Renewable energy has become the buzzword of the present times, as countries worldwide are competing for the top spot in the race to dominate the renewable energy sector. The renewable portfolio standard (RPS) plays a crucial role in structuring and driving the development of renewable sources of energy. The competition to secure the largest share of the RPS market is becoming intense, with countries vying to establish themselves as pioneers in the renewable energy sector.
The RPS is a legally binding requirement that regulates the proportion of renewable energy incorporated into a country’s electricity portfolio. RPS policies have been adopted widely across the world, with the primary aim of promoting the deployment of renewable energy resources like wind, solar, geothermal, and biomass.
The countries that lead in the RPS market have made significant strides in developing a robust and diversified renewable energy sector. The US, China, and the EU member states rank among the top countries in terms of installed renewable energy capacity. In September 2020, the EU announced an increase in its 2030 renewable energy target to 40%, up from the previous target of 32%.
The global RPS market is expected to grow significantly in upcoming years, driven by the adoption of favorable policies, technological advancements, and cost-effective solutions. According to the International Renewable Energy Agency (IRENA), the share of renewable energy in the global energy mix could reach 86% by 2050, signaling the immense potential of the sector.
China has set the tone for the global renewable energy sector, investing heavily in renewable energy installation over the last decade. By the end of 2020, China’s cumulative installed wind and solar PV capacity was 734 GW, and 251 GW, respectively, accounting for roughly 40% of the world’s renewable energy capacity. China has announced ambitious plans to achieve peak carbon dioxide emissions by 2030 and carbon neutrality by 2060.
The US, a leader in the renewable energy sector, boasts of state-level RPS policies, incentivizing renewable energy deployment. The US produced roughly one-third of its electricity from renewable energy sources in 2019, and the Biden Administration has announced plans to achieve 100% clean energy by 2035.
The EU, comprising 27 member states, has established targets to achieve 32% renewable energy capacity by 2030 and plans to increase this to 40% to meet the Paris Climate Agreement objectives. Europe’s renewable energy sector has grown rapidly in recent years, with several countries like Denmark, Germany, Spain, and Italy leading the way in wind and solar energy installations.
In conclusion, renewable energy has emerged as a crucial tool for countries worldwide to reduce dependence on fossil fuels and transition towards a sustainable and low-carbon economy. The global RPS race presents an opportunity for countries to establish themselves as leaders in the renewable energy sector, promoting green growth, and reducing carbon emissions. The world awaits a future where renewable energy dominates the global energy mix, and countries race to be the frontrunners in this green transition.[ad_2]