Imagine a world free from fossil fuel usage, clean air to breath, no more sea pollution, lower carbon emissions, and, therefore, no danger of global warming. While this might seem like a distant dream, the push for a green future is already making significant differences. Nations are investing more in renewable energy. Studies expect up to 50% of the global power to come from wind and solar sources by the year 2050.
So we decided to identify the leading players in the renewable energy sector around the world.
Which countries are making significant progress in renewable energy investments?
According to the Global Trends in Renewable Energy Investment 2019 report, investments in renewables have quadrupled between 2010 and 2019 as compared to the previous decade. The nations leading investments in renewable energy during this period are:
- China: $758 Billion
- The US: $356 Billion
- Japan: $202 Billion
- Europe: $698 Billion
- (Germany $179 Billion)
Honorable mentions: The UK, India
Countries leading the world in solar energy production
When it comes to renewable energy, envisioning solar panels is the first thing we do. The recent development in technology and production practices have lowered the prices of solar panels, making them more affordable. China leads the world in the net installed solar capacity, over 180 GW. It is likely to outgrow any other nation by a huge margin through 2024. A report published on the World Economic Forum ranks countries in accordance with their cumulative annual PV installations between 2001 and 2024 (expected):
- China (370 GWdc)
- The US (150 GWdc)
- India (105 GWdc)
- Japan (82 GWdc)
- Germany (65 GWdc)
Countries leading the world in other renewable energy segments
Hydropower Installed Capacity
- China (350 GW)
- Brazil (105 GW)
- The US (104 GW)
- Canada (81 GW)
- Japan, India (50 GW each)
Source: 2019 Hydropower Status Report
Wind Power Installed Capacity
- China (221 GW)
- The US (96.4 GW)
- Germany (59.3 GW)
- India (35 GW)
- Spain (23 GW)
Why is renewable energy critical for our planet?
As the world moves towards a technology-driven connected landscape, its energy requirements are bound to grow exponentially, with developing nations catching up with their developed counterparts. The only way our planet can sustain this demand for power is through renewable resources. Installing renewable sources comes with multiple benefits, such as:
No greenhouse gases: As renewable energy comes from natural sources such as sun, wind, and water, we’ll be able to limit greenhouse emissions.
Less reliance on fossil fuels: As our planet has a limited supply of fossil fuels, developing renewable energy infrastructure will lower the world’s dependence on these resources.
Aid in economic development: Studies find that the renewable energy sector can create hundreds of thousands of jobs, and their installation cost is less than the maintenance of existing coal-powered plants.
The Bottom Line
Instead of exploiting natural resources for development, our goal should be to complement natural ecosystems while creating new humanmade ones. At TreeCoin, we aim to live in harmony with nature and develop sustainable production practices for our initiative. Are you interested in finding out more about TreeCoin? Click here to read our white paper.