Renewable energy is growing in popularity across the globe, and with good reason—the benefits of renewable energy sources are widespread. Finding alternative energy sources that don’t require the use of fossil fuels can lower energy costs for consumers, create more stable and reliable energy prices, and make electricity more available throughout the world. Furthermore, climate change is proving to be a very expensive ordeal—costing $240 billion in economic losses in the United States alone—and renewable energy has a significantly smaller impact on climate change compared to the burning of fossil fuels. Clearly, investing in renewable energy has economic benefits. Let’s look at how three regions around the world are faring in their journey to use more alternative energy sources.
First, within Asia, China is making huge gains in the world of renewable energy. According to Forbes, China is now the world’s largest producer, exporter, and installer of solar panels, wind turbines, batteries, and electric vehicles. This will be extremely positive looking towards the future, as this developing country can turn towards their renewable energy investments instead of fossil fuels.
Next, in the Middle East, the United Arab Emirates has developed vast solar energy parks and Saudi Arabia recently unveiled plans to develop 59GW of renewable energy by 2030. This alternative energy will be beneficial in helping these countries to avoid the economic issues that will present themselves in this region as the world turns away from fossil fuels.
Finally, in Latin America, the renewable energy market is growing as well, with a quarter of primary energy coming from renewables, twice the global average. Furthermore, in specific countries such as Argentina, Brazil, Mexico, Chile, and Peru, recent auctions have resulted in the deployment of thousands of megawatts of wind and solar energy in the region.
Countries around the world are pursuing renewable energy. This switch has an inevitable impact on their economies as jobs and infrastructure change, and new business endeavors emerge. Luckily, these changes are promising. Renewable energy has room for established energy companies to adapt and for a multitude of new businesses, so when countries invest in renewable energy, they will aid economic growth as well as the environment.