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Renewable energy to contribute $521 billion to global electricity sector by 2022 (report)



Renewable energy to contribute $521 billion to global electricity sector by 2022 (report)

With the rising cost of fossil fuels, the competitiveness of generating electricity from renewable energy has increased in recent years. Clean sources contribute to reducing the cost of the electricity sector worldwide.

The addition of renewable resource capacity from 2000 to 2022 reduced fuel costs in the global power generation industry by about $521 billion last year, according to a recent report from the Energy Research Division.

In 2022, which saw fossil fuel prices burn in the wake of the Russian invasion of Ukraine, 86% of the total installed renewable energy capacity (187 GW) was less than the cost of electricity. Capacity powered by fossil fuels, according to a report published by the International Renewable Energy (IrinaToday, Tuesday, August 29, 2023.

Not only that, but the global weighted average levelized cost of electricity – the net cost of producing a unit of electricity over the lifetime of the facility – has decreased by 3%, 5% with solar PV, offshore wind, bioenergy and geothermal energy. , 13% and 22%, respectively, despite increased material and equipment costs.

Renewable energy saves the electricity industry billions of dollars

Global renewable energy capacity increased by 9.6% over the past year to an equivalent of 295 GW, bringing total installed capacity in the global electricity sector to 3,372 TW.

The following graphic, produced by the Energy Research Division, tracks the increase in the share of renewables in the global electricity generation mix between 2021 and 2022:

The energy price crisis in 2022 is a clear indication of the strong economic benefits that renewable source installations can provide and the improvement of energy security by reducing demand and imports of fossil fuels.

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In Europe, installed renewable energy saved the electricity sector $176 billion in fuel costs. In fact, installing clean sources since 2010 could have saved the continent from a wider economic crisis, driven by the direct costs of higher fossil fuel prices. Significantly.

Asia’s electricity sector also managed to save $199 billion in fuel costs, thanks to the production of renewable sources, saving South and North America $71 and $23 billion by 2022, respectively.

In terms of source, offshore wind power was the largest contributor to fuel cost reductions, at about $189 billion, followed by hydroelectric power at $136 billion, according to a report monitored by the Energy Research Division.

Solar photovoltaic energy, bioenergy and offshore wind helped save the global electricity sector $88, $68 and $35 billion, respectively. Geothermal energy came last with about $5 billion.

Indirect benefits of renewable energy

In addition to direct cost savings, renewable energy installations provide significant economic benefits by reducing emissions of carbon dioxide and other air pollutants.

Had renewables not been deployed over the past two decades, the economic displacement from fossil fuel price shocks in 2022 would have been so severe that it would have exceeded the ability of many governments to mitigate with public financing.

The Director General of the International Renewable Energy Agency, Francesco La Camera, believes that 2022 marks a real turning point in the use of renewable energy sources, as their cost competitiveness is strengthened more than ever. Materials and equipment worldwide.

Renewable Energy Project
Solar panels and wind turbines – Image via IRENA

Thanks to the massive increase in solar and wind power over the past decade, regions hit hard by historic price shocks have become remarkably resilient, La Camera reported.

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The IRENA report confirms that the business case for renewables is becoming compelling, with lower costs and greater economic benefits. Therefore, the world needs to add 1,000 GW of renewable energy annually, on average, by 2030 to meet the goal of keeping global temperatures below 1.5°C.

The report concluded that over the past 13 to 15 years, the costs of generating renewable electricity from solar and wind power have fallen, making them competitive with fossil fuels, even without subsidies.

For example, the global average cost of electricity produced from solar PV has dropped by 89% to $0.049 per kilowatt-hour, a third less than cheaper fossil fuels.

For offshore wind power, a 69% decline to $0.033 per kilowatt-hour in 2022, less than half the cost of generating electricity from fossil fuels.

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Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.



Emirates News Agency – UAE stocks have added 342 billion dirhams to their market capitalization in less than 9 months.

