Renewable Sources of Energy
Solar, wind, hydro, geothermal and biomass are some of the leading renewable technologies that are being developed and deployed around the world to replace fossil fuels. Solar energy, in particular photovoltaic cells, are helping homes and businesses generate their own electricity from sunlight with solar panels installed on rooftops. Meanwhile, wind turbines of various sizes located both on land and offshore are harvesting wind energy to feed into the grid. Small and large-scale hydroelectric power plants continue to take advantage of the kinetic energy of flowing water to power homes and industries. Geothermal energy taps into the Earth's natural heat reservoir within the ground to generate thermal power without combustion. Biomass power utilizes various forms of plant and animal matter as feedstock to produce renewable electricity and heat.
Impact on the Environment
The widespread adoption of clean and sustainable energy sources has undeniable environmental advantages compared to fossil fuels. Green electricity generation from renewables does not produce any air or water pollution during operation. Solar, wind, hydro and other eco-friendly technologies do not emit greenhouse gases like carbon dioxide, nitrogen oxides, sulfur oxides and particulate matter that are the leading culprits behind climate change and a host of public health issues. They can be located near population centers without negative consequences. Transitioning to renewables on a large scale will help countries meet their emissions reduction commitments under the Paris Agreement and avoid the worst effects of global warming. At the same time, the clean energy transition is creating many new Green Energy involved in renewable project development, manufacturing, installation, operation and maintenance.
Installed Capacity and Cost Trends
According to the latest data, the total global installed renewable power capacity has crossed 2,500 GW as of 2019. China, the United States and Europe have emerged as the top markets and are continuously adding new solar farms and wind farms each year. The plummeting costs of solar modules and wind turbines have made renewable energy more affordable than before. Recent solar and wind projects are being commissioned without any financial subsidies in many parts of the world due to lower technology costs and higher conversion efficiencies achieved. The levelized cost of energy from utility-scale solar PV and onshore wind farms has fallen dramatically over the last decade and is now lower than or competitive with the marginal cost of coal and natural gas plants in an increasing number of locations worldwide. This improving economic competitiveness without factoring in environmental costs will contribute to faster uptake of green alternatives.
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