So far, the 2020s have delivered a pandemic and a spate of major weather and climate events. Not to mention a variety of interconnected political, social, and economic issues – all of which have brought renewable energy to the forefront of global awareness. Consumer expectations are also rapidly growing more complex, with increased demands for choice and transparency as to how energy is consumed and distributed – and where it comes from. Leaders in many parts of the world are making aggressive commitments to the reduction of greenhouse gases. Wind and solar providers are ramping up their energy production capacity.
And while environmental concerns are certainly not a new topic, there is nonetheless a growing sense of urgency. In a 2021 Wall Street Journal article, Pascal Lamy, the former head of the World Trade Organization, tells us:
If you compare the world today to the world 18 months ago, the big difference is that . . . only 25% of the world had a decarbonization horizon. Today, 75% of the world economy has a decarbonization horizon. This is a major shift.
All of these factors place enormous pressure on the energy sector as it transitions from carbon-based energy to cleaner power sources. Faced with increased challenges and complexity, utilities industry leaders are exploring fresh solutions and innovative business models.
|Power Source||% Growth from 2000-2019|