Displacement in the Energy Industry: Fossil Fuels have “Lost the Race”; Wind Power Growing; Coal Workers Displaced

Analysis presented at the Bloomberg New Energy Finance annual summit in New York on April 14 was titled: Fossil Fuels Just Lost the Race Against Renewables: This is the beginning of the end (April 14). Bloomberg states that the shift occurred in 2013, when the world added 143 gigawatts of renewable electricity capacity, compared with 141 gigawatts in new plants that burn fossil fuels.

More statistics and a forecast are presented in a White Paper, Medium-term outlook for US power: 2015 = deepest decarbonization ever (April 8). And an International Energy Agency (IEA) press release in March states that global emissions of carbon dioxide from the energy sector stalled in 2014, marking the first time in 40 years in which there is a drop in GHG emissions that was not tied to an economic downturn. “Preliminary IEA data point to emissions decoupling from economic growth for the first time in 40 years” (13 March, 2015). The IEA attributes the halt in emissions growth to expanding reliance on renewables in China and energy efficiency improvements in OECD countries. China alone added 23 GW in wind power, almost half the world’s new wind installation capacity in 2014, according to the Global Wind Energy Market Report 2014 by the Global Wind Energy Council. Canada ranked 6th in new wind installations in 2014 and now ranks 7th in cumulative installed capacity in the world. Canada also appears in the report regarding the use of green bonds to finance wind power, illustrated by  the case of Northland Power.
 
Duke University researchers used input output modelling to measure job loss, gains, and displacement in each sector of the electricity sector in “Employment Trends in the U.S. Electricity Sector, 2008-2012” in the journal Energy Policy in March (access restricted). They report that the U.S. coal industry lost more than 49,000 jobs, while the natural gas, solar and wind industries together created nearly four times that amount.  

 

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