The Future Of Renewable Energy Source
Renewable energy sources such as solar, wind, hydropower, geothermal, and bioenergy have seen tremendous growth in recent years. According to academic.oup.com, renewable energy growth statistics show that these clean energy sources are being rapidly adopted around the world. The costs of renewable energy technologies have fallen dramatically, making them more affordable and accessible. Many countries have implemented policies to encourage the development and use of renewables, recognizing their environmental and economic benefits. Although fossil fuels still dominate the global energy system, renewables are expected to continue their rapid growth and play a major role in the transition to a more sustainable energy future.
Solar Power
Solar power has seen tremendous growth over the past decade, with global solar photovoltaic (PV) capacity reaching over 627 gigawatts (GW) by the end of 2019, an increase of 115 GW from the prior year according to the International Renewable Energy Agency (https://www.dataforma.com/the-future-of-the-solar-industry/). The dramatic drop in the cost of solar panels, combined with favorable policies, has made solar power the fastest growing renewable energy source worldwide.
Projections for the future of solar power are very positive, with consultancy Wood Mackenzie predicting global solar capacity will reach over 4,500 GW by 2030 (https://www.evergensolar.co.uk/residential-solar/why-choose-solar/future-proofing/). Costs are also expected to continue declining, with solar module prices having fallen 89% between 2009 and 2019 according to Wood Mackenzie. Continued technological advances and manufacturing scale will enable further cost reductions for solar PV in the coming decade.
The future is bright for solar power as costs fall and efficiency improves. With supportive policies, solar PV can become the world’s largest source of electricity generation by 2050 according to projections from the International Energy Agency.
Wind Power
Wind power has emerged as one of the most promising renewable energy sources, with global wind capacity reaching over 600 GW by 2018 (Source). Many countries have invested heavily in wind farms, both onshore and offshore. For example, China currently has over 200 GW of wind capacity and plans to expand to over 400 GW by 2030 (Source).
Offshore wind holds great potential, especially in Europe. The UK plans to expand offshore wind capacity from 8 GW to 30 GW by 2030. According to the International Energy Agency, offshore wind capacity may reach 230 GW globally by 2030 if current growth trends continue (Source).
The future outlook for wind power is promising, with costs continuing to fall and many countries establishing ambitious wind expansion targets. Key drivers include technology improvements, larger and more efficient turbines, supportive government policies, and the urgency of reducing carbon emissions (Source). Wind is on track to supply 20-35% of global electricity by 2050. However, intermittency and transmission infrastructure remain challenges to further growth.
Hydropower
Hydropower is the largest source of renewable energy in the United States, providing over 7% of the country’s electricity generation. As of 2019, hydropower had over 80,000 megawatts of installed capacity, mostly from large dams and reservoirs (Hydropower: The Next Frontier).
However, building large new hydropower dams has become more challenging due to environmental concerns and suitable site limitations. Existing dams are also aging and in need of upgrades (Hydropower: The Next Frontier).
Emerging hydropower technologies like tidal power and wave power may offer new opportunities. Tidal power harnesses energy from the rise and fall of tidal waters, while wave power captures energy from ocean surface waves. These technologies are still in early development stages but have potential for future growth (Building on a Legacy Resource).
Overall, hydropower will continue playing a major role in renewable energy but will need technological innovation and policy support to address existing infrastructure challenges and expand capacity.
Geothermal
Geothermal energy has significant untapped potential as a renewable energy source. Conventional geothermal power plants use naturally occurring reservoirs of steam or hot water to produce energy. However, enhanced geothermal systems (EGS) can tap into the heat beneath the earth’s surface to produce geothermal energy almost anywhere. EGS involves injecting fluid into hot rocks deep underground to extract heat and use it to generate electricity via geothermal power plants. According to the U.S. Department of Energy, EGS could provide over 100 gigawatts of electricity in the future, supporting baseload capacity.
With improved technologies for accessing deeper and hotter regions underground, the potential of geothermal is vast. Emerging techniques like supercritical geothermal systems can access extremely high temperatures in the range of 350-400°C. Advanced drilling methods, fracture stimulation, and reservoir engineering can unlock new geothermal resources. While geothermal currently provides only about 0.4% of U.S. power generation, next-generation technologies could dramatically boost its capacity and make it a major renewable electricity source.
Bioenergy
Bioenergy refers to energy generated from organic matter, called biomass. Biomass can be used directly for heating and electricity or converted into liquid biofuels like ethanol and biodiesel for transportation.
Global bioenergy production capacity is expected to grow substantially in the coming decades. According to The future of bioenergy, biomass is projected to provide 125–185 exajoules (EJ) of energy by 2050, meeting 20-25% of global energy demand. This growth will be driven by expanded biogas and biofuel production from agricultural residues, municipal solid waste, and dedicated energy crops.
