The tumbling costs of wind and solar can unlock demand that could power the world 100 times over, with a new report from think tank Carbon Tracker finding that renewables are set to push fossil fuels out of the electricity mix by the mid-2030s.
A new report from Carbon Tracker finds that 60% of the world’s solar resource and 15% of its wind resource are economically comparable with local fossil fuel generation. As costs fall further, fossil fuels could be pushed out of the electricity mix by the 2030s, at which point all solar technology and more than half of wind will be economically preferable compared to other forms of electricity generation.
Bakker Magnetics is starting the production and assembly of magnetic modules which will power GE Renewable Energy turbines for the world’s largest offshore wind farm.
SME finance specialist Caple has facilitated €3.9m/£3.4m in funding for this Dutch company. The loan for the North Sea project was provided by BNP PARIBAS Asset Management.
The magnetic modules are for GE’s Haliade X – wind turbines. These are the largest available and will be placed in three wind parks off the North Eastern coast of England on the Dogger Bank.