Since the researcher began recording temperatures, the year 2015 was the warmest year of this decade. 2016 forecast is even hotter. The number of climate migrant is growing, and all over the world strict rule against over pollution and irresponsibility are enforced strongly. Many are assuming that 2016 will be a saturation point for fossil fuel energy.
According to a Report by the Renewable Energy Policy Network, worldwide investments in alternative energy have exceeded investments in new fossil fuel projects. It’s a sign that the world is taking positive steps toward a clean energy future. Another report by the United Nations-sponsored international non-profit association suggests that renewable energy provided roughly 19.2 percent of global energy consumption in 2014, with 147 Gigawatts of renewable capacity added in 2015. That’s the largest annual increase ever.
Clean energy will gain serious momentum in 2016, here are some reasons.
1. Now it is impossible to stop clean energy
Despite the low cost of coal and oil, solar power and different types of clean energy will start growing fast in 2016 and share the consumption of electricity around the world. Countries like United States, China, India, as well as in the developing economies of Africa and Latin America are highly increasing their booking on clean energy power plant. India, for example, with current electricity grid capacity of lesser than 300 gigawatts (GW), is on its way to building 100 GW of solar power by 2022 (from 5 GW currently), double the current solar capacity of China.
After a short period, the less expensive battery will keep on driving clean energy costs down, while changing the way people consider about energy: We will be producing more electricity from solar based technology. Furthermore, we store and manage it ourselves. This foresees nothing but a new change in the way our advanced society fuels itself, overturning past speculations about the requirement for large fossil fuel plants which is very expensive and inefficient power framework.
2. Fossil Fuel is down but clean energy stocks market is increasing
Though the stock market value of fossil fuel oriented companies is still massive $5 trillion and the clean energy companies have just a value of $300 billion, the gap will begin to close soon. Fossil fuel consumption won’t get down suddenly, but growing market for clean energy will sure hit the minds of a consumer who doesn’t listen to the strident will of the world to use clean energy source than fossil fuels. Financial investors of fossil fuels will face the problem due to the low cost of clean energy. Fossil fuel stocks will eventually come down, so investors will search other platforms which might lead the abandoning of fossil fuel projects forever.
3. More carbon markets make clean energy competitive
Carbon market around the world is growing around the world and in 2016, it will be more. In the US, carbon emission trading markets are the most likely mechanism that states will use to comply with the Clean Power Plan. Elsewhere, more countries will price carbon to align their actions with their Paris climate agreement commitments. Countries as varied as China, Kazakhstan, South Africa, Korea and New Zealand are opting for carbon pricing within systems modified to suit their national needs. While carbon prices worldwide remain a few years off, the investors already know this situation: Carbon pricing is accelerating, increasing the costs of fossil fuels while making renewables more and more competitive.
4. Global green jobs are increasing
Now the world is expecting the clear energy economy to continue to create jobs more and more, which will overtake politicians’ remaining allegiance to fossil fuel interests and infrastructure. The solar industry, for example, is already creating eight times more jobs than the coal and natural gas industries in the United States. This advantage is even starker in developing economies like India. Clean energy beside only creating jobs, it also empowers the people of poorer countries where electricity can be produced more.
5. Health Concerns compel countries to adopt clean energy
Because of the health concerns many countries are slowly pulling out their hands off fossil fuel energy and are encouraging the clear energy project. China, for example, recently announced that it will stop approving new coal mines for the next three years, and cut production, because of pollution considerations. Public health is under threat in major cities ranging from Paris to Delhi to Hanoi, strengthening the imperative to electrify our car and bus fleets. By 2050, Toyota, the world’s biggest car company is planning to eradicate its fossil fuel powered cars. At this rate, the whole world will be using electric motors and cars by 2030. When the full health impact of coal and gas is priced in, solar and wind energy (as well as other forms of clean energy) are vastly superior. so it is obvious that the fossil fuels will be discouraged from 2016.