Thanks to the huge amount of investment into Renewable Energy over the span of 2015 and early 2016, clean energy levels have hit an all-time high and are reaching record breaking rates. According to the BBC, more than 8 million people in the world are now employed in the Renewable energy sector.
2015 also saw a great deal more emerging economies invest in Renewable energy as opposed to fossil fuels. Over the last 3 years, investment in Renewables has considerably increased to the point where reports are showing record breaking peaks in renewable energy supply. Out of the countries across the globe, the USA, China, Japan and the United Kingdom were amongst the regions that contributed most to these booming figures. Fossil fuel prices have dropped enormously, but apparently, so has the costs of renewables. China, being the global leader in the renewable industry, accounted for over one third of the world’s renewable energy total.
The fact that emerging economies are now investing more into clean energy than other richer companies, is proving that renewable costs have considerably dropped, which has given these countries the ability to do this. These countries also have the largest increases in demand for energy, being that they are emerging, which is again reflected in these growth figures.
It’s important to consider that the planet is making a huge effort to combat climate change, which is pushing many countries to increase their investment in renewable energy. The 2008 Climate Change Act was the world’s first legally binding climate change target. The UK in particular, plans to reduce its greenhouse gas emissions by at least 80% by 2050.