Green Options

The huge project to build a $555 billion renewable energy “belt” in the Middle East and North Africa (MENA) region, funded largely by German companies, moved another step forward a few days ago.

The articles of association for the DESERTEC Industrial Initiative (DII) were signed by the joint venture group of 12 companies and the DESERTEC Foundation in Munich on October 30.

Additionally, a CEO for DII was appointed — Paul van Son.

The sun is coming out. And Europe isn’t waiting any longer. Some of the biggest businesses in Europe are ready to invest in the largest solar energy project in the world. They are looking to create a “solar energy belt” in the Middle East and North Africa.

How will the energy get to Europe? It will go through huge “super grids” under the Mediterranean Sea. Has this kind of thing happened before? Siemens CEO, Peter Löscher, says: “A few years ago we connected Tasmania with the Australian continent. And from 2011 there will be a 250-kilometer undersea cable supplying Majorca with electricity from the Spanish mainland. For us, this kind of thing is now part of our core business.”

Desertec has for years been just the pipe dream of an international network of scientists and engineers; an example of some seriously out-of-the-box thinking on climate change prevention. It is the ambitous plan to power Europe, the Middle East and Africa off renewable power strung along a giant new supergrid of High-Voltage Direct Current transmission lines connecting the two continents.

A key element of the concept has been to build a humungous 6,500 square mile concentrated solar power (CSP) hub in the Sahara and send the massive amounts of power generated to Europe.  To cut long distance transmission losses to well under 15% across the incredible distances involved, Desertec proposed to use existing technology to build a supergid of High-Voltage Direct Current transmission lines.

“With HVDC, transmission losses are about 3% per 1000 km and there are small AC/DC conversion losses as well.” according to Desertec. ” Taking both of these into account, electricity may, for example, be transmitted from North Africa to the UK with less than 10% loss of power. It is feasible and economic to transmit solar electricity for 3000 km or more.”

This week Desertec is finally grabbing global headlines with an unprecedented colossal cash infusion for its project from a heavy hitter consortium of major European corporations. This would change the world solar industry. To say nothing of its impact on climate change!

Bringing Desertec to life would utterly change the face of solar energy generation for the whole planet.

It is truly a giant undertaking. Here, finally - is the serious action that we need to take to avert catastrophe.

U.S. stocks advanced today in the biggest presidential Election Day rally in 24 years. This has been led by energy and banking shares, on higher commodity prices and speculation the Treasury will bail out more financial companies. (Bloomberg)