The Rise of Renewable Energies and the Impact on Economies

Aerial view of solar panelsIn today’s post, we’re continuing our top 10 most important economic events with #7, the rise of renewable energy. The rise of renewable energy has been considered a top ten important financial event for several reasons:

1. Growth in renewable energy investment. Over the past decade, there has been a significant increase in investment in renewable energy, particularly in solar and wind power. In 2020, global investment in renewable energy reached a record $303.5 billion, up 2% from the previous year, despite the economic impact of the COVID-19 pandemic.

2. Increased cost-competitiveness. Renewable energy sources such as solar and wind power have become increasingly cost-competitive with fossil fuels, making them more attractive to investors and energy consumers. The cost of solar power has fallen by around 90% over the past decade, while the cost of wind power has fallen by around 70%.

3. Government support. Governments around the world have provided significant support for the development of renewable energy, through subsidies, tax incentives, and other policies. This has helped to create a favorable investment environment for renewable energy projects.

4. Market share gains. Renewable energy sources have been gaining market share in the energy sector, particularly in the electricity sector. In many countries, renewable energy sources are now the cheapest form of new power generation, and are increasingly being used to replace fossil fuels.

5. Environmental concerns. The rise of renewable energy has been driven in part by growing concerns about climate change and the environmental impact of fossil fuels. As more people and governments prioritize sustainability, renewable energy is becoming an increasingly important part of the global energy mix.

All of these factors have contributed to the rise of renewable energy as a significant financial event, with implications for investors, energy companies, and governments around the world.

As renewable energy continues to grow and become more cost-competitive, it is likely to play an increasingly important role in the global economy and financial markets.

Real estate coach and attorney Brian Gormley has helped hundreds of people learn how to invest in real estate! Check out the real estate masterclass and start your journey to your own sustainable economic reality today!

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