
I will donate the knife and fork to you
You will be wrong
We will freeze in the dark first over any nation because of thinking like you and this coalition government
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May 26, 2023 | 23:25
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FFS , we don’t live in Mexico 🇲🇽
We have 5 months of winter you clowns
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May 26, 2023 | 23:27
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Following European policy is absolutely suicidal in Canada unless you live in Vancouver
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May 27, 2023 | 18:19
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Self fulfilling prophecy…. CC this climate change cult will… with the evolution cult…. Lead civilization in to the second great judgement of humanity… destruction by fire.
The great flood that reset civilization… and earth’s climate was our great opportunity to build a civilization on : Love, Peace, Compassion, Forgiveness, Hope is the Great Creator of our Universe… and the choices to make evil and greed extinct.
All indications are that Evil is being worshiped as good, and the deception cults (Evolution and Climate Change ) based on greed and false well Paid off unscientific consensus.
We alone….are responsible for our choices….
Blessings and Prayers for rain!
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May 27, 2023 | 19:13
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Originally Posted by furrowtickler
Following European policy is absolutely suicidal in Canada unless you live in Vancouver
Actually, following European energy policies is suicidal if you live in Europe as well. We are watching them deindustrialize due to energy costs, and regulations.
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May 27, 2023 | 23:51
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Am I the only one hearing the Chinese and Russians laughing at us???
How can we be so deceived and dense????
Blessings and Prayers for rain!
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May 29, 2023 | 07:14
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Did you guys not read that there is a trillion still going to oil and gas?
Or are you all assuming they are going to shut the tap off before there are adequate alternatives?
It will be a transition over the next decades probably lasting well into the next century.
What's remarkable is how much money is already being invested in clean energy alternatives.
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May 29, 2023 | 08:34
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Originally Posted by chuckChuck
Did you guys not read that there is a trillion still going to oil and gas?
Or are you all assuming they are going to shut the tap off before there are adequate alternatives?
It will be a transition over the next decades probably lasting well into the next century.
What's remarkable is how much money is already being invested in clean energy alternatives.
You didn't read or comprehend my comment did you?
According to your article, we are investing more into solar which produces 0.75% of total global energy needs, as we are investing into fossil fuels which provide 81% of total global energy needs. I confirmed those numbers today, it is worse than I originally thought.
What is remarkable is how much money has already been invested into supposed clean energy alternatives, and how little we have to show for it. For the same investment, fossil fuels are returning 100 times more energy, according to the numbers you provided in the first post.
Yet you keep telling us renewables are the lower cost alternative. With an ROI 100 times less?
Why would you even post this article, when it shows just how terrible the economics are? Some times I wonder whose side you are really on?
It's like that time you posted the article claiming that wind and solar were going to create multiple times more jobs than fossil fuels. And you thought it was a good thing. More jobs means more wages, means the end product costs that much more. It isn't a difficult concept.
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May 29, 2023 | 12:07
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Apparently, Chuck is not going to comment about the inconvenient fact that his article exposes how astronomically expensive solar power is compared to fossil fuels.
Thank you for doing so. It just reinforces what I was noting in the thread where we are all ridiculing chuck. This is a perfect example. He reads a headline which supports his bias. Repeats the pre chewed talking points without any attempt at understanding what it means, not checking if it even supports his case or doesn't contradict the headline.
And then, when someone inevitably points out the error in his ways, either goes quiet or resorts to insults and name calling.
Last edited by AlbertaFarmer5; May 29, 2023 at 12:18.
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May 30, 2023 | 07:34
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So AB5 when are we going to run out of enough CO2 in the atmosphere again? LOL
If renewables are so expensive and bad why is Alberta and the private sector building and planning to build so many of them?
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May 30, 2023 | 08:06
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Originally Posted by AlbertaFarmer5
You didn't read or comprehend my comment did you?
