As the world becomes more aware of the impact of climate change, governments and businesses are looking for ways to reduce their carbon footprint. One of the ways to achieve this goal is to increase the use of renewable energy sources such as wind, solar, geothermal, hydroelectricity, and biomass. Many countries have set renewable portfolio standards (RPS) in place to encourage the use of renewable energy sources.
RPS is a regulatory policy that mandates a certain amount of energy generated by utilities should come from renewable sources. The RPS goals vary from country to country, but the general aim is to increase the share of renewable energy in the electricity mix. By setting RPS targets, the governments provide a predictable demand for renewable energy and create a favorable investment climate for renewable energy projects.
The global renewable powerhouses are leading the way in creating a fierce RPS landscape. Countries such as Germany, China, the United States, India, and Spain have set ambitious targets for renewable energy sources. Germany, for example, has set a target of 80% renewable energy by 2050, while China aims to generate 35% of its electricity from renewable sources by 2025.
In the United States, the state-level RPS targets have been the driving force behind the growth of renewable energy. As of 2021, 30 states have mandatory RPS, while eight states have voluntary targets. In California, the RPS target is to generate 100% of electricity from renewable sources by 2045.
India has set a target of 175 gigawatts (GW) of renewable energy capacity by 2022, of which 100 GW will be solar, 60 GW will be wind, 10 GW will be from biomass, and 5 GW will be from hydroelectricity. Spain has set a target of 42% renewable energy by 2030.
The fierce RPS landscape has resulted in a surge of renewable energy investments. In 2020, global investment in renewable energy was $303.5 billion, a 9% increase from the previous year. The growth of renewable energy has also created jobs, with over 11 million jobs globally in the renewable energy sector in 2018.
In conclusion, the global renewable powerhouses are creating a fierce RPS landscape, setting targets for renewable energy sources and leading the way in renewable energy investments. The RPS policy has created a predictable demand for renewable energy and has contributed to the growth of renewable energy projects. The growth of renewable energy has a significant impact on reducing carbon emissions, creating jobs, and providing a sustainable energy future.