Renewable Energy

Renewable energy is the energy that is derived from a limitless source, in contrast to fossil fuels which are derived from a finite source. Types of renewables include solar energy (power from the sun), wind energy, tidal energy (power from the seas) and geothermal energy (power in the form of heat from heat within the earth). Energy can be called renewable if it can neither run out nor easily be replaced.

Based on a 2017 report by REN21’s (Renewable Energy Policy Network for the 21st Century), renewables contributed a growing 19.3% to humans’ global energy consumption 24.5% to their generation of electricity in 2015 and 2016. This energy consumption is divided as 8.9% coming from traditional biomass, 4.2% as heat energy (modern biomass, geothermal and solar heat), 3.9% hydroelectricity and 2.2% is electricity from wind, solar, geothermal, and biomass. Over the last decade, there has been a trend of strong growth in this sector, in 2019 more than two-thirds of all new electricity capacity installed worldwide was renewable.

• During 2018, Global investment in renewable energy hit USD 288.9 billion, which far exceeded the investment in fossil fuels. 
• Off the grid distributed energy investment attracted a record $276 million, demonstrating the potential to bridge the energy gap.
• The share of renewable energy in final energy consumption reached 19.2%.
• According to the International Energy Agency (IEA), renewable power capacity is forecast to increase by 50% between 2019 and 2024.
• A report published by the IEA predicts that renewable energy could grow by 1,200GW in the next five years alone (the equivalent of the total electricity capacity of the US). Renewables currently generate 26% of the world's electricity and its share could reach 30% by 2024.  
• The International Renewable Energy Agency (IRENA) shows 11 million people are now employed in the renewable energy sector.
• The climate change conference in Paris in December 2015, known as COP21, produced an unprecedented agreement among 195 countries to act for zero net emissions in the second half of the century. 
• As a result of climate change, huge pressure has been placed on governments causing massive policy shifts; for example, the international monetary fund (IMF) will no longer finance coal projects. Also for the first time in 100 years, the United Kingdom ran without coal for a whole day.
• There has been a 67% drop in median 4kW installation costs since 2010.
• The price of solar panels has dropped 95% since 2008.
• The cost per MW/h of solar PV has dropped 63% since 2009.
• The cost per MW/h of solar PV has dropped 63% since 2009.

So what has been the catalyst behind the renewables industry evolving from what was practically non-existent at the start of this century to providing 20% of all electricity consumed? The answer is that there are a vast interlinked number of reasons, but in general the three key factors are climate change, economic and health.