Renewable Energy is gaining worldwide attention as the global climate crisis grows increasingly dire. As countries race to address the pressing issue of rapidly increasing carbon dioxide emissions, the competition is on to reach renewable energy milestones and set Renewable Portfolio Standards (RPS).
An RPS is a legislated requirement that mandates that a specific percentage of the total energy produced within a particular region or country must come from renewable sources. The adoption of an RPS is one of the most powerful and effective policy mechanisms for transitioning from fossil fuels to clean, renewable energy sources like wind, solar, hydropower, and geothermal.
As the world shifts from a reliance on fossil fuels to cleaner and more sustainable forms of power, the number of countries and regions with RPS targets are on the rise. Currently, more than 60 countries worldwide have set RPS targets.
Since the inception of RPS, many countries have been continuously raising their renewable energy targets in an attempt to reduce their carbon emissions and mitigate the climate crisis. And as this race to meet renewable energy goals progresses, countries around the world are gunning for the top spot in the competition.
The world leader in this competition is currently Iceland, which generates an estimated 100% of its electricity from renewable energy. Meanwhile, Uruguay and Costa Rica are also turning heads with their high penetration of renewable energy sources. Uruguay now boasts an impressive 98% renewable energy generation, while Costa Rica followed closely behind with 99% renewable energy production in 2019.
While some countries still struggle to meet their RPS targets, others are setting new records. In 2020, the UK made a significant leap forward by producing more electricity from wind power than from fossil fuels during the first quarter of the year. Spain also made notable progress, with renewable energy sources accounting for 50.7% of the country’s electricity generation during the first quarter of 2020.
In the United States, many individual states have been breaking their own records for renewable energy production in recent years. California, for example, has set renewable energy generation targets of 50% by 2030 and 100% by 2045, while Hawaii has already achieved its goal of producing 100% of its electricity from renewable sources by 2045, ten years ahead of schedule.
The global competition to generate more renewable energy has not just come from countries with large land masses and ample renewable energy resources. Earlier in 2021, Singapore announced its ambitious goal of having 2 Gigawatts (GW) of solar energy capacity installed by 2030, which would constitute more than 10% of the country’s total electricity consumption. This move would support Singapore’s aim of cutting annual carbon dioxide emissions by 36% from 2005 levels by 2030.
In conclusion, the breaking of renewable energy records and the increasing adoption of Renewable Portfolio Standards represents a significant step toward meeting the demands of sustainable development. The ongoing race to set renewable energy milestones has the potential to change the world’s energy map drastically, bringing about a future where clean and inexhaustible sources of power replace fossil fuels and reduce global carbon emissions. As the severity of the climate crisis intensifies, this competition has never been more critical than it is now.[ad_2]