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  • Overview
  • History
  • Mainstream Technologies
  • Emerging Technologies
  • Integration of variable renewable energy
  • Economics
  • -Supply
  • -Demand
  • -Cost
  • -Investment
  • -Employment?
  • (Move individual technology trends to other pages)
  • Policy
  • -Geopolitics
  • Debate
  • -Environmental impact
  • Gallery
  • See Also
  • Notes
  • References


Economics

Main article: Renewable energy commercialization

Supply

Investment: Companies, governments and households committed $501.3 billion to decarbonization in 2020, including renewable energy (solar, wind), electric vehicles and associated charging infrastructure, energy storage, energy-efficient heating systems, carbon capture and storage, and hydrogen.[1]
Renewable energy investment by region
Past costs of producing renewable energy declined significantly, with 62% of total renewable power generation added in 2020 having lower costs than the cheapest new fossil fuel option.[2]
Levelized cost: With increasingly widespread implementation of renewable energy sources, costs have declined, most notably for energy generated by solar panels.[3]
Levelized cost of energy (LCOE) is a measure of the average net present cost of electricity generation for a generating plant over its lifetime.
In 2020, renewables overtook fossil fuels as the European Union's main source of electricity for the first time.[4]
Comparing worldwide energy use, the growth of renewable energy is shown by the green line[5]

From the end of 2004, worldwide renewable energy capacity grew at rates of 10–60% annually for many technologies. In 2015 global investment in renewables rose 5% to $285.9 billion, breaking the previous record of $278.5 billion in 2011. 2015 was also the first year that saw renewables, excluding large hydro, account for the majority of all new power capacity (134 GW, making up 54% of the total).[citation needed] Of the renewables total, wind accounted for 72 GW and solar photovoltaics 56 GW; both record-breaking numbers and sharply up from 2014 figures (49 GW and 45 GW respectively). In financial terms, solar made up 56% of total new investment and wind accounted for 38%.

In 2014 global wind power capacity expanded 16% to 369,553 MW.[6] Yearly wind energy production is also growing rapidly and has reached around 4% of worldwide electricity usage,[7] 11.4% in the EU,[8] and it is widely used in Asia, and the United States. In 2015, worldwide installed photovoltaics capacity increased to 227 gigawatts (GW), sufficient to supply 1 percent of global electricity demands.[9] Solar thermal energy stations operate in the United States and Spain, and as of 2016, the largest of these is the 392 MW Ivanpah Solar Electric Generating System in California.[10][11] The world's largest geothermal power installation is The Geysers in California, with a rated capacity of 750 MW. Brazil has one of the largest renewable energy programs in the world, involving production of ethanol fuel from sugar cane, and ethanol now provides 18% of the country's automotive fuel. Ethanol fuel is also widely available in the United States.

In 2017, investments in renewable energy amounted to US$279.8 billion worldwide, with China accounting for US$126.6 billion or 45% of the global investments, the United States for US$40.5 billion, and Europe for US$40.9 billion.[12] The results of a recent review of the literature concluded that as greenhouse gas (GHG) emitters begin to be held liable for damages resulting from GHG emissions resulting in climate change, a high value for liability mitigation would provide powerful incentives for deployment of renewable energy technologies.[13]

In the decade of 2010–2019, worldwide investment in renewable energy capacity excluding large hydropower amounted to US$2.7 trillion, of which the top countries China contributed US$818 billion, the United States contributed US$392.3 billion, Japan contributed US$210.9 billion, Germany contributed US$183.4 billion, and the United Kingdom contributed US$126.5 billion.[14] This was an increase of over three and possibly four times the equivalent amount invested in the decade of 2000–2009 (no data is available for 2000–2003).[14]

Selected renewable energy global indicators 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Investment
Investment in new renewable capacity
(annual) (billion USD)		 182 178 237 279 256 232 270 285.9 241.6 279.8 289 302 304
Power
Renewables power capacity (existing) (GWe) 1,140 1,230 1,320 1,360 1,470 1,578 1,712 1,849 2,017 2,195 2,378 2,588 2,839
Hydropower capacity (existing) (GWe) 885 915 945 970 990 1,018 1,055 1,064 1,096 1,114 1,132 1,150 1,170
Solar PV capacity (grid-connected) (GWe) 16 23 40 70 100 138 177 227 303 402 505 627 760
Wind power capacity (existing) (GWe) 121 159 198 238 283 319 370 433 487 539 591 651 743
Heat
Solar hot water capacity (existing)
(2008-2018 GWth, 2019-2020 EJ)		 130 160 185 232 255 373 406 435 456 472 480 GWth
(1.4 EJ[15])		 1.4 1.5
Transport
Ethanol production (annual) (billion litres) 67 76 86 86 83 87 94 98.8 98.6 106 112 114 105
Biodiesel production, fatty acid methyl ester
(annual) (billion litres)		 12 17.8 18.5 21.4 22.5 26 29.7 30.1 30.8 31 34 47 39
Policy
Countries with renewable energy targets 79 89 98 118 138 144 164 173 176 179 169 172 165
Source: REN21[16][17][18][19][20][21][22][23][24][15][25]

