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Óscar Mendoza, Endesa’s head of Renewable Business Development in Spain during his speech at the COP25
Not even the most optimistic forecasts envisaged the green development taking place worldwide in the last few years. Renewable growth continues to accelerate at a faster rate than was expected by leading experts. The need to switch to non-emitting technologies as keys to the global decarbonisation process has meant that 70 percent of new generation capacity built in 2018 was renewable generation. Specifically, of the new 250 GW capacity, 174 GW were renewable production, 40 GW gas production and 20 GW coal.
“Past approaches have always been wrong and have fallen short. Renewable growth rates are increasing as a result of policies supporting this technology, a sharp decrease in costs, the development of PPAs and the retail sales model,” says Oscar Mendoza, head of Renewable Business Development at Endesa in Spain, which participated in the COP25 in the session, “The role of the finance sector in supporting transition to low-carbon economy in emerging economies”.
In his speech, Óscar Mendoza pointed out that the pace is unstoppable, remarking that “by the end of the next decade, record-breaking levels of renewable growth will be achieved with up to 300 new GW a year”.
In its latest Strategic Plan, Endesa announced that it would invest €3.8bn billion by 2022 in developing new solar and wind projects through its renewable energy subsidiary Enel Green Power España in Spain alone.
Globally speaking, the Enel group (of which Endesa is a member and which is the world leader in renewable capacity with 46 GW currently installed) is steadfast in its commitment to green energy, and approximately 50% of investments in the coming years will be in renewable technologies. By 2022 the Italian energy company expects to have installed new renewable capacity of 14.1 gigawatts (GW) and to have progressively decreased coal capacity and production.
This development has been the group’s strategy in recent years based on a firm commitment to decarbonisation, with the aim of gradually replacing coal generation with emission-free generation and electrifying demand to achieve global zero emissions.