Renewable energy is energy produced from Earth's natural resources, those that can be replenished faster than they are consumed. Common examples include solar power, hydropower and wind power. Shifting to these renewable energy sources is key to the fight against climate change. Contact online >>
Renewable energy is energy produced from Earth''s natural resources, those that can be replenished faster than they are consumed. Common examples include solar power, hydropower and wind power. Shifting to these renewable energy sources is key to the fight against climate change.
Today, a variety of incentives and subsidies help make it easier for companies to lean on renewable resources as a stable source of power to help alleviate the climate crisis. But the next generation of clean energy requires more than just incentive, it needs innovative technology to improve energy efficiency and power generation to help the world reach net-zero emissions.
Converting sunlight to electrical energy happens in two ways—solar photovoltaics (PV) or concentrating solar-thermal power (CSP). The most common method, solar PV, collects sunlight using solar panels, converts it to electrical energy and stores it in batteries for a variety of uses.
Due to decreasing material prices and advancements in installation processes, the cost of solar power has dropped almost 90% over the past decade, making it more accessible and cost-effective.1 Fueling this further is the next generation of solar PV technology that''s producing lighter and more flexible, powerful and efficient solar panels that can generate electricity even during periods of low sunlight.
Solar energy generation relies on energy storage systems (ESS) for consistent distribution—so as generation capacity increases, storage systems must keep pace. For example, flow battery technology is being improved to support grid-scale energy storage. A low-cost, reliable and scalable form of ESS, flow batteries can hold hundreds of megawatt hours of electricity on a single charge. This enables utilities to store energy long-term for periods of low- or non-production, helping to manage load and create a stable and resilient power grid.
Extending ESS capabilities becomes increasingly important to decarbonization efforts and a clean energy future as renewable power capacity expands. According to the International Energy Agency (IEA), in 2023 alone, renewable energy increased its global capacity by 50%, with solar PV making up three-quarters of that capacity. And in the period between 2023 to 2028, renewable electricity capacity is expected to grow by 7,300 gigawatts with solar PV and onshore wind usage expected to at least double over current levels in India, Brazil, Europe and the US through 2028.2
Humans have been using wind power to generate mechanical and electrical energy for generations. As a clean, sustainable and cost-effective source of power, wind energy offers immense potential to increase the renewable energy transition across the globe with minimal impact to ecosystems. Based on the IEA forecast, wind electricity generation is expected to more than double to 350 gigawatts (GW) by 20283 with China''s renewable energy market increasing 66% in 2023 alone.4
Wind turbines have evolved from small-scale, such as windmills for household use, to utility-scale for wind farms. But some of the most exciting developments in wind technology are in offshore wind power generation, with many offshore wind projects navigating into deeper waters. Large-scale wind farms are being developed to harness stronger offshore winds to potentially double offshore wind power capacity. In September 2022, The White House announced plans to deploy 30 GW of floating offshore wind power by 2030. This initiative is set to provide 10 million more homes with clean energy, help lower energy costs, support clean energy jobs and further reduce the country''s reliance on fossil fuels.5
Hydropower energy systems use water movement including river and stream flow, marine and tidal energy, reservoirs and dams to spin turbines to generate electricity. According to the IEA, hydro will remain the largest clean energy provider through 2030 with exciting new technologies on the horizon.6
For example, small-scale hydro uses mini-and micro-grids to provide renewable energy to rural areas and areas where larger infrastructure (such as dams) may not be feasible. Using a pump, turbine or waterwheel to convert the natural flow of small rivers and streams into electricity, small-scale hydro provides a sustainable energy source with minimal impact to local ecosystems. In many cases, communities can connect into a centralized grid and sell back excess power produced.
In 2021, the National Renewable Energy Laboratory (NREL) placed three turbines made of a new thermoplastic composite material that''s less corrodible and more recyclable than traditional materials into New York City''s East River. The new turbines generated the same amount of energy in the same amount of time as their predecessors but with no discernable structural damage.7 Extreme condition testing is still necessary, but this low-cost, recyclable material has the potential to revolutionize the hydropower market if adopted for widespread use.
Geothermal power plants (large-scale) and geothermal heat pumps (GHPs) (small-scale) convert heat from the Earth''s interior into electricity using steam or hydrocarbon. Geothermal energy was once location dependent—requiring access to geothermal reservoirs deep under the Earth''s crust. The latest research is helping to make geothermal more location agnostic.
