According to data provided by a Renewable Energy Policy Network of the 21st Century (REN21) 2017 was another record-breaking one for renewable energy, characterized by the largest ever increase in renewable power capacity, falling costs, increases in investment and advances in enabling technologies. The power sector generating capacity saw its largest annual increase ever in 2017, raising total capacity by almost 9% over 2016. Solar PV led the way, accounting for nearly 55% of newly installed renewable power capacity in 2017. The report indicates that more than 20 countries launched the Powering Past Coal Alliance in 2017, with the goal of phasing out coal power by 2030, with new pledges from Angola, Denmark, Italy, Mexico, New Zealand and the United Kingdom.
The importance of reducing traditional energy sources and increasing the use of renewable energy has been further emphasized last week, as the UN Intergovernmental Panel on Climate Change (IPCC) released a report on global warming, urging drastic changes in our energy consumption habits. Failure to act will result in “more heat waves for tens of millions of people. Far greater species loss. Increased water scarcity in some of the world’s most unstable regions. A ten-fold increase in Arctic ice-free summers. And a total wipe-out of the world’s coral reefs,” according to the report.
Rana Adib, executive secretary of REN21explained, “Renewable power accounted for 70% of net additions to global power generating capacity in 2017, but global energy-related carbon dioxide emissions rose 1.4% in 2017, after three years of holding steady. The increase in carbon emissions was the result of robust global economic growth (of 3.7%), lower fossil fuel prices and weaker energy efficiency efforts… This year’s Renewables 2018 Global Status Report (GSR) reveals two realities: one in which a revolution in the power sector is driving rapid change towards a renewable energy future, and another in which the overall transition is not advancing with the speed needed. While momentum in the power sector is positive, it will not on its own deliver the emissions reductions demanded by the Paris climate agreement or the aspirations of Sustainable Development Goal. The heating, cooling and transport sectors, which together account for about 80% of global total final energy demand, are lagging behind.”
As for market projections, According to Allied Market Research, The Global Renewable Energy Market was valued at $ 1,405,646 million in 2016, and is projected to reach at $2,152,903 million by 2025, growing at a CAGR of 4.9% from 2017 to 2025. Renewable energy is generated from natural processes that are constantly replenished – sunlight, geothermal heat, water, wind, tides, and various forms of biomass.