“Greenhouse gas emissions increased 70 percent between 1970 and 2004.”, says National Geographic. The organization further says that the amount of carbon dioxide (CO2) in the atmosphere presently is the highest in the last 650,000 years! Such greenhouse gases (GHGs) have been punching holes in the ozone layer, which has led to more sunlight reaching the earth’s surface, in turn, resulting in global warming. According to NASA, the average temperature of the earth has risen by 1.14 °C since the late 19th century.
Painting an even grimmer picture for the future, NASA says, “Based on plausible emission scenarios, average surface temperatures could rise between 2°C and 6°C by the end of the 21st century.” Since the major reason behind such catastrophic events is the combustion of crude oil, natural gas, and coal to generate electricity, efforts are being taken to shift away from such resources to cleaner alternatives. This is why P&S Intelligence predicts huge growth in the renewable energy market in the coming years.
Solar energy, wind energy, hydropower, and bioenergy are the most popular forms of renewable energy, among which solar power remains at the helm of the clean energy revolution. National Geographic says that the total installed capacity of solar power plants around the world exploded by a humongous 4,300% during 2007–2017! In 2019 alone, solar power plants with a cumulative capacity of more than 100 Gigawatts (GW) were commissioned, according to the International Energy Agency (IEA).
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Still, the largest renewable energy market is Asia-Pacific (APAC), led by China, Japan, and India. According to the International Renewable Energy Agency (IRENA), in 2018, China generated the highest amount of low-carbon electricity, of 1,844,073.561 GWh. Also on the list of the largest clean energy producers were India and Japan, with figures of 240,671.895 GWh and 183,958.653 GWh, respectively. In addition, China, India, and Japan also accounted for the highest, fifth-highest, and sixth-highest installed capacity of clean energy plants across the globe, thus reflecting their commitment to sustainable practices.
Hence, with carbon emissions taking a toll on the world and fossil fuel resources depleting fast, renewable electricity would become even more important in the coming years.
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