The renewable energy sector has been mainly overlooked in the modern era in comparison to its alternative, the fossil fuel industry. In the last few decades, however, innovations in technology coupled with a greater awareness of ecological implications have led the charge for a renewed interest in age-old alternative energy sources. This article discusses the latest technology, investment, and employment trends in the renewable energy sector and what they mean for the upcoming years.
Developing nations that are adopting renewable energy sources are finding that off-grid or small, decentralized mini-grids are more effective, sustainable and reliable than the larger grid systems that developed nations rely on. This technology trend toward smaller grids is also more affordable. Charles Keter, the energy secretary of Kenya, expressed his view that Kenya’s goal of universal energy access by 2020 would be unachievable without these off-grid systems.
Another technology trend that will likely explode in the coming years is internet-based transaction systems that allow small-scale investors to give money to global renewable energy projects. The technology involves global crypto-currencies and blockchain systems. These technologies suffocate attempts to scam global investors by creating a permanent system of verifiable and recordable transactions. Blockchain systems, like the one used in the Sun Exchange, can allocate solar asset ownership and ensure that payments are appropriately sent back to investors and owners. The micro-payments are made possible by taking advantage of Bitcoin, a popular crypto-currency.
There are several technologies being developed to improve energy storage for the grid. The current mainstream technology for storage is the lithium ion battery because it provides the most effective solution, but at least three upcoming technologies are being tested that promise even more desirable results.
The UN recently released their report on global trends related to renewable energy investment for 2017. Their studies concluded that renewable energy sources are being invested in at twice the rate of investment in fossil fuels. The report explained that about 55 percent of all new power corresponded to the new capacity of renewable energy sources.
One surprising reason that investments in renewable projects are on the rise is because of new internet-based transactions systems. Technologies like crypto-currencies and blockchains are increasing the ability of individuals to invest in small or large-scale renewable energy projects around the globe. Another reason that investments are increasing is because of a collective change in consciousness around the globe. Individuals, especially in the younger generations, are collectively choosing to reject fossil fuels in favor of preserving our planet.
Allen & York released a report on global employment trends in the renewable industry and found that there are currently over 9.4 million renewable energy sector employees. The leading countries in the sector are China, Brazil, the U.S., India, Japan and Germany. China leads the sector employing over 3.5 million people alone and contributing over a third of the globe’s renewable energy capacity. Last year, the United States increased employment in the sector by 6 percent. The UK’s political atmosphere resulted in a change in government subsidies over the past year, so their renewable energy marketplace has slowed down. The change has seen a shift from employing workers for development to employing workers for operations and management positions.
Bloomberg reports that the global generation capacity of solar and wind power will increase from 3 percent to 16 percent by 2030. We should expect to see large-scale solar energy projects emerging in places like India and Latin America that are lacking in infrastructure. Hydropower, however, is predicted to see the biggest increase in spending over the next few years.
Developing nations will increasingly shift investments to cheaper alternative energy sources, while developed countries will be forced to reduce fossil fuel consumption in order to reduce CO2 emissions set by global committees. Big businesses are recognizing the economic impact of supporting negatively-viewed sectors, like the fossil fuel industry. Customers are increasingly throwing support towards more green companies that invest in renewables. Major investors agree that choosing to invest in renewable energy is a low-risk and profitable decision. Investors are likely to see major growth in the coming years.
ETF Daily News explains simply, “if there is one clear trend in this world, it certainly is the green trend.” The latest technology, investment and employment trends in the renewable energy sector all suggest an uptick in 2017 and 2018. Despite President Trump’s denial of climate change, the majority of individuals recognize the environmental implications of continued reliance on fossil fuel energy sources. The options for fossil fuel reliance are limited and global citizens are uniting to take a stand against dangerous oil extractions and decades of continuous oil-based wars. We are taking a stand for renewable alternative energy sources.