Enhanced geothermal systems (EGS) bring the necessary water from below the Earth''s surface to where it isn''t, enabling geothermal energy production in places around the globe where it wasn''t previously possible. And as ESG technology evolves, tapping into the Earth''s inexhaustible supply of heat has the potential to provide limitless amounts of clean, low-cost energy for all.
Bioenergy is generated from biomass which consists of organic material such as plants and algae. Although biomass is often disputed as truly renewable, today''s bioenergy is a near zero-emission source of energy.
Developments in biofuels including biodiesel and bioethanol are particularly exciting. Researchers in Australia are exploring converting organic material into sustainable aviation fuels (SAF). This could help reduce jet fuel carbon emissions by up to 80%.8 Stateside, the US Department of Energy''s (DOE) Bioenergy Technologies Office (BETO) is developing technology to help reduce the costs and environmental impacts of bioenergy and bioproduct production while improving their quality.9
A clean energy economy relies on renewable energy sources that are vulnerable to environmental factors and as more are incorporated into power grids, technology to help manage those risks is crucial. IBM Environmental Intelligence can help organizations boost resiliency and sustainability by anticipating potential disruptions and proactively reducing risk throughout operations and extended supply chains.
1 Fossil fuels ''becoming obsolete'' as solar panel prices plummet (link resides outside ibm ), The Independent, 27 September 2023.
2 Massive expansion of renewable power opens door to achieving global tripling goal set at COP28 (link resides outside ibm ), International Energy Agency, 11 January 2024.
3 Wind (link resides outside ibm ), International Energy Agency, 11 July 2023.
4 Renewables—Electricity (link resides outside ibm ), International Energy Agency, January 2024.
5 New Actions to Expand U.S. Offshore Wind Energy (link resides outside ibm ), The White House, 15 September 2022.
6 Hydroelectricity (link resides outside of ibm ), International Energy Agency, 11 July 2023.
7 10 Significant Water Power Accomplishments From 2021 (link resides outside ibm ), National Renewable Energy Laboratory, 18 January 2022.
8 To power a future built for life (link resides outside ibm ), Jet Zero Australia, accessed 11 January 2024.
9 Renewable Carbon Resources (link resides outside ibm ), Office of Energy Efficiency and Renewable Energy, accessed 28 December 2023.
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The Global Renewables Outlook shows the path to create a sustainable future energy system. This flagship report highlights climate-safe investment options until 2050, the policy framework needed for the transition and the challenges faced by different regions. As the world seeks durable economic solutions, accelerated uptake of renewables promises to drive sustainable development, boost well-being and create tens of millions of new jobs.
This comprehensive analysis from the International Renewable Energy Agency (IRENA) outlines the investments and technologies needed to decarbonise the energy system in line with the Paris Agreement. It also explores deeper decarbonisation options for the hardest sectors, aiming to eventually cut carbon dioxide (CO2) emissions to zero.
Raising regional and country-level ambitions will be crucial to meet interlinked energy and climate objectives. The report presents findings on the specific transition prospects for ten regions around the world prehensive policies could tackle energy and climate goals alongside socio-economic challenges, fostering the transformative decarbonisation of societies.
See the comprehensive Summaryand a digital story Beyond crisis: Renewable energy for a low-carbon future.
Learn more about the energy transformation in East Asia, Southeast Asia, the Rest of Asia, the European Union, the Rest of Europe, Latin America and the Caribbean, the Middle East and North Africa, North America, Oceania, and Sub-Saharan Africa, or view the full set of regional factsheets.
The outlook builds on IRENA''s earlier Global Energy Transformation reports.
In a warming world, the transition from fossil fuels to renewable energy is heating up. Global capacity for renewable power generation is expanding more quickly than at any time in the last thirty years, according to the International Energy Agency (IEA). The agency predicts (link resides outside ibm ) that by 2025, renewable energy will surpass coal to become the world''s top source of electricity. Wind and solar photovoltaic (PV) power generation are forecast to exceed nuclear power generation in 2025 and 2026, respectively. And by 2028, 68 countries (link resides outside ibm ) will boast renewables as their main source of power.
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