Early Signs of a ‘Turning Point’ as Renewables Edge Out Coal
Much of the world is seeing significant growth in the use of renewable energy sources, including solar and wind. This increase results in a decline of fossil fuels and creates more reliable, less expensive energy sources in places like Africa, where electric capacity is expanding.
Meanwhile, the International Energy Agency recently lowered its forecast for renewable energy growth in the US by 50%, due to US energy policies that roll back tax incentives for renewable energy products and regulations. The current administration has also canceled grants that support renewable energy projects. Renewables are actually the cheapest form of energy, and therefore, we may see an increase in energy prices to businesses and consumers if we go backwards while the rest of the world is moving forward.