Renewable Power Markets and its strong future

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The renewable energy power market is a platform to buy and sell electricity generated from different renewable resources like solar, wind, hydro, biomass, geothermal, nuclear fusion, etc. These sectors involve various stakeholders like RE developers, utilities, consumers, think tanks, research-consulting, and regulatory bodies.

Renewable Energy Power Markets are similar to the regular power markets, with the focus on the renewable regular grid which is gradually converting into a Renewable Energy Grid across the globe. The world "Renewable Foot Prints" is increasing day by day. But still much more to be done with the quantum of the pollution spread and timeline we have.

Some of the Renewable Power Markets that support in minimization of carbon emissions with the following platforms are as follows:

  1. Renewable Energy Certificates (RECs)
  2. International RE Trade
  3. Performance Achieve Trade (PAT)
  4. Clean Development Mechanism (CDM)
  5. Scope 1, 2 and 3
  6. Sustainable Development Goals (SDGs)

The growth of the renewable market is driven by various factors such as technology, environmental concerns, and policy support for supporting clean energy development. These renewable sectorsthe  play a key role in the transition towards sustainability and low carbon emissions in the future.

Some of the following key reasons that support and increase the expectations of the future of renewable power market:

  1. Cost Reduction Methods
  2. Regulatory and Policy Support
  3. Climate Change Mitigations
  4. Technological innovation
  5. Energy Security
  6. Sustainability Development Goals
  7. Public Support, Demand, and Responsibility

Going into details for the above . . . 

Cost Reduction Methods

The advancements of technology change and economic strategies of scale are driving down the costs of renewable energy generation with aggressive targets making the sector more competitive with fossil fuels by matching the tariffs.

Regulatory and Policy Support

Government regulatory bodies across the globe are encouraging and adopting the change over and implementing the policy changes in power and electricity sector regulations. The adoption of renewable energy portfolios, fee in tariffs, tax incentives, and carbon trading are rapidly increasing. 

Climate Change Mitigations

With the initiation of annual COP meetings, which are conducted every November, discussions are made for the collaboration and identification of viable solutions and funds pooling in mitigations of climate change which is an "Urgent Need". Countries are accelerating to transition to renewable energy sources and minimizing to minimal, utilization and production of greenhouse emissions compared with fossil fuels.

Technological Innovation

Technological change is a continuous process, which helps in increasing the energy efficiency of any particular system, process, product, model, machine, methodology, etc. This constant improvement in technology will be present in the renewable energy segment which help in minimizing the cost, making the reliable and feasible power generation in the market.

Energy Security

Renewable are gradually penetrating into different segments like decentralization of household power, street lighting systems, transportation, green hydrogen, transportation systems be minimized (in railways, Ships, aircraft, buses, cars), small and medium wind turbines, and many more different methods are adopted in the utilization of renewable energy in their regulation life. 

With this the dependence on fossil fuels will minimized to zero 

Sustainability Development Goals

United Nations has listed 17 key goals that will drive us towards sustainability which are as follows:

  1.  No Poverty
  2. Zero Hunger
  3. Good Health and well-being
  4. Quality Education
  5. Gender Equality
  6. Clean Water and Sanitation
  7. Affordable and Clean Energy
  8. Decent Work and Economic Growth
  9. Industry, innovation and Infrastructure
  10. Reduced inequalities
  11. Sustainable cities and communities
  12. Responsible consumption and Production
  13. Climate Action 
  14. Life Below Water
  15. Life on Land
  16. Peace, Justice, and Strong Institutions
  17. Partnerships and the goals

To meet the ambitious targets includes sourcing energy needs from renewables which has to be a major contribution that will be driving the demand of renewable PPA in the market.

Public Support, Demand, and Responsibility

The public is gradually showcasing an interest and in understanding the importance of renewable energy and its need. All the citizens of their countries should take climate change as responsibility in mitigating of climate change and reduction of different kinds of pollution in the surroundings and environment and give a bright future to the next generation.

In view of the above, renewable energy is expected to have continuous growth with innovation, integration, and involvement, into the mainstream energy systems which play a vital role in achieving the national goals target in the COP meetings in support of Climate Change.

References:

  1. https://sdgs.un.org/goals

Note: this article is further be updated with new updates and insights . . . 

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