Since the ambitious 30 GW by 2023 offshore wind target was released by the Biden–Harris Administration, there has been a noticeably positive attitude towards pushing the rollout of offshore wind on the political agenda. Although no new offshore wind turbines were installed in the US in 2022, the US offshore wind market continues to gain strong momentum in both state and federal waters.
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Light-duty vehicles (LDV), including passenger cars and light trucks, are the largest source of transport GHG emissions in Canada, accounting for close to half of total transport emissions. In December 2021, Environment and Climate Change Canada (ECCC) launched consultations on how it should achieve Canada’s targets of at least 50% zero-emission LDV sales by 2030 and 100% by 2035. In March 2022, it announced plans to develop a sales mandate to require at least 20% electric vehicle (EV) sales by 2026 and 60% by 2030.
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The US energy transition will see considerable new renewable capacity added over the decade, yet significant challenges remain to the sector’s growth. Non-hydropower renewables will continue to be the largest capacity growth segment in the US power market with over 200GW of new capacity expected between 2022 and 2031. We expect the segment’s share of total generation to rise from 17% to 27.7%.
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In November 2020, Chile published an important document setting out what was called the National Green Hydrogen Strategy. It is clear from the strategy that Chile views a significant long-term role for green hydrogen, made via electrolysis using renewable electricity. It is not clear at this point if there is room for blue hydrogen, using natural gas as a feedstock with CCS probably in the Magallanes area.
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The stage is set for significant electric vehicle (EV) growth in the coming decades, but even the most optimistic scenarios bring dramatic plot twists. The Biden administration has set a goal for the U.S. economy to achieve net-zero greenhouse gas (GHG) emissions by 2050. Achieving that goal will require a nationwide transition to EVs and clean energy. While EV adoption is surging, reaching many goals set by automakers and policymakers will require extensive changes that go far beyond just the vehicles on the road.
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Energy storage capacity is set to ramp up at a rapid pace in the United States over the medium term. According to the US Energy Information Administration’s (EIA) latest Monthly Generators Statistics from November 2020, the country had just under 1,350MW of utility-scale battery storage capacity in operation, with LS Power’s 250MW Gateway Energy Storage System in California the largest project in operation.
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The Latin America region contains a handful of markets with significant potential for the development of green hydrogen, although there are several weaker performing markets that rank well below the global average. Fitch Solutions has developed a Hydrogen Index, which assesses the suitability of a market for the green hydrogen industry.
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NREL’s recent report analyses different scenarios of electrification in the US and how it will impact capacity addition and operation of the grid. To meet electricity demand in high-electrification scenarios, installed capacity grows to more than double 2018 levels by 2050. Generation from low-cost renewable energy increases in all the scenarios.
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