GLOBAL POWER
Green energy wins over the world as technology makes it cheaper
Rapid innovation in solar and wind is convincing policy makers that renewables can replace fossil fuels, writes Ben Backwell
The renewables sector is entering an exciting phase. Rapidly evolving technology, economies of scale and changing attitudes among policy makers mean that, despite reductions in subsidies, renewables are winning market share from fossil fuels across the world. The September announcement that the US and China will formally ratify the Paris climate change agreement was greeted across the world as a major step in the battle against global warming and was seen by many as providing an additional boost for the already fast-growing renewable energy sector. The historic agreement comes in the wake of a number of factors that are stepping up the pace of renewables growth. Once considered a niche industry driven by environmental policies rather than economic realities and the need to meet energy needs, the renewable energy market is experiencing rapidly accelerating growth as costs fall and supply reliability and consistency improve. The Paris agreement is set against a backdrop of technologic...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.