No doubt 2020 will be remembered as an historic year with environmental disasters, the outbreak of a global pandemic, tremulous markets and many other peaks. On the individual level, the Covid-19 pandemic and its effects have changed the way we shop and work, forever transforming daily life.
In the midst of all that, it is no wonder then that another slightly overlooked achievement has made close to headlines. According to 'The Guardian' the global renewable energy industry grew at fastest rate since 1999, as new wind and solar power projects in China, Europe and the U.S. had a 45% rise in rate of new capacity last year. Especially interesting to learn that the Wind power capacity doubled over that period, in a step change for the global industry. This surge in clean energy boom has prompted the International Energy Agency (IEA) to revise its renewable energy forecasts for the coming years up by about 25% from previous estimates. Another interesting fact is that China alone accounts for over 40% of the global growth in the last few years, Following the country’s pledge to become carbon neutral by 2060. However, experts warned that it still needs to develop enough renewable energy to shut down some 600 coal-fired power plants in the next 10 years to meet this goal.
According to IEA officials, this increase is powered by a record numbers of government auctions for new renewable energy projects, together with an influx of companies looking to switch to renewables. What is yet to be seen is how will the new US president, Joe Biden, will contribute to the market growth rate, as his administration is expected to invest heavily in infrastructure with the 'build back better' plan, and pledging to cut U.S. emissions by half in the next 10 years. When translated into number, this means very big business and a lot of money involved. According to analysis by 'ResearchAndMarkets' the global wind energy industry alone is estimated to reach $127.2 billion by 2027. Valued at $62.1 billion in 2019, this industry is projected to grow by $62 billion from now until 2027, at an impressive CAGR of 9.3%. Once again, the thriving demand for renewable power source and increased action from governments regarding decarbonization are mentioned as main drivers for this growth.
But why is this such great news? According to IEA The largest share of all U.S. power comes from natural gas-fired plants accounting for 43% of U.S. capacity. Another 20% come from coal-fired power plants that are becoming more and more controversial by the day. Indeed, this is very good news for everyone, not just advocates or industry players. Moving towards green, renewable energy has been on the agenda of human society for a few decades but it is only now that such leaps and bounds are achieved. This is important for our own future as a race but also for the future of our planet as a whole.
It is therefore a very small leap of the imagination to expect the coming years will bring a boom of investing, development and expansion of renewable energy projects, with new solar powered systems and sprawling wind farms popping up all over the world. There lies the direct link to 4M Analytics, as SUE and subsurface mapping experts we are poised to make a positive impact and advance the industry integrating with our cutting-edge solutions. True to our company spirit of doing good in the world, leveraging our platform is meant to have a significant contribution to these efforts, facilitating better planning and execution of any scale project. Another important factor is that our platform allows us to do all that remotely, an advantage that lets us drastically reduce direct as well as inferred costs, also cutting down on time spent on GIS, SU surveys and many other aspects of infrastructure projects.
Having already taken part in similar programs and projects in the past, we at 4M are looking forward to the expansion of our cooperation with both government agencies as well as industry leaders and provider companies, doing our part in making the world a greener, cleaner and safer place for all of us.
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