Analysis | Wind Power Is Caught in a Perfect Storm - The Washington Post
Wind Power Is Caught in a Perfect Storm - Bloomberg
Wind Power Is Caught in a Perfect Storm
An entire industry is in danger of dying from neglect unless governments simplify rules for developers and slash red tape.
Eye of the storm.Source: Bloomberg
Wind energy is meant to thrive in turbulent conditions. In 2023, the companies that seek to harness it are battening down the hatches.
Siemens Energy AG confirmed Thursday it was seeking German government support for loan guarantees to help it win contracts, sending the shares plummeting 35%. The total decline has been 68% since late June, when the maker of wind and gas turbines forecast a €4.5 billion ($4.8 billion) annual loss stemming in part from faulty products at its renewable unit Gamesa.
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Wind Power Is Caught in a Perfect Storm
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”