A new report by the Renewable Energy Policy Network for the 21st Century (REN21), which is backed by United Nations, reveals that renewable energy sources will overshadow fossil fuels in the future.
Specifically, REN21 found out that businesses, including multi-national corporations, are increasingly looking into clean energy to power up their operations. Christine Lins, the executive secretary of REN21, said:
“[The report] is meant to spur discussion and debate about both the opportunities and challenges of achieving a 100 per cent renewable energy future by mid-century. Wishful thinking won’t get us there; only by fully understanding the challenges and engaging in informed debate about how to overcome them, can governments adopt the right policies and financial incentives to accelerate the pace of deployment.”
Lins added that it has been already three years that the global economy continued to grow, with emissions from the energy sector decreasing. According to her, this is due to significant investments in renewable energy in countries like the US and China.
The REN21 report also cites experts expressing a global transition to 100% renewable energy, with mostly Australian and European experts strongly supporting such a perspective. It notes that the cost of renewables would continue to fall to beat fossil fuels within the next 10 years.
However, the report also presents some challenges in transitioning entirely to the use of renewable energy sources. These include the vested interests in conventional energy solutions in countries like Japan, Africa, and the US; lack of a stable climate for investment; and the lack of long-term policy certainty.
The REN21 report is based on interviews with energy experts from around the world.