Latest news with #greenTransition
Yahoo
24-05-2025
- Business
- Yahoo
Exploring the Untapped Power of Marine Current Turbines
Energy companies worldwide are pursuing innovative renewable energy solutions in support of a green transition as more and more governments are introducing strict decarbonisation policies and offering tax breaks and other financial incentives for developing green energy projects. One nascent technology that is gaining traction is underwater turbines, also known as tidal or marine current turbines, with new projects popping up in various countries. Scientists have long been optimistic about the potential for underwater turbines to produce vast amounts of clean energy, however, to date, the technology has been little used, compared to conventional renewable energy operations such as wind and solar farms. The power of underwater currents is vast and untapped but harnessing it can be complicated. Underwater turbines are designed to harness the kinetic energy produced by currents or tidal flows and convert it into electricity. The water passes through the turbine blades making them rotate, which drives a generator to produce electricity throughout the day and night. They work similarly to traditional wind turbines, only underwater. There are two main types of tidal turbines, tidal stream systems that require a fast flow of water and tidal range systems, which capture the potential energy difference between high and low tides. In 2022, the U.S. Department of Energy (DoE) announced plans to explore the potential of underwater turbines, aiming to make them more efficient and cost-effective. The DoE highlighted the lack of understanding about how the technology would interact with the underwater environment. Further, the high cost of hydrokinetic turbines had long deterred developers from rolling out the technology at the commercial level. The DoE's Advanced Research Projects Agency-Energy (ARPA-E) previously provided funding for 11 projects with $38 million in grants in 2020, to develop cost-effective underwater turbine technologies. The technology was known as Submarine Hydrokinetic and Riverine Kilo-megawatt Systems – or SHARKS. The projects were targeted at producing marine technologies capable of generating electricity at an end cost of under $0.05 per kilowatt-hour, which was around one-sixth of the cost of existing underwater turbines. The SHARKS projects developed two types of underwater turbines – Tidal Power Tug and Manta. The Tidal Power Tug, created by Aquantis, is a second-generation floating tidal energy converter. It was deemed ideal for gulf stream currents along the U.S. East Coast, which create multiple circular flows called gyres. Manta was developed by the California-based SRI International Research Institute. It used a lightweight foam and fibreglass kite with a small generator moored to the seabed. It is equipped with a motor to redirect and deflate the machine to avoid a collision with ships and storms. It is better suited for powering small and isolated communities. Over the last five years, there has been a larger rollout of underwater turbines in several locations around the globe. In January, U.K.-based tidal energy company Proteus Marine Renewables (PMR) launched a tidal turbine project in the Naru Strait, Japan, which made it 'the first to operate such devices in two countries', according to the company. PMR's AR1100 turbine is expected to produce 1.1 MW of power, helping to decarbonise the electricity supply on the Goto Islands. Philip Archer, the Managing Director of PMR Operations Japan, stated, 'Deploying the AR1100 in Japan is a testament to the dedication and expertise of our team working in collaboration with local professionals.' Archer added, 'The result reinforces tidal energy's potential as a dependable renewable source in Japan. Our next immediate focus is the commissioning of the turbine, Japan's first-ever MW-scale grid-connected tidal system, and the subsequent testing and accreditation phase.' In March, Normandie Hydroliennes (NH) began developing a commercial-scale tidal energy pilot project called NH1, off the coast of Normandy, which is expected to supply thousands of households with clean electricity if successful. The project will use four turbines to turn the Raz Blanchard tidal flow, the strongest tidal stream in Europe. The company was awarded funding from the EU's Innovation Fund, which provides financing for research and development into innovative clean technologies. The company hopes to begin producing clean electricity from the project starting in 2028. There is significant potential to develop more projects within the Raz Blanchard tidal flow, and NH1 may be the first of many. The Channel Sea current is one of the world's most powerful, with a development potential of around 5 GW to 6 GW, meaning it could produce between 15 and 18 terawatt hours and supply electricity to 8 million people, according to NH. Katia Gautier, the director of the company, stated, 'Being selected by the Innovation Fund is a major recognition of our work and the impact that our technological system, the innovative Proteus AR3000 horizontal axis turbine, can have on decarbonisation and the energy mix.' While underwater tidal turbine technology is in its infancy, the influx of investment seen in the industry in recent years has given hope to many energy companies looking to roll out the technology on a commercial scale. If various pilot projects show promise, it could encourage greater investment in the sector, which could lead to a widescale deployment of the turbines in tidal streams worldwide, to produce vast amounts of clean electricity. By Felicity Bradstock for More Top Reads From this article on
