Renewable Energy Market Driven by Growing Government Support for 100% Renewable
On 26 April 2019, Washington became the sixth U.S. state to pass a 100% renewable energy plan, following in the trail of Hawaii, New Mexico, Washington DC, California, and Puerto Rico. New Mexico and Puerto Rico joined the list on April 24th. This steady rise in the number of states looking to enact 100% renewable energy plans is indicative of the growing demand from the global renewable energy market. The rapid rise of the renewable energy market in recent years has been fueled by the growing awareness about the benefits of renewable energy in comparison to conventional power. Increasing concerns over the adverse effects of burning fossil fuels are likely to drive the global renewable energy market over the forecast period. Here we take a look at some of the key developments in the global renewable energy market and the major segments of the global market likely to dominate the market over the forecast period.
Concord Looks to Set Earlier Deadline than 2050, Puerto Rico Agrees
The city of Concord, U.S., decided to go fully renewable by 2050 in April 2019, but the deadline is already being questioned by some as being too far away in the future. The foundational use of scientific data in this decision making is appreciable, as the members of the city committee cited scientific evidence showing that decarbonizing the economy by 2050 or earlier is the best way to tackle climate change. The city intends to use only cleanly produced electricity by 2030, with further additions to follow in the shape of moves calling for the thermal power of the city to come from renewable sources as well as public transportation to be powered by renewable energy by 2050.
Puerto Rico has expressed similar concerns about the 2050 deadline, citing the need to establish a sustainable energy generation network on the island, which was wracked by recent storms, which knocked out the power infrastructure and left thousands without electricity. The island is entirely dependent on the power distribution infrastructure holding up to what nature has to throw at it and is looking at ways to reduce its dependence on fragile wires. Natural gas is one of the ways mooted in Puerto Rico to reduce the costs of power generation until a more environmentally viable and renewable source of power can be found.
Corporates Going Green
In April 2019, DaVita Inc. and Ball Corporation announced plans to go fully renewable with virtual power purchase agreements. These decisions show the increasing political power of the renewable energy sector, as DaVita has emphasized on their perception of themselves as a community before being a corporation guiding them on this path. The increasing rebates and financial allowances made possible by government regulations aiming to get more power consumers going renewable are likely to encourage such activities in the coming years, leading to steady growth of the renewable energy market.
Smithfield, RAE Launch Innovative Joint Venture in Renewable Natural Gas
In April 2019, Smithfield Foods and Roeslein Alternative Energy (RAE) announced a collaborative project called Monarch Bioenergy, which will produce renewable natural gas from the manure generated on Smithfield’s hog farms in Missouri. At full capacity, the project is expected to generate more than a million dekatherms of renewable natural gas every year.
While natural gas is technically a carbon-based fuel, the way it is produced matters. Natural gas is readily produced on manure aggregation sites such as farms through natural biodegradation processes. Harnessing this gas for human pursuits instead of letting it escape into the atmosphere is a much better use of it from the perspective of human benefit as well as environmental viability, as hydrocarbon-based gases are among the worst offenders in terms of causing the greenhouse effect.
The Asia Pacific to Dominate Global Renewable Energy Market
Asia Pacific is likely to remain the major regional market for the global renewable energy market over the forecast period till 2027, according to Market Research Future (MRFR). The Asia Pacific market is expected to exhibit a CAGR of 8.9% over the forecast period from 2019 to 2027, in contrast to the expected CAGR of 8.53% of the global market for renewable energy. The global renewable energy market is expected to reach a valuation of more than USD 2,900 Billion by 2027.
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