The growth of global energy demand is fueling the increase in carbon emissions, particularly in emerging markets, where coal is the predominant energy source. With the U.S. energy Information Administration (EIA) projecting global energy demand to increase by nearly 50% by 2050, carbon emissions will continue to rise in the absence of continued investments and developments in renewable energy. The growth in energy demand is in large part due to the global population, which the United Nations’ estimates will reach 9.7 billion by 2050.
Investment in renewable energy is an important step to address global climate change. Increasing the supply of renewable energy directly replaces carbon-intensive energy sources and significantly reduces greenhouse gas emissions. In recent years, the renewable energy industry has undergone significant change. The advancement of renewable technologies and rapid reductions in cost have accelerated the deployment of renewable solutions.