By: Rami Samy.

ABU DHABI, 30 September / WAM / Local stock markets added 342 billion dirhams to their market capitalization in the first nine months of this year, driven by increased demand from companies and investment portfolios, and new listings based on data from the Abu Dhabi Securities Market and the Dubai Financial Market.

Markets’ market value was boosted by four new listings in the current year, including “ADNOC Gas”, “Brissite” for artificial intelligence solutions and “ADNOC Logistics and Services” on the Abu Dhabi market. Shares of “Al Ansari” Financial Services on the Dubai Financial Market.

The market capitalization of listed shares rose from 3.206 trillion dirhams at the end of last year to 3.548 trillion dirhams in the last sessions of this September, with 2.852 trillion dirhams distributed to listed shares and 696.6 billion listed shares on the Abu Dhabi Securities Market. In the Dubai Financial Market.

Local stocks attracted more than 321.6 billion dirhams in liquidity in the first nine months of the year, with 243.9 billion dirhams distributed on the Abu Dhabi Securities Market and 77.6 billion dirhams on the Dubai Financial Market, while around 87.2 billion shares were traded, including 44.6 billion shares. 42.6 billion shares in the Dubai Financial Market in Abu Dhabi and the Dubai market, by executing more than 4 million transactions in the two markets.

– Abu Dhabi Market.

The Abu Dhabi Market Index “Fadex 15” ended this September with 9496.03 points, while the FTSE Abu Dhabi General Market Index “Fadji” gained 9785.32 points and the real estate index rose 31.6. %, consumer goods around 15.6%, healthcare 7.1%, energy 3.6% and services 2.7%.

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Shares of “Abu Dhabi National Hotels” achieved the biggest gain in the Abu Dhabi market since the beginning of the year, rising 161%, followed by “Buildco” with gains of 85.2%. “ADNOC Drilling” shares another 34.9%, “Aldar Properties” 30%, and “ADNOC Gas”. “23.8%, “Abu Dhabi Islamic” 23.6%, “ADNOC Logistics” 16.6%, “Abu Dhabi Ports” 12.4%, “Yahsat” 7.2%, and “Boroj” 6.1%.

“International Holding” has the largest share of the trade, attracting more than 65.6 billion dirhams in cash flow, followed by “Al-Dhabi” with about 22.1 billion dirhams, then “Multiplay” with 17.7 billion dirhams, “First Abu Dhabi” with 10.7 billion dirhams and “Aldar” with 9.1 billion dirhams. .

– Dubai market.

In the first nine months of this year, the Dubai General Market Index rose 24.8% or the equivalent of 827.5 points, from 3,336.07 points at the end of last year to 4,165.58 points in the last September sessions. Its highest levels in more than 8 years, with the index rising, real estate sector 40.9%, industrials 30%, financials 22% and services 16.1%.

The performance of the Dubai market improved with “Emaar Properties” shares rising 37.2%, “Emirates NBD” 36.9%, “Dewa” 10.3%, “Emaar Development” 58.7% and “TECOM” shares 21.8%. %, “Air Arabia” 30.7%, and “SALIC”. Stronger than “33.5%, “Dubai Investments” 13.8%, “Empower” 33.1%, “Dubai Financial Market” 5.3%, “Dubai Islamic” 2.6%, while “Gulf Navigation” 974% and “Ajman Bank” 91.5% Profit was achieved.

“Emaar Properties” accounted for the largest share of the trade, attracting about 16.2 billion dirhams, “Emirates NBD” 9.07 billion dirhams, “Ajman Bank” 5.68 billion dirhams, “Dubai Islamic” 5.5 billion dirhams and “Deva” 4.98 billion in liquidity. Dirham.

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Ahmad al-Boutli/Rami Samih

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4 new AI tools you can use to edit photos on Instagram



4 new AI tools you can use to edit photos on Instagram
As part of Meta’s Connect conference last Wednesday, Mark Zuckerberg revealed several creative AI features that will be useful for some content creators and influencers. For example, users will be able to use Meta’s AI technology, revealed as Emu. In the Instagram app.

