The future is green: the continuing success of renewable energy
With his pro-coal, climate-sceptic stance, the ascendancy of Donald Trump as president of the United States has prompted fears as to the future of the support of renewable energy. The uncertainty of Brexit also leaves the renewables sector of the UK in an unpredictable trajectory.
However, these fears are perhaps unwarranted as solar and wind power continues to present massive potential for job creation and greater self-sufficiency, making the renewable energy sector a fantastic area for investment.
Here are three ways the sector might generate growth:
1) Falling Costs
The momentum of renewable energy continues to grow due to rapidly declining costs and a genuine interest to pursue further investment in green energy amongst consumers and businesses worldwide. Renewables are quickly reaching the same cost as electricity from the mains supply. This makes it a logical investment for the future, that will soon be more economically viable as an energy source than that of fossil fuels.
2) UK Keen On Green Energy Post-Brexit
Investors are now becoming wary of being left behind and are making real efforts to stay at the forefront of our energy demand through supporting green energy. Big companies such as Apple and Google have been at the forefront of pushing this agenda. This is likely to continue despite any intervention by the government. Research and development budgets are huge at both corporations.
In the UK, many of the green energy directives were driven in part by the EU. The post-Brexit climate casts the renewables sector into uncertainty, but it is unlikely that the UK government would turn away from renewable energy when there is so much evidence pointing towards continued market growth in green energy.
There is a number of projects in the pipeline to harness the potential of tidal energy around the UK. The proposed tidal lagoon power plant at Swansea Bay pioneering this future source of energy.
3) Energy Demands In Asia
However, it is neither the US nor Europe who have seen the biggest growth in renewable energy. It is in fact markets in Asia which are seeing the biggest investments, driven by continuing falling costs, but also the potential for a large growth in export markets, particularly in solar energy.
The modernisation of countries such as India and China also means a rising need for greater energy capabilities. With green energy hoping to be the solution. Despite rhetoric from the likes of Trump about returning to the use of coal, it is clear that the logical investment of renewable energy will still continue to thrive. It appears a guaranteed market for future growth and expansion across the world.