Renewables Rising: Offshore Wind Boosts UK, Malaysia's Carbon Project Advances, China's Carbon Market Grows
Key Ideas
- Offshore wind in the UK saw significant growth in the latest auction, with 5 GW of projects awarded contracts, contributing to the country's target of quadrupling installed capacity by 2030.
- Malaysia's Marudi Forest Conservation and Restoration Project is soon to receive a carbon license, a crucial step towards carbon credit issuance and trading, marking a positive development for nature-based projects.
- China made progress in its domestic voluntary carbon market, shortlisting 33 projects under new methodologies after a seven-year standstill, showing a revitalization of the market.
- Australia's Western Green Energy Hub and Korea Electric Power Corporation are embarking on a feasibility study for a massive 50-GW renewable hydrogen project, signaling a significant step towards renewable hydrogen production.
In the latest energy transition highlights, the UK's offshore wind sector experiences significant growth with 5 GW of projects awarded contracts in the recent auction. This development comes after a gap in the pipeline raised concerns about achieving the country's ambitious installed capacity targets by 2030. The success of Allocation Round 6 (AR6) of the UK's contracts for difference program, which ushered through 9.6 GW of renewables, signifies a positive step towards reaching the targeted 55-60 GW of offshore wind capacity by 2030. In Malaysia, the Marudi Forest Conservation and Restoration Project is on track to receive a carbon license from the Sarawak state government, highlighting progress in nature-based carbon projects. China's domestic voluntary carbon market showed growth by shortlisting 33 projects under new CCER methodologies, marking a revival after years of regulatory refinements. Furthermore, Australia's Western Green Energy Hub and Korea Electric Power Corporation are collaborating on a feasibility study for a massive renewable hydrogen project in Western Australia, indicating advancements in the renewable hydrogen sector.