Renewables have been growing in developed (and developing) markets over the last decade. How is this, you ask? Falling costs due to major advancements in technology, firstly wind and evolving solar in recent years. In fact, more efficient technology has made renewables competitive to the point that phasing out of monetary incentives has already begun.
Over the past decade, investors have gained tons of confidence in how these sources of energy can be predicted. And the more costs continue to decline for renewables, the more they will take market share away from the traditional energy markets.Renewables have now developed a very sturdy ground from which to grow, and grow self-sustainably.
But why all this talk about money? Renewables aren’t about making profit, it’s about changing mindsets and ultimately the world. While this is very true, evangelists are in this business for sustainable change, we have now reached a point where sustainability is not just good for the world – it’s also good business !
So with renewable energy undoubtedly entrenching itself as a global industry over the last decade, what will the next 10 years bring? The short answer is more growth and notably, self-sustaining growth. Overall costs for renewables are declining as global demand increases, and the cost of renewable electricity will be even more competitive when carbon emissions become taxable.
The renewable lion is out of its cage, which is about time – obviously.