The International Energy Agency (IEA) stated “The global energy scene is in a state of flux, with large-scale shifts in the global energy system. These include the rapid deployment and deep declines in the costs of major renewable energy technologies; a growing shift towards electricity in energy use across the globe; profound changes in China’s economy and energy policy, moving consumption away from coal; and the continued surge in shale gas and tight oil production in the United States.”
Energy Access is a vital shift: “Energy access is the “golden thread” that weaves together economic growth, human development and environmental sustainability …. Improvements in technologies are offering new opportunities for making significant progress on the SDG goal on electricity access. The combination of declining costs for solar and decentralised solutions, cheaper and more efficient lighting and appliances, and new business models making use of digital, mobile-enabled platforms has increased the number of available solutions to cater to those currently without electricity access …. Providing electricity for all by 2030 would require annual investment of $52 billion per year, more than twice the level mobilised under current and planned policies. Of the additional investment, 95% needs to be directed to sub-Saharan Africa. In our Energy for All Case, most of the additional investment in power plants goes to renewables.”
ECP defines ‘Renewable and Alternative Energy’ as renewable non-fossil energy sources (wind, solar, geothermal, wave, tidal, hydropower, biomass, landfill gas, sewage treatment plant gas and biogases) together with some clean coal technologies.
Renewable energy markets have experienced high growth with installed capacity forecast to continue to grow significantly over the next decade.