According to the International Renewable Energy Agency, new green energy hit an all-time high in 2019 with almost 75 percent of new energy generation coming from renewable sources.
Solar, wind, and other green energy sources now make up one-third of the world’s power as fossil fuel plants decline in the US and Europe. The world has invested $3 trillion in green power over the past decade, contributing to the shift in the energy sector.
More than 50 percent of the new power sources came from solar, with most installations happening in Asia, with China, India, Japan, South Korea, and Vietnam. Wind power was just behind, providing 34 percent of the new energy power.
The COVID-19 crisis has produced turmoil in the oil industry, but it provides governments with the unique opportunity to boost the economy by supporting green energy initiatives. It is estimated that annual investments in renewables must double by 2030 to address the climate crisis. Green energy investment offers governments the solution to tackle two birds with one stone: reinvigorate the economy and mitigate climate change by supporting a sustainable power future.