Senate passed a $1.2 trillion infrastructure package that includes funding to accelerate clean energy investments. Governments are also working to accelerate global decarbonization by proposing and passing legislation that would increase investment in the sector.
That's making the sector a more attractive investment opportunity. While many are doing this to become more socially responsible global citizens, renewable energy is increasingly economical due to falling costs for solar panels, wind turbines, and batteries for energy storage. Meanwhile, others are investing directly in renewable energy development projects. Many companies are signing power purchase agreements (PPAs) with electric utilities and other electricity generators to specifically buy power produced from renewable sources. It needs to accelerate further to help decarbonize the economy.Ĭlimate change is forcing companies and other institutions to focus on how they can do their part to decarbonize. However, given increasing climate change concerns, the pace has quickened in recent years. The industry has been growing briskly, increasing its electricity generating capacity at a roughly 8% annual rate over the past decade. Renewable energy sources, such as wind, solar, and hydroelectric, currently supply about a quarter of the electricity generated by the power sector.
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