2017 breaks record for Renewable Energy
Renewable energy have once again achieved record increases in capacity in 2017, according to a report published early last month by the Renewable Energy Policy Network of the 21st Century (REN21), a policy organization with members across national government, industry and divisions of the United Nations.
The Renewable Global Status Report reveals that the revolution in the power sector is driving rapid change towards a renewable energy future. The power sector, specifically solar PV, led with 9 percent growth in overall generating capacity—55 percent of which came from new solar.
Last year, the world added 98 gigawatts of solar PV capacity. This new solar photo voltaic generating capacity was greater than additions in coal, natural gas, and nuclear power combined.
Corporate tapping renewable energy is also on the rise. At first, many companies saw the adoption of renewable energy solutions mainly as an act of corporate social responsibility but the significant reductions in renewable energy cost as well as maturing market and policy environments have made it cost-competitive and attractive sources of energy in their own right. As this year’s report shows, corporate renewable energy sourcing has moved beyond the United States and Europe and is now found in countries such as Chile, China, Egypt, Ghana, India, Japan, Mexico, Namibia and Thailand.
The Philippines, too, has a tremendous potential for developing solar and wind power. Many companies have made renewable energy not just a profitable venture but more importantly a legacy to future generation of Filipinos. Recently, the Energy department increased the national solar power annual capacity to 500MW and is aiming for a total capacity of 1.014GW.
The future of renewable sources of energy is inevitable and the potential of solar power industry expansion is enormous. Because of our capabilities as source of geothermal, wind, and solar energy, the Philippines can be at the heart of this transformation in energy.