Courtesy : Development of alternative energy such as solar
Market and industry trends
Main article: Renewable energy commercialization
Most new renewables are solar, followed by wind then hydro then bioenergy. Investment in renewables, especially solar, tends to be more effective in creating jobs than coal, gas or oil. Worldwide, renewables employ about 12 million people as of 2020, with solar PV being the technology employing the most at almost 4 million. # ISO certification in India
Growth of renewable
Investment and sources
Investment: Companies, governments and households committed $501.3 billion to decarbonization in 2020, including renewable energy (solar, wind), electric vehicles and associated charging infrastructure, energy storage, energy-efficient heating systems, carbon capture and storage, and hydrogen.
The countries most reliant on fossil fuels for electricity vary widely on how great a portion of that electricity is generated from renewables, leaving wide variation in renewables’ growth potential. # ISO certification in India
In 2020, renewables overtook fossil fuels as the European Union’s main source of electricity for the first time.
Pricing
A comparison of prices over time for energy from wind, solar and other sources. Over time, renewables benefit from learning curves and economies of scale.
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Levelized cost: With increasingly widespread implementation of renewable energy sources, costs have declined, most notably for energy generated by solar panels.
Levelized cost of energy (LCOE) is a measure of the average net present cost of electricity generation for a generating plant over its lifetime.
Past costs of producing renewable energy declined significantly, with 62% of total renewable power generation added in 2020 having lower costs than the cheapest new fossil fuel option.
The results of a recent review of the literature concluded that as greenhouse gas (GHG) emitters begin to be held liable for damages resulting from GHG emissions resulting in climate change, a high value for liability mitigation would provide powerful incentives for deployment of renewable energy technologies. # ISO certification in India
In the decade of 2010–2019, worldwide investment in renewable energy capacity excluding large hydropower amounted to US$2.7 trillion, of which the top countries China contributed US$818 billion, the United States contributed US$392.3 billion, Japan contributed US$210.9 billion, Germany contributed US$183.4 billion, and the United Kingdom contributed US$126.5 billion.This was an increase of over three and possibly four times the equivalent amount invested in the decade of 2000–2009 (no data is available for 2000–2003). # ISO certification in India
Future projections
See also: Energy transition
A May 2022 report by the IEA predicted renewables to remain competitive in 2023 despite rising costs, as fossil fuel costs have risen much faster. The report forecasts almost 200 GW of solar PV to be installed in 2023.: 8 China and Europe are both expected to install more renewables than the US, due to uncertainty in US energy policy.: 13 The report forecasts biofuel demand to increase in India and Indonesia in 2023, partly due to their transport policies. # ISO certification in India
In June 2022 IEA Executive Director Fatih Birol said that countries should invest more in renewables to “ease the pressure on consumers from high fossil fuel prices, make our energy systems more secure, and get the world on track to reach our climate goals.”
China’s five year plan to 2025 includes increasing direct heating by renewables such as geothermal and solar thermal.
REPowerEU, the EU plan to escape dependence on fossil Russian gas, is expected to call for much more green hydrogen.
Demand
In July 2014, WWF and the World Resources Institute convened a discussion among a number of major US companies who had declared their intention to increase their use of renewable energy. These discussions identified a number of “principles” which companies seeking greater access to renewable energy considered important market deliverables. These principles included choice (between suppliers and between products), cost competitiveness, longer term fixed price supplies, access to third-party financing vehicles, and collaboration. # ISO certification in India
UK statistics released in September 2020 noted that “the proportion of demand met from renewables varies from a low of 3.4 per cent (for transport, mainly from biofuels) to highs of over 20 per cent for ‘other final users’, which is largely the service and commercial sectors that consume relatively large quantities of electricity, and industry”. # ISO certification in India
In some locations, individual households can opt to purchase renewable energy through a consumer green energy program.