According to your article, we are investing more into solar which produces 0.75% of total global energy needs, as we are investing into fossil fuels which provide 81% of total global energy needs. I confirmed those numbers today, it is worse than I originally thought.
What is remarkable is how much money has already been invested into supposed clean energy alternatives, and how little we have to show for it. For the same investment, fossil fuels are returning 100 times more energy, according to the numbers you provided in the first post.
Yet you keep telling us renewables are the lower cost alternative. With an ROI 100 times less?
Why would you even post this article, when it shows just how terrible the economics are? Some times I wonder whose side you are really on?
It's like that time you posted the article claiming that wind and solar were going to create multiple times more jobs than fossil fuels. And you thought it was a good thing. More jobs means more wages, means the end product costs that much more. It isn't a difficult concept.
Whoops , chucky did it again , lol
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May 30, 2023 | 08:46
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Originally Posted by chuckChuck
So AB5 when are we going to run out of enough CO2 in the atmosphere again? LOL
If renewables are so expensive and bad why is Alberta and the private sector building and planning to build so many of them?
Chuck you are deflecting again.
How do you explain investing as much money into solar, as fossil fuels, and having 100 times less energy to show for it?
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May 30, 2023 | 14:05
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Originally Posted by AlbertaFarmer5
Chuck you are deflecting again.
How do you explain investing as much money into solar, as fossil fuels, and having 100 times less energy to show for it?
It will improve
Renewables will get cheaper
And more efficient
Just about the same time as the cow jumps over the moon
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May 30, 2023 | 15:10
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Read the article more closely.
"Around US$2.8-trillion is set to be invested in energy worldwide in 2023, of which more than US$1.7-trillion is expected to go to renewables, nuclear power, electric vehicles and efficiency improvements.
The rest, or around US$1-trillion, will go to oil, gas and coal, demand for the last of which will reach and all-time high or six times the level needed in 2030 to reach net zero by 2050.
Current fossil-fuel spending is significantly higher than what it should be to reach the goal of net zero by midcentury, the agency said.
In 2023, solar-power spending is due to hit more than US$1-billion a day or around US$380-billion on a yearly basis."
The $1.7 Trillion includes nuclear which many seem to support. Even though its the most expensive option.
10 years ago none of you would have thought Alberta would have stopped using coal for electricity by 2023. But that's about to happen.
So I don't put much credence in climate change deniers arm chair analysis. It usually is a lot of hot air mixed with excessive hyperbole and a lot of misinformation.
Even Smith and Moe are advocating net zero electricity by 2044 and 2050. Quite remarkable considering their continued ranting about Ottawa.
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May 30, 2023 | 15:17
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https://www.aeso.ca/future-of-electricity/albertas-power-system-in-transition/
Alberta’s Power System in Transition
Alberta’s power system is undergoing the biggest transformation in its 100-plus year history. Coal-fired electricity generation, a key source of power in the province for more than a century, is on track to be eliminated as a fuel source for electricity by the end of 2023.
Offsetting the phase-out of coal are equally large increases in natural gas as a fuel source, along with renewable energy such as wind and solar. In fact, Alberta now leads all other provinces in growth in wind and solar energy.
Blessed with ample wind and solar resources, and supported by the province’s competitive electricity market, Alberta is attracting significant private investment in renewables generation and energy storage projects, estimated at more than $4 billion since 2019.
As shown in this chart, 12,600 MW of solar capacity, 9,100 MW of wind and 5,556 MW of energy storage are either under construction, have received approval by the Alberta Utilities Commission (AUC) or been announced by project proponents.
So A5 are you going to keep denying that renewables are going to have an important role in getting to net zero in Alberta. Look at the numbers including storage from the AESO. How wrong you are.
Gas, interties, storage,imports and a smart grid will provide stability and backups when needed. So there is no need to worry so much chicken littles. Run your farm and let the utilities and the AESO run the grid, cause you don't know what you are talking about.
Last edited by chuckChuck; May 30, 2023 at 15:22.
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