In order to avoid the dire climate change risks associated with using fossil fuels, governments worldwide need to make the shift to renewable energy. These renewable energy sources include wind, solar, geothermal, biomass, and biofuels.
Despite their growing popularity, there are still some major challenges to be overcome before they can compete with traditional power sources. However, the development of renewable technologies is becoming increasingly mature, and costs are coming down. Moreover, government support has helped to fund green energy projects early on.
While fossil fuels account for nearly three quarters of all global energy, renewable energy is predicted to more than double its market share by 2040. The major economies have pledged to cut emissions to net-zero by the mid-century. Fortunately, there are several steps that governments can take to speed up this transition.
Renewable energy is the fastest growing energy source on earth. It is expected to provide more than half of all global electricity by 2035.
The top five sources of renewable power are hydropower, wind, solar, solid biofuels, and other renewables. Hydropower accounts for the largest share of global renewable power generation capacity.
Wind and solar are the two most rapidly expanding sources of renewable power, accounting for two thirds of all electricity generated in the world. Combined, these sources will produce 760 GW in 2020.
Renewables also have the advantage of producing lower greenhouse gas emissions than fossil fuels. They also produce significantly more electricity than coal in the first four months of 2020.