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How the Renewable Energy Industry Has Grown in Recent Years

INTRO


Renewable energy is a rapidly growing industry with immense potential. It is also an important step in mitigating the effects of climate change. The IPCC’s 5th Assessment Report states that mitigation of climate change will require a large-scale transformation of the energy sector.


A decarbonized energy system is one where carbon dioxide emissions are significantly reduced or eliminated. This can be achieved through the use of renewable energy sources, such as solar, wind, and hydro power.


The growth of renewable energy is often hindered by a lack of awareness, high upfront costs, and a lack of political support. However, the benefits of renewable energy are many and varied. They include a reduction in carbon emissions, improved air quality, and increased energy security.


This blog discusses the growth of renewable energy in the world and the benefits it brings.


IMPORTANCE


Renewable energy sources have numerous benefits for our planet. Renewable energy is clean and does not produce dangerous emissions that can contribute to climate change. It is also more cost-effective than traditional energy sources, as renewable energy sources are able to generate power much more cheaply than fossil fuels.


Investment in renewable energy has grown significantly in recent years, with more and more people and businesses investing in renewable energy technologies. This trend is expected to continue as renewable energy becomes more widely adopted and accepted.


The growth of the renewable energy industry is a positive step towards a more sustainable future. By investing in renewable energy sources, we can reduce our dependence on fossil fuels and help to protect our planet from the effects of climate change. With continued investment and innovation, renewable energy sources will become increasingly viable options for powering our lives.


REASONS FOR GROWTH


The world is increasingly turning to renewable energy sources to meet its energy needs. Solar, wind, and hydroelectric power are all examples of renewable energy sources that are becoming more and more popular around the world.


There are many reasons for this sudden growth in renewable energy, but one of the main factors is the increasing cost-competitiveness of renewables compared to traditional sources of energy such as coal and natural gas. In addition, the falling costs of renewable energy technologies, such as solar and wind, have also played a role in driving this growth.


As the world continues to grow and energy needs increase, it's likely that renewables will play an even bigger role in meeting global energy demand.


China, India, and the United States are some of the leading nations in terms of renewable energy growth, with China alone accounting for nearly half of the world's total renewable energy capacity.


INDIA


In India, the renewable energy sector has been growing rapidly in recent years. According to the latest data from the Ministry of New and Renewable Energy (MNRE), the installed capacity of renewable energy in India has reached 175.88 GW as of March 2020. This is an increase of over 14% from the previous year. The growth of renewable energy in India is being driven by several factors, including the increasing cost of fossil fuels, the need to reduce carbon emissions, and the government's goal of achieving 175 GW of installed renewable energy capacity by 2022. With the right policies in place, India is well on its way to becoming a world leader in renewable energy.


CONCLUSION


In conclusion, the growth of the renewable energy industry in India is inevitable. With the increase in awareness of the importance of sustainability, the world is shifting its focus to renewable energy sources. India has taken several steps towards a sustainable future, and in the coming years, the world is going to face a massive shift in its consumption of carbon-based fuels to a carbon-less energy source.


As more people and businesses invest in renewable energy sources, we can look forward to a future powered by clean, renewable energy.

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