Here is your weekly roundup of the unique, hottest stories related to cleantech, and climate policy for the week of July 23, 2017.
General Electric’s (GE) renewable energy section saw a strong profit jump in the first half of 2017. According to reNEWS, GE’s cleantech division showed a gain of $267US billion, up from $211US billion (27%) for the first six months of 2016. A big wind turbine order for Invenergy’s Texas wind farm and collaboration with Fortum’s digital hydro plant in Sweden provided underlying support for GE, reNEWS noted. Overall, GE renewable energy business earned $4.5US billion, another big jump compared to the first half of 2016 ($3.8US billion). GE’s investments in renewable energy were perhaps one of the few highlights for the multinational company, whose revenue was 2% for the first half of 2017, compared to the first six months of 2016. GE Jeffrey Immelt in recent years have been adamant on the need for going big on renewable energy investment, as he sees it as a key growth sector. He even urged US president Donald Trump to stay in the Paris climate accord. Too bad, Trump did not see it that way. Moving forward in the second half of 2017, it will be interesting how not only GE’s overall financial performance is but their cleantech section. If GE’s renewable energy continues to grow, while the rest of the company’s margins drop, expect more investors eyes to glaze over GE’s renewable energy portfolio.
In India, Tata Power will infuse $90US million in Tata Power Renewable Energy Limited. CleanTechnica.com said the Indian company would use the financing to support large-scale solar projects totaling 320MW. Currently, Tata Power has 2GW worth in wind and solar energy projects. Although India is one of the highest carbon emitting countries on Earth, they are also becoming an emerging leader in the global renewable energy markets. Earlier this spring, India had passed 12GW of solar installed, more than four times of total capacity in 2014 (2.650GW). Concerns over extreme weather events from a changing climate, reducing energy poverty, while utilizing clean power, are some reasons why India is building on its renewable energy investments in recent years.
Just when you thought 2017 would not be one of the hottest years on record, you could be wrong. According to Scientific American, global temperatures have been 1.64F above the global temperature average (56.3F) this year. If everything continues at this pace, 2017, will be the second hottest year, just behind last year, 2016.
What scientists are stumped is how high the temperature increase is. Scientific American notes in periods after El-Nino, global heat patterns would drop or stay flat. However, temperatures have continued to go up, even without El-Nino. Gavin Schmidt predicts a 57% chance 2017 will be the second warmest year in the planet’s history, only behind 2016.
With increasing temperatures also increases the risks of extreme weather, according to analysts. This year is holding those patterns valid all over the globe. Ontario February thunderstorms, record rainfall in eastern Canada, causing flooding, to British Columbia wildfires are just some of the extreme weather events which have played across Canada this year. Meanwhile, Futurism said 2017 in the US has been one of the wettest and hottest recorded.
Perhaps Climate Progress said it best when “This matters because when a month — or six-month period — see record high global temperatures in the absence of an El Niño, that is a sign the underlying global warming trend is stronger than ever.”
Do you think GE’s Renewable Energy division will continue being a bright spot heading into the last six months? Do you think 2017 will be the second hottest year on the planet?
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