Photo credit: Paulo Valdivieso

What Makes Wind Energy The Fastest Growing Renewable Source of Electricity Worldwide?

Similar to hydropower, which is energy derived from water, wind energy has been utilized for thousands of years, merely with less advanced technologies than the modern inventions we have today. From the Nile River to China, the Middle East, the Americas and Europe, wind as a source of energy was seized until oil and energy prices dropped. It was not until the 1970’s oil crisis that alternative sources of energy, such as wind, started to awaken new interest worldwide. 

Today, according to Wind Energy Foundation, wind energy is the fastest growing source of electricity worldwide, and it is a fossil-free, renewable source of energy. According to the IPCC and IHA, onshore wind energy has the lowest lifecycle greenhouse gas emissions of all energy sources, with only 11 gCO2/kWh. To understand the difference, coal has 820 gCO2/kWh. In terms of climate change mitigation, it is essential to drastically reduce the amount of coal energy and seek less polluting alternatives, including wind energy. 

In 2018, 51.3 GW of new wind was installed worldwide, as stated in GWEC ́s Global Wind Report 2018. Since 2014, more than 50 GW of new wind energy has been installed per annum. Worldwide, current onshore wind power capacity with a total of 591 GW (one gigawatt equals one billion watts) covers seven per cent (7%) of total power generation capacity, while its actual total global power generation covered four per cent (4%) in 2015. The leading wind power producing country worldwide today is China with over 200 GW installed capacity, followed by the USA, Germany, India, and Brazil. The top five countries combined have a 75% share of the total worldwide wind energy market. Total installed capacity onshore by world region is largest in the Asia-Pacific, followed by Europe, the Americas, and Africa/The Middle East. Offshore capacity is currently highest in Europe. 

According to the World Energy Council, current policy plans could allow for wind power capacity to grow from roughly 487 GW in 2016 to 977 GW by 2030. In China alone, wind power could provide 26% of all electricity by 2030. With the vast majority of wind power turbines onshore, worldwide investments in the sector are booming and hit USD 109.6 billion already in 2015. In many countries today, onshore wind is the most inexpensive source of renewable energy, with costs falling rapidly and significantly. 

With a fast and credible growth track record, the wind power industry is regarded as a low-risk investment, with financial institutions increasingly much competing about the funding of wind projects. Possible risks to wind project investments include policy uncertainty and long operational lifetimes. In terms of rapidly growing power demand and distribution challenges, wind is a cost-effective option according to GWEC. The market outlook up to 2023 projects an average annual increase of 2,7 per cent in the wind energy market.  

Both IRENA, GWEC, and the World Energy Council admit that there are multiple benefits from a growing renewable energy, including wind power, sector. Not only do renewable energy sources support socio-economic growth through the generation of new jobs that accelerates economic growth, but also supports the decarbonization of the global energy sector, thus leading to less pollution and improved environmental and human well-being. Investments and growth in the renewable energy sector overall are estimated to create millions of new jobs worldwide. 

As defined by the World Energy Council and the Global Wind Energy Council, wind power is leading the energy market in its transition away from fossil fuels on both performance, reliability and costs. Despite some of its harms on the environment and ecological impacts, such as wildlife colliding with wind turbines and possible public health concerns through noise and visual impacts on people, wind power is known to be an environmentally friendly source of renewable energy, with a small land footprint, low water requirements and low greenhouse gas emissions. Denmark remains the world’s leading country in terms of integration, production, and R&D of wind energy. In 2018 alone, Danish wind turbines generated 40.7% of the Danish electricity consumption. Quite impressive, or what do you think? 

Your comments/thoughts are welcome! 

Learn more by watching U.S. Department of Energy ́s video “Energy 101: Wind Turbines”:

You may also want to read one of my previous articles: What is the Outlook for the Global Hydropower Sector?  

 

Connect with me on Twitter @annemariayritys. For climate/environment-related posts only @GCCThinkActTank. Subscribe to Yritys Executive Services to receive my latest articles, delivered personally to you.

 

 

 

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