A Boom in Renewable Energy

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Is the global renewable energy boom the sign of a bright future in the journey to net zero?

  • Today, Germany’s economy and climate ministry will present a package which is intended to speed up the expansion of renewable energy, as a means of reducing dependence on Russia.
  • The move comes at a time when renewable energy is booming and the prices associated with it are rapidly falling; making it an accessible and cost effective step towards national climate action.
  • In further news, today IKEA announced that they have invested over $350 million into renewable energy projects across Europe.
  • Allegedly, renewable energy will account for about 95% of the increase in global power-generation capacity between now and the end of 2026, and solar power will provide about half of that increase.
  • Demand for renewable electricity generation in people’s homes is also picking up, with various energy crises driving and governments incentivising the installation of residential solar panels.
  • Overall, renewable power is defying issues caused by the pandemic and war, continuing to grow while other fuels struggle. Following the IPCC report earlier this week, this boom is welcome news.
The Guardian
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