Yahoo
24-05-2025
- Business
- Yahoo
Exploring the Untapped Power of Marine Current Turbines
Energy companies worldwide are pursuing innovative renewable energy solutions in support of a green transition as more and more governments are introducing strict decarbonisation policies and offering tax breaks and other financial incentives for developing green energy projects. One nascent technology that is gaining traction is underwater turbines, also known as tidal or marine current turbines, with new projects popping up in various countries. Scientists have long been optimistic about the potential for underwater turbines to produce vast amounts of clean energy, however, to date, the technology has been little used, compared to conventional renewable energy operations such as wind and solar farms. The power of underwater currents is vast and untapped but harnessing it can be complicated. Underwater turbines are designed to harness the kinetic energy produced by currents or tidal flows and convert it into electricity. The water passes through the turbine blades making them rotate, which drives a generator to produce electricity throughout the day and night. They work similarly to traditional wind turbines, only underwater. There are two main types of tidal turbines, tidal stream systems that require a fast flow of water and tidal range systems, which capture the potential energy difference between high and low tides. In 2022, the U.S. Department of Energy (DoE) announced plans to explore the potential of underwater turbines, aiming to make them more efficient and cost-effective. The DoE highlighted the lack of understanding about how the technology would interact with the underwater environment. Further, the high cost of hydrokinetic turbines had long deterred developers from rolling out the technology at the commercial level. The DoE's Advanced Research Projects Agency-Energy (ARPA-E) previously provided funding for 11 projects with $38 million in grants in 2020, to develop cost-effective underwater turbine technologies. The technology was known as Submarine Hydrokinetic and Riverine Kilo-megawatt Systems – or SHARKS. The projects were targeted at producing marine technologies capable of generating electricity at an end cost of under $0.05 per kilowatt-hour, which was around one-sixth of the cost of existing underwater turbines. The SHARKS projects developed two types of underwater turbines – Tidal Power Tug and Manta. The Tidal Power Tug, created by Aquantis, is a second-generation floating tidal energy converter. It was deemed ideal for gulf stream currents along the U.S. East Coast, which create multiple circular flows called gyres. Manta was developed by the California-based SRI International Research Institute. It used a lightweight foam and fibreglass kite with a small generator moored to the seabed. It is equipped with a motor to redirect and deflate the machine to avoid a collision with ships and storms. It is better suited for powering small and isolated communities. Over the last five years, there has been a larger rollout of underwater turbines in several locations around the globe. In January, U.K.-based tidal energy company Proteus Marine Renewables (PMR) launched a tidal turbine project in the Naru Strait, Japan, which made it 'the first to operate such devices in two countries', according to the company. PMR's AR1100 turbine is expected to produce 1.1 MW of power, helping to decarbonise the electricity supply on the Goto Islands. Philip Archer, the Managing Director of PMR Operations Japan, stated, 'Deploying the AR1100 in Japan is a testament to the dedication and expertise of our team working in collaboration with local professionals.' Archer added, 'The result reinforces tidal energy's potential as a dependable renewable source in Japan. Our next immediate focus is the commissioning of the turbine, Japan's first-ever MW-scale grid-connected tidal system, and the subsequent testing and accreditation phase.' In March, Normandie Hydroliennes (NH) began developing a commercial-scale tidal energy pilot project called NH1, off the coast of Normandy, which is expected to supply thousands of households with clean electricity if successful. The project will use four turbines to turn the Raz Blanchard tidal flow, the strongest tidal stream in Europe. The company was awarded funding from the EU's Innovation Fund, which provides financing for research and development into innovative clean technologies. The company hopes to begin producing clean electricity from the project starting in 2028. There is significant potential to develop more projects within the Raz Blanchard tidal flow, and NH1 may be the first of many. The Channel Sea current is one of the world's most powerful, with a development potential of around 5 GW to 6 GW, meaning it could produce between 15 and 18 terawatt hours and supply electricity to 8 million people, according to NH. Katia Gautier, the director of the company, stated, 'Being selected by the Innovation Fund is a major recognition of our work and the impact that our technological system, the innovative Proteus AR3000 horizontal axis turbine, can have on decarbonisation and the energy mix.' While underwater tidal turbine technology is in its infancy, the influx of investment seen in the industry in recent years has given hope to many energy companies looking to roll out the technology on a commercial scale. If various pilot projects show promise, it could encourage greater investment in the sector, which could lead to a widescale deployment of the turbines in tidal streams worldwide, to produce vast amounts of clean electricity. By Felicity Bradstock for More Top Reads From this article on
