The Age of the Renewable
Renewable energy is finally being taken seriously by the world. No longer the preserve of environmental extremists, renewable energy sources are becoming a major part of the future energy strategies in many countries. Almost every energy analyst agrees that if our civilization is to continue making advances, then renewables need to make a significant contribution to the world’s supply of energy over the next few decades. Governments all around the world are listening, and acting.
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By 2030, almost 15.7% of the energy used around the world will derive from wind, wave, solar, and other renewable power sources. A huge amount of investment is making sure that renewable energy projects are well funded, and this is set to double in the next decade.
While Europe and the US are planning their own renewable energy investments on a large scale, the real winners in the growth of renewable energy sources will be the poorer countries in the world. High growth economies in Latin America and Asia will see the bulk of investment, and benefit both economically and socially from an influx of renewable energy. Even the poorest countries in Africa are likely to benefit. Unlike crude oil and natural gas deposits, renewable energy resources are distributed far more democratically. There’s no country on the Earth where the wind doesn’t blow and the Sun doesn’t shine. Developing nations are set to take advantage of this in the coming years.
The European Union currently dominates the world in terms of investment in renewable energy, but look set to spend less over the next few years as they deal with the debt crisis. China is set to become the world leader in renewable energy asset finance in a few years time.
Saudi Arabia is also planning a significant investment in renewable energy. This oil rich country seems like one of the least likely proponents of renewable energy sources, but Saudi Arabia plans to take advantage of the large amount of solar radiation it receives. Over the next twenty years, it plans to install solar panels capable of generating 1GW per year. The Saudis are planning on maintaining their leadership status in the energy market even after oil production goes down. Ali Al-Naimi, the Saudi Minister of Petroleum and Mineral Resources promised that Saudi Arabia would export as much solar energy in the future as they export oil now.
