Renewable Energy Development Is Picking Up Steam Globally: Several Nations Are Striving Toward Energy Independence:
Already growing rapidly, renewable energy has entered an unprecedented era of even more rapid expansion. Countries are attempting to capitalize on their energy independence gains in the wake of the global energy crisis. The growth of renewable energy production capacity worldwide is expected to double in the coming years. The IEA reports renewables have surpassed coal as the world’s leading power-generating resource. Russia’s invasion of Ukraine caused energy security concerns, pushing several nations to shift their focus to renewable energy sources.
Green energy is driving a more stable tomorrow. Experts anticipate linear renewable energy growth amid declining gas and coal use. The effects of climate change are unavoidable, so any energy system of the future should be robust and flexible. According to IRENA, by 2050, renewable energy sources can and should provide 90% of global power demand.
Energy Crisis: A Major Tipping Point
Renewable energy development has accelerated due to the global energy crisis. More renewable energy sources are expected to be installed worldwide in the coming years than in the past twenty years. By 2027, the world’s renewable energy capacity is projected to increase by 2,400 GW. It exemplifies how the current energy crisis can serve as a crucial period for developing the future’s safer and cleaner global energy infrastructure.
A Need To Address Regulatory Concerns For Faster Growth Of Renewable Energy
In developed economies, legislative and regulatory constraints must be resolved before rapid renewable energy development can be achieved. In addition, renewable energy sources must be widely adopted in the heating and transportation sectors. New projects in emerging nations are being hampered by several factors, including governmental and legislative uncertainty, poor grid infrastructure, and a scarcity of affordable finance, which should be addressed.
Future Of Renewable Energy: Wind And Solar Energy Will Dominate
The total capacity of solar photovoltaics is expected to grow almost twice, pointing to a bright future for renewable energy. In only five years, wind power capacity worldwide will have doubled. One-fifth of this expansion is attributable to offshore wind projects. Between 2022 and 2027, new renewable energy capacity will increase by more than 90%, with wind and solar power accounting for the vast majority of that increase.
What’s Fueling Renewable Energy Development?
More rapid policy implementation by countries to address the energy problem will be a crucial factor in the future growth of renewable energy. Nearly half of the world’s projected rise in renewable energy capacity between 2022 and 2027 is predicted to come from China. Moreover, renewable energy installations have expanded as technology has improved. Compared to a decade ago, the installation cost of solar and wind energy has decreased by roughly 80% to 90%, and their production efficiency has also increased.