Plummeting Costs for Renewables Bankrolls Green Energy Revolution

Unless you’ve avoided social media for the past few weeks, you probably know that the tipping point for a global shift towards renewable energy is here. Falling costs and new investments has marked an exponential growth in the global share of the green energy revolution. Projections about future solar and wind deployment look wildly optimistic. It is estimated that the cost of renewable generation is in line with the cost of fossil-fueled electricity in a large number of places.

According to REN21 Renewables Global Status Report, the new renewable energy capacity installed worldwide in 2016 was 161GW. It is a 10 percent rise on 2015. (REN21 is a network of public and private sector groups covering 155 countries and 96% of the world’s population.)

green-energy-revolution

Countries like India and China have picked the baton, and are driving a green energy revolution that has spread to every continent.

Towards a green energy revolution

The new renewable energy capacity cost $242 billion, a 23 percent plunge compared to 2015. Renewables investment remained larger than for all fossil fuels. Yet, subsidies for renewables are much lower than for coal, oil and gas.

Renewable energy capacity in 2016 rose 17% to 921GW, excluding hydropower. It rose 8.7% to 2,017GW when including hydropower. At the end of 2016, roughly 24% of global electricity was produced by renewables.

Sales of hybrid and electric vehicles in 2016 rose 42% than in 2015. Moreover, the storage capacity of lithium-ion battery systems more than doubled.

energy-green-revolution

Renewable energy industry looks nothing like it did a decade ago: expensive and sluggish.

Countries like India and China have picked the baton, and are driving a green energy revolution that has spread to every continent.

The heads of some of the largest oil companies in the world are calling the green energy revolution the 21st-century industrial revolution. Saudi Aramco, world’s largest oil and gas company, is investing $5 billion in renewable deals. Royal Dutch Shell is exploring acquisitions in the renewable energy sector.

We need big strides on climate change

Renewable energy industry looks nothing like it did a decade ago: expensive and sluggish. This doesn’t mean we can easily solve the problem of climate change.

The top ten hottest years on record have all been since 1998. Analysts have warned that the transition is not happening fast enough to contain the worst impacts of global warming. Ramping up renewable energy would only be a part of solving the global climate change problem.

revolution-green-energy

In some parts of the world, the existence is climate change is still widely contested.

Coal, oil and gas still account for more than 85% of global primary energy. Coal-fired plants are still being built in countries like India where people lack electricity. In some parts of the world, the existence is climate change is still widely contested.

The sharp decline in the cost of renewable energy has kindled a wave of demand. It’s the first time government, agencies and companies have devoted so much time and money to green energy. But, we’ll need to act fast if we also want to curb climate change.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Leave a Reply

Your email address will not be published.

Recent Posts

Beeple Getting Hacked Resulted in His Followers Losing Over $438,000 in Crypto

Beeple Getting Hacked Resulted in His Followers Losing Over $438,000 in Crypto

Two tweets were posted using NFT artist Beeple’s account. The first one promoted an exclusive collection with Louis Vuitton. The second tweet announced that Beeple would soon rel
1 hour ago
Microsoft Selling Metaverse to Kawasaki: It’s A Whole New World

Microsoft Selling Metaverse to Kawasaki: It’s A Whole New World

Microsoft’s corporate vice president of mixed reality, Jessica Hawk, recently told CNBC that the metaverse will change how people function across a variety of devices and platfor
3 hours ago
Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

Cryptocurrency Market Updates: Bitcoin Could Hit $500,000 Per Coin

On March 15, Novogratz went so far as to predict that the Bitcoin future price will reach half a million dollars per coin by 2027. He made this statement at the Bitcoin 2022 confer
1 day ago
Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Klarna CEO Uses Pre-Recorded Message For Laying Off Employees

Managers and HR personnel must be coached on how to compassionately convey the message as it is one of the most difficult conversations an individual can have. Open and honest comm
1 day ago
China Might No Longer Be An Apple Manufacturing Country

China Might No Longer Be An Apple Manufacturing Country

The iPad manufacturer has previously sought to remove China as the main Apple manufacturing country. Trade tensions and a strict Covid-19 policy has previously resulted in supply c
2 days ago
D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

D.C. Refuses to Let Zuckerberg Wash His Hands Off Cambridge Analytica

In the same year, Racine had sued Meta, then known as Facebook, for failing to protect user privacy and deceiving them about how much data is collected and how it was used. The Att
2 days ago