Solar Power along with other renewable technologies (geothermal, biomass, hydroelectricity, battery) continue to surge and lead the world’s emerging energy technology. According to the United Nations, they found that global spending on solar power was higher than any other energy source in 2017. Even more, the International Energy Agency (IEA) claims that wind and solar capacity is “ten-fold” what it was a decade ago.
Global Energy Impact
Countries all over the world are taking advantage of the many benefits of renewable energy. China is a major player in renewables being nearly half of the entire worlds renewable energy budget. According to Dr. MacGill from the United Nations, Air Pollution in China is believed to kill around a million people every year, which would also likely to be a key motivation to their huge investment in clean energy.
In 2015, developing countries such as the Middle East and Mexico invested more in renewable energy than developed countries have done since.
Wind offers the lowest price form of renewable energy in some countries.
Future Impact on environment and policy
While fossil fuels still exist, and are widely used across the globe, renewable energy will hopefully remedy the greenhouse gas emission damages that effect the environment and society. Policies may also take place for any investors that continue to use fossil fuels.
Figure 1 Graph provided by: Renewableenergyworld.com
It is predicted that by 2026 Western Europe and North America will reach a solar capacity of almost 300 gigawatts of energy. Advances in the technology will be the major driving factor in the cost as so will tax policies. This would mean stronger battery technologies, more efficient electronic components and reliable cables.