Threatened by global warming and environmental pollution, the world is desperately trying to move towards renewable energy. According to new data made available by the International Renewable Energy Agency (IRENA), renewable energy generation capacity increased by 167 GW to 2,179 GW by the end of 2017, representing an increase of 8.3%, an average for the seventh consecutive year.
The growth was led by solar photovoltaics, which grew by 32% in 2017. Wind energy, on the other hand, increased by 10%. A 73% drop in the cost of electricity from solar PV is the reason behind this growth.
Low cost combined with technological advancements have prompted many countries to adopt renewable energy. In 2017, China won the race by installing a record 53 GW. The US, on the other hand, installed 11 GW. China constitutes one-third of the total global capacity, i.e. 130 GW.
Given the advantages, it only makes sense for countries to adopt renewable energy now. As far as Ireland is concerned, the country has been slow to leverage solar power.