Renewable energy commercialization

20210119 Renewable energy investment - 2004- BloombergNEF

20201019 Levelized Cost of Energy (LCOE, Lazard) - renewable energy

Global public support for energy sources (Ipsos 2011)

2010- Cost of renewable energy - IRENA

Biomasseheizwerk Spillern Nordansicht

ThreeGorgesDam-China2009

Renewable Energy Commercialization involves the deployment of three generations of renewable energy technologies dating back more than 100 years. First-generation technologies, which are already mature and economically competitive, include biomass, hydroelectric power, geothermal power, and heat pumps. Second-generation technologies are market-ready and are being deployed at the present time; they include solar heating, photovoltaics, wind power, solar thermal power stations, and modern forms of bioenergy. Third-generation technologies require continued R&D efforts in order to make large contributions on a global scale and include advanced biomass gasification, biorefinery technologies, concentrated solar power, hot dry rock geothermal power, and ocean energy. The commercialization of these technologies has been influenced by factors such as the availability of natural resources, economic viability, market demand, and government policies.

History

The history of renewable energy commercialization is a significant part of the broader history of energy development. Since the industrial revolution, energy consumption has increased dramatically, leading to an increased reliance on fossil fuels. However, the environmental impact of fossil fuel consumption, including air pollution and global warming, has led to a renewed interest in renewable energy sources.

Current Status

As of the early 21st century, renewable energy accounts for a significant portion of global energy consumption. Countries around the world are investing in renewable energy technologies to secure energy independence, mitigate environmental impacts, and provide economic benefits through job creation in the renewable energy sector. Governments are supporting renewable energy commercialization through policies such as feed-in tariffs, renewable portfolio standards, and tax incentives.

Challenges

Despite the progress, the commercialization of renewable energy faces several challenges. These include the intermittency of some renewable energy sources, such as wind power and solar power, which can make it difficult to integrate them into the existing energy grid. Additionally, the initial cost of renewable energy technologies can be higher than traditional fossil fuels, although costs have been decreasing over time. There is also a need for investment in infrastructure to support the widespread adoption of renewable energy technologies.

Future Prospects

The future of renewable energy commercialization looks promising, with technological advancements and decreasing costs making renewable energy more competitive with fossil fuels. Additionally, increasing awareness of the environmental impacts of fossil fuel consumption is driving demand for cleaner, more sustainable energy sources. As countries around the world continue to invest in renewable energy technologies and infrastructure, the share of renewable energy in the global energy mix is expected to continue to increase.