"As their costs continue to fall, renewable power sources are increasingly standing on their own merits versus new fossil-fuel generation," said Maria van der Hoeven, executive director of the IEA.
On Tuesday, American President Barack Obama revealed his plans to reduce carbon emissions by transitioning away from fossil fuels to renewable alternatives. "I'm setting a new goal," the President said. "[The U.S.] federal government will consume 20% of its electricity from renewable sources within the next seven years."
The IEA’s study analyzed trends in the global market, and expects over 20 countries to see an increase in clean power production. And not minimal, either – an increase by at least 40% during the next half-decade! In fact, the study predicts that green energy will comprise nearly 1/4th of the global market by 2018, up 20% from a similar study done a few years ago. That’s a remarkable turnaround when you consider the current state of the climate crisis.
So, why the sudden progress?
Countries like China and India are turning to renewables more and more in order to meet their staggering energy demands. These markets will offset the slowed growth in the U.S. and Europe.
It also helps that the cost of green energy has gone done significantly since the turn of the century. Wind turbines can now stay competitive with coal and oil-burning power plants in a number of countries, including New Zealand, Brazil, and Turkey.
Even the use of biofuels, which recycle agricultural waste, is up. The study predicts that “more than 50 countries will be generating more than 100 megawatts of electricity using biofuels by 2018.”
For years now, NRGLab has been developing high-efficiency gasification techniques, turning agricultural waste, rice husks, coal, and natural gas into cleaner-burning fuels. If you’re interested in learning more about NRGLab’s innovative energy projects, visit our website at nrglab.asia.
Make sure you’re there to cash in on the looming golden age of green energy.
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