PDL’s Vice President Asia, Mike Shanley, attended Singapore’s International Energy Week (SIEW), where Dr Faith Birol, the Executive Director of the International Energy Agency (IEA) delivered the global launch of the IEA Medium-Term Renewable Energy Market Report 2016.
The IEA provide energy data and analysis to ensure its member countries can retain reliable, affordable and clean energy and cope with unstable oil supplies. The 29 member countries are committed to a demand-restraint programme aimed to reduce national oil consumption by up to 10%.
Singapore has joined the IEA as an association country and will work alongside the IEA on a range of energy security issues. "Singapore supports the IEA's vision to expand its outreach to emerging economies through the Association initiative," the trade and industry minister S. Iswaran said in comments at SIEW. The Southeast Asia oil demand is set to increase by 80% by 2040, following rapid population and economic growth. As the Asian hub of the oil trade, Singapore’s presence in the energy sector will be strategically significant.
During his presentation at SIEW, Dr Birol announced that the IEA was significantly increasing its five-year growth forecast for renewables after 2015 marked a record year. The IEA’s Medium-Term Renewable Market Report sees renewables growing 13% more between 2015 and 2021, compared to last year's forecast. They predict that over the next 5 years, 2.5 wind turbines and 30,000 solar panels will be installed globally every hour. This is due mostly to the strong policy support in the US, China, India and Mexico and severe cost reductions through technological advances, which are only expected to drop further.
With wind and solar at the forefront, renewables are fast changing the face of energy production. They represent over half of last year’s new global power capacity, with a record-breaking 153 GW and remain the fastest growing source of electricity generation, far surpassing coal and natural gas.
Looking ahead, the IEA believe that maintaining ambitious policies will continue to enhance their renewable targets. They have identified a number of policy and market frameworks that would boost renewable capacity growth, putting the world on a steadier path to achieving future climate targets.
With electricity generation set for continuous growth, it is now crucial to focus efforts on the progress of renewables in heat and transport, which unfortunately lag far behind in comparison. And while the 4 key markets are set to impress, the level of uncertainty and the lack of investment in other countries, especially those still developing, threatens the global power capacity growth. Dr Birol remains optimistic, but says, “These higher expectations remain modest compared with the huge untapped potential of renewables. The IEA will be working with governments around the world to maximise the deployment of renewables in coming years.”
The outstanding progress that the renewables sector has made continues to excite PDL. We look forward to continue supporting the growth of this expansive market and applying our engineering expertise in upfront analysis to solve the current and future renewable market challenges. Our design and analysis capabilities can support the entire renewable energy asset lifecycle, from concept design, right through to post-construction condition monitoring and asset integrity management. Advanced FEA and CFD analysis tools can mitigate your project's technical risk and maximise operating efficiency.
To find out more about PDL’s established position in the renewables sector and how their technical expertise can support your energy project, please visit our website or contact, renewable sector lead, Michael Shanley at Michael.firstname.lastname@example.org
Posted: 28th Nov 2016
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