The latest report from Wintergreen Research suggests that it will take $70 trillion to bring the world to 100 percent renewable energy.
The study report, “Global Renewable Energy – Making Renewable Energy the Only Global Energy,” documents the elements causing the evolution of the global renewable energy market, illuminating the factors driving market growth, such as corporate initiatives, CSP projects, awareness of climate change and corresponding weather events, as well as increased investment and support from the financial sector in renewable energy projects.
Influence of corporate initiatives
Corporates are increasingly making an effort to transform their business practices to become 100 percent renewable and the study provides a model, based on these case studies, for how this is driving market evolution and creating opportunities in the renewables sector.
One of the main elements in the evolution of the global market is that of energy storage, a key avenue to gain a strategic advantage for all renewable energy players.
Batteries are changing in response to the implementation of renewable energy systems and electric vehicle uptake. A variety of innovations will see the development of solid-state batteries, as well as miniaturized, standalone, and portable batteries, thanks to advances in nanotechnology.
Advances to utility-scale lithium flow batteries offer advantages to power density and any limitations to installation are being addressed by vendors. Ultimate, demand for utility-scale storage is on the rise, as the value it provides is recognized to decrease variability in generation and balance the grid.
Behind-the-meter storage is used increasingly to provide system services on top of customer applications. The total demand for batteries from the stationary storage and electric transport sectors is dependent on the will of the people to move away from carbon-emitting and gas-emitting fuels to clean-energy options. This trend is on the rise as people become more aware of their footprint and government policy supports the change.
For the full report and further details about the research, click here.