According to the US Energy Information Administration, global energy consumption is expected to increase by almost 50% by 2050.
Demand for renewable energy from most market segments is growing rapidly and is expected to accelerate in 2022.
Large-scale investments in infrastructure, research and technology are needed to meet this growing global demand without resorting to fossil fuels again. In 2021 alone, approximately $ 750 billion will be spent on clean energy technologies, and this amount is considered insufficient to put the energy system on a sustainable path.
As government and private sector spending increase on climate change and environmental, sustainability and governance, investors will see their position increase with demand.
In 2021, the renewable energy sector showed extraordinary resilience after 2020, marked by unprecedented demand.
Despite supply chain constraints, rising transport costs and rising prices for key raw materials, renewable energy prices have fallen faster than expected by the industry and are gradually falling lower than expected fossil fuels.
The sector received a new impetus during COP26, where 197 countries adopted the Glasgow Climate Pact. An indispensable addition to the Paris Agreement, this pact is the first climate agreement that clearly provides for a gradual reduction in coal-fired power generation. It is also the first time that the need for a rapid reduction in the consumption of coal and other fossil fuels has been recognized in a UN climate statement.
Biden’s $ 2 trillion green energy plan aims to completely decarbonise the electricity sector by 2035 before the country reaches carbon neutrality by 2050. This bold strategy is likely to stimulate growth, especially if the proposed law is passed. The solar energy sector, in particular, is expected to expand in 2022 as relevant technologies become more cost-effective. Over the last ten years, the cost of solar photovoltaic devices, which produce electricity from sunlight, has fallen by 8%, making them one of the most economical resources available today. The development of solar and storage facilities, the study of floating photovoltaic modules and the expansion of community solar projects into new markets are some of the developments expected next year.
There is no doubt that the future lies in sustainable energy, especially given the international goal of limiting global warming to 1.5 degrees Celsius. The growing priority given to investment in renewable energy will create 42 million jobs worldwide by 2050, four times more than today.
The global renewable energy market is expected to continue to grow and reach an estimate of $ 1.1 trillion by 2027.
Certificate”Durable energyresearches companies in the clean energy sector, which includes producers of solar, wind, geothermal and hydroelectric power, as well as manufacturers of wind turbines and solar modules. It also offers global popularity with select companies from around the world.