General sustainable energy, also known as renewable energy, is derived from energy sources which can be replenished and reproduced rapidly as compared to fossil fuels such as oil and gas. The renewable sources of energy include solar, wind, tides, bio-fuel, hydro, and geothermal. Usage of renewable energy started as an alternative to costly and high pollutant emitting fossil fuels but now it is emerging as a mainstream energy source, majorly driven by climate change concerns and increasing energy requirements globally. After adoption of Paris Agreement in December 2015 to reduce greenhouse gas emissions and development of low carbon economies, investments in renewable energy sector has increased and they are projected to grow further.
Major deterrent for growth of sustainable energy has been higher renewable energy infrastructure cost, which increases overall cost of producing energy. However, as compared to past decade, cost of renewable energy infrastructure has relatively gone down due to research carried out by many companies operating in the renewable energy sector. Renewable energy market is expected to grow steadily and in sustained manner over time because of support it has been garnering from governments and private companies. The governments in most of the countries are extending investments and adopting policies and regulations to boost growth in renewable energy market. According to International Renewable Energy Agency, share of renewable energy in global electricity market is expected to reach 40% in 2030, which would be double of the current levels.
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