Global wind capacity to rise by more than half in next five years

Global wind capacity to rise by more than half in next five years
Above, the Dan Tysk wind park of Swedish energy company Vattenfall and Stadtwerke Munich located west of the German island of Sylt in the North Sea. (Reuters)
Updated 25 April 2018

Global wind capacity to rise by more than half in next five years

Global wind capacity to rise by more than half in next five years
  • Around 52.5 gigawatts of new wind power capacity was added worldwide last year, down slightly from 54.6 GW in 2016
  • China continues to be the biggest wind market in the world, adding nearly 19.7 GW of new capacity in 2017

LONDON: Global wind energy capacity could increase by more than half over the next five years, as costs continue to fall and the market returns to growth at the end of this decade, a report by the Global Wind Energy Council shows.
In its annual report on the status of the global wind industry, the GWEC said cumulative wind energy capacity stood at 539 gigawatts (GW) at the end of last year, 11 percent higher than the previous year.
That should increase by 56 percent to 840 GW by the end of 2022 as countries develop more renewable energy to meet emissions cut targets and prices continue to fall, the wind industry association said.
Around 52.5 gigawatts (GW) of new wind power capacity was added worldwide last year, down slightly from 54.6 GW in 2016. The GWEC expects the market to be flat this year but start growing again from 2019.
“The annual market will return to growth in 2019 and 2020, breaching the 60 GW barrier once again and continue to grow, albeit at a slower pace, in the beginning of the new decade,” the GWEC said in its report.
“We expect to see total cumulative installations reach 840 GW by the end of 2022,” it added.
Wind power has become more competitive over the past few years, with a move from government subsidies to auctions which has brought costs down further.
“Overall, offshore prices for projects to be completed in the next five years or so are half of what they were for the last five years and this trend is likely to continue,” the report said.
China continues to be the biggest wind market in the world, adding nearly 19.7 GW of new capacity in 2017, though this was 15.9 percent lower than the previous year.
The pace of China’s wind development is gradually slowing down and growth is expected to be flat to 2020.
India experienced record wind installations last year, adding over 4 GW, but GWEC expects this to slow this year due to a transition period between old market incentives and moving toward an auction-based system, the GWEC said.
The EU also had a record year in 2017 with 15.6 GW added. The bloc is expected to install around 76 GW of new wind power by the end of 2022, reaching a cumulative total of 254 GW.
The US added 7 GW of new wind capacity last year. Despite attempts to change the structure of tax credits last year, the provisions remained intact and continue to support the industry.


Swiss authorities ask Lebanon to cooperate on central bank probe

Swiss authorities ask Lebanon to cooperate on central bank probe
Updated 20 min 15 sec ago

Swiss authorities ask Lebanon to cooperate on central bank probe

Swiss authorities ask Lebanon to cooperate on central bank probe
  • The Swiss attorney general's office said it had requested legal assistance from Lebanon in the context of a probe into "aggravated money laundering"

BEIRUT: Swiss authorities have opened an investigation into money transfers by Lebanon's Central Bank Governor Riad Salame, a Lebanese government official told Reuters on Tuesday.
Salame denied any wrongdoing.
"Both the prime minister and the president are in the loop" on the inquiry which is also looking into Salameh's brother and assistant, said the government official, who asked to remain anonymous.
The Swiss attorney general's office said it had requested legal assistance from Lebanon in the context of a probe into "aggravated money laundering" and possible embezzlement tied to the Lebanese central bank.
But in responding to questions from Reuters, it did not say whether Salameh was a suspect and declined further comment.
Lebanon's crippled banking system is at the heart of a financial crisis that erupted in late 2019. Banks have since blocked most transfers abroad and cut access to dollar deposits.
The meltdown has crashed the currency, prompted a sovereign default and doomed at least half the population to poverty.
In response to Reuters questions about local media reports of a European inquiry, Lebanese Justice Minister Marie Claude Najm said she had received a request for cooperation from Swiss judicial authorities and submitted it to the public prosecutor. She did not elaborate.
A statement by Salameh dismissed any allegations about transfers by him, his brother or assistant as "fabrications". He threatened to sue anyone who spreads them with harmful intent.
A former Merrill Lynch banker, Salameh has led Lebanon's central bank, Banque du Liban, since 1993. The collapse of Lebanon's financial system shook his reputation as a pillar of stability, as foreign donors demanded a central bank audit and Salameh turned into a focus of anger for protesters last year.