Renewable energy is growing faster than ever before and by 2024, it is expected to make up one-third of all energy generation in the world. However, even at this pace, it isn’t growing fast enough to fight climate change.
The energy sector as a whole is one of the biggest contributors of greenhouse gases. And only switching to renewable energy will fix that. But at this rate, we will not be able to meet the goals of the Paris Agreement.
Just How Fast Is Renewable Energy Growing?
According to the International Energy Agency (IEA), renewable energy capacity will grow by 50% in the next five years. This is thanks to three major factors: coal being retired, solar and wind energy becoming cheaper, and companies becoming greener.
While no one is actually forcing coal to stop being used, it is without a doubt being fazed out. It is terrible for the environment and at this point, coal plants are more expensive than alternatives.
This is allowing other energy sources to expand their usage as coal declines.
Solar And Wind Costs
Over the last few decades, the costs of setting up solar and wind farms have dropped significantly. As solar and wind technology has become more widespread, it has lowered the overall cost of energy.
This has made renewable energy one of the cheapest forms of energy in 2019.
Companies Going Green
Thanks to public outcry, companies are going green on their own without government intervention. This is largely due to the fact that their target audience (millennials) and future generations all care deeply about the environment.
Thus, companies are going green to keep their customers happy.
Government Action Is Necessary to Further Renewable Energy
While it is true that the energy sector is getting greener, it is doing it at its own pace. To help fight climate change, the process needs to be sped up and that can only happen if governments require these changes.
However, such changes can have a dramatic effect on the economy. Thus, we are unlikely to see major government intervention on the scale that is necessary to fight climate change.
However, by continuing to ask for more to be done, the energy sector may just pick up the pace.