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Running Header: REEN 2215 – Future Developments in the Renewable Energy Technology Sector
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REEN 2215 – Future Developments in the Renewable Energy Technology Sector
REEN 2215 – Future Developments in the Renewable Energy Technology Sector
Table of Contents
I.    Introduction    3
II.    Renewable Energy Technologies in Energy Market: Past Use, Current Trends, & Future    4
III.    Increased Usage concerning Electric Vehicles: Evaluation of Effects on Renewable Energy Uptake    11
IV.    Modelling of Market    17
V.    Conclusion    22
References    23
Introduction
In March of 2007, to be a means for aiding and stimulating United Nations negotiations over targets in period spanning post 2012, Heads of State in European Union agreed over three different targets termed as ‘20 – 20 – 20 by 2020’ (D'Adamo and Rosa 2016; Faure-Schuyer et al. 2017; Solorio and Jörgens 2017; Pereira and Silva 2015). The same encompasses the following – [1] The reduction concerning the emissions of greenhouse gas by way of at the least 20 per cent as compared to the levels of 1990 , [2] The 20 per cent share in renewable energies with respect to the final energy consumptions (in addition to 10 per cent targets with respect to renewable fuels), and [3] 20 per cent in savings over projected levels of final energy consumptions consumption concerning European Union in the year 2020. In addition to the same, European Union encompassed the overall possibility of 30 per cent reduction in green house gages in case there happens to be comparable and form of global agreement in terms of similar set of efforts that are undertaken from other key developing as well as developed nations (D'Adamo and Rosa 2016; Faure-Schuyer et al. 2017; Solorio and Jörgens 2017; Pereira and Silva 2015). As there has been none of newer agreements agreed globally specifically at Copenhagen Climate Change related conference in 2009 and Paris conference recently, European Union eventually did not extend target for 30 per cent (D'Adamo and Rosa 2016; Faure-Schuyer et al. 2017; Solorio and Jörgens 2017; Pereira and Silva 2015).
The stated targets naturally place significant amount of strain over energy producers as well as have impacts over the higher-level energy balance that is needed for maintaining stable levels of electricity grids (D'Adamo and Rosa 2016; Faure-Schuyer et al. 2017; Solorio and Jörgens 2017; Pereira and Silva 2015). In this context, this report presents future level developments with respect to the technologies concerning renewable energy sector focussing on providing the overview concerning past usage. current trends, as well as future of the renewable energy related technologies within energy market, evaluation of the effects that increased usage from electric vehicles shall have over uptake concerning the renewable energy, and modelling of markets by way of scenarios spanning 20 per cent, 40 per cent, and 60 per cent of Total Primary Energy Requirement (“TPER”) enabled by way of renewables wherein usage concerning electric vehicles have reached 50 per cent.

Renewable Energy Technologies in Energy Market: Past Use, Current Trends, & Future
Over past ten years or so, projects which deliver energy by way of renewable sources are continuing to become reliable and credible form of lower-carbon alternates as against that of carbon dependent fossil fuel focussed projects (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015). The overall commitment at the global context with respect to the mitigation of climate change as per Paris Agreement during 2015 in addition aided in the reduction of shorter-term impacts relating to lower oil prices in the manner of acknowledging benefits over longer-term relating to renewables (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015). In essence, Paris Agreement resulted in already obtaining instruments for ratification, acceptance, approvals or else accession by way of over 55 nations who shall be in a cumulative manner be responsible for 55 per cent of emissions concerning global greenhouse gases. The same can be expected for acting to be the catalyst with respect to the projects for renewable energy. In the year 2015, United States General Assembly established sustainable development related objectives with respect to sustainable energy and referred it as the SDG 7 initiative (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015). Over the same period in time, G7 as well as G20 nation groups pledged their commitment for accelerating the programmes focussed on renewable energy as well as energy efficiencies. There were certain developments within the policy landscape concerning renewable energy as well with specific focus on electricity, transportation, heating / cooling, as well as local and city government level initiatives (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015). Various nations at present in a clear manner have understanding with respect to the benefits concerning the use of renewable energy to be source for meeting the off-grids as well as the distributed form of demands (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015). The countries which started to establish targets as well as policies for renewable energy started to increase starting from 2014, as well as varied jurisdictions established their prevailing targets to be highly ambitious inclusive of the rising numbers which establish the respective renewable energy / electricity related targets in the range of 100 per cent. Over 170 different nations hold targets relating to renewable energy, as well as about 150 nations have the policies which support the renewable energy (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015).
