Solar energy market, governed by China, has made a world record in the latest renewable energy production, a capacity attained in the previous year, when the solar power stood for more than twofold the capacity of latest fossil fuel facilities, as mentioned by a UN report. Collectively, the renewable energy had put in 157 GW (gigawatts) of producing capacity globally in the previous year.
Worldwide, a solar power capacity record of 98 GW was set up in the previous year with China adding 53 GW, or more than half, as per the Frankfurt School-UNEP Collaborating Centre, Bloomberg New Energy Finance, and UN Environment. In 2017, the new renewable energy production capacity that also consists of biomass, geothermal, and wind energy, surpassed the 70 GW of new overall potential from fossil fuels, as mentioned by the same report.
Astonishingly, China implemented a sustainable strategy, spending in anti-climate change and renewable energy, whereas the US government is still displaying negligence in this view. The head of UN Environment, Erik Solheim, said, “We’re at a decisive moment … from fossil fuels to the globe of renewables. The marketplaces are present and renewables can contend with coal, renewables can contend with gas and oil.”
Nevertheless, still, fossil fuels govern the prevailing capacity. In 2017, resources of biomass, wind, solar, and other renewable resources produced 12.1% of worldwide electricity, up from 5.2% in the prior decade, as per Erik Solheim.
Governments are been proposed by the climate scientists that renewable energy must become the leading energy resource by mid-century if they desire to fulfill the tougher targets made by the 2015 Paris climate pact to battle global warming.
Worldwide spending on renewable energy elevated by 2%, in 2017, to over 279,000 million, compared to 2016. The largest investments were recorded by China registered in renewable energy, over 126,000 million, the prevalent sum ever registered and signifying 45% of the globe’s total.