If there was any doubt that the pace of renewable energy is quickening, there shouldn’t be anymore.
With the effects of global warming becoming more extreme, people around the world are heightening their awareness of environmental issues and pushing the need for concerted investment in sustainable energy alternatives. Rapidly improving green technology, coupled with this skyrocketing awareness and consumer demand, is causing a boom in the industry that knows no borders.
Companies and governments alike are heeding the public’s interest in and demand for green energy, as evidenced by a recent study commissioned by Bloomberg New Energy Finance (BNEF). The study shows global renewable energy investments are up 33 percent in the second quarter of 2014 already, demonstrating the accelerating pace of the green movement. For comparison’s sake, keep in mind that the growth rate during the same period last year was only 9 percent.
This growth was largely fueled by a record-breaking €1.5 billion investment in an offshore wind farm in the North Sea by a German conglomerate. The farm will erect 150 wind turbines and is expected to generate enough power for more than 1.5 million people once completed. That completion date is pegged at somewhere around 2023 and, once up and running, the farm is expected to remove 1.25 tons of carbon emissions from the Netherlands each year.
Smaller investments also drove the global green energy trend upward—for example, lowered costs and increased access leading to wide scale adoption of small solar installations, which increased 41 percent last year. Venture capitalists have seen and joined the trend as well, with their investment in clean energy rising by 36 percent over the same period.
The fact that investments are coming from around the globe and across all verticals is a sure sign that renewable energy is a certainty in our future. And, as these current numbers show, the future is now.