In a warming world, the transition from fossil fuels to renewable energy is accelerating. According to the International Energy Agency (IEA), global capacity for renewable power generation is expanding rapidly, with renewable energy projected to surpass coal as the world’s top source of electricity by 2025. Wind and solar photovoltaic (PV) power generation are expected to exceed nuclear power generation in 2025 and 2026, respectively, with 68 countries predicted to have renewables as their main power source by 2028. This shift towards clean, renewable energy is crucial for addressing climate change caused by greenhouse gas emissions.
At the 2023 United Nations Climate Change Conference (COP28), governments set a goal to triple global renewables power capacity by 2030 to advance decarbonization and achieve net-zero emissions. To support the development of renewable energy technology, governments are implementing various public policy measures. Policies like the European Union’s Green Deal Industrial Plan, India’s Production Linked Incentives (PLI), and the Inflation Reduction Act (IRA) in the US aim to stimulate the integration of sustainable energy.
Different types of renewable energy resources are experiencing growth, driven by public policies and incentives. Solar photovoltaic energy, for example, accounted for three-quarters of renewable capacity additions globally in 2023, with utility-scale plants and distributed PV systems contributing to this growth. Wind power expansion varies by region, with China leading the way in capacity additions. Hydropower remains the largest clean energy source, while biofuel expansion is driven by supportive policies in emerging economies.
Geothermal energy is also seeing advancements with technologies like Enhanced Geothermal Energy Systems creating opportunities in areas without naturally occurring hot water sources. Despite the potential of geothermal energy, policies are needed to fully utilize its untapped potential.
As renewable energy continues to grow, technology will play a crucial role in ensuring energy supply, security, and grid stability. With ongoing advancements in renewable energy sources, the transition towards a more sustainable energy future is well underway.
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