In the last ten years, no significant sources of energy had developed faster than solar power. Concerning a 2020 BP Statistical Review of World Energy, the launched solar photovoltaic capacity had developed at an annual rate of 42 percent in the last decade.
That slow rate shows signs of slowing down as the set to capacity grow. On the other hand, solar would remain to be the swiftest-growing source of energy shortly. Solar energy growth has generated thorny questions regarding politics, national security, and supply chains instead of other energy sources.
The path to Decarbonization
President Joe Biden took the day by winning presidential elections and breathed a new fresh life into Paris’ climate from the North American perspective. To fulfill crucial campaign promises made by Joe Biden, he officially joined Paris this February. Besides, President Joe Biden and Canadian Prime Minister Justin Trudeau held meetings where Canada pledged to give its new policy under the Paris act. The two leaders also insisted on joining hands and come up with an approach towards handling climate issues.
The European Union maintained its firm stands towards reducing carbon emissions. Currently, the EU is almost surpassing its goal of producing one-third of its energy from renewable sources by the end of the decade. In September 2020, the EU submitted its strategy of reducing greenhouse emissions by 55 percent at the end of the decade. By doing so, the EU would be on the path of reaching zero emissions in three decades.
All the mentioned abilities converge at one inescapable conclusion that ‘the installed capacity of renewable energy would still rise as long as the governments from both sides of the Atlantic discharge funds into decarbonization strategies.’
While many of these states are sensitive to security matters, political leaders seem to lack interest in relying on other states to get energy supplies. However, governments are allowed to reject trading with other states because of economic factors.
The series has been long-held for fossil fuels, where OPEC maintained its stranglehold position on the world’s oil until the United States took over with a freaking boom. As a result, the monopoly of OPEC became weak. China has developed clear merit concerning specific key renewable technologies, especially the parts that require setting up solar energy infrastructure in the West.