Light Up the World in Electric Green with Renewable Energy Consumptions by Taylor's University
Go Green! And why not start with your electric consumptions?
An interesting article surfaced in Forbes just days ago, bringing forth good news!
The costs of renewable energy have continued to decline dramatically, despite the energy crises rippling out from beyond the Russian invasion of Ukraine. Large-scale solar photovoltaics are cheaper by 89% from 2009 to 2019 as per the latest edition of the UN’s Human Development Report (which makes for largely bleak reading otherwise). Similarly, lithium-ion batteries reduced in prices by 97% compared to their counterparts back in 1991.
The naysayers of renewable energy are once again proven wrong in 2022. According to the International Energy Agency, their growth has been much faster than initial expectations, driven along by strong policy support in China, the European Union, and Latin America. The expansion of renewable capacity and lowering of costs are likely to be boosted in the US as well by the recently passed Inflation Reduction Act, which targets major decarbonization in the power and utilities sector.
But why was renewable energy so expensive initially? Why were estimates of future costs so pessimistic? To some extent, conventional economic tools just could not match the trajectory of renewables, according to the Economics of Energy Innovation Systems Transition (EEIST) research project.
With ordinary people staring down at their skyrocketing energy bills in disbelief, and with disaster after disaster and tragedies upon tragedies demonstrating the devastating impacts of fossil fuel dependence, any kind of reform on the outdated energy pricings is long overdue.
This dashboard visualisation encompasses a worldwide geographical area with 261 countries in 7 regions and 4 income groups over the time period 1990-2018, with the unit of analysis as average consumption in percentage which was an overall 31.03%. The map extensively highlights locations in terms of country and region by income group and year, with the average consumption. Regional and income group details on actual and forecast consumptions, average consumptions in the past decade, and consumption habits were depicted. Notably, only North America and Europe and Central Asia showed an increase in renewable energy consumptions, the latter having the greatest improvement while South Asia had the worst deterioration. In addition, only high-income earners showed an increase in renewable energy consumptions where lower middle groups had the worst deterioration, yet only lower income groups in Sub-Saharan Africa and South Asia had over 50% average consumption. Shine a spotlight on handpicked highlights of useful insights on the history and statistics of types of renewable energy – solar, geothermal, hydroelectric, wind, and biomass. Time to uncover useful forecasts and findings and learn to better understand renewable energy!
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Data source :
World Bank's Renewable Energy Consumption
Sustainable Energy for All (SE4ALL) database from the SE4ALL Global Tracking Framework led jointly by the World Bank, International Energy Agency, and the Energy Sector Management Assistance Program
License Type CC BY-4.0.