Governments need to extend support for Zero Carbon projects 

Since 2001, for the first time, the global growth in the zero-carbon area was low y-o-y in the last year, even though the cost of deployment of PVs, Wind, and hydro has declined significantly. 

The total electricity delivered by such projects was 180 GW net, almost the same as in 2017(IEA data). As per the Paris Agreement, it should grow 300 GW annually from 2018 to 2030, but last year's capacity was just 60 per cent of the targets. 

The capacity deployment stalled last year when economic concerns and geopolitical issues hit the application of new green projects. 

Overall, such power generation capacity has increased. Still, the emission was high in 2018 by 1.7 per cent, which has worried environmentalists, who state the decline in costs and effectiveness offered by zero-carbon technologies requires proper government policies to support, with a long-term vision to get optimal benefits. 

The growth in PV deployment declined in the last year, which was compensated by the turbines, while the overall slowdown in China was compensated by the growth in the US, the Middle East, Africa, and Europe. 

The battery offers cost competitiveness.

The global sustainable energy markets have been powered by batteries, essential for maintaining the continuity and supply of electricity generated through weather-dependent sources like solar and Wind.  

The price of solar has declined by 84 per cent since 2010. The price of offshore wind declined by 50 per cent and onshore by 49 per cent. The price of lithium batteries has declined 70 per cent since 2012. 

The equipment cost continues to reduce, and the backup solutions provided by batteries help to restore power when the weather is unfavourable. Also, it provides a substitute system in the conditions of peak demands. 

Sustainable green projects require backup in the form of battery power. Abu Dhabi announced constructing the world's largest plant to store 648 up to MWH to balance the demand and supplies with a capability to support for 6 hours. 

The World Economic Forum claimed these systems offered unthinkable technological developments leading to the Fourth Industrial Revolution, which could supply batteries to meet the needs of 1 billion people worldwide. 

Investors supporting Wind

The competitiveness of wind power has attracted investors from financial services in Europe, where they are taking calculated risks to gain higher. The diversified set of investors, including banks, export credit agencies, and institutional lenders, are changing how they fund these projects, per the WindEurope reports. 

In Europe, affordable debts are supported by lending agencies, and now the lenders are more comfortable with the risks associated with such projects as the interest rates are low and the risk premium is falling. 

The experts believe the current markets are favourable, but the governments lack plans to implement them. There are issues in getting the project permitted as it remains delayed by regulatory obstructions.