Green energy has been expanding considerably worldwide. This sector generated 25 percent of the global electricity supply in 2018, mostly through hydropower, solar, wind, nuclear power, and biomass. This capacity has risen to 28 percent in the first quarter of 2020, with more than 2,500 gigawatts (GW).
This growth has been fueled by increased investment, which saw $2.7 billion going into green energy capacity globally from 2010 to 2019. The year 2019 saw record amounts for various countries' governments auctioning green power capacity at 78.5 GW and corporate power purchase agreements for 19.5 GW. Developing countries are also increasing their investments into green energy, making up 54 percent of the global total in 2019, outpacing developed economies for the fifth consecutive year.
Another factor driving the green energy industry's growth is improving market conditions, including the increasing affordability of green energy options and the decreased costs of generating power. Other factors include government policy decisions like subsidies, tax credits, reduced tariffs, and the regulations in many countries supporting green energy. Many commercial businesses are also adopting green energy to improve their environmental footprint through self-generation and power purchase agreements.
