15 Most Advanced Countries in Renewable Energy

Countries Leading in Renewable Energy and Their Sustainable Energy Efforts

The shift towards renewable energy is driven by the need to address climate change and the increasing practicality of these energy technologies. This movement is fundamentally reshaping the global approach to energy and is yielding impressive results in advanced countries in renewable energy.

A noteworthy milestone in this transition is the commitment made by the G20 leaders, guided by the International Renewable Energy Agency (IRENA), to target a threefold increase in the world’s renewable energy capacity by 2030. This objective is imperative in order to meet the rising energy demands of the global population while effectively addressing climate change. To achieve this goal, it is estimated that annual investments exceeding $4 trillion will be necessary until 2030.

The expansion of the renewable energy sector in environmentally-conscious countries is further accelerated by the ongoing global energy crisis. The International Energy Agency (IEA) predicts that the next five years will witness as much growth in renewable power as the preceding two decades combined. This surge is poised to make renewable energy the predominant source of global electricity generation, surpassing coal by early 2025.

Notably, according to the IEA’s World Energy Outlook 2023, renewables could constitute nearly half of the global electricity mix by 2030, a significant increase from the current 30%. Additionally, the report projects that electric vehicles (EVs) are anticipated to represent half of all new car registrations in the United States by 2030, a substantial leap from the previous forecast of just 12% two years prior. Similarly, the European Union is expected to focus on sustainable heating solutions, with heat pump installations projected to achieve two-thirds of the required level for the Net Zero Emissions Scenario by the same year. China’s evolving energy landscape is also noteworthy, with a substantial increase in the deployment of solar photovoltaic (PV) systems and offshore wind projects expected by 2030.

All these ongoing efforts and future plans underscore the growing prominence of renewable energy sources in the coming decades. However, the realization of this goal necessitates significant investments and infrastructural changes before the world’s energy mix can transition away from fossil fuels.

Big Companies Expanding Their Renewable Energy Portfolio

NextEra Energy, Inc. (NYSE:NEE) is recognized as the leading producer of wind and solar energy. With a diverse energy portfolio encompassing wind, solar, and nuclear power, NextEra Energy, Inc. (NYSE:NEE) has ambitious plans to increase the country’s solar power capacity by 3,184 megawatts. As of 2020, the company’s energy production capacity stood at an impressive 55,000 megawatts, primarily sourced from renewable and clean energy.

A notable initiative by NextEra Energy, Inc. (NYSE:NEE) is the FPL SolarTogether project, which is aimed at establishing the largest community solar program in the United States. This project is set to enhance solar capacity in Florida, with intentions to introduce an additional 1,780 MW of universal solar capacity, potentially benefiting over 300,000 customers.

Dominion Energy Inc. (NYSE:D) is another prominent energy company distinguished for its innovation in green energy. Serving nearly 7 million customers, Dominion Energy (NYSE:D) boasts an impressive installed capacity of 27,100 megawatts. Notably, 3,100 megawatts of Dominion Energy (NYSE:D)’s total electricity production are derived from renewable sources such as solar and hydropower.

Top Renewable Energy-Producing Countries

1. Mexico

   Average Annual Renewable Energy Generation: 119.4 terawatt-hours

   Mexico ranks among the top renewable energy-producing countries due to its consistent investment in diversifying its energy portfolio. Notably, between 2012 and 2022, the country’s renewable energy production increased by 15.5%.

   Under the directives of its Energy Transition Law and General Climate Change Law, Mexico has set an ambitious goal to obtain 35% of its electricity from clean energy sources by 2024. This target encompasses energy from both renewable sources and other efficient sources, such as nuclear energy and cogeneration. As of 2022, clean energy accounted for 31.2% of Mexico’s electricity production. Furthermore, Mexico’s clean energy capacity, primarily consisting of hydroelectric, wind, and solar photovoltaic systems, reached 31,369 MW in 2022.

2. Sweden

   Average Annual Renewable Energy Generation: 120.3 terawatt-hours

   Sweden is among the green energy pioneering countries and boasts the lowest reliance on fossil fuels among all member countries of the International Energy Agency (IEA). Despite its high per capita energy consumption, Sweden maintains relatively low carbon emissions, thanks to its heavy reliance on renewable energy sources. In 2022, more than 60% of the country’s electricity was generated from renewables, primarily hydropower and bioenergy. Furthermore, Sweden’s energy policies are closely aligned with its ambitious climate goals, including the target of achieving net-zero emissions by 2045. However, this objective remains challenging as the country’s overall carbon emissions have remained stagnant since 2013.