Employment

Renewable power has been more effective in creating jobs than coal or oil in the United States.[26] In 2016, employment in the sector increased 6% in the United States while employment in the oil and gas sector decreased 18%. Worldwide, renewables employ about 8.1 million people as of 2016.[27]

  1. ^ "Energy Transition Investment Hit $500 Billion in 2020 – For First Time". BloombergNEF. (Bloomberg New Energy Finance). 19 January 2021. Archived from the original on 19 January 2021.
  2. ^ "Majority of New Renewables Undercut Cheapest Fossil Fuel on Cost". IRENA.org. International Renewable Energy Agency. 22 June 2021. Archived from the original on 22 June 2021. ● Infographic (with numerical data) and archive thereof
  3. ^ Chrobak, Ula (author); Chodosh, Sara (infographic) (28 January 2021). "Solar power got cheap. So why aren't we using it more?". Popular Science. Archived from the original on 29 January 2021. {{cite news}}: |first1= has generic name (help) Chodosh's graphic is derived from data in "Lazard's Levelized Cost of Energy Version 14.0" (PDF). Lazard.com. Lazard. 19 October 2020. Archived (PDF) from the original on 28 January 2021.
  4. ^ "The European Power Sector in 2020 / Up-to-Date Analysis on the Electricity Transition" (PDF). ember-climate.org. Ember and Agora Energiewende. 25 January 2021. Archived (PDF) from the original on 25 January 2021.
  5. ^ Statistical Review of World Energy, Workbook (xlsx), London, 2016
  6. ^ "GWEC Global Wind Statistics 2014" (PDF). GWEC. 10 February 2015.
  7. ^ The World Wind Energy Association (2014). 2014 Half-year Report. WWEA. pp. 1–8.
  8. ^ "Wind in power: 2015 European statistics- EWEA" (PDF).
  9. ^ Hunt, Tam (9 March 2015). "The Solar Singularity Is Nigh". Greentech Media. Retrieved 29 April 2015.
  10. ^ "World largest solar thermal plant syncs to the grid". Spectrum.ieee.org. Retrieved 28 November 2014.
  11. ^ "World's Largest Solar Thermal Power Project at Ivanpah Achieves Commercial Operation" Archived 29 January 2016 at the Wayback Machine, NRG press release, 13 February 2014.
  12. ^ Cite error: The named reference europa.eu was invoked but never defined (see the help page).
  13. ^ Heidari, Negin; Pearce, Joshua M. (2016). "A Review of Greenhouse Gas Emission Liabilities as the Value of Renewable Energy for Mitigating Lawsuits for Climate Change Related Damages". Renewable and Sustainable Energy Reviews. 55C: 899–908. doi:10.1016/j.rser.2015.11.025.
  14. ^ a b "Global Trends in Renewable Energy Investment 2020". Capacity4dev / European Commission. Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance; BloombergNEF. 2020.
  15. ^ a b REN21 Renewables Global Status Report 2020, p. 35.
  16. ^ REN21 Renewables Global Status Report 2011.
  17. ^ REN21 Renewables Global Status Report 2012.
  18. ^ REN21 Renewables Global Status Report 2013.
  19. ^ REN21 Renewables Global Status Report 2014.
  20. ^ REN21 Renewables Global Status Report 2015.
  21. ^ REN21 Renewables Global Status Report 2016, p. 19.
  22. ^ REN21 Renewables Global Status Report 2017, p. 21.
  23. ^ REN21 Renewables Global Status Report 2018, p. 19.
  24. ^ REN21 Renewables Global Status Report 2019, p. 19.
  25. ^ REN21 Renewables Global Status Report 2021, p. 40.
  26. ^ Gunter, Linda Pentz. "Trump Is Foolish to Ignore the Flourishing Renewable Energy Sector". Truthout.
  27. ^ "Renewable Energy Employs 8.1 Million People Worldwide". United Nations Framework Group on Climate Change. 26 May 2016. Retrieved 18 April 2019.
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