Wind power investments rose in first half of 2018, whilst solar spending dropped
The total financing spent on wind power investments rose to $57.2bn in the first half of 2018.
Total investments in the sector has rose year-on-year by 33% since the first six months of 2017, according to Bloomberg New Energy Finance.
The US spent 121% more on wind projects during the review period, totalling $17.5 – almost 31% of the global total.
However, the total spending on solar photovoltaic (PV) projects has declined in the six months by 19%.
The combined financing in the solar sector fell due to the drop in capital costs, with each megawatt casting less to install.
China’s declining investments in the renewable energy also led to less money being put into the industry.
Bloomberg New Energy Finance confirmed that it anticipated these trends will continue into the second half of the year.
A total of US$138.2bn was invested into renewable energy during the six months to June of this year – a 1% decline of the first half of last year.
$76.7bn was invested in the industry in the year’s second quarter, however, which marks an 8% year-on-year rise.
All but two UK regions failing on school energy efficiency
Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.
Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.
According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.
Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.
“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."
He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."
North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).
The Department for Education has issued 13 tips for reducing energy and water use in schools.