The Renewable Energy Sector around the Globe

The United Nations recently released some data that showed that different countries from around the globe have been adding significant amounts to the generation of renewable energy. The main reason that can be attributed to this success is the rapidly declining costs of wind as well as solar energy. The amount of emissions recorded for the year 2016 was flat for consecutively 3 years and this was because 55 percent of the entire power generation came only from the renewable sources of energy.

While the rate of generation of electricity from the renewable sources of energy rose by 9 percent (that is about 139 Gigawatts), the cost of installation for the renewable energy facility dropped down by a rate of 23 percent.

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At the moment, the renewable sources of energy contribute to about 11.3 percent of the total electricity of the world and prevent about 1.7 Gigatons of carbon emissions in the duration of one year each.

The report also said that the story of renewable energy in India for the year 2016 was getting more for less. The investments that took place globally fell by a rate of 23 percent to about 241.6 billion dollars and this sum was the lowest amount that was ever recorded since the year 2013. However, the year 2016 witnessed the maximum number of installations that took place and added to the power capacity of the entire world.

Many significant and important findings have taken place and been observed. Firstly, the investments that took place in the sector of renewable energy were double as compared to the investments that took place in the area of fossil fuels for 5 consecutive years. Secondly, all over the world, the prices of solar as well as wind energy facilities went down by a rate of 10 percent.

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Countries like China and Europe made record-breaking investments in the sector of offshore winds, which had increased by a rate of 53 percent to a handsome sum of 25.9 billion dollars. The solar as well as wind tariffs went down by such low bids at the auctions that it was impossible to imagine.

The research by GTM shows that in the year 2017, 85 Gigawatts of solar capacity will be added worldwide and that is almost double of the solar capacity that had existed all around the world in the year 2014. The report also said that countries like the United States, China, India as well as Japan will be dominating the renewable energy production market in the world and India has overcome Japan and occupied the third place in the list.