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NORTH AMERICA


North America has ambitious plans to position itself as a global leader in renewable energy. In the US, 70 cities have made the commitment to go 80 percent ‘green’ (i.e. to incorporate an 80 percent share of renewables in their overall energy mix) by 2030 and 100 percent green by 2050. Canada – which has approximately 300 windfarms spread across its landscape – ranks ninth in the world for power generated from wind energy. The Mexican government has set ambitious targets to increase its renewable energy capacity to 30 percent in 2021 and 50 percent in 2050 of the total energy mix. According to the North American professional services firm Cohn Reznick, the future looks bright for renewables in North America because of the tremendous cost reductions seen over the past five years. Another cause for optimism is the maturation of energy storage technology and several newly introduced financial innovation instruments that are enabling the general population to invest in renewable energy projects.


EUROPE


The European Council has set clear strategies to move the continent toward decarbonization and low-carbon technologies. Among the main targets are a 40 percent cut in greenhouse gas emissions from 1990 levels by 2030 and at least a 27 percent share of renewables in the total energy mix by the same year. The current percentage of renewables in the EU energy mix is approximately 18 percent; if Europe meets its ambitious energy objectives, the continent will be a reference point for the global community. All European countries have signified interest in contributing to these objectives. Germany will be closing all its nuclear power plants (nuclear is usually considered a non-renewable energy source) by 2022. Italy aims for renewables to surpass natural gas as the primary fuel for electricity generation by 2020. France has a goal of putting one million electric vehicles on the road by 2020, while 99 percent of the energy mix in Norway currently comes from hydropower. According to the European Environment Agency if renewable energy use as a proportion of gross final energy consumption continues to grow at the same pace until 2030, the European Union will exceed the 27 percent minimum target set for 2030.


SOUTH AMERICA


Investment in renewable energy in the region is rising partly due to public awareness and the region’s leadership in the latest COP23 conference. During the conference, South American countries reiterated their commitment to the COP23 objectives, participated in global coalitions and subnational action plans, and won several awards. Bioenergy, solar PV and onshore wind are among the fastest growing renewable technologies in use in the South American continent. For example, Argentina’s electric car market is booming due to tax cuts, Costa Rica was the first South American country to run entirely on renewable energy for more than 250 days in 2017, and in 2018, hydropower accounted for more than 80 percent of power generation in Colombia. The continent has also seen a significant growth in non-hydropower renewables over the last decade, as its installed capacity tripled from 10 GW in 2006 to 36 GW in 2015. According to an ABN AMRO article entitled Energy Monitor – Renewable Energy in Latin America, non-hydro renewable energy sources are picking up because of technological advancement, regulatory changes and an increase in competition, which is ‘driving down’ the average price of electricity. At the same time, various factors – such as the aim to reduce oil and gas dependency, as well as environmental concerns – are promoting an increasingly diversified energy mix.


42 70 cities


C


to go 80 percent ‘green’ in the US


99% hydro


power in Norway 250 days run entirely on renewables in Costa Rica, 2017


PHOTO: Aline Fernandes/www.shutterstock.com


PHOTO: Pictureguy/www.shutterstock.com


PHOTO: SorbyPhoto/www.shutterstock.com


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