Up-scaling and mainstreaming renewable energy technologies for energy security, climate change, and economic development

Abstract

World's energy demand relies heavily on carbon-based fossil fuels which are not only finite but have also been shown to have a negative long-term impact on climate. As world demand for energy rises, renewable energy (RE) has a significant potential to mitigate global climate change, address regional and local environmental concerns, reduce poverty, and increase energy security. The main focus toward RE mainstreaming has, thus far, been oriented toward technology development. High capital costs and dependence on government subsidies have deterred investors. New and innovative business models have now emerged where these technologies can capture new niche markets by focusing on demand with supportive policy regimes. The papers in Part IV of this book (Chaps. 13-15) establish the feasibility of RE production and use when evaluated more comprehensively, going beyond a direct cost-benefit analysis and including environmental and climate-related externalities of traditional fossil fuel-based energy use. These papers reveal that RE is a viable option on its own, based on purely commercial factors.