Advanced biofuels derived from algae and waste streams are also poised for rapid growth. These fuels have advantages over first-generation biofuels like corn ethanol, with lower land and resource requirements. Significant research is underway to develop efficient processes for converting algae and waste into usable fuels.
Energy Storage
Energy storage is critical for enabling the widespread adoption of renewable energy sources like solar and wind power. Renewables are intermittent – solar power only works when the sun is shining, and wind power is dependent on windy conditions. Large-scale energy storage allows renewable power to be saved and dispatched whenever it is needed (1).
Currently, pumped hydro is the predominant form of grid-scale energy storage, accounting for around 95% of global storage capacity. However, batteries are emerging as a promising technology that can be deployed at a wide range of scales. Lithium-ion batteries have fallen dramatically in cost over the past decade, making them economical solutions for certain applications. Continued declines in battery prices and improvements in performance will enable larger-scale deployments for grid storage in the future (2).
Beyond lithium-ion, new battery chemistries are being researched and developed, including solid-state batteries, flow batteries, and sodium-ion batteries. These emerging technologies could provide safer, cheaper, more scalable alternatives to lithium-ion. Some new material science breakthrough will likely be required for batteries to fulfill their potential as a primary form of energy storage.
In addition, technologies like compressed air storage, thermal storage, gravity storage, and hydrogen storage are all being investigated as potential large-scale storage solutions. Each technology has different attributes in terms of capacity, efficiency, and costs. An array of storage solutions will likely be needed to fully transition the grid to renewable power.
Sources:
(1) https://energy.mit.edu/research/future-of-energy-storage/
(2) https://sustainablefuturenews.com/features/the-future-of-energy-storage-batteries-and-beyond/
Smart Grids
Smart grids will play a key role in supporting growth in renewable energy. Smart grids use digital communications technology to detect and react to local changes in electricity usage (1). This allows the grid to efficiently integrate distributed renewable energy sources like rooftop solar panels. Smart grids also support two-way communication between utilities and customers, enabling features like smart meters.
Microgrids are smaller distributed grids that can disconnect from the main grid and operate autonomously (1). Integrating microgrids into the broader smart grid allows communities and companies to utilize local renewable power while remaining connected to the main grid as needed. Microgrids can also improve resilience if the main grid goes down.
Smart meters provide real-time energy use data to both utilities and consumers (2). This empowers consumers to better understand and manage their energy use. For utilities, smart meters enable more optimization of supply and demand to accommodate variable renewable sources. While smart meter adoption in the U.S. is around 60%, further deployment can support the growth of renewable energy (3).
Overall, smart grids allow efficient coordination of our complex web of energy producers, storage, and users. Continued innovation and investment in smart grid infrastructure is critical to enabling a renewable energy future.
Sources:
(1) https://www.pnnl.gov/explainer-articles/smart-grid
(2) https://www.ey.com/en_us/power-utilities/five-steps-to-future-proof-the-grid
(3) https://www.energy.gov/oe/articles/what-smart-grid-means-you-and-people-you-represent
Policy Support
Government policies around the world are seeking to accelerate the transition to renewable energy through a combination of targets, subsidies, and regulations. Many countries have set ambitious renewable energy targets, such as the European Union’s goal for 32% of energy to come from renewables by 2030 (COP25: assessing progress in renewable energy policy). Governments offer subsidies like tax credits, grants, and feed-in tariffs to support renewable energy projects and make them more financially viable (Eulogizing Renewable Energy Policy). Regulations are also playing a role, with renewable portfolio standards requiring utilities to source a minimum portion of electricity from renewables.
Major corporations have made substantial renewable energy commitments as well, contracting for clean energy to power their operations. In 2019, corporations signed contracts for over 19 gigawatts of renewable energy, more than double the amount in 2018 (309 EULOGIZING RENEWABLE ENERGY POLICY). Companies like Google, Apple, and Amazon are some of the largest corporate renewable energy purchasers. Overall, supportive policies by governments and businesses are critical to driving the ongoing growth of renewables.
Conclusion
In summary, renewable energy sources like solar, wind, hydropower, geothermal, and bioenergy have enormous potential to meet the world’s growing energy demands in a sustainable way. As the costs of renewable technologies continue to fall, and with the right policy support, their deployment can dramatically scale up to displace fossil fuels. Renewable energy offers many benefits – clean electricity production, energy security, economic growth, and reduced emissions. With renewable energy growing steadily as a share of the global energy mix, the future is bright for its continued expansion and adoption worldwide.
To fully realize the potential of renewable energy, governments, businesses, and individuals should actively support its ongoing development and use. Policies like incentives, investments in R&D, upgrades to electricity grids, and commitment to clean energy targets can accelerate the transition. Consumers can also help by choosing renewables for their home energy needs. The faster renewable energy is embraced, the quicker its positive impacts can be felt economically, socially, and environmentally. The technology exists to transition our energy system – with the right action and commitment, a renewable energy future is within reach.