Zuckerberg said Meta will begin rolling out these photo-editing and generative AI tools to Instagram “in about a month,” and Meta’s Emu technology will take seconds to generate images, Zuckerberg said during the Connect conference.

In addition to photo editing tools, Meta is already releasing AI stickers that use Emu and Llama 2 technology, and advanced applications of AI will soon appear in Meta apps in the form of chatbots or AI-powered assistants. Meta will begin testing the beta feature immediately.

Here’s a full rundown of the new AI features Meta brings to Instagram:

– New photo editing tools in the Instagram app:

Like many apps and generative AI filters that are ubiquitous on TikTok, Instagram is adopting its own generative AI tools. Users can also edit photos by “re-styling”, which changes the artistic style of the photo, similar to altering the photo. A watercolor, or “background,” that allows users to replace the background of the image with an illustration.

Any image edited using these tools “represents the use of artificial intelligence,” Mitta wrote in a blog post.

– AI-generated stickers for use in direct messages:

Instead of sticking with Instagram’s existing preloaded stickers or emojis, Meta is rolling out a new tool that lets users create unique stickers using AI. Meta wrote in his blog post that the feature will be rolling out to “select English users next month.”

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AI stickers are also available in Instagram features like Live Messages and Stories, and other apps like WhatsApp, Messenger and Facebook’s Stories feature.

– Interactive AI bots – or characters:

In addition to its general AI assistant called “Meta AI,” Meta is working with celebrities and influencers to develop 28 AI chatbots. The first cast uses celebrities and popular influencers like Tom Brady and Kendall Jenner. MrBeast, LaurDIY, and Charli D. Amelio and the AI ​​characters will have their own profiles on Instagram and Facebook.

– Creators will be able to build their own robots in the future:

“We’re building a platform to build AI that can help you do things or have fun,” Zuckerberg said. “The way it works is that people can interact with these AI systems across the entire product universe. .”

Zuckerberg pitched these AI bots as a potential way for creators to “engage” with their communities. The creator of these bots should be “authorized” and “directly controlled,” Meta wrote in a blog post. Already, many startups have released AI tools. Similar applications allow creators to create AI versions such as Afterparty or Render Media.

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Inflation in the euro zone fell to its lowest level in a year



Inflation in the euro zone fell to its lowest level in a year

Economic data released today on Friday showed that the euro zone’s core inflation rate fell to its lowest level in nearly a year this month, bolstering expectations that the European Central Bank will keep interest rates on hold at its next meeting to assess. The consequences of an unprecedented campaign to raise interest rates throughout the past.

European statistics agency Eurostat reported today that sales, excluding highly volatile items such as food and energy, fell to 4.5% this September, while analysts polled by Bloomberg News had expected a drop of 4.8%, compared with 5.3%. In the month, in the past.

At the same time, the headline inflation rate eased to 4.3% this month from 5.2% last August, the lowest level in nearly two years and well below expectations, thanks to a fall in energy prices. Accelerating rate of rise in prices of services.

The data released today is a strong indication that core inflation, a key measure for the central bank’s monetary policymakers, is on a downward path following a period of statistical deterioration over the summer months.

Despite the decline, general and core inflation rates have been more than twice the central bank’s target of 2% annually.

At the same time, there is a wide disparity in inflation rates between the euro zone’s twenty member states, with the inflation rate in Germany falling to its lowest level in two years this month, while the rate in Spain rose by more than 3. % again.

The current September consumer price inflation rate showed a new decline, reaching its lowest level in more than a year and a half, with the Italian statistics office saying the inflation rate fell to 5.3 for the current month. % y/y compared to 5.4% last month, while the core inflation rate, excluding highly volatile food and energy prices, fell to 4.6% this month, down from 4.8% last month.

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