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Renewable Energy Growth To Outstrip Fossil Fuels

Renewable energy consumption is set to grow over the next few years, and according to a new report from the Economist Intelligence Unit, said growth will outstrip growth in the fossil fuel industry.

Despite this growth, non-fossil fuels are faced with political challenges that may hamper their ability to flourish.

Renewables are a growing commodity that, to the surprise of nobody, is taking up a lot of the attention of utilities and energy companies the world over. Add to that the declining reliance upon fossil fuels such as coal and oil — be it for environmental reasons, or for fear of investing in an energy strategy which may very well end up stranded — and renewable energy is a sure fire win.

Economist-1

However, as the report’s authors write, “non-fossil fuels lack the overarching policy support they need to make faster progress globally.”

The report, which investigated six industries and their prospects for 2015, highlighted the massive part China is having on the global energy scene.

According to the report, “China consumes almost one-half of all the coal burnt each year,” but as we have already seen, the country is also trying to make steps towards minimising their use of coal, the pollution that stems from coal use, and are even addressing the type of coal they use, ensuring that they use ‘cleaner’ coal.

China is also one of the major renewable energy giants, and the Economist believes that it will reach its 100 GW target for wind power generating capacity sometime this year. “Solar installations, too, will spread apace in the world’s biggest market for photovoltaic equipment,” the authors write.

Chinas has long been a focus of renewable energy proponents, as can be seen by treading back through CleanTechnica’s archives. Not only is China looking to mitigate its pollution and carbon emissions, but they are doing so by doubling-down on renewable energy’s. 2015 will prove a strong year for China’s energy industry’s, and hopefully we will continue to see the country make strides to minimise their carbon footprint.

 
 
 
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