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Renewable Energy: 2018 Growth Report

RENEWABLE-ENERGY-2018-GROWTH-REPORT

Renewable energy is a sector that is slowly come to prominence in the developed (and developing) world. Due to advancements in technology, costs have gone down and efficiency has gone up. Competitiveness in renewables is at a point where phasing out incentives is a regular practice.

This was highlighted in the article “2018 Renewable Outlook Stable: Renewables Can Now Self-Sustain” by Gregory Romec in Renewable Energy World, in which he stated: “Over the past decade, investors have gained confidence in how these sources of energy can be predicted. And the more costs continue to decline for renewables, the more they will take market share away from the traditional energy markets.”

The sector, which is a growing one, has faced its challenges—but despite its ups and downs, it continues to grow. Research from Frost & Sullivan had estimated that the sector will grow 13.3% when 2018 is over—to a total of 154.6 GW. With investment in the sector to hit $228.3 billion overall.

Here were some notable advancements in the renewable sector in 2018, that indicated its growth:

  • Renewables accounted for 93% of installed power in Turkey during 2018: The majority of the country’s newly installed power capacity now lies in the solar energy sector (642.1MW), hydroelectric power (889.9MW), geothermal energy (218.8 MW), biomass(139 MW) and imported coal (24 MW)
  • Renewables beat coal in German power for the first time in 2018: 40% of the country’s electricity mix came from wind, solar, biomass and hydroelectric sources, which is up 4.3% over 2017
  • Washington approves climate bill towards 100% renewable: The Washington DC Council unanimously approved the “Clean Energy DC Omnibus Act of 2018”, a bold climate bill that includes a commitment to achieve 100% renewable electricity supply all across by 2032
  • India pledged to add 100,000 MW of renewable energy generation capacity by next fiscal: The country is likely to commission renewable energy projects with a capacity of 9,000 MW in the current financial year, and 10,000 MW in the next fiscal ending March 2020

There are of course challenges to this. While it is growing, it needs to grow faster. While it is estimated to be the fastest-growing part of the electricity sector in the next five years, the IEA has warned that the pace is still lagging if it has to meet long-term climate and sustainability goals.

Renewable energy is all set to be having an interesting 2019, and it will be kept a close eye on by experts all over the world to observe and analyse.

-Lucas Cooper

 

 

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