Unprecedented Growth of Renewable Energy Industry
The rapidly growing renewable energy sector points to a promising future.
Employment rates followed a similar trend; with over 8 million employees in 2015, the renewable industry saw a 5% increase in employment rate whereas the non-renewable industry experienced a drop of 18%. The renewable energy sector now accounts for 25% of the world’s energy supply; it contributes to over 44% of the total EU energy capacity. Possible drivers of this trend include increased awareness of climate change, encouragement by governments to adopt sustainable eco-friendly practices and advancements in technological and communications industries.
However, the industry still faces an uphill battle against existing fossil fuel subsides. Other challenges include cost reduction, general lack of awareness/ indifference to climate change and differing regulatory requirements across the globe.
Portugal recently ran the entire country on solely renewable energy resources for 4 days. This tremendous achievement sets an example for the rest of the world and is a great example of the sustainable transition towards a low-carbon, renewable resource oriented, circular economy.