World News Summary

Three important news briefs:

Renewable Energy Capacity in Spain

The Spanish government has completed approval for 8.8 gigawatts (GW) of renewable energy generating capacity, according to a Reuters report.

The capacity–to be brought online between 2010 and 2012–includes 5.3 GW of wind power and 1.5 GW of concentrating solar thermal. An additional 540 MW of concentrating solar were approved for 2013. 

Last year Spain cut subsidies for photovoltaic solar power, but maintained them for concentrating solar, assuring that the sunny country will become a top market for the burgeoning technology.

In related news.. concentrating solar company Ausra is reportedly up for sale.

Solar Panel Glut Has Peaked

Solar installations in Germany surged in July as a result of lower prices, and the glut of oversupply has peaked, according to industry research firm iSuppli.

The global supply of solar panels will continue to exceed demand through 2009, but the forecast has been adjusted since August, Reuters reported. 

New figures show a 66% overage through the end of the year, compared to an earlier forecast of 92%.

Yingli Green Energy Holding (NYSE: YGE) is one of several solar companies that posted better than expected quarterly results in the last week. The company credited European demand that is stronger than regional supply.

Brazil Promises 2020 Emissions Cuts

Emerging South American nation Brazil on Friday said it would cut its greenhouse gas emissions by over one-third of projected levels for 2020.

The pledge is not binding, but it is a positive step for international climate change negotiations, raising the pressure on other developing nations, as well as rich nations, to bring ambitious goals to the table for the Copenhagen climate summit next month. 

Brazil’s proposal to cut between 36.1% and 38.9% from projected 2020 levels is roughly equivalent to a return to 1994 levels, or 20% below 2005 levels (at the top of the range).

Comparatively, US President Barack Obama has proposed reducing US emissions only 14% below 2005 levels.

Brazil is in the fledgling stage of developing its vast wind power potential along it’s eastern coast. Currently the country produces more than 50% of its electricity from hydroelectric generation.

Brazil’s pledge to cut emissions did not mention goals for industry, implying that cuts will primarily be sought by reducing deforestation and agriculture-related emissions. 

Read the full report at the link below.

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