World Bank announces renewable energy plans
The World Bank Group has revealed plans to help developing countries add 30 gigawatts of renewable energy – enough to power 150 million homes – to the world’s energy capacity by 2020.
It is one of several ambitious targets from its new Climate Change Action Plan, which aims to accelerate efforts to tackle climate change over the next five years and help developing countries deliver on their national climate plans agreed at COP21 in Paris in December 2015.
The release of the Climate Change Action Plan comes two weeks before world leaders officially sign the Paris Agreement in New York.
“Following the Paris climate agreement, we must now take bold action to protect our planet for future generations,” said World Bank Group President Jim Yong Kim. “Weare moving urgently to help countries make major transitions to increase sources of renewable energy, decrease high-carbon energy sources, develop green transport systems, and build sustainable, livable cities for growing urban populations. Developing countries want our help to implement their national climate plans, and we’ll do all we can to help them.”
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.