The past decade in addition noted dramatic levels of drop with respect to prices relating to the projects for renewable energy with the experiences as well as scale increasing (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015). In one of the 200-megawatt capacity project using solar photovoltaic power technology, wherein member firms essentially acted to be procurement advisor for concerned authorities, tariff attained seemed to be United States Dollar 0.06 for each of the kilowatt hour, which essentially dropped much further over the subsequent phases of this project at 800 megawatts, which are under suitable evaluation (Allouhi et al. 2015; Cao et al. 2016; Owusu and Asumadu-Sarkodie 2016; Abas et al. 2015). With this decade characterized by watershed transformation over the energy generation dominated by fossil fuel. The details are presented in the Figure 1 and Figure 2 below.
Figure 1 – Capacities of Renewable Power across the Globe (Owusu and Asumadu-Sarkodie 2016)
Figure 2 – Renewable Energy Usage: Projection for 2030 (Abas et al. 2015)
Various studies expect in seeing increases across the developing nations, wherein sizeable proportion in population shall not possess the accessibility for electricity (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017). Across various developing nations, sources of energy like that of biomass, solar, and wind could support off-grid, mini-grid, and decentralized solutions, like that of, smaller sized wind turbines to power remote telecommunications, irrigation kits that is solar powered, as well as rural level bio-digesters (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017). Across developed nations akin to Europe, Australia, North America, and Japan, it can be noted that they shall experience significant levels of growth by way of residential customers and who shall produce the electricity required by them by way of solar panels (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017).
On the basis of the mixture concerning policy interventions for limiting overall funding concerning the coal as primarily fossil-fuel and affiliated generation, seamless access towards funding with respect to the projects for renewable energy, as well as technology enhancements which reduce the costs for development of project as well as the costs for operation with project developers having accessed varied sources for funding (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017). Newer investments with respect to renewable energy had a growth by 18 per cent on the CAGR terms in between the years 2004 to 2015, towards US Dollar 285.9 having higher levels of share with respect to developing nations (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017). Over this same period, overall transaction value affiliated with the assets of renewable energy grew by 19 per cent to US Dollar 379.8 million. Newer sources for investment shall to an increasing extent be available by way of sources like that of Asian Infrastructure Investment Bank, Green Climate Fund, etc. (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017). In this context, Asian Development Bank in addition launched varied set of programs for purposes of supporting renewable energy deployments across Asia inclusive of framework concerning development initiatives as well as funding programs with respect to project development. On account of the same, the overall affordability, costs pertaining to electricity towards grid off-taker as well as availability enhancements in a significant manner (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017). The data which is available illustrates that the same.
Table 1 – Levelized Costs for Electricity: Lowest Costs Across Globe (Van Vuuren et al. 2017)
In riding over the success concerning the developing projects for renewable energy, newer as well as highly form of innovative technologies shall be seeking and for addressing the overall needs concerning higher levels of efficiencies, as well as generation / supply balances in-between peak as well as the off-peak level demands by way of energy storage as well as the systems of hybrid generation (Andrews and Johnson 2016; Van Vuuren et al. 2017; Strantzali and Aravossis 2016; Chu et al. 2017). The intra-day variability represents the inherent form of characteristic within the portfolio of renewable energy, like that of wind as well as solar photovoltaic sources, therein increasing the overall focus over the commercialisation concerning the technologies of energy storage for enhancing the affordability (Andrews and Johnson 2016; Van...