Renewable Energy Gains Momentum in Global Energy Market

Renewable energy has been making strides in recent years, with a significant increase in global capacity and investment. According to the International Energy Agency (IEA), renewable energy accounted for 26% of global power generation in 2020, up from 21% in 2010.

### The Rise of Solar Power

Solar energy has been a driving force behind this growth, with installed capacity increasing by 17% in 2020 alone. The cost of solar panels has decreased dramatically over the past decade, making it more competitive with fossil fuels. In the United States, solar power accounted for 2.2% of electricity generation in 2020, up from 0.1% in 2010.

### Wind Power’s Resilience

Wind energy has also seen significant growth, with installed capacity increasing by 12% in 2020. Offshore wind farms in particular have become a major player, with the UK’s Hornsea 1 project being one of the largest in the world. The cost of wind energy has decreased by 69% over the past decade, making it a viable option for many countries.

### Hydrokinetic Power Emerges

Hydrokinetic power, which harnesses the energy of moving water, is another area of growth. The world’s first commercial tidal power plant was launched in 2011, and several other projects are in development. Hydrokinetic power has the potential to provide a significant portion of the world’s energy needs.

### The Future of Renewable Energy

The future of renewable energy looks bright, with many countries setting ambitious targets to reduce their carbon footprint. The European Union, for example, has set a goal of at least 32% of its energy coming from renewable sources by 2030. The United States has also set a goal of generating 20% of its energy from wind and solar power by 2030.