Reuters
15-05-2025
- Business
- Reuters
Cyprus rethinks EU green taxes to avoid double whammy on water, fuel
NICOSIA, May 15 (Reuters) - Cyprus wants to postpone or limit new carbon taxes this year to avert a double hit to consumers from tariffs on water and fuel, President Nikos Christodoulides told television station Omega TV in an interview. The new levies on water and fuel bills are expected as part of a so-called Recovery and Resilience Facility (RRF) championed by the European Union to speed a green transition in the bloc. "This thing some people are saying about a green tax storm - it's not happening," Christodoulides said in the remarks aired on Wednesday, adding that Nicosia was in talks with the EU on the matter. "We are ready to lose money from this fund in order to avoid imposing increases on the public." Cyprus's RRF, approved in 2021, has a total budget of 1.2 billion euros ($1.34 billion). ($1=0.8932 euros)
Zawya
09-05-2025
- Business
- Zawya
EU's von der Leyen: Big push on capital markets union expected before the summer
The European Union will make a "big push" towards a capital markets union, which experts says would free up funds to finance defence spending as well as digital and green transitions, European Commission President Ursula von der Leyen said on Friday. "We need a deep and liquid functioning capital market for the whole European Union (...) We agreed that this is now the time really to push this topic forward and to make progress. So before the summer, we are expecting a big push forward on that topic", she said during a joint press conference with new German Chancellor Friedrich Merz. Discussions on a Capital Markets Union have been dragging on for a decade and made very slow progress because of entrenched national interests, different business and financial cultures, and regulations in European countries. (Reporting by Benoit Van Overstraeten; Editing by Hugh Lawson)
Zawya
08-05-2025
- Business
- Zawya
EU-UAE Business Breakfast strengthens global drive for energy efficiency
Abu Dhabi – The leading policymakers, business leaders, and energy experts gathered today in Abu Dhabi for the EU-UAE Energy Efficiency Business Breakfast, under the theme "Powering the Green Transition." Organized under the EU-GCC Cooperation on Green Transition Project in collaboration with the European Union Delegation to the UAE and the Ministry of Energy and Infrastructure of the UAE, the event focused on advancing joint energy efficiency initiatives to achieve climate, energy security, and economic diversification goals. The event took place against the backdrop of pivotal global commitments made at COP28, where leaders pledged to triple global renewable energy capacity to 11,000 gigawatts and double the global average rate of energy efficiency improvements to more than 4% annually by 2030. The discussions underscored energy efficiency as one of the most cost-effective pathways to reducing emissions, enhancing resilience, and driving sustainable economic growth. Opening the event, H.E. Lucie Berger, Ambassador of the European Union to the United Arab Emirates, highlighted the EU's leadership and ambition in energy efficiency: "The European Union has demonstrated that energy efficiency is not just a tool for sustainability, but a catalyst for economic competitiveness and energy security. With a binding target of at least 32.5% improvement in energy efficiency by 2030, and policies already reducing our primary energy consumption significantly, the EU is showing that ambitious action delivers real-world results. Through our collaboration with the UAE, we are bringing together global ambition and practical innovation to accelerate the green transition for the benefit of future generations." H.E. Eng. Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at the UAE Ministry of Energy and Infrastructure, emphasized the UAE's proactive approach: "Energy efficiency stands at the core of the UAE's energy strategy and net-zero commitment. Through the launch of the Global Energy Efficiency Alliance and strategic partnerships, we are driving large-scale adoption of smart technologies and sustainable infrastructure that will strengthen our energy future and create new growth opportunities." Participants engaged in dynamic discussions across two expert panels. The first session explored the European Union's frameworks for energy efficiency, such as the EU Energy Efficiency Directive and introduced the UAE's leadership through the Global Energy Efficiency Alliance. In the second session, EU and UAE business leaders spotlighted emerging opportunities in smart energy management, retrofitting technologies, and innovative partnerships. With the UAE investing approximately USD 5 billion annually in low-carbon energy projects and the EU's global leadership in setting energy efficiency standards, the event reinforced how transregional collaboration can unlock concrete business opportunities, support technology transfer, and accelerate the deployment of clean energy solutions. The gathering attracted UAE government representatives, EU Member States trade officials, investors, major energy companies, and research institutions, laying the groundwork for new synergies between European and Emirati entities committed to energy efficiency and sustainability.