3. Canada

   Average Annual Renewable Energy Generation: 137.9 terawatt-hours

   In 2022, wind power generated 37.5 terawatt-hours of renewable energy in Australia, while solar contributed 6 terawatt-hours, collectively marking an 8% annual increase. Canada’s role in the global climate movement was evident at the 2023 UN Climate Change Conference, where it played a pivotal role in forging a groundbreaking agreement with ambitious targets. Domestically, Canada’s commitment to renewable energy is exemplified by its $50 million investment in an Indigenous-led wind power initiative in Saskatchewan. This project combines clean energy production with Indigenous community empowerment and economic development.

   However, Canada has been slower in adopting renewable sources like wind and solar power compared to other leading renewable energy-producing countries. To address this, private sector collaborations with corporations such as Microsoft Corporation (NASDAQ:MSFT) have paved the way for significant investments and innovations in renewable energy, carbon capture technologies, and decentralized energy systems.

4. Australia

   Average Annual Renewable Energy Generation: 162.9 terawatt-hours

   Australia is poised to rank fourth among the most advanced countries in renewable energy by 2050, thanks to its unwavering commitment to sustainability. In recognition of Australia’s efforts, the International Energy Agency (IEA) applauded the country in 2023 for its elevated climate and clean energy goals. Recent legislative actions

SDGs, Targets, and Indicators

1. SDG 7: Affordable and Clean Energy

   • Target 7.2: Increase substantially the share of renewable energy in the global energy mix
   • Indicator 7.2.1: Renewable energy share in the total final energy consumption
   • Indicator 7.2.2: Renewable energy share in the total primary energy supply

2. SDG 13: Climate Action

   • Target 13.2: Integrate climate change measures into national policies, strategies, and planning
   • Indicator 13.2.1: Number of countries that have integrated mitigation, adaptation, impact reduction, and early warning into their national policies, strategies, and planning

3. SDG 9: Industry, Innovation, and Infrastructure

   • Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
   • Indicator 9.4.1: CO2 emission per unit of value added

Table: SDGs, Targets, and Indicators

Analysis

The issues highlighted in the article are connected to several Sustainable Development Goals (SDGs), including SDG 7 (Affordable and Clean Energy), SDG 13 (Climate Action), and SDG 9 (Industry, Innovation, and Infrastructure).

SDG 7: Affordable and Clean Energy

The article discusses the shift towards renewable energy as a means to address climate change and meet rising energy demands. This aligns with SDG 7, which aims to ensure access to affordable, reliable, sustainable, and modern energy for all.

SDG 13: Climate Action

The article emphasizes the need to address climate change through the transition to renewable energy sources. SDG 13 focuses on taking urgent action to combat climate change and its impacts.

SDG 9: Industry, Innovation, and Infrastructure

The article mentions the need to upgrade infrastructure and retrofit industries to make them sustainable. This relates to SDG 9, which aims to build resilient infrastructure, promote inclusive and sustainable industrialization, and foster innovation.

Based on the article’s content, specific targets under these SDGs can be identified:

Target 7.2: Increase substantially the share of renewable energy in the global energy mix

The article highlights the commitment made by G20 leaders to target a threefold increase in the world’s renewable energy capacity by 2030. This aligns with Target 7.2 of SDG 7.

Target 13.2: Integrate climate change measures into national policies, strategies, and planning

The article mentions the efforts of countries like Mexico, Sweden, Canada, Australia, and Japan to set ambitious climate and clean energy goals. These efforts contribute to Target 13.2 of SDG 13.

Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable

The article discusses the need for significant investments and infrastructural changes to transition away from fossil fuels towards renewable energy sources. This relates to Target 9.4 of SDG 9.

The article also mentions or implies several indicators that can be used to measure progress towards the identified targets:

Indicator 7.2.1: Renewable energy share in the total final energy consumption

The article mentions the increasing practicality of renewable energy technologies and the shift towards renewable energy sources. This aligns with Indicator 7.2.1 of SDG 7, which measures the share of renewable energy in the total final energy consumption.

Indicator 7.2.2: Renewable energy share in the total primary energy supply

The article discusses the commitment made by G20 leaders to increase the world’s renewable energy capacity. This relates to Indicator 7.2.2 of SDG 7, which measures the share of renewable energy in the total primary energy supply.

Indicator 13.2.1: Number of countries that have integrated mitigation, adaptation, impact reduction, and early warning into their national policies, strategies, and planning

The article mentions the efforts of countries like Mexico, Sweden, Canada, Australia, and Japan to integrate climate change measures into their national policies and strategies. This aligns with Indicator 13.2.1 of SDG 13, which measures the number of countries that have integrated mitigation, adaptation, impact reduction, and early warning into their national policies, strategies, and planning.

Indicator 9.4.1: CO2 emission per unit of value added

The article emphasizes the need to upgrade infrastructure and retrofit industries to make them sustainable. This relates to Indicator 9.4.1 of SDG 9, which measures CO2 emissions per unit of value added.

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: finance.yahoo.com

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