The race to transition to renewable energy sources is heating up as countries around the world step up efforts to reduce their carbon footprint. One vehicle driving this trend is the Renewable Portfolio Standard (RPS) – a government mandate requiring electricity providers to supply a certain percentage of renewable energy in their electricity mix. The RPS concept is not new, but it has gained traction in recent years as the urgency to reduce greenhouse gas emissions intensifies.
Over 50 countries and regions around the world have established renewable energy targets or implemented RPS programs, creating a competitive marketplace for clean power. In the United States, RPS programs vary by state, with some indicating that by as early as 2030, all electricity generated must come from renewable sources. In Europe, the European Union intends to raise its renewable energy goal to 40 percent by 2030 and move towards carbon neutrality by 2050. China is on track to surpass the US in its installed renewable energy capacity and has set a goal of generating 20 percent of its energy from non-fossil fuel sources by 2030.
These targets result in huge demand for renewable energy sources such as wind, solar, hydro and geothermal power – consequently driving investment, innovation, and advances in technology and manufacturing. A burgeoning global renewable energy industry, including the production and installation of solar panels and batteries, turbines, and electric vehicles, means that the development of clean energy could be a key driver of global economic growth in the years to come.
However, the renewable energy sector is not without its challenges. One of the primary issues is intermittency – sources like wind and solar are not constant, but fluctuate according to weather conditions. To be a viable alternative to non-renewable sources, renewable energy systems must provide continuous power.
Another challenge is the need for substantial upfront investment – the cost of installing solar panels, wind turbines, and other renewable infrastructure is still significantly higher than traditional energy sources. Governments and businesses need to take the lead in investing in the sector and developing new financial models that attract investment to accelerate growth.
Despite these challenges, the race to renewables is accelerating with momentum. With ambitious RPS targets in place, businesses, investors, governments, and communities are all working together to drive innovation and accelerate the transition to renewable energy. In what has become a worldwide competition, industry leaders, policymakers and investors are increasingly recognizing that building a sustainable future requires a global effort. From Asia to Africa to the Americas and beyond, progress towards clean, renewable energy is being made – creating a better future for all.[ad_2]