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Advancing Clean Energy Equity

This year’s Financial Innovations Roundtable (June 16-17, 2022) focused on advancing clean energy equity and was co-hosted by the University of New Hampshire's Carsey School of Public Policy and the Federal Reserve Bank of New York. Clean energy technologies are better than ever, with costs continuing to decline. Yet the low-income and under-resourced communities – particularly communities of color, Native communities, and other traditionally marginalized populations – that are disproportionately impacted by climate and severe weather-related events lag in clean energy investments. Community Development Financial Institutions (CDFIs) have a long track record of providing access to capital to low- and moderate-income communities nationwide. Green Banks, established at state and local levels, use innovative financing to attract private capital and incentivize investments in clean and renewable energy. Together, the nation's network of more than 1,300 CDFIs and 21 Green Banks have the financing expertise and deep market understanding and relationships to finance a transition to clean energy. This event explored how Green Banks and CDFIs can funnel creditworthy projects to market and efficiently raise capital for them. Building on the Carsey School White Paper, Clean Energy Project Development for Low-Income Communities: Strengthening the Ecosystem for Delivering Solar Energy and Deep Efficiency Retrofits (Hangen, 2022), the FIR sought to identify options and create opportunities for Green Banks, CDFIs, and impact investors to collaborate in offering a range of products, approaches, and tools to better serve communities and individuals who have thus far been left out of the transition to clean energy. The event had 101 participants from a variety of sectors including CDFIs, Green Banks, mission-driven clean energy organizations, government agencies, banks, and impact investment professionals.

14 SOLAR ENERGY↗

Innovative Thermal Strategies: Electrification's Best Friend

Because transportation and heat are the most significant contributors to greenhouse gas (GHG) emissions in the northern U.S., electrification of transport and heat are prominent elements of many decarbonization plans, such as that of New York State (NYS). A key challenge is then to decarbonize the electric supply and distribution system ("the grid") that supplies electricity, a process colloquially known as "greening the grid", so that the saved direct carbon emissions are not offset by additional indirect emissions from electrical generation on the grid. Applying this "simple" decarbonization plan to locations with high winter heating loads and modest renewable resources is challenging. Understanding the impact of thermal system design to grid demands in these locations and the related marginal power source for electrification options is critical to allocating proper resources to solve decarbonization challenges and quantifying the resultant carbon emissions impact.

battery storage↗

Geological Thermal Energy Storage Using Solar Thermal and Carnot Batteries: Techno-Economic Analysis: Preprint

Energy storage is increasingly necessary as Variable Renewable Energy (VRE) technologies are deployed. Seasonal energy storage can shift energy generation from the summer to the winter, but these technologies must have extremely large energy capacities and low costs. Geological Thermal energy storage (GeoTES) is proposed as a solution for long-term energy storage. Excess thermal energy can be stored in permeable reservoirs such as aquifers and depleted hydrocarbon reservoirs for several months. In this article, we describe a techno-economic model that has been developed to evaluate GeoTES systems. The models are developed by combining the output of specialist models which enables the performance and cost of both the subsurface and surface systems to be captured. Off-design models are developed so that the performance can be evaluated at each hour of the year. GeoTES can be charged with two different energy sources: (1) concentrating solar thermal and (2) renewable electricity using heat pumps (henceforth known as a "Carnot Battery"). The stored thermal energy can be used to generate electricity and - uniquely - also directly produce heat that can be used by industrial processes. Furthermore, Carnot-Battery-GeoTES can also be used to form a cold storage reservoir. Preliminary results that quantify the technical and economic performance of these two GeoTES systems are presented.

carnot battery↗

Achieving Economy-wide Net-Zero Emissions: Is it an impossible goal?

Meeting growing energy demands while eliminating emissions, maintaining affordability, and ensuring energy justice is one of the most significant grand challenges of our time. Governments and private industry around the world have established aggressive goals to achieve net-zero emissions by mid-century. In the U.S., this equates to a net-zero electricity sector by 2035 and across all energy use sectors—including electricity, industry, and transportation—by 2050. The key question then becomes: Can we get there from here? Meeting these aggressive goals demands immediate action, and they require us to think more holistically about our clean energy options. Currently, almost 85% of global energy demands are met by unabated fossil fuels. That means we have a lot of work to do, and we need to consider all of the non-emitting generation options available in each region—including fossil with carbon capture, renewables, and nuclear. And we need to reach our goal while establishing energy justice, which refers to the goal of achieving equity in social and economic participation in the energy system, while remediating past social, economic, and health burdens on communities that have been brought about by our energy system. This presentation will describe U.S. and global efforts focused on novel energy system solutions that strive to maximize use of all clean energy generation options to meet our energy demands, while ensuring sustainability, customer affordability, and a just energy system.

08 HYDROGEN↗

Geological Thermal Energy Storage Using Solar Thermal and Carnot Batteries: Techno-Economic Analysis

Energy storage is increasingly necessary as variable renewable energy technologies are deployed. Seasonal energy storage can shift energy generation from the summer to the winter, but these technologies must have extremely large energy capacities and low costs. Geological thermal energy storage (GeoTES) is proposed as a solution for long-term energy storage. Excess thermal energy can be stored in permeable reservoirs such as aquifers and depleted hydrocarbon reservoirs for several months. In this article, we describe a techno-economic model that has been developed to evaluate GeoTES systems. The models are developed by combining the output of specialist models, which enables the performance and cost of both the subsurface and surface systems to be captured. Off-design models are developed so that the performance can be evaluated at each hour of the year. GeoTES can be charged with two different energy sources: (1) concentrating solar thermal and (2) renewable electricity using heat pumps (henceforth known as a "Carnot Battery"). The stored thermal energy can be used to generate electricity and, uniquely, also directly produce heat that can be used by industrial processes. Furthermore, Carnot Battery GeoTES can also be used to form a cold storage reservoir. Preliminary results that quantify the technical and economic performance of these two GeoTES systems are presented.

carnot battery↗

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