Renewable generation capacity at record high in 2014

Renewable energy generation capacity reached record levels in 2014 allowing the world’s economy to grow without increasing carbon emissions for the very first time in history.

By the end of 2014 renewable energy was responsible for almost 28% per cent of global power generating capacity, enough to supply 23% of the world’s electricity demand.  Internationally the fastest growing source of renewable energy is solar (boosted by the fact the associated costs are falling rapidly) followed by wind power.

According to the recent report from Renewable Energy Policy Network 21 (REN21), the increase in production was underpinned by some bold emission reduction targets set by some of the major producers, a list that included China and the USA.  The report also noted that as of 2015 164 countries now have green energy policies in place, compared with 144 in 2014.

More importantly the report noted that renewable energy has contributed to limiting global warming to 2°C and helping the world avoid increased climate change.

Renewable energy generation capacity (including solar, wind and hydro) grew by 8.5% over the previous year.  REN21 believes his increase has meant emissions have been stabilised at 2013 levels despite electricity consumption around the world growing by 1.5% and the global gross domestic product increasing by 3%.

However, it’s also important to note the development of renewables may be being hindered by the subsidies enjoyed by fossil fuels and nuclear energy in many countries and creating a more level playing field in this regards could strengthen the position of renewable energy considerably.

Harrison Drury’s Energy and Utilities team provide legal support for everyone involved in the Energy and Utilities Energy sectors. If you have a question relating to an energy project or an energy-based business, please contact us today: 01772 258321.