From solar to wind power, the rise of global Renewable Portfolio Standards (RPS) competition is fueling the clean energy revolution. RPS is a regulation that compels electricity suppliers to produce a set percentage of their electricity from renewable energy sources such as solar, wind, hydro and geothermal. The adoption of RPS has increased globally as countries seek to reduce their carbon footprint and minimize their reliance on non-renewable energy sources.
The global RPS market is expected to grow at a compound annual growth rate (CAGR) of 11.8% over the next few years, driven by increasing investments in renewable energy infrastructure and favorable government policies. It is estimated that the global RPS market size will exceed $600 billion by 2026, up from $260 billion in 2019.
The United States was the first country to adopt RPS in the early 2000s. In recent years, many other countries such as China, Japan, Germany, Spain, and India have also adopted RPS, setting ambitious targets for renewable energy production. In 2018, 143 countries had some form of RPS, and the number is expected to increase as countries pursue net-zero carbon emissions by 2050.
The RPS scheme has also spurred a new kind of competition among countries. Countries are competing to achieve higher renewable energy targets and attract investments in renewable energy infrastructure. For instance, China, the world’s largest emitter of greenhouse gases, has made great strides in renewable energy investments and has become the largest producer of wind and solar energy.
In the US, California set an ambitious target of achieving 100% clean energy by 2045, surpassing its previous target of 50% by 2030. Several other states have also adopted similar targets. This has ignited a competition among states to achieve the highest renewable energy penetration, attracting investment in renewable energy infrastructure and driving down costs.
The adoption of RPS and the competition it has spurred has had a positive impact on the environment. The increased adoption of renewable energy has reduced carbon emissions globally, mitigating the impact of climate change. Renewable energy is also becoming cheaper and more cost-effective than traditional energy sources, making it an attractive investment for governments, businesses, and individuals.
In conclusion, the rise of global RPS competition has fueled the clean energy revolution, spurring investment in renewable energy infrastructure and driving down costs. The adoption of RPS is set to increase globally, as countries seek to reduce their carbon footprint and meet their net-zero carbon emissions targets. The competition among countries to achieve higher renewable energy targets has also had a positive impact on the environment, reducing carbon emissions and mitigating the impact of climate change.[ad_2]