The Future Lies in Using Renewable Energy

Renewable Energy Sources Are the Key to the Future

Renewable energy is set to become increasingly popular in the next decade, gradually replacing fossil fuels and reducing greenhouse gas emissions. According to Fatih Birol, the executive director of the IEA, this is a critical time for renewable energy, as technologies like solar and wind power are vital for tackling greenhouse gas emissions, reducing air pollution, and expanding energy access worldwide. Currently, renewable energy sources account for 26% of the world's electricity, but their share is projected to reach 30% by 2024, following a temporary slowdown in 2019 due to falling technology costs and rising environmental concerns.

Onshore Wind Energy Capacity Will Increase 57% By 2024

To generate electricity using wind power, the wind turns the propeller-like blades of a turbine, which in turn spins a generator that generates electricity. Wind power adoption is growing rapidly due to increased capacity. By 2024, onshore wind capacity is expected to expand by 57% to 850 GW. The US and China will lead annual onshore wind additions, followed by the EU. Competitive auctions will continue to keep costs relatively low, resulting in steady growth in Latin America, the MENA region, Eurasia, and sub-Saharan Africa. Offshore wind capacity is expected to triple to 65 GW by 2024, representing almost 10% of total world wind generation. The EU accounts for half of the global offshore wind capacity expansion, with China leading deployment by developing 12.5 GW. The first significant US capacity additions are expected during the forecast period.

Japan Expands Wind Energy

Japan is exploring the possibility of replacing many of their nuclear reactors with offshore turbines, following the country's 2011 nuclear disaster in Fukushima. Recently, Marubeni, a Japanese firm, signed an agreement to build offshore farms in northern Japan, with each farm capable of producing 140 MW of power.

To encourage the construction of wind-based electricity sources, Japanese lawmakers have created regulations that provide developers with more certainty. They have passed legislation outlining competitive bidding processes to reduce building costs and ensure developers consider potential capacity issues. Additionally, the Port and Harbour Law has been revised to encourage the construction of wind turbines in port-associated areas and other locations favourable to wind turbines.

Despite these efforts, grid integration, financing, and social acceptance remain the key challenges to faster wind expansion globally.

To play your part in moving closer to more sustainable energy solutions, contact sales@eveready.co.za