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The Massachusetts legislature is preparing to introduce a bill to generate 100 per cent energy from low-carbon sources in 25 years. The fed government estimates the coastal waters are the windiest areas of the country and can be harnessed.
In the UK, such coastal wind supply over 10 per cent of the country’s demand, but in the US, such utilities are in the infancy stage and require multiple projects nationwide to be fully utilized.
This area provides jobs to several people and has helped in the re-growth of British manufacturing towns.
On average, the global investment in the green sector was $288b in 2018 – as per the figure published by BNEF (the recent Renewable 2019 Global Status Report, released on June 18, 2019). The report states erratic policy decisions have kept the world from using clean energy sources.
As per the GSR report, renewable provides 26 per cent of the global electricity, However, adopting such technologies has not been promoted in the transportation, cooling, and heating sectors, where the government lacks proper direction and policy decisions.
The report finds the subsidies are threatening growth in the sector. Lack of political support is one reason for poor development in many countries, where at least 73 nations offered subsidies of over $100 million in 2017.
Only 44 countries have carbon pricing policies, and most of the countries continue to support subsidies; at the same time, in some areas, huge growth can be seen in terms of investment in the sector.
Solar continues to dominate, where over $139bn was invested in the last year, but it was 22 per cent lower compared to previous years, and investment in wind grew 2 per cent to $134b. China continues to dominate, followed by Europe and the US.
Investors find low-carbon areas provide several opportunities, and there is a huge scope for activities in Asia, the Middle East, Europe, and Africa.
Wind continues to dominate in the EU, where the total inflow of funds was up to 39 per cent - one of the highest in the last two years.
In Europe and the UK, the government has been facing rising calls to lift the block on onshore wind farms, stating such a ban may block several clean energy investments.
A study by Vivid Economics claims the growth in the onshore wind from 13GW to 35GW by 2035 can lower the cost of power generation by 7%. Further, the projects will create several jobs and boost exports.
The Canadian government recently took steps to promote investment in renewable energy like biomass and natural gas, where better market access for such projects will be available that will help investors deliver power through smarter systems to homes, transportation, buildings, and industries. Such a system will power businesses and communities at a lower price.
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