The Renewable Energy Policy Network for the 21st Century, also known as REN21, released their on June 7th. It shows how renewable energy is growing throughout the world with upgraded capacity and a variety of nations and businesses opting to convert to 100 percent renewable sources. However, the report also suggests that the movement needs to happen at a faster rate.
2016 saw the birth of 161 gigawatts worth of renewable power added throughout the world. That’s a nine percent increase from the prior year, and most of that is due to how rapidly solar panel technology has fallen. Nearly half of the additions came from solar generation (47 percent). Wind generation came at 34 percent and hydropower at 15.5 percent. Electricity costs are as low as $0.03 per kilowatt-hour in countries like Argentina, Jordan, and the United Arab Emirates.
While growth is still slow in smaller, underdeveloped countries, it’s only a matter of time before the cost cutting reaches them. China, which is the second-richest country in the world on pure GDP, is around the middle of the charts when that’s spread out per person. It’s still been the biggest developer of renewable energy for eight years running. 48 other developing countries have also announced a commitment to fully being ran on sustainable sources.