Renewable Energy on the March

The news so far this year has been dismal: mass shootings, Russian meddling in our elections, rabid political partisanship on Capitol Hill, scandals erupting in the White House, and an opioid epidemic out of control. And that’s just the tip of the iceberg.

There’s a bit of light, however, glimmering on the renewable energy front. When President Trump first took office, it looked like renewable energy would be entering an unremittingly bleak era. His administration has mounted a militantly pro-fossil fuel campaign, advocating policies that are clearly aimed at undercutting the transition to renewable energy. The recent decision to impose a 30 percent tax on solar panels imported from China, in particular, looked as if it would deal a substantial blow to the solar industry.

Surprisingly, though, it doesn’t seem like the expansion of renewable energy can be stopped. As the New Republic points out, ” From solar to wind to geothermal energy, the renewables industry is  withstanding Trump — and in some cases, it’s doing better than ever.” It turns out that the long march towards a clean energy economy can be hindered but not stopped. Trump simply does not have the power to alter the direction of technological innovation and market forces.

0f69bd3f-1cfd-4399-a3e2-8abd589ce803

Source: Bloomberg New Energy Finance

A new report, the 2018 Sustainable Energy in America Factbook, underscores this point. Even in the uncertain climate accompanying the ascension of Trump to the White House in 2017, 18 percent of all electricity in the U.S. was produced by renewable sources, including wind, solar, and hydropower, up from 15 percent in 2016. That, as one energy analyst noted, puts renewables “within striking distance” of the nuclear power sector, which has hovered at 19-20 percent since 2008. Just as impressive, the share of electricity produced by renewables in the U.S. has doubled since 2008, while coal’s share plummeted from 48% to 30%.

The continued drop in the cost of renewables (and natural gas) spells bad news for coal going forward. Solar and wind projects made up about 62% of new power construction in 2017 and 2.9 gigawatts of new renewable energy projects were undertaken last year. In contrast, 12.5 gigawatts of coal plants are slated to shut down in 2018.

“Imagine,” observes the New Republic, “how well solar, wind, and battery technology would fare if Trump had the same enthusiasm for promoting it as he does for promoting coal and oil and gas.” But then Trump wouldn’t be Trump — that’s the unfortunate reality. In the meantime, however, the renewables march forges ahead.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s