In
the most recent times, Renewable energy has been notably accepted as a
commercial alternative to fossil-fuel based energy production.
The
transition to clean, renewable energy - away from fossil fuels is well
advancing with a tremendous range of developments as shown below:
Global
energy demand from 2006 – 2017 (Source: Global Energy & CO2 Status Report
2017)
Some
of the reasons for the remarkable development in renewable energy projects and
implementations worldwide, are due to several crucial factors shown below:
a.
Use of government renewable energy policy, such as (FiT) where available
b.
Commercial-scale technology development
c.
Tax incentives on technology imports and development
d.
Alternatives funding avenues such as green bond financing.
Global
commitment on climate change mitigation under the Paris Agreement in 2015 also
helped reduce the short-term impact of low oil prices by acknowledging the
long-term benefits of renewables.
The
Paris Agreement has already obtained the instruments of ratification,
acceptance, approval or accession from more than 55 countries who are
cumulatively responsible for 55% of the global greenhouse gas (GHG) emissions.
This
is expected to act as a catalyst for renewable energy projects.
Further
to the above development, the UN General Assembly in 2015 has adopted the
Sustainable Development Goals on Sustainable Energy for All (SDG 7) initiatives
by which around this time projects regarding renewable energy and energy
efficiency has been hastened by the G7 and G20 groups of countries
respectively.
Many
countries now comprehend the advantages of using sustainable energy as a source
of meeting off-grid and dispersed request. Accordingly, sustainable energy policies
were realized, particularly for power, heating and cooling, transportation, and
city and local government activities to take advantage of renewable energy
benefits.
Since
the year 2014, the number of nations with sustainable energy targets and
policies has increased and made their targets more promising, including those
who set their renewable energy / electricity targets at 100%.
There
are more than 170 countries that have sustainable power source targets, and an
expected amount of 150 countries have policies in favor of sustainable
power.
Fossil fuels who have dominated the energy generation for a decade long, now see a decline and we can dependably foresee the future development and potential of renewable energy.
Additionally,
renewable energy sources such as biomass, wind and solar are also able to
support decentralized, mini grid and off-grid solutions.
These
can be utilized for powering remote telecommunications, solar-powered
irrigation kits and rural scale biomass in many developing countries.
TerraGreen, therefore aims to expediate the growth by connecting
the renewable energy producers with the users.
In this way, investment into profitable renewable energy
projects are directly brought to the consumers in a transparent way through
block chain technology.
Visit Us: https://terragreen.io/
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