[ad_1] Renewable energy is no longer a niche market. It’s a growing industry that’s projected to reach $1.5 trillion by 2025. With countries around the world committing to phase out fossil fuels and reduce greenhouse gas emissions, renewable energy has become a race to the top.

One driver of this competition is the global renewable portfolio standard (RPS) competition. An RPS is a regulation that requires electric utilities to supply a certain percentage of their power from renewable energy sources such as wind and solar. The competition aspect comes in when countries set ambitious targets for their RPS and compete with each other to see who can achieve them first.

The RPS competition creates a sense of urgency and incentivizes innovation. Countries are investing in research and development to make their renewable energy sources more efficient, cost-effective, and reliable. This has led to incredible advancements in the industry, driving down the cost of renewable energy and making it more accessible to people around the world.

The RPS competition has also encouraged collaboration between countries. Nations are sharing their knowledge, best practices, and new technologies with each other to accelerate progress and achieve their goals faster. This has led to the growth of international partnerships and agreements, such as the Paris Agreement, which commits countries to work together to combat climate change.

The competition has also inspired private companies to invest in renewable energy. Large corporations like Google, Apple, Amazon, and Microsoft have committed to powering their operations with 100% renewable energy sources. This has created a market for renewable energy that didn’t exist before and has forced utilities to increase their renewable energy offerings to meet demand.

Despite the progress made in the RPS competition, there’s still a long way to go. The world needs to transition to 100% renewable energy by 2050 to limit global warming to 1.5 degrees Celsius, according to scientists. This means countries need to set more ambitious goals and work together to achieve them.

The renewable energy industry is a race to the top, but it’s not a competition against each other. It’s a race against time and a fight against climate change. If we don’t act now, we risk irreversible damage to our planet. The RPS competition is a reminder that we’re all in this together and that we need to work together to build a sustainable future.[ad_2]