COP21 in Paris highlighted the global focus on limiting the rise of our planet’s temperature to 2 degrees or less, by reducing greenhouse gas emissions. This has led to a large focus on renewable energy.
Europe has been at the forefront of the renewables boom, accounting for a quarter of the world’s total investment in it, despite having only 7% of the global population.
And during the past 12 months, the price of renewable energy has continued to fall, including both wind and solar. But subsidies have fuelled this fall in prices – and ultimately, the consumer ends up financing these subsidies.
● There has to be additional efforts in R&D and industrialization to ensure further fall in renewable prices.
● The current system of subsidies has to be reformed, especially for maturing forms of renewable energy. This will ensure more meaningful prices for Utilities.