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How the Renewable Energy Industry is Reshaping Global Businesses

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Published on : Jan 06, 2016

2015 heralded a new era of action against climate change. This includes the landmark agreement made in December for reduction of carbon emissions in order to curb global warming. The energy sector was in a state of constant transformation, such as the first ever adoption of sustainable development that was meant solely for energy. The developments were intended to increase user access to sustainable, modern, affordable, and reliable energy.

Although it is no surprise that the multi-billion dollar global industry is poised for a revolution, it is intriguing to witness the changes that have been occurring in the world because of it. For instance, we are on the verge of recognizing Morocco as a giant in the sector of solar power. This Middle Eastern country sitting on the edge of the Sahara desert is currently the top energy-importing nation and is constructing one of the largest solar power plants in the world. This plant will be of concentrated solar power generation. Once this plant is up to full speed, it will generate sufficient power to the one million plus citizens of Morocco and drastically reduce the dependence of the country on fossil fuels. Morocco officials expect a reduction in fossil fuel consumption by nearly 2.5 mn tons of oil.

Another example is Bangladesh. This small country that neighbors India is currently showing the fastest growth rate in the adoption of solar power. Almost 18 mn citizens of Bangladesh – or more than 3 mn homes – are now being powered by solar energy. For a nation that is currently struggling to maintain fuel supply and demand, this rapid adoption of solar energy will not only help cut down on its carbon footprint, but also provide sufficient power to citizens at night.

In other news, the Mexican government has successfully created a nation-wide campaign to increase the lighting efficiency in homes. Mexico recently crossed a significant landmark in the energy sector, with the distribution of almost 23 mn light bulbs into Mexican homes. These energy-saving lamps are expected to reduce the national energy consumption by cutting down on 18% of the energy bill per home.