Limiting Wastage Could Avail More Renewable Energy

As the world accelerates its transition to clean energy, eliminating waste and maximizing efficiency could increase global capacity for renewables and ensure a constant supply of renewable energy. Experts project that there will be a whopping 5,500 GW of new renewable energy capacity by the end of the decade, up from 3,870 gigawatts (GW) in 2023 and 4,448 GW last year.

Increasing global green energy capacity will be critical to achieving climate goals and decarbonizing the global economy. To achieve these goals as quickly as possible, countries will have to increase the efficiency with which they use green energy from solar, wind, and other renewable sources. Inefficient systems would result in notable energy losses, limit the amount of clean energy available to households and businesses, and slow down the global transition to renewables.

At present, the inefficient use of available green energy has led to a phenomenon called curtailment. This occurs when regions experience a surge in the amount of green energy going into the grid and cannot manage the increased supply effectively due to grid constraints and limited grid flexibility. As a result, green energy projects are forced to either reduce their output or shut down entirely as they wait to be connected to the grid.

This leaves significant renewable energy resources unused, risking the massive investments used to launch these projects and forcing households and businesses to continue relying on fossil fuel-fired electricity. The International Energy Agency (IEA) estimates that Chile, Ireland, and the UK have curtailment rates ranging from 5% to 15%, essentially wasting a significant amount of clean energy and keeping polluting fossil fuel plants operational.

Curtailment will be a major challenge to overcome as countries like the U.S., the UK, China, and members of the European Union scale up green energy production. If electric grids aren’t flexible enough to take on electricity from renewable sources, grid connection delays and shutdowns of renewable energy projects could significantly slow down the green transition and make it difficult for the world to achieve its green energy goals.

In addition to robbing the world of the environmental benefits associated with renewables, curtailment also threatens the financial viability of renewable energy projects. Given the astronomical costs involved in launching new clean energy projects, curtailment could reduce investor confidence in new renewables and limit the amount of capital flowing into the burgeoning industry.

Curtailment forces utilities to keep using costly and polluting fossil fuels, keeping energy prices high and damaging the environment even more. Furthermore, curtailment increases the risk of power blackouts by reducing energy reliability. Governments across the world will have to move fast to address the challenges that have prevented green energy projects from connecting to the grid if they wish to eliminate waste as the capacity for green energy grows.

Resolving curtailment challenges will enable nations to better harness their clean energy potential, protect climate investments, and accelerate the shift toward a resilient, affordable, and sustainable energy future.

The deployment of energy storage systems made by various firms like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) could help to get more clean energy to the consumers who need it at a time when generation isn’t possible due to weather changes.

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