Source: BloombergNEF
A recent virtual event hosted by the Environmental and Energy Study Institute (EESI) showcased the latest edition of the Sustainable Energy in America Factbook, published by BloombergNEF and the Business Council for Sustainable Energy (BCSE).
The new edition of the factbook details how clean energy faired during the COVID-19 Pandemic last year, and the results showed the U.S. clean energy sector to be resilient, even in the face of the nationwide closures and economic downturn.
A few of the top-line findings from the factbook include the 7.8 percent drop in U.S. primary energy use, which was the highest year-on-year decline in U.S. energy consumption in at least 30 years. The massive energy decline came as the entire U.S. economy contracted 3.5 percent in 2020.
Renewable energy production rose 11 percent year-on-year in 2020, which lead to renewable sources accounting for a fifth of all U.S. power generated last year. This shows that, despite the challenges the country faced and continues to deal with, renewables have proven to be a viable and marketable source of power. Furthermore, the power generated from all zero-carbon sources, which means nuclear energy and renewables, met a record 40 percent of demand.
Aside from advances in power generation, the factbook also spoke to how our energy sector is working to further refine energy techniques along the supply chain with greater efficiency.
“I think we often get swept on in the new technologies on the generation side—and rightfully so with all the exciting things going on over there—we sometimes forget the other side of the ledger: the demand side. Using energy as efficiently as we can is the cheapest and fastest way to decarbonize,” explained Ben Evans, vice president of public affairs for Alliance to Save Energy, during last week’s webinar.
Another discussion point was the increased investment in sustainable energy practices from many of the world’s largest employers. Corporate enthusiasm and commitment to decarbonizing industry continued over 2020.
“Now 285 global companies have committed to 100 percent renewable-energy consumption, at least through matching in contracts,” said Bryn Baker, Director of policy innovation for Renewable Energy Buyers Alliance (REBA).
“On top of that, half of the Fortune 500 have set climate clean energy goals. It’s really the ambition and breadth of these goals that is continuing to accelerate and drive impact in the market as companies set aside meeting them,” continued Baker.
The factbook also found that 33.6GW of wind and solar was built last year, which is another record for clean energy development in a single year. The solar industry achieved 16.5GW, which was the most constructed in one year. And new wind development totaled 33.6GW for 2020.
Energy investors’ confidence to spend in big in new technology bodes well for consumers in all sectors, as more choices of where consumers can get their power become increasingly available.
“Global energy transition investment hit $500 billion for the first time last year—a 9 percent increase over 2019–showing that that sustainability is a high priority for the American energy sector,” said Allison Hull, director of federal government affairs for Sempra Energy.
“Investment in emerging technologies such as green hydrogen is also growing. The U.S. now invests $100 million per year in hydrogen,” continued Hull.
The video for the entire webinar is live now on the EESI YouTube page. Other featured speakers included Lisa Jacobson, President, Business Council for Sustainable Energy (BCSE), Melina Bartels, Associate, BloombergNEF, and Charles Hernick, Vice President, Policy and Advocacy, Citizens for Responsible Energy Solutions (CRES) Forum.