Publication

Abstract : Global perceptions of renewable energy changed because of its promising energy security and capability to mitigate climate change. Renewable energy is still a least-cost option in the energy sector because of the price intensiveness of non-renewable energy. The renewable energy sector gained its primacy in the recent decade because of its low-carbon emissions compared to carbon-intensive fossil fuel-based installations. With an authentic advantage of reduction of dependence on fossil fuels leading to economic development, many developed and developing countries involved in new investments, installations, and capacity additions in renewable energy in the recent decades. Developed and developing countries significantly persisted in scaling up renewable energy investments by shifting from conventional fossil fuel investments in the recent decade. The renewable energy sector has progressively dominated the global market for the addition of capacities for power generation in the recent past. Renewable energy investments and installations are witnessing an additional capacity generation of power despite falling subsidies and slowing global GDP growth. Renewable energy policies and investments play a vital role in energy transition for every country. Policies, Plans, and priorities of every country need to be aligned to the regional and global climate mitigation targets and hence there is a need for having a global trend tracing. The present paper reviews recent decade trends in renewable energy to consolidate and appraise the installations and investment efforts made at the global level.