Renewable Portfolio Standards (RPS) are policies that require electricity suppliers to source a certain amount of their electricity from renewable sources each year. These standards have been implemented in countries around the world as a means of reducing greenhouse gas emissions and promoting sustainable energy sources. As climate change continues to be a pressing global issue, countries are increasingly competing to strengthen and expand their RPS.
The latest development in global RPS competition has been the introduction of more ambitious targets. The European Union is aiming to achieve a 32% renewable energy share by 2030, while California recently passed a bill requiring 60% renewable energy by 2030 and 100% carbon-free electricity by 2045. Australia is also ramping up its RPS efforts, targeting 50% renewable energy by 2030.
Another trend in global RPS competition is the increasing role of subnational governments and companies. In the United States, several states (such as California and New York) and cities (such as Houston and Atlanta) have set their own ambitious renewable energy targets, independent of national policy. Similarly, companies like Google and Apple have pledged to source 100% of their electricity from renewable sources.
Efforts are also being made to expand the range of eligible renewable sources. Traditionally, wind and solar energy have been the primary targets of RPS policies. However, some countries are now including sources such as geothermal, hydropower, and biomass. In Japan, for example, biomass is now considered a qualifying renewable energy source for RPS compliance.
Finally, the development of international renewable energy markets is also playing a role in global RPS competition. Countries can purchase renewable energy credits from other countries where it may be less expensive to generate renewable energy. This allows countries to achieve their RPS targets more efficiently while supporting the growth of renewable energy markets worldwide.
In conclusion, the latest developments in global RPS competition reflect a growing commitment to renewable energy and a more diverse range of eligible sources. As countries and companies vie to be at the forefront of sustainability, it is hopeful that this competition will result in more widespread adoption of renewable energy and a reduction in greenhouse gas emissions worldwide.