The last few years have been tough, with the effects of climate change bringing extreme weather events to much of the planet. Along with the rise in extreme weather events, the world has watched as politicians have doubted the existence of climate change, despite the overwhelming evidence in its favor. The switch to renewable energy sources has stalled in some parts of the world but has increased globally.
Rated Power reports the current success of renewable energy sources can be traced back to the 1970s. The decade gave us the oil crisis when the U.K. was forced to switch to a three-day working week. To limit the impact of future oil shortages, several major governments switched their focus to renewable energy development. Solar panels had initially been developed for use in space, with the U.S. encouraging their use to generate electricity.
The development of the renewable energy sector has been good for the planet and the economies of several nations. The global renewable energy sector is estimated to be worth $2.6 trillion per year. NES Fircroft reports the main driver of the market is China, with over $750 billion in projects undertaken over the last decade. The European Union was a close rival to China regarding its renewable energy investment, which totaled almost $700 billion. Despite being a driver of the renewable energy sector in its infancy, the U.S. has slipped back to invest just $356 billion from 2010 to 2019.
Solar and wind farms have been the dominant sectors of the renewable energy market for decades and continue to be so. The history of the industry has been hampered by the expense of manufacturing solar panels and wind turbines. The overall cost of manufacturing and installing solar panels and wind turbines has fallen by more than three percent each year since 2010.
The switch to renewable energy sources needs to include these electricity-producing products becoming prevalent in the developing world. The Chinese Government has been encouraging the production of solar panels to allow developing economies the chance to benefit from their use. By increasing the production of renewable energy products, China improves the sector in every part of the world.