Why the Renewable Energy Transition Is Just Beginning
The U.S. energy sector is transitioning from fossil fuels to clean energy and renewables.
And the shift is not slowing down.
As Bloomberg New Energy Finance reported, there are now more than 20 GW of installed wind, solar, and biomass capacity, representing about 6% of the total installed energy capacity in the U.K. That’s a jump from just 10 years ago.
But with more than 300 GW of wind and solar capacity installed in the United States, the transition will take decades.
Bloomberg New Technology and the Institute for Energy Research report that the transition is “progressing faster than most expected.”
It’s not just the U, but also China and other countries that are taking the lead in this transition.
Bloomberg reports that a new wave of energy independence and a push to embrace new energy sources like wind, hydropower, and solar is happening in countries around the world.
This week, China’s state-owned energy company, Suntech, unveiled a roadmap for energy independence that will see it build up a “new energy economy” of 100 GW of new renewable power by 2030.
In a press release, SunTech said, “China’s goal is to develop renewable energy to meet the country’s electricity needs, to drive sustainable development and to increase energy efficiency.
In the coming decades, China will lead the world in the development and deployment of renewable energy.”
In fact, the world’s second-largest economy is expected to increase its reliance on renewable energy by 80% in 2030, as Bloomberg reports.
The transition from fossil fuel to clean-energy is happening faster than expected.
The U-turn in the energy sector has accelerated because of three factors: First, the government’s aggressive energy policies have made it easier to achieve renewables and other renewables, particularly wind and hydroelectric, at a lower cost.
Second, the U-Turn is happening with the help of the Clean Power Plan, which aims to reduce greenhouse gas emissions from power plants.
Third, a shift from fossil-fuel to clean electricity has created a new generation of clean energy companies, like Suntech.
It seems like we’re moving from the past to the future.
It’s important to note that we are seeing a shift in the future because the energy industry has grown so rapidly.
The industry now employs almost 20 million people worldwide, including nearly 4 million in the renewables sector.
There are more than 100 GW in the clean energy sector, Bloomberg New Tech reported.
So, the big question for the U and the U.-backed nations of the world is: Will the transition to clean and renewable energy be smooth?
It might take decades, but we can be certain that it’s coming.
Bloomberg’s Michael A. Lacey reports.