Global Renewable Energy Sources and Solar Energy

Global Renewable Energy Sources are changing

Hydro-power, or energy from water driven sources, has long been the main renewable energy source. From ancient times rivers were mankind’s primary source of energy. Powering mills for grinding grain, flourishing cities grew up along their banks. They generated the power that produced the flour that mankind needed. However the past few decades have seen it decline as other global renewable energy sources take over.

Solar, wind, geothermal and modern biofuel sources are steadily taking over. These are the global renewable energy sources of the future.

Solar energy as the global renewable energy of choice

There is no downplaying the role of solar energy in mankind’s quest for a sustainable future. Right now, it is the technology that is readily available. An economically viable option for both the private and industrial sectors.

It is a sector that is constantly developing and improving. There is also no shortage in terms of investments—whether it’s from governments or from private sectors all around the world.

Global renewable energy is set for a spike

According to the most recent estimates by the International Energy Agency, global renewable energy capacity is slated for a 50% spike between 2019 and 2024. Of that growth, a whopping 60% is going to be driven by solar alone.

That’s how pivotal solar is in the grand scheme of things. If humanity is going to reach the lofty sustainability goals it needs to preserve the environment, there needs to be further growth in renewables. With solar leading the charge, we are on the right track—even though it might still not be enough.

Keeping things connected

There needs to be an increased effort to get more installations and additional capacity, and not just in solar. The deployment of more solutions and the creation of more developments and infrastructure is the goal. A much needed step is to keep global renewable energy initiatives and objectives moving ahead. Every little bit helps, and solar is the most accessible option at the moment, at least as far as renewables are concerned.

Improvements in efficiency as well as in storage technology are all going to help to achieve this in the long term. There is also the aspect of inter-connectivity and integration with other renewable sectors. The overlap in terms of technology and applications will further help accelerate efforts for better renewable tech regardless of source.

Challenges facing Solar

Despite the current developments and investment in solar power, there are still a number of challenges that will affect installations and deployment.

First and foremost among these is the changing regulatory mindset. Some governments are now changing the way they approach policy-making in relation to the solar industry Some of these can negatively impact current progress and the momentum of solar energy in the relevant locations.

In addition, there are new reforms needed in order to ensure that the growth of the solar industry is sustainable. This applies especially where Photo Voltaic installations are concerned.  These reforms have to do not just with policy but also with the tariffs associated with solar. There is a delicate balance that must be struck between various stakeholders within and around the solar industry.

The challenge for Solar investors

Another challenge is the still-risky environment for investors. Putting down large sums for either research or the building of infrastructure and facilities does not ensure profitability. But with sinking costs and rising demand for solar energy, many of these risks are minimal. This allows entities to continue investing with relative confidence.

The future of renewable’s

Humanity continues to commit more and more into renewables as the way of the future. There is no doubt whatsoever that solar will play a key role. The sheer potential that it still holds for unlocking other renewable avenues has not yet been explored. Its contributions to the global renewable energy efforts make solar as indispensable as ever.