The heads of several of the world’s largest wind energy companies have told global leaders that efforts to meet global climate goals are “doomed to fail” if they do not urgently intensify the installation of wind turbines. turbines.
Group leaders including Vestas, Orsted, Siemens Gamesa, SSE and RWE Renewables he wrote to G20 heads of state Monday warned that they will “fall short” of the wind capacity needed for carbon neutrality by 2050 by 43 percent, according to current growth forecasts.
Wind power is expected by groups including the International Energy Agency and the International Renewable Energy Agency to form the backbone of global electricity generation by 2050.
A record 93 gigawatts was set in 2020 despite the global pandemic, largely in China and the United States, but the annual deployment will have to quadruple in the next decade to put large economies on track to reach climate goals.
However, this will be “inaccessible without a decisive and urgent change of policy in all G20 countries,” warn key leaders in the letter, which was coordinated by the Global Wind Energy Council.
They call on governments to set more ambitious national wind energy targets and to solve problems that prevent the delivery of projects such as “inadequate” permit and planning regimes and insufficient investment in electricity grids.
Clean energy stocks have experienced strong sales this year, after hitting all-time highs in January, as the nerve has infiltrated investors over the rate of growth of the stock. sector.
Split in Siemens Gamesa, the largest producer of offshore wind turbines in the world, have fallen more than a fifth in the last five days after their last profit announcement last week, Which cited several factors including a sharp rise in commodity prices. Its shares have lost more than a third in the year to date; rivals Orsted and Vestas fell 30 percent and 22 percent, respectively, over the same period.
Ben Backwell, chief executive of GWEC, said the problems vary by market, but also in some more ambitious countries – such as the UK, where Boris Johnson plans to quadruple offshore wind capacity. at 40GW by 2030 – it can take a “long, long” time for the projects to materialize. He noted that seabed rights for offshore wind projects currently under construction were granted more than a decade ago.
Particularly in emerging markets, there were not enough “push” factors to remove fossil fuels from the energy system, Backwell said. Renewables are often added only to increase capacity instead of replacing existing polluting power plants, while in times of economic crisis the renewable energy auction was often canceled.
The letter is scheduled to come ahead of G20 ministerial sessions on the environment, climate and energy over the weekend in Naples.
Climate groups were disappointed after the June G7 summit in Cornwall ended without specific plans for new climate finance.
“Action to tackle climate change is lagging behind, and time is running out,” the chief executives wrote in the letter, which also includes Miguel Stilwell of EDP’s Andrade in Portugal and Mary Quaney of Mainstream Renewable Power. “The choices made this year and this decade are critical to the preservation of our planet and to averting climate catastrophe.”
Its urgency echoes the calls of other groups – including the IEA, which warned in May that energy groups should stops all new oil and gas exploration from this year, while calling for a “historic growth” in investment, mainly in clean energy technologies.