The growth of renewable energy, particularly solar and wind power, has been remarkable in recent years. Let me share some insights:
- Global Renewable Energy Growth:
- Over the past decade, renewable energy has consistently outperformed expectations. The cost of renewable has plummeted, and many solar and wind projects are now undertaken by large multinational companies.
- By 2026, global renewable-electricity capacity is expected to rise more than 80% from 2020 levels, with two-thirds of this growth coming from wind and solar.
- By 2035, renewables are projected to generate 60% of the world’s electricity.
- Players in the Market:
- Major oil and gas companies are shifting their business models to profit from renewables.
- Private-equity players and institutional investors are making renewable energy a central component of their investment strategy.
- Leaders in shipping, steel manufacturing, and car production are investing in renewables for various purposes1.
- U.S. Renewable Energy:
- In 2022, annual U.S. renewable energy generation surpassed coal for the first time in history.
- By 2025, domestic solar energy generation is expected to increase by 75%, and wind by 11%
What is required Development of alternative energy such as solar 11
